Jun 21, 2019 (China Knowledge) - Social media giant Bytedance, currently the world’s most valuable startup, has managed to hit a total of 1 billion monthly active users globally across its various apps.
The company which operates the popular short video app Douyin (TikTok in overseas makets) and news aggregator app Jinri Toutiao counts companies such as Softbank and KKR & Co. as its investors and was valued at a whopping USD 76 billion during its latest financing round last year.
The company currently relies mostly on advertising revenue generated from its core content business through its two apps and has become one of the few Chinese companies with a strong global presence through its short-video sharing platform TikTok.
According to industry researcher SensorTower, TikTok installations are expected to number about 1.2 billion worldwide and the app’s gross revenue will likely surpass USD 100 billion this month.
TikTok’s rapid international growth has now led to a number of regulatory challenges for the company in recent times with the US Federal Trade Commission imposing a USD 5.7 million fine on the company due to its illegal collection of personal information from children and Indonesian authorities banning the app due to its inappropriate content.
Apart from developing new apps, Bytedance is also planning to make a move into hardware offerings, acquiring certain patents from smartphone manufacturer Smartisan to venture into education hardware.
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