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Concept
TikTok
Summary
'TikTok, whose mainland Chinese counterpart is Douyin' (), is a short-form video hosting service owned by ByteDance. It hosts user-submitted videos, which can range in duration from 3 seconds to 10 minutes.
Since their launches, TikTok and Douyin have gained global popularity. In October 2020, TikTok surpassed 2 billion mobile downloads worldwide. Morning Consult named TikTok the third-fastest growing brand of 2020, after Zoom and Peacock. Cloudflare ranked TikTok the most popular website of 2021, surpassing Google.
ByteDance, based in Beijing, and its subsidiary TikTok Ltd were incorporated in the Cayman Islands. ByteDance is owned by its founders and Chinese investors (20%), other global investors (60%), and employees (20%). TikTok Ltd owns four entities that are based respectively in the United States, Australia (which also runs the New Zealand business), United Kingdom (also owns subsidiaries in the European Union), and Singapore (owns operations in Southeast Asia and India).
In April 2021, a state-owned enterprise owned by the Cyberspace Administration of China and China Media Group, the China Internet Investment Fund, purchased a 1% stake in ByteDance's main Chinese entity. The Economist, Reuters, and Financial Times have described the Chinese government's stake as a golden share investment.
Douyin was launched by ByteDance in September 2016, originally under the name A.me, before rebranding to Douyin (抖音) in December 2016. Douyin was developed in 200 days and within a year had 100 million users, with more than one billion videos viewed every day.
While TikTok and Douyin share a similar user interface, the platforms operate separately. Douyin includes an in-video search feature that can search by people's faces for more videos of them, along with other features such as buying, booking hotels, and making geo-tagged reviews.
ByteDance planned on Douyin expanding overseas. The founder of ByteDance, Zhang Yiming, stated that "China is home to only one-fifth of Internet users globally.
Official source
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