TikTok logos are seen on smartphones in entrance of a displayed ByteDance emblem on this illustration taken November 27, 2019.
Dado Ruvic | Reuters
SINGAPORE — Douyin, the Chinese language model of the favored short-video sharing app TikTok, hit 600 million day by day energetic customers as of August, parent-company ByteDance mentioned Tuesday.
Over 22 million creators made greater than 41.7 billion yuan ($6.15 billion) on the platform over the previous yr, ByteDance China CEO Kelly Zhang mentioned on the Douyin Creator Convention in Shanghai. The corporate additionally introduced plans to speculate visitors assets price 10 billion yuan to assist creators and intention to double their revenue to 80 billion yuan within the coming yr.
Each Douyin and its worldwide model, TikTok, have taken off in an enormous approach for ByteDance, which is now one of the most valuable privately held Chinese language tech corporations.
TikTok reported nearly 700 million monthly active users in July and greater than 2 billion in international downloads.
Each purposes have the identical core operate — the power to create and share brief movies with added music and particular results accessible on the apps.
However Douyin has extra superior options together with a extra detailed homepage, e-commerce, extra subtle set-up for official accounts and sponsored challenges, livestreaming and the power to add full-length films, in response to a February report from research firm Gartner. A few of these options on Douyin, like e-commerce, are being tested by TikTok.
TikTok is going through a wave of regulatory scrutiny and challenges in its main markets. The app is now banned in India on nationwide safety grounds.
In america, the place TikTok has about 50 million day by day energetic customers, the White Home had imposed a Sept. 20 deadline on ByteDance to give you a plan to promote the video app’s U.S. operations or be banned by Sept. 29. A deal must be completed by Nov. 12. The U.S. authorities mentioned there have been nationwide safety issues however TikTok has denied these allegations.
ByteDance on Sunday rejected Microsoft’s bid to purchase TikTok’s U.S. operations. As an alternative, Oracle will change into TikTok’s U.S. know-how companion and the enterprise software program large will take a major stake in TikTok’s enterprise, a person familiar with the discussions told CNBC.
It stays unclear if the U.S. government will approve a restructuring plan that will nonetheless maintain TikTok’s U.S. enterprise underneath Beijing-based ByteDance’s operational management. Beforehand, China pushed again on a tentative sale of U.S. property, saying it would need to approve a deal that includes exporting the profitable synthetic intelligence know-how utilized by TikTok.