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  • Surprising Facts About TikTok

    TikTok, one of the most valuable media brands worldwide, has a brand value of $66 billion in 2023, $59 billion in 2022, and $18.75 billion in 2021. It is a China-based video-sharing social networking startup owned by the Chinese company ByteDance. TikTok allows users to upload a variety of short-form videos, from genres like dance, comedy, and education. The duration of the videos has been expanded to 10 minutes from 3 minutes (originally 1 minute).

    This application gained popularity in a very short period. It became extremely hyped among teenagers. As of now, it has over 1.5 billion monthly active users worldwide. TikTok is the next big thing!

    Top 10 Stats to Know About TikTok
    Top 10 Stats to Know About TikTok

    Here is a quick snapshot of key TikTok insights:

    • Origin: Started as Douyin in 2016 by Chinese tech company Bytedance. Launched internationally as TikTok in September 2017. Became popular in China before its international expansion.
    • User Base: Over 1.5 billion active monthly users globally (Q3 2022). Combined with Douyin users the user base exceeds 2 billion.
    • Daily Video Views: Over 1 billion videos are viewed daily on TikTok. Content diversity and creator tools contribute to this engagement.
    • Social Media Ranking: 6th most popular social media platform globally.
    • Download Numbers: Over 3.5 billion total downloads since launch. Most downloaded app in 2022 with 571 million downloads (Q1-Q3).
    • User Age Range: 25-34 age range accounted for 25.4% of US TikTok users in 2022. Combined with the 18-24 demographic, 49.3% of users were adults aged 18-34.
    • Engagement Rate: TikTok’s engagement rate is higher than Instagram, YouTube, and Facebook. Micro-influencers achieve around 18% engagement.
    • Global Reach: 20.83% of internet users worldwide (4.8 billion) were on TikTok in 2022. It’s available in 154 countries and translated into 75 languages.
    • User Frequency: 90% of TikTok users access the app daily. Higher user engagement is due to addictive content and relevance.
    • Indian Ban: Banned in India but still available in 154 countries.

    Here are some more amazing facts about TikTok that you probably didn’t know about:

    Around 49.3% of TikTok users are aged 18-34
    TikTok was initially named Musical.ly
    TikTok is banned in India
    Time-management feature in TikTok
    Around 34% of all users post each day on TikTok
    An average TikTok user spends 50 minutes or more daily
    TikTok is used in 154 countries
    TikTok is used more by women than men in the United States
    More than 1.5 billion people use TikTok
    Songs and Dance trends have gone viral due to TikTok
    Most-followed TikTok creator worldwide
    Highest-earning TikTok creator worldwide

    Around 49.3% of TikTok users are aged 18-34

    TikTok is predominantly used by younger age groups. But it’s no longer just an app for teens. The 25-34 age group accounted for 25.4% of TikTok users. When combined with the 18-24 age group which is 23.9%, adults in the 18-34 age group accounted for 49.3% of US TikTok users. Also, the age group of 12-17 accounted for 17.7% of US TikTok users in 2022.

    TikTok was initially named Musical.ly

    One morning Musical.ly users woke up and were surprised to see the app replaced with a new name and a brand new logo! TikTok was named Musical.ly and was again renamed in August 2018.

    Bytendance’s parent organization, TikTok got it for a billion dollars in the wake of seeing the accomplishment of the application Musical.ly. Then the two apps were merged and another application called TikTok was created. Today, TikTok App is valued at $400 billion.

    TikTok is banned in India

    TikTok, the short-video streaming application, was a momentous accomplishment in India when it was released in September 2016, TikTok was permanently banned in India in August 2020 over public safety issues.

    India had nearly 200 million users and the fast-growing community suffered a massive blow from this decision. It has been a year since the boycott, and the app, presently neglected and criticized, was once a source of income for some content creators.

    Time-management feature in TikTok

    TikTok’s Screen Time Management feature offers its users the flexibility to decide the amount of time they spend on TikTok daily. Users can now limit their screen time on TikTok with the help of this feature.

    At first, TikTok offered users the chance to restrict screen time to two hours of the day. Presently, users can choose new time limit points of 40, 60, 90, or 120 minutes and choose how long they need to spend on the application each day. This feature is password-encrypted, and valid for 30 days.

    If users exceed their screen time limit, they must enter their security password to keep using TikTok. This feature can be found in the Privacy and Settings, under the part Digital Wellbeing section.

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    Around 34% of all users post each day on TikTok

    In comparison to other social media apps, TikTok has more actively engaged users. Around 34% of all users upload at least one video each day. Like some other social stages, you will develop your crowd by posting consistently. This is because of TikTok’s algorithm- Posts of users with no followers can also go viral and reach millions of people in a day.

    TikTok gives its clients an extraordinary natural reach. The TikTok analytics is incredibly sharp and shows what people demand to see.

    An average TikTok user spends 50 minutes or more daily

    A normal TikTok user spends an average of 50 minutes each day on the application every 24 hours. These users revisit the app several times a day to share content with their friends and post them on other social media platforms.

    This data can be viewed as generally significant to those endeavoring to benefit from Ad income and is a good insight to use when promoting plans for brands that are on TikTok. That number is at par with Facebook and Instagram and shows an excellent future for the application.

    The application organizers mainly focus on developing an engaging and addictive application. TikTok is particularly addictive, and several users spend a couple of hours every day scrolling through it.

    TikTok is used in 154 countries

    TikTok has 122 million users based in the United States of America solely, which is the highest by country. Douyin, the Chinese version of TikTok, is one of the most popular apps in China. It has over 700 million daily active users. The TikTok stage has been particularly invited in other Asian nations like Japan, Vietnam, Malaysia, Indonesia, and Thailand.

    Countries With the Largest TikTok Audience as of July 2023
    Countries With the Largest TikTok Audience as of July 2023

    TikTok is used more by women than men in the United States

    TikTok insights show that 60% of its dynamic users are females while the rest are men. Furthermore, the females are additionally comprised of more individuals between 20 to 29 years old than those between 13 to 19 years.

    More than 1.5 billion people use TikTok

    As indicated by TikTok insights, more than 1 billion individuals overall are regularly using TikTok. That is much more than Twitter, LinkedIn, and Snapchat.
    Long gone are the days when TikTok was just a lip-syncing video app.

    Today TikTok has over 1 billion monthly active users worldwide and more than 138 million monthly users in the US, and this number is increasing every day.

    Many dance trends and songs have turned into web sensations because of the TikTok application. Because of the adaptability that TikTok awards its users, numerous viral online video trends have effectively developed since the worldwide arrival of the application.

    The music used by lip-syncing videos and dance trends on TikTok has also become a web sensation on music-sharing applications, for example, Spotify because of TikTok’s free usage of the audio content. Furthermore, sound from any media can likewise be used on TikTok like TV talk and live recorded media.

    Most-followed TikTok creator worldwide

    As of August 2023, Khaby Lame is the most-followed TikTok creator worldwide with over 162 million followers.

    Highest-earning TikTok creator worldwide

    As of August 2023, Charlie D’Amelio is the highest-earning TikTok creator worldwide.

    FAQs

    TikTok is a popular app for creating, watching and sharing short videos. The app is entertaining, addictive, and very engaging. One can get viral over a short time and be a TikTok star. One can generate income as well from TikTok.

    Who is the founder of TikTok?

    Zhang Yiming is the founder of TikTok.

    What is the valuation of TikTok?

    As per estimates, the valuation of TikTok is over $50 billion and its parent company ByteDance is worth over $300 billion.

    Which country has the most number of TikTok users?

    With over 138 million users, the US has the most number of TikTok users.

  • China’s Top 15 Startups: Leading the Innovation Wave

    China may be the most fertile ground for business and startup creation. With 1.4 billion people, China’s user market is massive; there is fierce rivalry among entrepreneurs; firms receive enormous subsidies, and the economy is actively developing. In terms of the number of freshly formed unicorns, Chinese companies overtook Silicon Valley with 243 startups. Chinese startups made $25.7 billion from January to June 2023 up 8.8% YOY. In the second quarter of 2023, Chinese startups received a total funding of $11.2 billion, surpassing the funding levels seen in both the first quarter of 2023 and the second quarter of 2022. These businesses not only survived but flourished throughout the epidemic, growing at a breakneck pace by meeting and exceeding client expectations. With that in mind, let us look at the Top 15 startups in China.

    Top 15 Startups in China

    1. Yipin Fresh
    2. ByteDance
    3. WeRide
    4. Zuoyebang
    5. WeDoctor
    6. Pony.ai
    7. Huochebang
    8. Shannon Artificial Intelligence
    9. Intellifusion
    10. Jinke Hui’an
    11. Video++
    12. Miss Fresh
    13. Starfield
    14. Geek+
    15. Chehaoduo

    Top Startups in China

    Top 15 Startups in China

    Here are listed some of the best Chinese startups:

    Yipin Fresh

    Startup Yipin Fresh
    Founder Jianfei Jiang
    Founded 2013
    Headquarters Nanan, Chongqing, China

    Yipin Fresh - Best Startups in China
    Yipin Fresh – Best Startups in China

    Yipin Fresh, a grocery store company based in Hefei, operates almost 900 fresh-food neighborhood stores in 17 Chinese towns. Online ordering and second-day delivery are also available through the company’s Yipien Daojia app and WeChat microprogramme. This Chinese startup has been on a growth and financial tear over the previous three years, which the pandemic exacerbated in 2020.

    ByteDance

    Startup ByteDance
    Founders Zhang Yiming
    Founded 2012
    Headquarters Beijing, China

    ByteDance - Best Startups in China
    ByteDance – Best Startups in China

    With a total worth of $220 billion in March 2023, ByteDance became the world’s most valuable unicorn, and its market capitalization has since risen to a staggering $353 billion in 2022. TikTok, its Chinese equivalent Douyin, the Indian Helo social network in many languages, the Chinese news site Toutiao, and several other services are all owned by the firm.

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    WeRide

    Startup WeRide
    Founders Tony Han, Yan Li
    Founded 2017
    Headquarters Guangzhou, China

    WeRide - Best Startups in China
    WeRide – Best Startups in China

    WeRide, a Chinese startup, is another critical competitor in the drone sector. The startup has already debuted its robotaxi, deployed 100 drones, and got approval to operate without drivers. Nissan, Renault, and Mitsubishi are among the firms that have invested in the business. This Chinese startup has raised $1.1 billion in funding over 6 rounds.

    Zuoyebang

    Startup Zuoyebang
    Founder Hou Jianbin
    Founded 2014
    Headquarters Beijing, China

    Zuoyebang - Best Startups in China
    Zuoyebang – Best Startups in China

    For school children and preschoolers, Zuoyebang provides online classes, courses, and personal instructor consultations. During online broadcasts in the fall of 2020, 10 million people were recorded on the site.

    Tiger Global Management, Alibaba Group, Sequoia Capital China, and SoftBank Vision Fund invested $1.6 billion in the firm in Round B in 2020. The platform raised $2.9 billion in total.

    WeDoctor

    Startup WeDoctor
    Founder Liao Jieyuan
    Founded 2010
    Headquarters Xiaoshan, Zhejiang, China

    WeDoctor- Best Startups in China
    WeDoctor- Best Startups in China

    WeDoctor is a firm that provides a wide range of healthcare services to its users. The concept for the service originated with an application for an online doctor’s appointment. You may now obtain an online consultation, write a prescription, and diagnose using a built-in artificial intelligence system with the aid of WeDoctor. The startup is valued more than $7 billion in 2023.

    WeDoctor secured a grand total of $1.4 billion in funding across six funding rounds. Their most recent funding round was a Series F, concluded on February 1, 2021.

    Pony.ai

    Startup Pony.ai
    Founders James Peng and Tiancheng Lou
    Founded 2016
    Headquarters Fremont, California

    Startup Pony.ai debuted in 2016, and since then, the company has grown at the same rate as drones. Pony.ai is now one of the most valuable unicorns globally when it comes to producing drone technology. The company’s main line of business is autonomous deliveries, and it’s also working on a robotic taxi.

    After the initial closing of its Series D funding round in 2022, the company achieved a valuation of $8.5 billion.

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    Huochebang

    Startup Huochebang
    Founders Dai Wenjian
    Founded 2008
    Headquarters Guizhou, Liaoning, China

    Huochebang - Best Startups in China
    Huochebang – Best Startups in China

    Huochebang, based in Guizhou, China, is an on-demand logistics network that connects commercial drivers with shippers in need of transportation across China. Huochebang and Yunmanman joined in 2017 to develop a platform with over 4 million trucks and no plans to slow down anytime soon.

    Huochebang is predicted to expand significantly as consumers demand more online, faster delivery, and coverage across China.

    Shannon Artificial Intelligence

    Startup Shannon.AI
    Founders Jiwei Li
    Founded 2017
    Headquarters Haidian, Beijing, China

    Shannon.AI- Best Startups in China
    Shannon.AI- Best Startups in China

    Shannon.AI is a financial artificial intelligence business that employs algorithms to evaluate, extract, and integrate vast financial data. It was founded in 2017. Shannon Technology promotes a new natural language-based information interaction paradigm that allows investors to get the information they want faster, more intuitively, and precisely. The company’s headquarters are in Beijing, China.

    Intellifusion

    Startup Intellifusion
    Founders Ning Chen, Dihong Tian
    Founded 2014
    Headquarters Shenzhen, Guangdong

    Intellifusion - Best Startups in China
    Intellifusion – Best Startups in China

    Intellifusion was created in 2014 and is a visual intelligence AI firm providing solutions for public safety, social governance, new business, AIoT, and other disciplines based on their computer vision technology. The headquarters of Intellifusion is located in Shenzhen, Guangdong.

    IntelliFusion has successfully secured a total of $287 million in funding across five funding rounds. Its inaugural funding round took place on May 1, 2015, while its most recent funding round was a Series D round on September 28, 2020, raising an impressive $147 million.

    Intellifusion is on track to follow in the footsteps of a slew of AI unicorns that have forged close ties with China’s municipal, regional, and national governments.

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    Jinke Hui’an

    Startup Hui’an Jinke
    Founders Ling Huang, Wei Xu, Yitao Duan
    Founded 2017
    Headquarters Beijing, China

    Hui'an Jinke - Best Startups in China
    Hui’an Jinke – Best Startups in China

    Hui’an Jinke, like Shannon.ai, uses AI for a different reason than many other Chinese AI unicorns. The startup, which was formed in 2017, uses artificial intelligence to manage and mitigate risk.

    Fraud Monitoring, Operational Risk Identification, and Anti-Money Laundering are AI/ML improved products.

    In 2018, the firm secured a Series A round of funding.

    Video++

    Startup Video++
    Founders William Joy
    Founded 2014
    Headquarters Shanghai, China

    Video++ - Best Startups in China
    Video++ – Best Startups in China

    Video++, founded in 2014 and provides streaming services and advertising solutions to 65 percent of China’s leading video platforms, reaches over 500 million unique video users each month.

    Video++ uses AI to insert adverts in post-production material, in addition to more standard streaming and advertising services.

    Video++ most recently received $105 million in Series C financing in September 2018 and has amassed a total of $165.5 million in funding through five funding rounds.

    Miss Fresh

    Startup Miss Fresh
    Founders Xu Zheng
    Founded 2014
    Headquarters Beijing, China

    Miss Fresh - Best Startups in China
    Miss Fresh – Best Startups in China

    Meiri Youxian/MissFresh has reaped significant benefits from the epidemic.

    In 2020, the firm, which was launched in 2014, will get two rounds of finance. In July 2020, they secured $495 million in a Series E round, and then in December 2020, they raised an additional $306 million from investors with a total of $1.7 billion to date.

    Although MissFresh is sometimes compared to Instacart, its business strategy is more akin to Farmstead. The corporation has 1,500 smaller distribution centers closer to residential areas, which allows for speedier delivery and cheaper cold-chain expenses.

    Starfield

    Startup Starfield
    Founders Kiki Wu
    Founded 2019
    Headquarters Shenzhen, China

    Starfield - Best Startups in China
    Starfield – Best Startups in China

    Starfield is a fast-growing alternative meat brand in China, founded in 2017 in Shenzhen. From August through October 2021, the firm received $10 million in a Series A round followed by $100 million in Series B in 2022.

    Starfield has become China’s fastest-growing plant-based brand. Starfield intends to establish a facility in Shenzhen with this fresh capital to continue its research and development.

    In addition, through working with eateries, the firm hopes to market its products to Chinese consumers. Despite the pandemic, it started partnering with many food service firms in 2019 and has created several new collaborative connections in 2020.

    Geek+

    Startup Geek+
    Founders Yong Zheng, Hongbo Li, Kai Liu, Xi Chen
    Founded 2015
    Headquarters Beijing, China

    Geek+ - Best Startups in China
    Geek+ – Best Startups in China

    Geek+ was established in 2015 to assist warehouse and industrial operators in meeting the rising demands of eCommerce. Nike, Toyota, DHL, and Dell are among the firms that use the company’s logistics solutions today.

    The business has installed over 10,000 logistics robots for a new generation of automated facilities.

    In June 2020, the firm secured $50 million in a Series C expansion round. The company secured a remarkable $100 million in Series E1 funding, pushing its valuation beyond the $2 billion mark.

    With offices in Germany, Japan, Hong Kong, Singapore, the United Kingdom, and the United States, the corporation is headquartered in Beijing.

    Chehaoduo

    Startup Chehaoduo
    Founders Mark Yang
    Founded 2015
    Headquarters Beijing, China

    Chehaoduo - Best Startups in China
    Chehaoduo – Best Startups in China

    Chehaoduo is an online marketplace for secondhand cars that connects sellers and buyers. The Beijing-based startup was formed in 2015 and has raised an incredible $3.9 billion in the last six years, with the latest funding from a Series E round in June 2021.

    Conclusion

    Developed Asian nations are becoming full-fledged Silicon Valley rivals, and they have several advantages. The size of the potential user market to state business assistance and other regional benefits is excellent since competition fosters company development and new ideas and startups contribute to further human progress.

    FAQs

    Which are the top startups in China?

    Some of the top startups in China are:

    • Yipin Fresh
    • ByteDance
    • WeRide
    • Zuoyebang
    • WeDoctor
    • Pony.ai
    • Huochebang
    • Shannon Artificial Intelligence
    • Intellifusion
    • Jinke Hui’an
    • Video++
    • MissFresh
    • Starfield
    • Geek+
    • Chehaoduo

    What are the top Chinese startups operating in India?

    Some of the top Chinese startups operating in India are:

    • Xiaomi Mi
    • Vivo
    • Oppo
    • Huawei
    • One Plus
    • Lenovo
    • Haier
    • Motorola
    • Coolpad
    • TCL
    • Realme
    • WISCO

  • Why Zhang Yiming is Stepping down as ByteDance’s CEO?

    Byte Dance which is a parent company of popular short-video app TikTok which has a huge market worldwide. The popular application was banned in India and was about to be banned in the United States. Recently the founder of TikTok and the CEO of ByteDance had announced that he is going to quit from his positions as a CEO. Let’s look at the reason why he decided to quit from the post of CEO of ByteDance?

    About ByteDance
    Why Zhang Yiming is Stepping down as Bytedance’s CEO?
    Who will be the Next CEO of ByteDance?
    FAQ

    About ByteDance

    ByteDance is an international internet technology company that is based in China. The company was founded in the year 2012 and has its headquarters in Beijing and it is legally domiciled in the Cayman Islands.

    ByteDance is the developer of TikTok and Douyin who are video sharing social networking services. In the year 2017, the company had acquired Musical.ly which was a famous social media startup and combined it with TikTok.

    As of 2018 the company had around 800 million daily active users. As of March 2021, the company has a valuation of more than USD 250 billion.

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    Why Zhang Yiming is Stepping down as Bytedance’s CEO?

    Zhang Yiming was the founder of TikTok and he is currently the CEO of ByteDance. He is one of the major pioneers behind making the tech giant successful and making it one of the biggest names in Chinese tech.

    Yiming had announced that he will be stepping down from the post of CEO. He had announced that in an internal memo sent to the employees on 19 May 2021. The major reason for stepping down from the position as mentioned is that he lacks some of the skills required by an ideal manager.

    He added that, he is more interested in analyzing the principles related to the market and organizations and to leverage these theories which will help in reducing the works related to management rather than managing people.

    He also conveyed that he would prefer reading and day dreaming than running the tech giant. He added that he would transition to a new role by the end of 2021 where he would concentrate on long-term strategy, social responsibility and corporate culture.

    Zhang Yiming on stepping down as ByteDance's CEO
    Zhang Yiming on stepping down as ByteDance’s CEO

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    Who will be the Next CEO of ByteDance?

    Zhang Yiming has conveyed that he will be handing the position of CEO to Liang Rubo who is co-founder and the HR head of ByteDance. In order to ensure a smooth transition, the two men are looking forward to working together for the next 6 months.

    According to the memo received by the employees, Yiming has communicated that Liang Rubo would be better with his strengths in management, organization and social engagement.

    Liang Rubo had prior experience as he was the head of the R&D of Lark and Efficiency Engineering and he currently is the head of HR and marketing role as the company had scaled up at an incredible level on a global basis.

    FAQ

    How much is Zhang Yiming worth?

    The net worth of Zhang Yiming is 3600 crore.

    When was ByteDance founded?

    ByteDance was Founded in 2012.

    Who is CEO of ByteDance?

    The new CEO of ByteDance is Liang Rubo.

    Conclusion

    This is considered to be another big change in the upper management as the TikTok CEO had quit back in 2020 just 4 months after he was appointed to the new position. The popular social network application is being banned in India and there is no information about the lifting of the ban.

  • ByteDance’s Success Story—World’s Most Valued Startup

    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. Not just India, around the world, today more and more people are turning to their smartphones for entertainment, information, and more, and one company that is making the most of this trend is ‘ByteDance’. Founded in the year 2012, this technology company has developed many platforms for information, education, inspiration, and more, and these platforms are being loved and used by people from all around the world. One of the most popular platforms developed by ByteDance being TikTok, which has over 800 million active users worldwide as of 2019.

    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. 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. This article is a compilation of some important and fascinating facts and figures about ByteDance that you will love to know.

    COMPANY HIGHLIGHTS

    Startup Name ByteDance
    Headquarter Beijing, China
    Founder Zhang Yiming
    Founded 9th March 2012
    Industry Internet
    Parent Organization ByteDance Ltd.
    Website bytedance.com

    ByteDance—About
    ByteDance—Founder & Team
    ByteDance—Acquisitions
    ByteDance—Funding & Investors
    ByteDance—Competitors
    ByteDance—Growth
    ByteDance—Future Plans
    FAQ’s
    Conclusion

    ByteDance—About

    ByteDance Logo

    Based in Beijing China, ByteDance is a multinational internet technology company, and it has developed many popular mobile-first products. Some of the popular products of ByteDance’s include –

    • Douyin is similar to Tiktok and is available in China. Douyin lets its users create short-form mobile videos.
    • Toutiao or Jinri Toutiao, ( meaning today’s headlines) is one of the most popular content discovery apps of China. The company’s algorithm is designed to serve customized content to its users.
    • Tiktok – Similar to Douyin that operates in China, Tiktok is a platform that operates outside China. Tiktok lets its users create various interesting short lip-sync, dance, comedy, and other videos
    • Xigua – Earlier known as Toutiao video, Xigua video is an app through which users can discover, enjoy and share short as well as long-form videos.
    • Helo – Developed especially for India, the Helo app curates content in 15 Indian regional languages and provides customized content to each user.
    • Lark – Collaboration and communication platform Lark make work easy for a remote team through various features like messenger, video conferencing, cloud storage, calendar, and online docs and sheets.

    Besides these, there are several other platforms by ByteDance like, BaBe, which is Indonesia’s leading news and content app, Gogokid –  an English learning platform for kids, and Vigo Video – a video-making app. However, as per recent reports (June 2020), ByteDance is set to shut down Vigo Video in India.

    ByteDance—Founder & Team

    Zhang Yiming | Founder, Chairman, and CEO of ByteDance

    Founder, Chairman, and CEO of ByteDance, Zhang Yiming is an entrepreneur and philanthropist. A Chinese national, Zhang Yiming, presently is 37 years old. He completed his graduation (software engineering) from Nankai University in Tianjin. Yiming’s personal wealth is estimated at $13 billion, which makes him the 9th richest man in China.

    In the year 2006, Yimimg became the fifth employee and first engineer at the travel website Kuxun. Later he became the technical director at Kuxun. 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). In 2009, Fanfou was shut down owing to certain controversies, and that very year, Yiming started his very first startup 99fang.com, which is a real estate search portal. 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.

    Currently, ByteDance has over 60,000 employees in 126 cities.

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    ByteDance—Acquisitions

    ByteDance has acquired several companies to date –

    • In 2017, ByteDance acquired ‘Flipgram’. 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.
    • In November 2017, the global news app News Republic got acquired by ByteDance.
    • Musical.ly, (a lip-sync video making and sharing platform) is another major acquisition made by ByteDance in 2017. In 2018, ByteDance merged Musical.ly with TikTok.
    • In 2019, ByteDance acquired big data firm Terark.
    • Baike.com, China’s local online encyclopedia was also acquired by ByteDance in 2019.
    • In 2019 itself,  ByteDance acquired Shanghai based mobile game developer, Mokun Technology
    • In January 2020, ByteDance acquired LevelupAI, An AI startup that provides AI solutions for Video Game Industry.
    • Baikemy.com, is the latest acquisition by ByteDance. Acquired in May 2020, Baikemy.com is one of China’s largest medical information portals.

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    ByteDance—Funding & Investors

    ByteDance has raised funding worth over $ 7.4 billion to date. Below are the details of the funding raised by ByteDance so far –  

    Date Stage Amount Investors
    January, 2012 Series A $5 Million SIG China
    January, 2013 Series B Undiclosed Yuri Milner
    June, 2014 Series C $100 Million Sequoia Capital China, Source Code Capital, Weibo
    April, 2017 Series D $1 Billion K3 Ventures, CCB International, Altimeter Capital, Sequoia Capital China, Qiming Venture Partners
    August, 2017 Private Equity Round $2 Billion General Atlantic
    October, 2018 Series E $3 Billion General Atlantic, SoftBank,Kohlberg Kravis Roberts, Primavera Capital Group
    April, 2019 Debt Financing $1.3 Billion Goldman Sachs, Morgan Stanley
    August, 2019 Funding round – GGV Capital
    March, 2020 Seconadary Market – Tiger Global Management

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    ByteDance—Competitors

    In China, major Competitors of ByteDance are Alibaba, Baidu, and Tencent.

    ByteDance took a larger piece of the digital advertising market than fellow Chinese companies like Tencent and Baidu during the first half of 2019. ByteDance has overtaken Baidu to become the second-largest performer in China. ByteDance took 23% of all digital media to spend in the first half of the year 2019, which is equivalent to $7 billion.

    Globally, ByteDance is competing with giants like Facebook, Google, and Snapchat.

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    ByteDance—Growth

    Many platforms developed by ByteDance have received wide popularity. As estimated by mobile app analytics platform Apptopia, one of ByteDance’s top popular products TikTok’s revenue raised by 310% to over $50 million in the last quarter of 2019.

    ByteDance’s revenue increased to $ 17 billion in 2019, from $7.4 billion in 2018. Again ByteDance’s profit for 2019, is reported to be $3 Billion.

    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. Thus now ByteDance is valued over one-third higher than that in November 2018, when it was valued at around $ 75-$78 billion. The company is no doubt growing into a potent online force.

    ByteDance—Future Plans

    Amidst the coronavirus crisis, while many companies are busy cutting down their workforce, ByteDance in April 2020, announced that it is hiring staff to fill 10,000 vacant posts in different domains. In 2020, ByteDance is planning to hire 40,000 employees, in a bid to match Alibaba’s headcount. Besides, ByteDance is looking forward to strengthening its position in areas such as e-commerce and gaming. The company is also expected to go public soon.

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    FAQ’s

    What does ByteDance mean?

    ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok.

    Who is TikTok owned by?

    A US trading firm reportedly owns 15% of TikTok-owner ByteDance, a stake potentially worth more than $15 billion. US trading firm Susquehanna reportedly owns 15% of TikTok-owner ByteDance, a stake that is potentially worth more than $15 billion.

    Is ByteDance a good company to work for?

    Even though the recent layoff, it’s very much satisfying to do a job here. Work culture, management, policies are excellent and I wanna go along with my ByteDance family for many more years.

    Is TikTok owned by Chinese government?

    TikTok is owned by the Chinese technology giant ByteDance. And while TikTok has taken steps to distance itself from its Beijing parent company, both the Trump administration and some Republicans and Democrats in Congress fear the Chinese Communist Party could use TikTok as a tool to spy on Americans.

    How does ByteDance make money?

    One obvious way TikTok makes money is by running ads. 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. There are several types of TikTok ads, including In-Feed ads, Brand Takeovers, and Branded Hashtag Challenges.

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    Conclusion

    ByteDance is a global tech company which is headquartered at Beijing, China. The company is operating on a range of platforms allowing people to connect across languages, cultures and geographies to create, discover and connect. The company has products mostly in social media applications. The company has a portfolio of applications available in over 150 markets and 75 languages, which includes TikTok, Helo, Douyin, Resso, Lark, Toutiao, and BaBe.

    Are you looking to work for ByteDance? They’re looking for creative, bold people who embrace ownership and are driven to make a positive impact on the world. 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!