By Yingzhi Yan and Xie Yu

BEIJING/HONG KO (Reuters) – ByteDance was the creator of TikTok’s short video app. Its total revenue grew by 70% in the past year to approximately $58 billion in 2021. According to two people who are familiar with it, this is less than a year before as China tightens control over big tech companies.

According to people, the figures were revealed to an employee group at an internal meeting this past week.

Reuters reported that the total revenue of Beijing’s company grew more than 100% in 2020 to $34.3 billion.

ByteDance didn’t immediately reply to my request for comment.

Tencent is a Chinese technology giant. Alibaba Companies (NYSE:) reported a slowing in growth due to a broad-based crackdown by regulators. These new rules have had an impact on how these companies conduct deals with users and interacted with them.

The social media giant retained its second-ranked position in China’s online advertising market last year, with a market share of 21%, according to a recent report published by researcher Interactive Marketing Lab Zhongguancun.

According to the report the number one spot was held by Alibaba Group, an e-commerce giant. The third position went to Tencent Holdings (OTC).

This report shows that the overall growth in online ads sales in China fell to 9.3% from 13.8% one year ago.

The Information, a tech news site that covers technology and media reported last November that ByteDance’s revenue for 2021 was expected to increase by 60% to 400 Billion Yuan ($63.07B).

ByteDance, one of the most important private tech companies worldwide, has recently traded in the secondary-equity private-equity markets and is valued at approximately $300 billion according to Reuters.

The total TikTok revenue in 2013 was not available. Apart from TikTok and its Chinese counterpart Douyin, ByteDance has other apps including Jinri Toutiao (news aggregator), and Xigua (video-streaming platform).

According to Sensor Tower, the app tracker Sensor Tower, approximately $2.3 Billion was spent by users in 2021 on TikTok, and its iOS version Douyin. This represents a 77% increase year-over year.

($1 = 6.3419 renminbi)