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HomeSuccess StoryByteDance Toys Success Story: World's Most Valued Startup

ByteDance Toys Success Story: World’s Most Valued Startup

ByteDance Toys Success Story

ByteDance Toys success story A survey carried out by TCS in 2011-2012 revealed that the younger generation in India prefers smartphones over television when it comes to entertainment. Not just India, around the world, today more and more people are turning to their smartphones for entertainment, information, and more, and one company that is making the most of this trend is ‘ByteDance’. Founded in the year 2012, this technology company has developed many platforms for information, education, inspiration, and more, and these platforms are being loved and used by people from all around the world.  

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. Though the growing hate for China has led to ByteDance losing many users, but from the startup point of view, ByteDance no doubt has done a commendable job, as it rose to be the ‘World’s most valuable startup’, just within 8 years of its inception.  

ByteDance – Company Highlights

  • Startup Name-ByteDance
  • Headquarter-Beijing, China
  • Founder-Zhang Yiming
  • Founded-9th March 2012
  • Industry-Internet
  • Parent Organization-ByteDance Ltd.
  • Website-bytedance.com

ByteDance—About

Based in Beijing China, ByteDance is a multinational internet technology company, and it has developed many popular mobile-first products. Some of the popular products of ByteDance’s include 

Toutiao or Jinri Toutiao, ( meaning today’s headlines) is one of the most popular content discovery apps of China. The company’s algorithm is designed to serve customized content to its users.

Tiktok – Similar to Douyin that operates in China, Tiktok is a platform that operates outside China. Tiktok lets its users create various interesting short lip-sync, dance, comedy, and other videos

Besides these, there are several other platforms by ByteDance like, BaBe, which is Indonesia’s leading news and content app, Gogokid –  an English learning platform for kids, and Vigo Video – a video-making app. However, as per recent reports (June 2020), ByteDance is set to shut down Vigo Video in India

ByteDance—Founder & Team

Zhang Yiming | Founder, Chairman, and CEO of ByteDance

Founder, Chairman, and CEO of ByteDance, Zhang Yiming is an entrepreneur and philanthropist. A Chinese national, Zhang Yiming, presently is 37 years old. He completed his graduation (software engineering) from Nankai University in Tianjin. Yiming’s personal wealth is estimated at $13 billion, which makes him the 9th richest man in China.

ByteDance—Acquisitions

ByteDance has acquired several companies to date –

  • In 2017, ByteDance acquired ‘Flipgram’. Flipagram, Inc. is a place where cropping and editing of videos are made simple along with making a video, adding music to that, and making it a film.
  • In November 2017, the global news app News Republic got acquired by ByteDance.
  • Musical.ly, (a lip-sync video making and sharing platform) is another major acquisition made by ByteDance in 2017. In 2018, ByteDance merged Musical.ly with TikTok.

ByteDance—Funding & Investors

ByteDance has raised funding worth over $ 7.4 billion to date. Below are the details of the funding raised by ByteDance so far –  

ByteDance—Competitors

In China, major Competitors of ByteDance are Alibaba, Baidu, and Tencent.

ByteDance took a larger piece of the digital advertising market than fellow Chinese companies like Tencent and Baidu during the first half of 2019. ByteDance has overtaken Baidu to become the second-largest performer in China. ByteDance took 23% of all digital media to spend in the first half of the year 2019, which is equivalent to $7 billion.

Globally, ByteDance is competing with giants like Facebook, Google, and Snapchat.

ByteDance—Growth

Many platforms developed by ByteDance have received wide popularity. 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.

ByteDance’s revenue increased to $ 17 billion in 2019, from $7.4 billion in 2018. Again ByteDance’s profit for 2019, is reported to be $3 Billion.

Talking about valuation, ByteDance is reportedly worth over US$100 billion as of May 2020 based on recent prices for the Chinese company’s shares on secondary markets, according to the Financial Times. Thus now ByteDance is valued over one-third higher than that in November 2018, when it was valued at around $ 75-$78 billion. The company is no doubt growing into a potent online force.

ByteDance—Future Plans

Amidst the coronavirus crisis, while many companies are busy cutting down their workforce, ByteDance in April 2020, announced that it is hiring staff to fill 10,000 vacant posts in different domains. In 2020, ByteDance is planning to hire 40,000 employees, in a bid to match Alibaba’s headcount. Besides, ByteDance is looking forward to strengthening its position in areas such as e-commerce and gaming. The company is also expected to go public soon.

FAQ’s

What does ByteDance mean?

ByteDance is the developer of the video-sharing social networking services and apps TikTok and Douyin, the Chinese-specific counterpart to TikTok.

Who is TikTok owned by?

A US trading firm reportedly owns 15% of TikTok-owner ByteDance, a stake potentially worth more than $15 billion. US trading firm Susquehanna reportedly owns 15% of TikTok-owner ByteDance, a stake that is potentially worth more than $15 billion.

Is ByteDance a good company to work for?

Even though the recent layoff, it’s very much satisfying to do a job here. Work culture, management, policies are excellent and I wanna go along with my ByteDance family for many more years.

Is TikTok owned by Chinese government?

TikTok is owned by the Chinese technology giant ByteDance. And while TikTok has taken steps to distance itself from its Beijing parent company, both the Trump administration and some Republicans and Democrats in Congress fear the Chinese Communist Party could use TikTok as a tool to spy on Americans.

How does ByteDance make money?

One obvious way TikTok makes money is by running ads. 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