China’s tech industry is making it’s impact all across the globe and infamous Bytedance reported 1 billion monthly active users this year.
If you haven’t heard of TikTok, welcome out from under the rock you’ve been living under. They’re a short video app whose popularity has proliferated around the globe and caused a media frenzy. Their parent company ByteDance have now revealed just how successful their global presence has become.
ByteDance are a Chinese tech company running a series of apps, including the incredibly popular Douyin (TikTok, as it’s known outside of China). This year has been particularly monumental as they’re reporting that they have had 1 billion active users using their apps every month since January.
Douyin’s president, Zhang Nan, announced the figures at the Shanghai festival last month. The company reckons that TikTok has been installed an estimated 1.2 billion times worldwide. They predict that the app’s gross revenue will surpass $100 billion (US) later this month.
Parent company ByteDance is reportedly worth $75 billion now, making it one of the most valuable private technology firms in the world. Their apps cover a wide range of media from the short, viral video creation of TikTok to their popular news applications in China.
As their growth shows serious signs of success around the world, ByteDance are looking to new avenues. According to reports this year they are looking at areas like smartphones as a potential next step for their business, allowing them to pre-load their range of apps onto smartphones. They are also looking at the potential launch of a music streaming service.