TikTok parent ByteDance turned an operating profit of nearly $6 billion in the first quarter of 2023, nearly double its haul from the previous year as the Chinese social-media giant pared back expenses. The clause does allow agencies to provide exemptions for contractors performing law enforcement activities, national security activities, and security research, though agencies are instructed to use exemptions sparingly. ByteDance’s acquisition of Pico could pit it against Facebook’s Oculus VR division. Last year, Apple bought NextVR, a virtual reality company, sparking speculation it could be working on its own VR headsets. Pico was the third-largest virtual reality headset maker globally in the first quarter of 2021, with shipments growing 44.7% year-on-year, according to IDC.
- Join us as we delve into the history, products, and influence of ByteDance, a company that has become a cultural phenomenon.
- 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.
- Product and related teams still focus on serving customer needs, but they rely on different SSP teams to accelerate development and growth.
- 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.
The app was ranked the fourth most downloaded free app on the China iOS store on Feb. 17, ahead of Douyin, which was ranked 13th, according to App Annie. In 2016 ByteDance released the video-sharing app Douyin, exclusively for users in China. The popularity of Douyin in China inspired the team to develop TikTok for international audiences. TikTok is an app platform that allows users to post short-form videos and share content from their cell phones.
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.
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.
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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 data.ai 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.
It famously launched 12 entertainment content apps in its first few months as a company, and 20 apps to test foreign-market opportunities in 2015. It also had two other teams incubating short-video products at the same time as it was running Douyin. Between 2018 and 2020, the company had at least 140 apps across 11 different verticals available in app stores. Having set its sights on overseas markets from early on, ByteDance acquired US-based Flipagram, a short-movie making app in 2017, the same year it bought lip-syncing app Musical.ly, which was later absorbed into TikTok. Deemed the “overseas version of Huoshan Video” as the app also offers around 15-seconds long content, Vigo claims to have around 20 million monthly active users.
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, types of forex trades 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.
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.
Respectively, Toutiao and Douyin account for 20% and 60% of the company’s total advertising revenues. The app enjoyed early success with young Internet users, and its user base grew substantially in 2017, when ByteDance acquired the popular video-sharing app Musical.ly, which it merged with TikTok in 2018. Much of TikTok’s popularity came from viral videos that were shared by Internet influencers and social media stars who had millions of followers.
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.
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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. 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.
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, 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.
This type of progress requires us to break through the inertia, and to keep exploring. Recently, several colleagues have asked me why I haven’t updated my OKRs. Frankly, I feel I did not achieve as much as I had hoped to on my previous objectives in the areas of new strategic opportunities, organizational management, and social responsibility.
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.
People are amazed by the success of electric cars, but they forget that Tesla is 18 years old and first experimented with laptop batteries to power its vehicles. People know about Apple’s software management tool HomeBrew, but few realize best day trading stocks that computer geeks were discussing the Apple I in the HomeBrew Club in the 1970s. Virtual reality, life science, and scientific computation are playing a bigger role in people’s lives as technology brings ever-greater impact to society.
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.
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 emerging stocks definition 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.