5 Issues To Know About ByteDance
You already know TikTok (even if you happen to refuse to confess it — we all know you’re on the market). Nicely, over 800 million (forecasted) customers in 2023 are additionally totally embracing the platform or in full denial too. Placing the love-hate relationship apart, what do you actually find out about TikTok’s mother or father firm, ByteDance?
ByteDance is a Beijing-based Web firm that’s been growing purposes since its founding in 2012. Its reputation exploded in 2016 after launching Douyin, a short-form video app that grew to become the worldwide predecessor to TikTok. It wasn’t till 2017 that ByteDance bought the video app Musical.ly for upwards of $1 billion, then it re-branded and re-launched Musical.ly as TikTok in 2018.
Since then, TikTok has emerged as some of the standard social media platforms worldwide, and the primary Chinese language app to penetrate the U.S. market. However Douyin and TikTok aren’t the one apps that ByteDance has developed — there’s far more historical past behind this groundbreaking firm than what meets the attention. Let’s dive into why ByteDance must be on the radar of each model marketer… if it isn’t already.
1. ByteDance has a long-standing relationship with creators.
Laws differ for influencer advertising from nation to nation. Based on an interview with Bloomberg enterprise reporter Shelly Banjo, China has had salaried influencers on its payroll for years. Nevertheless, ByteDance had been cautious to keep away from direct fee when working within the U.S. and as a substitute labored with model sponsors to satisfy these influencer funds previous to launching the TikTok Creator Market.
2. ByteDance’s new app, Lemon8, goals to additional monetize influencer-generated content material (IGC).
Lemon8 is a picture-based app that markets itself as a way of life group for creators. Although it was launched in Japan in 2020, and rapidly expanded to Indonesia, Malaysia, Singapore, Thailand, and Vietnam, it was quietly launched within the U.S. and U.Okay. simply this 12 months.
Full of highly-specific pointers, this Pinterest-meets-Instagram-styled app compensates some creators for posting high-quality picture carousels with detailed captions. Nevertheless, not all creators are in a position to earn income from Lemon8. Nonetheless, many are energetic on the app merely out of affection for his or her craft together with the chance to hone their skills in a brand new panorama amongst their friends.
3. One other ByteDance app has a nostalgic vibe.
Although TikTok is ByteDance’s hottest app of all time with 4.3 billion worldwide downloads, its second most downloaded app, Huoshan Video, has a well-known idea. It makes a speciality of super-short video clips — 15 seconds at most, to be actual. Although it’s not fairly Vine, it’s taking a cue from the previous viral video platform and has garnered 2.8 million downloads worldwide. Nevertheless it’s not all social media for ByteDance. The corporate’s office collaboration app, Feishu, is a Slack dupe that surpassed $100 million in income in 2022.
4. ByteDance is testing meals supply with TikTok’s twin.
It’s no secret that meals and beverage manufacturers are extremely energetic on TikTok. Based on Insider Intelligence, as of April 2022, meals and beverage was the fourth highest-performing vertical primarily based on engagement charge per follower worldwide. Douyin, TikTok’s Chinese language counterpart has additionally seen success on this area, with restaurant homeowners incessantly reside streaming on the platform. CNBC experiences that ByteDance is now testing a meals supply service by Douyin, thus capitalizing on the culinary reside stream reputation.
This growth places Douyin in competitors with Chinese language meals supply companies like Meituan, which has similarities to on-demand companies like Uber Eats, Grubhub, and DoorDash in the US. Although there’s no detailed timeline for Douyin’s meals supply rollout but, we foresee comparable diversifications with TikTok if all goes properly. In any case, with TikTok achievement facilities popping up within the U.S., why cease there?
5. ByteDance’s information practices are being challenged in court docket.
Former U.S. President Donald Trump’s time in workplace had numerous very public highlights, certainly one of which centered round a potential TikTok ban in 2020, stemming from information considerations. Nevertheless, regardless of an govt order banning the app adopted by a name for an American purchaser to take over, ByteDance retained possession in the long run.
Now, underneath the Biden-Harris administration, the White Home has mandated a sweeping TikTok ban on authorities units. And that’s not all — a bipartisan invoice is debuting to handle nationwide safety considerations over TikTok. It stays to be seen how the invoice will impression TikTok and ByteDance’s exercise in the US.
Preserving Up With ByteDance
ByteDance grew from a viable startup to a global powerhouse. With apps spanning from social media, to gaming, to information, and every part in between, it’s clear that ByteDance is one to look at within the coming years. How do you assume ByteDance will change the course of expertise? We’re all keen to seek out out.