On Monday, TikTok announced that it has passed 1 billion monthly users which is an remarkable milestone for a company. The platform gained too much popularity during the pandemic, becoming the most-downloaded app in the world in the first quarter of 2020, with some 315 million downloads in that quarter alone according to app analytics company SensorTower.
ByteDance the parental company of TikTok reportedly saw its 2020 revenue more than double from the year prior, to $34.3 billion. From its launch to date, SensorTower says TikTok installs have reached 3.2 billion, which includes information from Douyin, the Chinese version of the app.
TikTok’s monthly average users in August were up 25 percent from August 2020. In June of this year, ByteDance was valued at $425 billion.
On Monday, TikTok chief operating officer Vanessa Pappas thanked users in a video on TikTok for making TikTok a truly special place.
ByteDance reportedly postponed its plans for an initial public offering indefinitely amid a crackdown on tech firms by Chinese regulators over the past few months. China is scrutinizing what it considers anti-competitive practices from its big tech firms and how the firms handle customers sensitive data.
ByteDance and TikTok were among the Chinese tech firms targeted by the Trump administration last year via a series of executive orders blocking their apps from US app stores. But none of the orders ever took effect.
Later in June, President Joe Biden signed an executive order revoking the Trump-era bans. Biden directed the commerce secretary to investigate apps with ties to foreign adversaries like China, that may collect sensitive data from US consumers.