China over the past decade built an alternate online reality where Google and Facebook barely exist. Now its own largest tech corporations are getting a taste of what a shutout feels like.
Browsing: TikTok
TikTok parent company ByteDance generated more than $17-billion in revenue and more than $3-billion in net profit last year, making it a serious rival to Facebook and Google.
ByteDance’s valuation has risen at least a third to more than $100-billion in recent private share transactions, people familiar with the matter said.
Walt Disney Co’s top streaming executive, Kevin Mayer, will leave the entertainment and theme parks giant to become the CEO of TikTok, the popular video app owned by China’s ByteDance.
Facebook CEO Mark Zuckerberg has said he is worried that China-style regulation of Internet platforms could be replicated in other countries, as leaders across the world consider greater online laws.
The Covid-19 pandemic likely barely dented Tencent Holdings’ growth. The bigger long-term threat may be the growing posse of challengers to its Internet leadership.
ByteDance just kicked off a wave of hiring it envisions hitting 40 000 new jobs in 2020, at a time technology corporations across the globe are furloughing or reducing staff.
Having our normal daily lives upended by the coronavirus has heightened the demand for entertainment – and not just Netflix. “The virus is forcing us to use the Internet as it was always meant to be used.”
The maker of TikTok is preparing to roll out a Google-like suite of office collaboration tools as soon as this month, according to people familiar with the plans, as it works to expand beyond short video sharing.
MTN South Africa has launched data bundles aimed specifically at users of the fast-growing social media platform TikTok, which is developed by the Chinese company ByteDance.