The company is also reportedly in talks with investors to raise around $2bn in a new financing round that will value it at $180bn after the investment.
TikTok-owner ByteDance is on track to generate at least $27.2bn in advertising revenue in China this year, which will cement its second spot in China’s digital ad market, Reuters has reported.
The China-based company was most recently valued at $100bn, Bloomberg reported, increasing its lead as the most valuable private startup in the world.
Meanwhile, TikTok accrued 315m installs in Q1 2020, setting a record for the most downloads any app has ever had in a single quarter.
Although ByteDance did not disclose its ad revenue for 2019, Reuters has reported it generated total revenue of $16bn last year.
The company is also reportedly in talks with investors to raise around $2bn in a new financing round that will value it at $180bn after the investment, more than double its valuation in the last fundraising round two years ago.
