BYTEDANCE Ltd.’s revenue surged more than 30% to surpass US$80 billion in 2022, matching the tally at archrival Tencent Holdings Ltd. after twin video platforms TikTok and Douyin drew eyeballs and advertisers from social media incumbents.

The world’s most valuable private tech firm told its investors in a recent memo that revenue surged from around US$60 billion in 2021, according to a source who saw the memo.

That double-digit growth topped most of the global internet leaders, including Meta Platforms Inc. and Amazon.com Inc.

At the US$80 billion mark, ByteDance’s topline is now almost on par with that of Shenzhen-based WeChat-operator Tencent, which raked in 554.6 billion yuan (US$80 billion) last year.

That pace of expansion underscores the resilience of ByteDance’s business at a time when the United States is threatening to join India in banning TikTok.

TikTok and its Chinese cousin, Douyin, are siphoning ad dollars from other social media platforms because more cost-conscious marketers are shifting away from online media and toward faster-growing video services.

While global recession risks have taken a toll on technology companies, ByteDance had to deal with issues beyond just higher interest rates and inflation, particularly in the United States and at home in China.

ByteDance’s still-robust growth could boost confidence among investors shaken by recent global events. The Chinese social media behemoth was valued at around US$220 billion in a recent private-market investment by Abu Dhabi AI firm G42, down from the US$300 billion that TikTok’s owner set during a September share buyback program.                   (SD-Agencies)