Leaked ByteDance Memo Shows Blockbuster Revenue Projections
- Company is seeking to boost China ad revenue by more than 40%
- It’s targeting e-commerce GMV of as much as 600 billion yuan
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As ByteDance Ltd. prepares for a historic initial public offering, an internal memo leaked showing TikTok’s owner aims to grow advertising sales in China 42% and triple the size of its e-commerce business this year.
The internet titan is seeking to increase ad revenue for its China-based businesses including Douyin and Toutiao to 260 billion yuan ($39.8 billion) this year from 183 billion yuan in 2020, according to the memo seen by Bloomberg News. The target excludes short-video sensation TikTok. It’s also aiming for e-commerce gross merchandise value of as much as 600 billion yuan, up from 170 billion yuan last year.