ByteDance, the parent company of popular video apps TikTok and Douyin, achieved $80 billion in revenue last year, putting it in direct competition with tech giant Tencent. This information, disclosed in a memo to investors, is a significant revelation considering ByteDance typically keeps its financials closely guarded. Previous reports had already indicated a positive revenue trajectory for the company in 2022.

The success of ByteDance can be primarily attributed to the immense popularity and controversy surrounding TikTok and Douyin. These video apps have garnered massive user bases, driving the company's revenue growth. However, it's worth noting that ByteDance has been scaling back its gaming investments and making cuts in related divisions.

While the focus on video apps may raise concerns about the future of ByteDance's gaming efforts, the company's publishing arm, Nuverse, had a major success with the release of Marvel Snap by Second Dinner last year. Additionally, ByteDance continues to promote its "TikTok made me play it" campaign, encouraging publishers and developers to utilize the app as an advertising platform. The recent introduction of minigames on TikTok in the UK further suggests that ByteDance is committed to gaming and unlikely to abandon its efforts in this field.

It's worth noting that ByteDance was recognized as one of the top 50 mobile game makers of 2022, underscoring its presence and influence in the gaming industry.

Source: by Iwan Morris, Staff Writer at Pocket Gamer