At just 10 years old, ByteDance, the most valuable startup in the world, has shattered records for growth. In 2021, with 1.9 billion monthly active users in 150 countries, and an employee base of over 110,000, the company recorded an astonishing $58 billion in revenues. Most users know the company only by its hit short-video app TikTok, which has been downloaded over 3 billion times globally, a feat only exceeded by Meta and its family of apps. But ByteDance has actually churned out one wildly successful product after another — among them its initial hit, Toutiao, the most popular news app in China, which today has 320 million monthly active users, and Douyin, a short-video app that preceded TikTok. Respectively, Toutiao and Douyin account for 20% and 60% of the company’s total advertising revenues.
How ByteDance Became the World’s Most Valuable Startup
Unpacking the success of the company that built TikTok, Toutiao, and Douyin.
February 24, 2022
Summary.
During the past decade, ByteDance has proven itself time and again to be a spectacularly innovative and successful company. This has been true not only for TikTok but many of its other apps, which have vast numbers of users. The company’s secret? It uses a shared-service platform, or SSP, to power innovation. In this article, the authors explain the many ways in which ByteDance has used its SSP to fuel development and growth.
New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.
Learn More & See All Courses
New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.