ByteDance Revenue Growth Said to Slow Down to 70% in 2021

popular social media apps WeChat and QQ, just rose 14% in the same period.

ByteDance has experienced overhauls amid the tightening regulatory environment in its home market. In November, the CEO Liang Rubin launched his first major reorganization after the founder Zhang Yiming suddenly announced to step down as CEO in May. Under the new business structure, it has six units, one of which consists of TikTok’s Chinese sister Douyin, Toutiao, the most popular news app in China, Xigua, a video-streaming app, the online encyclopedia arm Baike, the search engine Search and vertical service businesses in domestic market. TikTok remained a key business as there was a standalone unit that takes charge of operations of the platform and also supports development of relevant expansions such as overseas e-commerce.

Earlier this week, ByteDance was reported to dissolve its strategic investment team and reassign around a hundred employees to other positions. The decision was made to reduce investment in areas that have low compatibility to its businesses, and members of the strategic investment team will be reallocated to different business lines to enhance the strategy unit’s coordination with other business units, an insider told TMTPost.

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