During Chinese New Year, WeChat delivered 1.2 billion envelopes worth on average 0.4 RMB (0.06 RMB) each. This tactic is reminiscent of the WeChat Payment launch in 2014. 2 RMB can therefore represent a significant discount. Although the amount can seem small, most of the purchases on Douyin stores fall in the 5 to 100 RMB range. The latest payment solution is promoted via a 2 RMB (~0.3 USD) incentive during the check-out. But will it manage to stand out in the payment market? What is Douyin Payment?ĭouyin payment is a payment option provided to users buying products from native stores on Douyin or Douyin live-streaming.Īs of the 29th of March 2021, Douyin Payment appears as the 2nd recommended payment method on Douyin, below Alipay and above WeChat Payment.Īfter linking their bank card with Douyin, users can complete payment by entering a 6-digits payment code. With more than 600 million Daily Active Users (DAU’s), Douyin is a content powerhouse in China. ByteDance's strength is its unparalleled ability to identify users' tastes, thanks to its powerful algorithm, which recommends content that interests them.In the middle of January 2021, Douyin – the Chinese version of Tik Tok – launched a new feature: Douyin Payment. Within a few months, the start-up published two apps: Neihan Duanzi, "Implied Joke," a humorous forum and Jinri Toutiao, "Headlines of the Day," a news aggregator that quickly became a success. That year, Zhang Yiming founded ByteDance with his friend Liang Rubo, who has replaced him as the company's CEO. The ByteDance saga began in 2012, when, in China, smartphone equipment was booming. And unlike the other two Chinese digital heavyweights, which generate most of their revenue in China, TikTok is the first Chinese platform to successfully export its user base – at a time when Chinese authorities are tightening the noose around digital companies.īyteDance's strength: an unparalleled ability to learn about users' tastes, thanks to its powerful algorithm, which recommends content that interests them Since 2019, ByteDance has risen to second place in the ad market, capturing 21 % of revenue, behind Alibaba, but ahead of Tencent. This puts it in the league of the Chinese digital giants, behind Tencent (valued at 3.6 trillion Hong Kong dollars, or 420 billion euros), the owner of the dominant social network WeChat, and Alibaba, the online shopping company(316 billion dollars). Its valuation is estimated at around 300 billion dollars. Ten years after its creation, the group is not listed on the stock market, and is therefore not obliged to publish its results, but its turnover reached 58 billion dollars in 2021, up 70 %, according to Reuters, citing internal sources. Is it at risk of losing its identity? ByteDance, the social network's parent company, is not afraid of experimenting: in China, the company is even nicknamed "the super app factory."īecause ByteDance is not just about TikTok, its flagship product. That figure that does not include its fans in China, where its local app, Douyin, has more than 650 million users each month.īy extending the length of its videos, TikTok hopes to capture a wider audience, with more varied and potentially more serious content than it did with its original 15-second format. The platform exceeded 1 billion monthly users in September 2021. So far, TikTok has not been stopped from progressing. It hopes to compete a little more with its rivals YouTube and Instagram, which, faced with the success of the Chinese network, in 2020 launched their own options for short videos – "Shorts" for the first and "Reels" for the second. Is TikTok going to seize a little more brain time from its users, again? At the end of February, the social network, known for its short videos, extended its maximum length to ten minutes, compared to three before. (Photo by Bytedance / Imaginechina / Imaginechina via AFP) BYTEDANCE / IMAGINECHINA VIA AFP Accompanied by ByteDance CEO Zhang Yiming, Cook viewed the history and development of the fast-growing firm and even made recordings with Zhang for fun on TikTok. 11, 2018) paid a visit to the headquarters of ByteDance in Beijing, the Internet tech company known for its popular apps like personalized news service Toutiao and mobile video-sharing service TikTok. Subscribers only ByteDance CEO Zhang Yiming (right) recounts the history and development of his company to Apple boss Tim Cook (left) during Cook's visit to the Chinese company's headquarters in Beijing, Oct. ByteDance has more projects, but challenges too – not least of which China's cumbersome censorship.īy Simon Leplâtre (Shanghaï, correspondent) Published on April 11, 2022, at 5:06 pm (Paris), updated on April 11, 2022, at 5:07 pm With more than a billion users, the video app is the first major success abroad for one of the giant Chinese digital companies. ByteDance, the Chinese company that launched TikTok and other viral apps
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