The social network is based on uploading and publishing short videos, which are mostly shared by teenagers. Last year, the platform generated sales of 41.7 billion yuan (CZK 138.7 billion) to 22 million content creators.
ByteDance intends to invest 1.5 billion yuan in the social network this year and double sales in the next 12 months, the head of the company said at the conference.
TikTok is banned in India and faces a ban on its activities in the United States, where it has about 100,000 users. However, she tries to prevent him from cooperating with the American company Oracle.
President Donald Trump ordered the sale of American activities to ByteDance in the summer. The White House chief justified this with concerns about national security if TikTok passed data on American users to the Chinese government.
Douyin social network entered the market in 2016, outperforming its competitors and is now China‘s largest video sharing platform. The main source of sales for Douyin and the entire ByteDance is advertising. However, in recent years, the social network has introduced new elements that generate revenue, such as live streaming or purchases in virtual stores of certified content creators.
The WeChat messaging application, owned by China‘s rival Tencent, was used by more than a billion people as early as 2018. In May, according to QuestMobile, 1.6 billion users had mobile internet in China.
ByteDance is considering trading its Chinese division’s shares on the Hong Kong or Shanghai stock exchanges.