TikTok, There are some writers on social media that really always write about the things that interest me. Sarah Perez of TechCrunch is one such writer.
I’m a huge fan of ByteDance, basically the Chinese startup that’s out-smarting Facebook for the future of global apps.
They are also recruiting top people from BigTech, witness the latest Facebook executive hire.
TikTok is Like Stories 2.0
Their product is also amazing, TikTok enables Gen Z to create memes and interactive video that’s like stories 2.0 basically.
The truth is, ByteDance will one day be an advertising powerhouse with Amazon. But it will take time, they are still in the growth and product development phase of going global.
That being said, TikTok is their most popular app to date. The short-form video app TikTok (think musical.ly had a baby in China) has been slowly ramping up its advertising strategy this year as it increases its focus on monetization.
In China, gifting and in-app purchases make apps that would go nowhere in the West, actually take off. This is why ByteDance is getting into the music streaming business as well. Hang on a second, they are also even going to become a smartphone maker.
This is not Facebook, a company to rest on their laurels, this is one of the most innovative digital transformation companies in China, but also in the world. That’s who ByteDance is if you have never heard of them.
Anyways, however, the company still generates a smaller portion of its revenue from in-app purchases — and that number hit a high of $9 million in May, according to a report from Sensor Tower. That represents 500% year-over-year growth from the $1.5 million in May 2018, and 22% growth from April’s $7.4 million.
What’s hilarious about this is ByteDance isn’t even remotely ready to monetize. TikTok hasn’t even put much emphasis on its in-app purchase strategy. For now, the Beijing-based app owned by ByteDance is more heavily focused on driving user growth.
Company Growth and Culture
Bytedance Ltd. hired Facebook Inc. veteran Blake Chandlee as the first head of strategic partnerships for the Chinese startup’s viral app TikTok.
So why would you want to work for ByteDance? Well, hmm, let’s see. It’s the most valuable startup in the world with the best suite of apps in all of Asia.
The company, which operates popular app TikTok, has held discussions with music labels in recent months to launch the app as soon as the end of this quarter. ByteDance doesn’t need luck, they have some of the best go-to-market strategies I’ve ever seen come out of China.
TikTok is popular with teens everywhere, and that’s a bright sign for this particular company and investors in the U.S. see the huge opportunity that China’s rising tech scene will provide to shareholders as well.
India Loves TikTok
TikTok is looking for growth in emerging markets like India, where it recently said it has 200 million users, 120 million who are monthly actives.
If you are a brand that wants to reach Gen Z and the upcoming Alpha demographic that comes after it, you need to be on this app.
In India, the app overtook Facebook as the most downloaded social networking app in the first quarter of the year and is now looking to pull in more advertisers.
The Economic Times recently reported brands like Pepsi, Snapdeal, Myntra, Shaadi.com, and Shopclues have signed on to advertise.
TikTok’s coins are used for buying gifts, which can be sent to live streamers to show support. (In Asia it’s much more common than on, say, Amazon Twitch, where the concept of gifting has at least shown some traction).
I cover the best of TikTok news on Medium staying ahead of social trends while they happen.