That number could now be higher because the company said in January that Douyin alone had 500 million MAUs in China. Bytedance’s flagship product in China is actually Jinri Toutiao (“Today’s Headlines”), a massively popular news buffettology aggregation service that uses AI to track reader habits and push them stories from various sources. Most of the content is decidedly low-brow and could be called “clickbait” if not for the fact that it keeps people coming back.
- The Chinese commerce ministry published rules in 2020 that added “civilian use” to a list of technologies that are restricted for export.
- At this point, though, it wouldn’t be so reasonable to ignore Bytedance altogether.
- Together these apps account for 1.5 billion monthly active users, the company says, and about 700 million daily active users.
- The first was an app called Musical.ly, which launched in Shanghai in 2014 but had strong US business links and a healthy audience in that key market.
- Communities like “Alt” or “Deep” often feature creators who aren’t necessarily looking to fill their wallets but who are simply on the platform to make funny or informative content.
Similar to Topbuzz, the app also has not gained much traction in the US. It ranked at 117 under the news and magazine section on the US iOS store as of Feb. 9, according to App Annie. The surging global popularity of TikTok has seen the co-founder of its parent company, ByteDance, become China’s richest person. TikTok has emerged as a meeting place for under-25s, whereas apps like Twitter and Instagram are often seen as being for older users. Further reporting from the Washington Post suggested moderators in China had the final say on whether videos were approved. Communities like “Alt” or “Deep” often feature creators who aren’t necessarily looking to fill their wallets but who are simply on the platform to make funny or informative content.
Is TikTok owned by China?
For them, it’s not about winning the attention of big brands – it’s about finding like-minded people. Per China’s 2017 National Intelligence law, organizations must assist or cooperate with state intelligence work, according to AP. Another 2014 Counter-Espionage Law says “relevant organizations … may not refuse” evidence collection. Many U.S. lawmakers say the potential for Beijing to collect intelligence on U.S. users is too great a risk. As required by Chinese law, ByteDance has a media license that involves “an entity affiliated with the Chinese government” owning 1% of Douyin Information Service Co., Ltd.
The winning bidder says he will eat the banana in coming days as part of a “unique artistic experience”. US-listed shares of the e-commerce giant fell nearly 11% on Thursday following the announcement. In fact, only approximately 30% of the people on the list had an increase in their net worth – the rest saw a decline. But their fortunes are not just explained by their companies successes – their rivals have made less in a year in which China’s economy has sputtered. The 41-year-old stepped down from his role in charge of the company in 2021, but is understood to own around 20% of the firm. The spokesperson declined to comment on the music streaming product report when contacted by CNBC.
Short-video apps
The Chinese app offers information on automobile prices and news, as well as short videos created by users who review the features of different cars. Similar to Toutiao, the app recommends curated content based on users’ interests. Bytedance is, in fact, locked in a fierce rivalry with Tencent, in particular. Zhang and Tencent founder Pony Ma have jabbed at each other in public, and the companies have filed multiple lawsuits against one another.
To grab users from its strongest rival, Chinese Q&A app Zhihu, the app reportedly lured some influencers who rose to fame with their answers on Zhihu, paying a high price for their content. However with over 220 million users, Zhihu has maintained its status over Wukong as the largest Chinese Q&A forum. TikTok does not have advertising yet, but a January report from online trade magazine Digiday said ByteDance is now starting to test ads on the platform, which could open a new revenue stream internationally. Users can buy virtual currency which they then gift to content creators.
The Strategy Behind TikTok’s Global Rise
In 2016, Chinese tech How to buy dutch coin giant ByteDance launched a similar service in China called Douyin. It attracted 100 million users in China and Thailand in the space of a year. The first was an app called Musical.ly, which launched in Shanghai in 2014 but had strong US business links and a healthy audience in that key market.
Similar to the success of its international version TikTok, Douyin has had a good run in China. The app says it had over 400 million daily active users as of alpari forex broker review January, helping it make up nearly 70% of China’s mobile social network users, according to marketing research firm eMarketer. Douyin and TikTok are two separate entities, although some metrics firms club their numbers.
