It was founded by Zhang Yiming in 2012.. ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok. Leveraging its huge user base, Toutiao shared revenue with the content generators similarly to Youtube, to attract exclusive content and further building its competitive moat. TikTok is the Chinese creative social media platform primarily driven by short-form video content. In addition, the consumer-centric nature of Bytedances business means it ultimately competes for user spare time, which is limited. The CEO emphasized that Toutiaowas not a news company, but an AI company in the search business or social media business. Sequoia Capital China, Source Code Capital, Weibo, K3 Ventures, CCB International, Altimeter Capital, Sequoia Capital China, Qiming Venture Partners, General Atlantic, SoftBank,Kohlberg Kravis Roberts, Primavera Capital Group. Later he became the technical director at Kuxun. The company has products mostly in social media applications. Yiming started several ventures prior to ByteDance, including Kuxunthen the dominant travel and transportation search engine in China, which was later acquired by TripAdvisoras well as the real estate search portal 99fang. Available at: https://www.nytimes.com/2018/10/29/technology/bytedance-app-funding-china.html, Russel, J. Success! The information platform 'Jin Ri Tou Tiao,' ByteDance's first product, is a solid foundation for this global video platform to implement an expansion strategy. Established in 2012, it ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok. Previously, he served as the Director of Technology at Kuxun, then the dominant travel and transportation search engine in China, where he led a team of It launches challenges of various types to tap into the creativity of its users and generate engaging (if not addicting content) accessible via an infinite feed. He grew a team of customer support staff from just one hundred to about 1,900 to fight counterfeits and is hiring for more than 900 other positions to support the business. I agree with the quality or compliance issue too. This article is a compilation of some important and fascinating facts and figures about ByteDance that you will love to know. Besides, ByteDance is looking forward to strengthening its position in areas such as e-commerce and gaming. After the recent dispute at the Indo-China border, the Indian public isactively participating in the #BoycottChineseProducts movement. ByteDance has announced that they have over 60,000 employees in 126 cities. Toutiao offers a tailor-made news feed to users based on how they interact with the content. You've successfully signed in. In 2017-2018, Bytedance launched a dozen content apps spanning live streaming, Q&A forums, jokes, funny videos, and auto news, etc. Get the latest posts delivered to you right in your inbox, Some interesting tips and tools to find TikTok influencers for marketing, Such insane and rapid growth of TikTok has been experienced all of a sudden thatcreators there were not considered as influencers for quite a time. Your account is fully activated, you now have access to all content. This has alsoresulted in the boycott of the services and products offered by d, Everything you need to know about TikTok Acquistion around world, On June 29, the Indian government officially banned the famous video sharing appTikTok. This allowed them to greatly expand their userbase and develop the dominant position. ByteDanceAbout The ban of TikTok has led to the creation andpopularity of many other similar apps that allow users to create , Top Chinese Investors In The Indian Startup Ecosystem, Chinese investors have had a significant presence in the startup ecosystem InIndia. ByteDance has acquired several companies to date , ByteDance has raised funding worth over $ 7.4 billion to date. ByteDance is home to a range of global games publishing labels and is looking to meet with developers to discuss publishing and or investment. Basically it means that they are venturing into music streaming services like Spotify and Apple Music. Usersdoubted that how can a newbie become famous overnight? Along Bytedances journey of incredible growth,the company has been repeatedly excoriated by authorities for failing to filter content that were sexual or violent or simply fake news and been forced by the government to clean up its services with alarming regularity. A prime example of business model innovation is ByteDance, a Chinese high-tech company that is rapidly entering overseas markets by launching apps like TikTok. Companies like ByteDance, is the model for better ad experiences Googles market cap, by contrast, is $874.5 billion, but it has historically struggled to do business in China. I believe people should be aware of what content they are consuming and be their own filter. Especially when fake news, sexual and violent contents are not censored. TikTok is inescapable right now, and its not just teens paying attention its rocked the business world as well. Bytedance is the parent company of TikTok, the fast growing, albeit controversial, artificial intelligence-supported short video app known as Douyin in China. ByteDance had previously launched Douyin for the China market in September 2016. Tiktok Similar to Douyin that operates in China, Tiktok is a platform that operates outside China. ByteDance The company has ByteDance took 23% of all digital media to spend in the first half of the year 2019, which is equivalent to $7 billion. ByteDance took a larger piece of the digital advertising market than fellow Chinese companies like Tencent and Baidu during the first half of 2019. The company is operating on a range of platforms allowing people to connect across languages, cultures and geographies to create, discover and connect. Googles market cap, by contrast, is $874.5 billion, but it has historically struggled to do business in China. A Chinese national, Zhang Yiming, presently is 37 years old. This application provides in-app purchases of coins. In 2020, ByteDance is planning to hire 40,000 employees, in a bid to match Alibaba's headcount. As a result, the business model was extremely capital-light and salable. One obvious way TikTok makes money is by running ads. For me, a more philosophical question is how does the platform help to form a well-rounded view to a person? I also find it interesting that Instagram now shows users how long they have spent on the app, which in a way suggests that they know it may be detrimental to stay on the app. Take Advantage Of 8 Best Affiliate Marketing Courses, Marketing Strategy of Wow! Because Toutiao used artificial intelligence algorithm to select and push the news, the company did not hire a single reporter or editor. In just three years the video-sharing app gained massive po. In late 2016, Bytedance launched Douyin, a short-form video app that allowed people to upload 40-second self-made videos. TikTok is owned by the Chinese technology giant ByteDance. ByteDance is the world's first and only hectocorn, a privately held start-up valued at over US$100 billion. ByteDance had previously launched Douyin for the China market in September 2016. In the current scenario, owing to the growing tension between China and many countries in the world, made-in-China products including apps are being boycotted by many countries like the USA, UK, Australia, Philippines, Vietnam, and India. I agree with you, Peter, on the question on whether social media apps like Toutiao/Bytedance ultimately create or destroy value for users and society if their ultimate goal is to make us spend more hours on their platforms. ByteDance Ltd. (Chinese: ; pinyin: Zji Tiodng) is a Chinese multinational internet technology company headquartered in Beijing and legally domiciled in the Cayman Islands. TikTok is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based company founded in 2012 by Zhang Yiming. I think it is the most scary part of AI the moment when you dont even realise that the news feed is just tailored to your preference, but you like it so much that you dont bother to go outside and ask for other news/opinions etc. The fact that they are employing human editors to track sexual/violent content shows how far AI still has to go before it can be 100% trusted. With the internet, media became social and it evoked the rise of the digital platforms. Available at: https://www.caixinglobal.com/2018-11-11/in-depth-upstart-bytedance-takes-on-chinas-internet-goliaths-101345485.html. ByteDance leverages artificial intelligence, machine learning, and other online technologies to create products and services that inspire users' creativity and enrich their lives. Baidu, ByteDance and the perilous business of Chinese search. The question is: how did it do that? develop a unique business proposition: it features elements of social networking and video-sharing platforms to deliver a new way to create value for consumers. ByteDance is interested in PC, Console and Mobile as well as F2P and Premium business models. In the year 2006, Yimimg became the fifth employee and first engineer at the travel website Kuxun. Toutiao makes money through advertising by inserting an add every three or five pieces of news. ByteDance is a global tech company which is headquartered at Beijing, China. In October 2018, news leaked that Bytedance, the Chinese parent company behind the news aggregator app Toutiao and short-video platform Douyin (or TikTok, known outside of China), among a dozen other mobile content apps, closed a latest funding round of $3Bn, from a group of investors including Softbank, KKR, General Atlantic. They're looking for creative, bold people who embrace ownership and are driven to make a positive impact on the world. In my opinion there is supply and demand effects here, for many of us is about self-discipline. ByteDance is planning to introduce subscription plans for its most exclusive content on the platform. ByteDance was founded by Yiming Zhang, which ByteDance website defines as A lifelong entrepreneur before ByteDance Yiming founded several ventures including a real estate search portal.. ByteDances business model is centred around mobile apps and content platforms, such as the news recommendation engine Toutiao and social media video app TikTok. A survey carried out by TCS in 2011-2012 revealed that the younger generation in India prefers smartphones over television when it comes to entertainment. Bytedance believes that its algorithmic approach to content could work around the world, and it has developed Toutiao-like apps for other markets. Douyins success proved that Bytedances AI powered business model can be replicated in various content categories. The beauty of the TikTok Business Model is that it is not yet tested to its full potential. The addressable market opportunity for the enterprise business is even larger. At the time, most investors were skeptical, as they believed the news recommended by Toutiao were no different than major online news portals. Once consumers opened the app, they tend to stay because Toutiao would keep pushing content to them based on consumers prior browsing behaviors (what kind of content they liked and how long they spent on each news piece). In November 2017, the global news app News Republic got acquired by ByteDance. Meanwhile, smartphones began to take over and more and more people started using smartphones, and Yiming could very well see the opportunity underlying it, which made him leave 99fang.com to start ByteDance in 2012. Sorry, something went wrong. With the introduction of Jio, the mobile data prices have dropped, the androidphones with , The evolution and future of short video platforms, There is no denying Instagram, Snapchat, and TikTok, etc. Bytedances success is really impressive. Great! To your point of creating social values, I think Bytedance is creating social value in a way that it provides both news information and entertainment for its customers- which is essential needs of human being. Work culture, management, policies are excellent and I wanna go along with my ByteDance family for many more years. TikTok parent ByteDance Ltd.s plans for an initial public offering have been put on hold as it seeks to comply with regulatory demands from both Next, complete checkout for full access to StartupTalky. If you're excited to collaborate with diverse global teams and lead fast-paced initiatives that make a difference from day one, work with us and challenge yourself to move the world! TikTok is a social media app that people use to watch, share, and make short video clips. Yiming Zhang is the founder and CEO of ByteDance. In 2008, Yiming joined Microsoft, however found it tough to cope up with the company rules of Microsoft which made him leave Microsoft to join Fanfou (Twitter clone in China). ByteDance is counting on its artificial intelligence-driven, interest-based recommendations to help its e-commerce business catch up. Douyin is similar to Tiktok and is available in China. With Machine Learning, a lot of times these contents are recommended instead censored. Conclusion, Based in Beijing China, ByteDance is a multinational internet technology company, and it has developed many popular mobile-first products. TikTok is making money through in-house purchase. ByteDance Many platforms developed by ByteDance have received wide popularity. ByteDance has overtaken Baidu to become the second-largest performer in China. Few tech startups have taken off as quickly as Beijing-based ByteDance, the creator of the highly popular 15-second video app, TikTok. StartupTalky is top startup media platform for latest startup news, ideas, industry research and reports, inspiring startup stories. Another question would be how Bytedance can explore other ways to generate revenue than merely relying on the advertisement- otherwise their incentive would always be to get users to stay online as long as possible. ByteDance, the short-video giant, has developed from a small team of 30 people to 60,000 employees and 240 offices globally. There are several types of TikTok ads, including In-Feed ads, Brand Takeovers, and Branded Hashtag Challenges. If it only shows what you like, that means it will be biased significantly and ultimately person would not develop herself (ie only one political view, only one part of the story biased based on journalists opinion etc). Short video Platforms are onthe trend. Apply for the new HBS program starting June 3, Watch this tech inequality series featuring scholars, practitioners, & activists, Bytedance AI application: secrete sauce behind the worlds most valuable private startup, Extreme Makeover Home Edition: Wayfair Optimizes Your Home Dcor Shopping Experience Through Machine Learning, https://www.nytimes.com/2018/10/29/technology/bytedance-app-funding-china.html, Fighting Poverty with Artificial Intelligence. Great work, Peter, thanks for sharing! ByteDance is a global tech company which is headquartered at Beijing, China. Available at: https://www.nytimes.com/2018/10/29/technology/bytedance-app-funding-china.html, Chen, M.(2018) In Depth: Upstart ByteDance Takes On Chinas Internet Goliaths [online] Caixin Media. In 2012, Zhang Yiming, a locally trained engineer and serial entrepreneur started Toutiao, a news aggregator app that scrape news from the internet and push to people based on their interests.When explaining the business, Zhang Yiming told investors that Toutiaos recommendation algorithm was powered by artificial intelligence (AI) and machine learning. I remembered that Tik Tok was once banned in some Southeast Asia countries. The traditional media business was a pipeline business model, with the publisher being the pipeline (and curator) for the advertiser to reach the consumer. The AI technology of Bytedance works across all these platforms. Tencent, ByteDance and JD.com were among the firms ordered to change business practices that regulators see as risky, the latest sign of heightened scrutiny of the sector. Shortly after, ByteDance raised $3 billion and was valued at ~$75 billion. You've successfully subscribed to StartupTalky. However, as per recent reports (June 2020), ByteDance is set to shut down Vigo Video in India. I think most users had unconsciously trapped into the additive nature of the apps that is fueled by machine learning. However, the question is how much of those are healthy and how much would cross the line as being addictive. Please try again. Though the growing hate for China has led to ByteDance losing many users, but from the startup point of view, ByteDance no doubt has done a commendable job, as it rose to be the 'World's most valuable startup', just within 8 years of its inception. Baikemy.com, is the latest acquisition by ByteDance. A senior executive at TikTok owner ByteDance said the company plans to invest "a huge amount" of capital into its newly-established education technology business but warned that the Douyin lets its users create short-form mobile videos. Flipagram, Inc. is a place where cropping and editing of videos are made simple along with making a video, adding music to that, and making it a film. I often think about how social media apps here are basically driven to just keep users on them for as long as possible. Second, ByteDance used its domestic market as an experimentation lab, testing sections of the business model before implementing them abroad. In 2017-2018, Bytedance launched a dozen content apps spanning live streaming, Q&A forums, jokes, funny videos, and auto news, etc. The application allows users to create short music and lip-sync videos of 3 Its market share of the Chinese digital ad market has grown from zero to 22%, up from only 5% in 2017.. TikTok has become the best way to create and consume short videos on mobile. But I applaud Bytedance and all theyve accomplished so far! Yimings personal wealth is estimated at $13 billion, which makes him the 9th richest man in China. ByteDances business model is centred around mobile apps and content platforms, such as the news recommendation engine Toutiao. ByteDance In June of 2020, the popular video-sharing app launched TikTok for Business as a way for brands to run their own ads within the app. I was first struck by Bytedances shrewd business decision to partker with smartphone manufacturers to pre-install the apps. Hello everyone welcome to the #74 Video of Business and Startup news. are dominating todayssocial platform. Baidu is still the most visited website in China, and fourth most visited in the world (according to SimilarWeb rankings) the go-to search engine for Chinese language content. Beyond research and development, ByteDance is at the forefront of utilizing technologies to advance its business model, policies and processes. You must be logged in to post a comment. As estimated by mobile app analytics platform Apptopia, one of ByteDances top popular products TikToks revenue raised by 310% to over $50 million in the last quarter of 2019. These tech giants quickly rolled out similar apps to compete with Bytedance. From one app to multiple apps, from China to global. Is it healthy for users to spend that many hours on a dozen of apps, whose purposes were to feed the information (usually sensational) to keep the user stay on the platform to generate ad revenue? Before exploring the ByteDance business model in more depth, the inclusion over original BAT member Baidu must be justified. Its a great question Peter. Want to learn more about digital transformation? In 2019 itself, ByteDance acquired Shanghai based mobile game developer, Mokun Technology. In respond to that, Bytedance started to employ a large team of editors to filter and censor content to comply with authorities. Douyins success proved that Bytedances AI powered business model can be replicated in various content categories. In 2017, ByteDance acquired Flipgram. ByteDanceFuture Plans I agree that there is potential to use this AI capability for more societally beneficial means in an enterprise setting, but I wonder if more educational content is actually best recommended using the same features the algorithm currently uses for entertainment content, or if youd need to develop new variables. TikTok parent ByteDance Ltd.s plans for an initial public offering have been put on hold as it seeks to comply with regulatory demands from both One of the most popular platforms developed by ByteDance being TikTok, which has over 800 million active users worldwide as of 2019. ByteDanceAcquisitions Analysts estimate its 2019 revenue was anywhere from $16-20 billion, up 100% from 2018. ByteDance, the company behind TikTok. Thank you for this Peter super interesting. ByteDance was valued at about US$140 Thanks for sharing! Your billing info has been updated. Talking about valuation, ByteDance is reportedly worth over US$100 billion as of May 2020 based on recent prices for the Chinese company's shares on secondary markets, according to the Financial Times.
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