There isn’t a place on social media that you can look and not see the word TikTok. Due to recent investment round, Bytedance, the owners of the very popular social media video app is valued above $75 billion. Uber, the ride sharing startup that has held this title for such a long is now below a tech company from China.
Deciding to rebrand Douyin and Muscial.ly to TikTok, Bytedance has finally found a video platform that reaches global interest. Recently, the Bytedance announced for both September and October, their platform has more downloads in the US than YouTube, Snapchat, Instagram, and Facebook. TikTok has been downloaded in the US around 80 million times.
Much of TikTok’s success have come down to its machine learning technology, but if you were to ask Bytedance, they would say that this sudden growth has nothing to do wit AI. However, it follows the trend of Bytedance’s service which is able to create something and grow it to a lot of users.
Many experts would agree that the level of value Bytedance has is up for debate. Since much of their funding comes from companies such as Sequoia Capital and SoftBank, the company will soon run out of options and will have to file and IPO to return the raised capital back to investors. But good news is, with such a large user base and increasing engagement trend, there should not be a problem finding different ways to create profit.
Since it is now the most valuable tech startup in the world, the valuation is not something to scoff at. While you can not ignore the size of Bytedance, it is unreasonable to believe that Uber will not be able to reach higher in the future.