Douyin, the Chinese version of short-video app TikTok, reach 600 million daily active users in August, an executive with parent company ByteDance stated, a massive 50% increase since the start of the year.
Users in China are unable to get into the TikTok program, which is wildly popular with teens worldwide and the subject of a ferocious rift between Beijing and Washington over security concerns, but can use Douyin, which can be similar in layout.
Four-year-old Douyin’s over 22 million creators have earned a total of 41.7 billion yuan (approximately $6.15 billion) over the past year, ByteDance China CEO Kelly Zhang said during an online conference. She said Douyin aimed to help them double that earnings over the next year.
Douyin’s surge comes as TikTok faces a potential American ban from the Trump administration, which needs ByteDance to sell TikTok’s US operations.
US-listed tech giant Oracle Corp announced on Monday it will seek to team up with ByteDance, which could help keep TikTok operating in the United States.
Just like TikTok, the Douyin app allows users to watch short videos and livestreams and create in-app purchases.
It’s presently among the most popular social networking apps in China and its development is regarded as indicative of TikTok’s possible evolution.
In contrast, China’s messaging app WeChat, which can be possessed by Tencent Holdings, said it had over 1 billion users employing the app everyday in 2018. China had 1.6 billion active mobile internet users as of May, according to market research vendor QuestMobile.
ByteDance is considering listing its China company in Hong Kong or Shanghai, amid escalating tensions between planet’s two biggest economies, Reuters has reported. That record plan was initiated after US regulators started to review ByteDance’s purchase of the hit app Musical.ly last year.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai. Editing by Sam Holmes.
To stay on top of the latest developments across the platform economy and gain access to our problem-solving tools and comprehensive content sets, you can become a member for just $7 per month.