Chinese short video app Douyin announced on Monday it had more than 500 million global monthly active users, according to a report by 21st Century Business Herald.

In the domestic market, the number of platform's daily active users was 150 million and monthly active users were 300 million, data released by the company last month showed.

Douyin has been making inroads in the short video market at a phenomenal pace since its launch in September 2016. During this year's Spring Festival holiday from Feb 15 to 21, the number of its daily active users went from less than 40 million to nearly 70 million.

The company started its overseas expansion quite early. It has become the world's fastest-growing short video app since it entered the overseas market last August, with its overseas edition Tik Tok having been launched in more than 150 countries and regions and taking the top spot in over 40 countries, data from mobile analytics company App Annie showed.

Tik Tok was downloaded 45.8 million times globally at App Store in the first quarter of this year, surpassing Facebook, Instagram, YouTube to become the world's highest-downloaded iOS application, according to app research firm Sensor Tower.

It has become the most popular short video app in Japan, Thailand, Vietnam, Indonesia, India and Germany, the report said.

In the domestic market, Douyin, featuring music and dance short videos in its early days, has expanded its reach to more diverse contents, such as food, culture, child and travel. In addition, the company said the age range of its main users has changed from 18 to 24 years old to 24 to 30 years old and they account for more than 40 percent of all users.

According to consulting firm iResearch, China's short video market is expected to exceed 30 billion yuan ($4.5 billion) in 2020.