TikTok has announced it now has 1 billion users worldwide.

This number is almost eighteen times the 55 million users it reported in 2018, three times more than the 271 million it reported in 2021, and just under double the 507 million it reported in December 2009.

The Beijing-based company continued to experience strong growth during the pandemic, reporting nearly 700 million monthly active users during July 2020.

In comparison, Facebook announced in its most recent quarter that it had 3.51 billion monthly users across its portfolio of apps, up from 3.45 billion in the preceding quarter.

TikTok’s revenues have also been increasing rapidly in line with its userbase.

ByteDance, parent company of TikTok, saw its revenue grow 111 per cent to $34.3 billion for the 2020 financial year.

The company also reported a 93 per cent increase in gross profit to $19 billion for 2020.

However, ByteDance is reportedly in talks with Wall Street banks to borrow over $3 billion to refinance its debt to take advantage of current low interest rates.

ByteDance’s reach is even larger worldwide. In June, the company claimed to have 1.9 billion monthly active users at the end of 2020 across all its platforms, which include the Chinese version of TikTok Douyin and news aggregation app Toutiao

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