In the latest round of funding, the Beijing-based emerging giant was valued at $ 75 billion, and the startup’s total raised capital is $ 7.4 billion so far.
Recently, ByteDance – the world’s most valuable unicorn startup, has revealed that its apps, including the “lip sync” Douyin app (known as TikTok outside of mainland China) ) had a total of 1 billion monthly active users globally as of January this year.
Douyin’s president Zhang Nan published the impressive information at the Shanghai Film Festival last week and the figures were later confirmed by ByteDance spokesman.
One of ByteDance’s major investors is Japan’s SoftBank Group. In the latest round of funding, the Beijing-based emerging giant was valued at $ 75 billion, and the startup’s total raised capital is $ 7.4 billion so far. In particular, the investment capital received from SoftBank is estimated at US $ 1.8 billion.
In addition to TikTok, ByteDance also operates the news app Jinri Toutiao, which relies heavily on advertising revenue generated from its core content business.
TikTok’s “lip sync” video sharing platform, where users can watch and create short videos using songs, stickers or special effects, has become a big hit around the world and Help the company expand its scope of activities.
According to preliminary statistics, the total number of TikTok installations has now reached 1.2 billion globally.
However, TikTok’s rapid international expansion has created some legal barriers for ByteDance, particularly in Indonesia, the US and India in recent times.
In February, ByteDance agreed to pay a fine of US $ 5.7 million to the US Federal Trade Commission for TikTok’s illegal collection of children’s personal information. According to the Commission, this is considered one of the largest fines in an American children’s privacy investigation.
At the time, TikTok made a statement pledging to create more effective measures to protect users, including tools for parents to protect their children’s personal information.
In July last year, Indonesian authorities issued a ban on TikTok because the app spreads depraved content, which is inappropriate for the country’s culture and users.
Not long after, a spokesman for the Indonesian Ministry of Communications said the blocking of TikTok was canceled after the company agreed to completely remove negative content from the application and open a representative office in Indonesia to coordinate. with the authorities in content management.
Recently, TikTok recruited a number of Silicon Valley talent including former Facebook Director, Blake Chandlee and former YouTube expert Vanessa Pappas to help YouTube localize its operations and expand its business. in America.
In China, some of ByteDance’s other popular apps include the Faceu selfie app, TopBuzz news aggregator, and the Lark teamwork app. Besides releasing apps, ByteDance has hardware ambitions. Last month, the company said it would build educational hardware after successfully acquiring a number of patents from Chinese smartphone maker Smartisan.
Gia Vu / SCMP
* Source: Young intellectuals