Save the Last Byte Dance: New Interim Rule Bars TikTok and Successor ByteDance Apps

Since the beginning of this year, I’ve spent a lot of time thinking about how to better drive real long-term breakthroughs, which cannot simply rely on steady, but incremental, progress. But as the firm continues to flourish, forex volatility indicator its stewards recognized that a structural shakeup is needed to fit its ballooning size. ByteDance will group its apps and operations under six new “business units,” according to an internal document seen by TechCrunch Tuesday.

The acquisition of the app by ByteDance in 2017 continued its path in exploring opportunities in the news aggregation field. Taking a leaf out of the playbook of Toutiao, the app also offers customized news articles from over 2,500 of its media partners, such as CNN. It ranked at 117 under the news and magazine section on the US iOS store as of Feb. 9, according to App Annie. Here’s a look at the apps developed by ByteDance, as well as those it has acquired or invested in. Get this delivered to your inbox, and more info about our products and services.

The company’s products have become an integral part of online culture in China and around the world, with a vibrant community of users sharing their interests, creating content, and interacting with each other. ByteDance’s journey from a small startup to a cultural phenomenon is a testament to the power of innovation, hard work, and a relentless pursuit of success. ByteDance found success with short video app TikTok and Chinese version Douyin, as well as news aggregation app Toutiao. Some of these issues may be addressed in the forthcoming national security deal led by CFIUS.

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. ByteDance, the privately held parent of China-based social-media video-sharing app TikTok, managed a $6 billion profit in the first quarter of 2023, the Wall Street Journal reported late Monday. That marks a big turnaround since 2021, when the company had an operating loss of $7 billion, according to the Journal. In 2022, ByteDance reported a 38% increase in revenue to $85.2 billion, as it cut back on costs, following 80% growth in 2021, the Journal reported, citing a financial document sent to employees.

  • GUANGZHOU, China — TikTok owner ByteDance has made its first foray into virtual reality (VR) through the acquisition of a start-up called Pico.
  • During the past decade, ByteDance has proven itself time and again to be a spectacularly innovative and successful company.
  • 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.
  • The company launched Toutiao, one of its flagship products, in August 2012.

The success of ByteDance began with the rise of Toutiao, which is now the biggest news aggregator in China. ByteDance’s founder, Zhang Yiming, believes that the company’s most fundamental competitive advantage is its data-driven organizational culture. Its foray into short video, for example, was driven by one executive noting that time spent viewing videos had increased 3 best forex liquidity providers 2022 sharply on Toutiao. Carefully planned marketing based on data-driven insights has also helped TikTok grow steadily from its teen-dancing user base to the much broader audience it enjoys today. ByteDance products have faced government-led investigations and large-scale bans in other countries, including Australia, Bangladesh, Indonesia, Pakistan, and Turkey.

Lists Featuring This Company

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. Current and former employees must notify the company of their desire to sell shares by the end of October, one of these people said.

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. During the past decade, ByteDance has proven itself time and again to be a spectacularly innovative and successful company. This has been true not only for TikTok but many of its other apps, which have vast numbers of users. In this article, the authors explain the many ways in which ByteDance has used its SSP to fuel development and growth.

  • As a global company committed to transparency, we are publishing Yiming’s letter to employees below.
  • Here’s a look at the apps developed by ByteDance, as well as those it has acquired or invested in.
  • At just 10 years old, ByteDance, the most valuable startup in the world, has shattered records for growth.
  • While ByteDance hopes the app can replicate the success of Toutiao in the US, it only recently started gaining traction, with 36 million monthly active users currently, compared with just 1.8 million in November 2017.
  • Douyin and TikTok are two separate entities, although some metrics firms club their numbers.

House Committee on Energy and Commerce to address accusations that the app is a threat to American national security. Chew downplayed any connection to or favouritism toward China’s government and elaborated on the steps the company planned to take to better protect the data of American users. Despite this reassurance, the U.S. state of Montana passed a law to ban the app in the state. ByteDance has also been accused of using apps like TikTok to employ intrusive data-gathering techniques. In 2022 Forbes technology reporter Emily Baker-White claimed that she had been spied on and tracked by ByteDance after writing an article critical of TikTok.

Is ByteDance a good company to work for?

Popular food posts are either videos of the creator making the food, or a slideshow of several meals and the recipe for each in the caption. Creators who already have a large TikTok presence are the main ones getting over 1,000 likes. Data firm confirmed to TechCrunch the app didn’t rank in any App Store categories prior to last week, signaling a recent and significant “acquisition push” on the app by the parent company.

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. In the year 2006, Yimimg became the fifth employee and first engineer at the travel website 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).

Hello and TikTok were banned in India, thereby removing millions of users from the apps’ reach. In addition, in November 2022 the European Union (EU) confirmed the existence of an ongoing investigation into TikTok’s data practices, including data transmissions to China. Increased regulatory barriers were also introduced against the company because of tensions between the United States and China. National security concerns about the collection of user data led the U.S. government to ban the app from being installed on government-issued devices. Legislation was also introduced that could lead to a national ban of the platform altogether.

However, the company’s products and services have also attracted a significant number of male users. 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. 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.

TikTok’s Parent ByteDance Pushes Into Payments With Help From J.P. Morgan

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, what is the us dollar index and Branded Hashtag Challenges. TikTok has spent the past three years trying to convince U.S. lawmakers it can operate independently in this country from its China-based parent company, ByteDance.

The company’s product teams or units don’t control their own operating resources. Instead, many common business, technology, and operating functions (among them HR and legal) are centralized and organized into corresponding teams. The teams are highly specialized, so that the right people can be found and flexibly deployed as needed to each new venture. Cloud and shared operational tools, some of which have been developed in house, allow ByteDance to maintain this seemingly complex organizational setup. Product and related teams still focus on serving customer needs, but they rely on different SSP teams to accelerate development and growth. For example, when ByteDance tasks a new venture team with investigating user needs and market opportunities, the team can go to the user-research specialists at the SSP for data support, saving time on market analysis.

TikTok owner ByteDance takes first step into virtual reality with latest acquisition

While this effort was stalled in 2021 by unfavorable government regulations, it demonstrates the company’s strategy of experimenting broadly within selected focus areas. The first product the group produced was the app Neihan Duanzi (“profound gags”), which allowed users to share jokes and memes. This was followed by the news aggregator app Toutiao, which used machine and deep learning algorithms to deliver a personalized news feed to users. Toutiao became an early flagship of ByteDance and continues to have more than 300 million monthly active users. The company also developed the Indian social media app Hello, as well as the popular Indonesian news aggregator Baca Berita (BaBe). ByteDance, Chinese technology company that developed novel video-sharing social networking applications, most notably TikTok.

Popularity and Impact

Because they have not put in the organizational enablers that helped ByteDance overcome fiefdom mindsets, which inhibit collaboration. An important contributing factor, we argue, is its innovation strategy, which relies on a shared-service platform, or SSP. Driven by the success of TikTok and their other apps, ByteDance’s yearly revenue ballooned to $80 billion in 2022. The company has more than 150,000 employees and operates offices worldwide. 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. 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.

Is TikTok owned by Chinese government?

As many of you know, Rubo has taken on numerous critical roles at ByteDance at different times, including head of R&D, Lark and Efficiency Engineering, and most recently, Human Resources and Management, as we’ve scaled up at an incredible rate globally. Today, ByteDance founder Zhang Yiming released an internal letter announcing he will transition to a new role at the end of 2021, focusing on long-term strategy, corporate culture, and social responsibility. ByteDance co-founder and HR head Liang Rubo will become the new CEO, and Yiming and Rubo will work side by side over the next six months to ensure the smoothest possible transition.

Leave a Reply

Your email address will not be published. Required fields are marked *