A six-year old Chinese start-up, ByteDance, is storming the web with record millions of users, which is wrecking the nerves of social media giants like Facebook and Instagram.
The company, which currently has over half a billions users, was founded by former Microsoft employee Zhang Yiming in Beijing in 2012. ByteDance develops content platforms which enable its users to enjoy content powered by AI technology.
The Bijing based company is famous for apps such as Tik-Tok, Buzz Video, Vigo and Toutiao. According to CNN “TikTok [a video sharing app] has gained an international edge over China’s established social media platforms, such as Tencent’s (TCEHY) WeChat, Sina Weibo (WB) and Alibaba’s (BABA) Youku”.
The company which relies on AI technology to empower its apps has already gained the attention of giant investors in the tech industry. “ByteDance is reportedly in talks with tech kingmaker SoftBank (SFTBY) about an investment that would value it around $75 billion, a huge jump from the $20 billion valuation it secured last year. That would make ByteDance one of the world’s most valuable startups alongside Uber”.
With huge domestic maket in China, the company has expanded into the US posing stiff threat to Facebook and Instagram. Social media users, especially youths are attracted to the site for its aggregating services from news, to videos among others. One of its apps reportedly generated over $2.9 billion in 2017.