TikTok owner ByteDance saw its total revenue grow by 70% year on year to around $58 billion in 2021. The figures were disclosed to a small group of employees at an internal meeting of the social media giant this week.

In 2020, ByteDance total revenue grew by over 100% to $34.3 billion

Chinese tech companies from Tencent Holdings(0700.HK) to Alibaba Group(9988.HK) have reported slowing growth amid a wide-ranging crackdown by the country’s regulators who have rolled out new rules governing how they operate and interact with their users.

Tencent in the third quarter posted its slowest revenue growth since it went public in 2004

ByteDance retained its second-ranked position in China’s online advertising market last year, with a market share of 21%, according to a recent report published by researcher Interactive Marketing Lab Zhongguancun.

The number one position was still held by e-commerce giant Alibaba, and third place went to gaming giant Tencent. The overall growth of online ad sales in China declined to 9.3% in 2021 from 13.8% a year earlier, the report says.

In 2021, users spent approximately $2.3 billion in TikTok and the iOS version of Douyin, a 77% jump year-over-year

Tech news website The Information last November reported that ByteDance’s 2021 revenue was on track to rise about 60% to 400 billion yuan ($63.07 billion).

ByteDance is one of the world’s biggest private tech companies with recent trades in the private-equity secondary market valuing it at about $300 billion, Reuters has reported.

Besides TikTok, ByteDance’s other apps include its Chinese equivalent Douyin, news aggregator Jinri Toutiao and video-streaming platform Xigua.

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