Dadu Rouvik | Reuters
Parent-company ByteDance said on Tuesday, Doyagin, the Chinese version of the popular short-video sharing app Tickcock, hit 600 million daily active users.
More than 22 million creators made more than 41.7 billion yuan ($ 6.15 billion) on last year’s platform, ByteDance China CEO Kelly Zhang said at the Doyin Creators Conference in Shanghai. The company also announced plans to invest 10 billion yuan worth of traffic resources with the aim of supporting the creators and bringing their income to 80 billion yuan in the coming year.
Both Doyin and its international version, Tektok, have carved out a major route for ByteDance, now one of the privately held Chinese tech companies.
TikTok reported nearly 700 million monthly active users in July and over 2 billion in global downloads.
Both applications have the same basic function – the ability to create and share short videos with added music and special effects available on apps.
According to a February report by research firm Gartner, Doyin has more advanced features including a more detailed homepage, e-commerce, more sophisticated set-up for official accounts and sponsored challenges, livestreaming and the ability to upload full-length movies . Like e-commerce, some of those features on Doyen are being tested by Tiktok.
TikTok is facing a wave of regulatory scrutiny and challenges in its key markets. The app is now banned on the basis of national security in India.
In the United States, where TicketLock has approximately 50 million daily active users, the White House imposed a September 20 deadline on ByteDance to come up with a plan to sell US operations of the video app or be banned by Sept 29. A deal will have to be done by 12 November. The US government said there were national security concerns, but Tiktok has denied those allegations.
ByteDance on Sunday rejected Microsoft’s bid to buy Tiktok’s US operations. Instead, Oracle will become TikTok’s US technology partner and take a significant stake in TikTok’s business, the enterprise software giant, a person familiar with the discussion told CNBC.
It is unclear whether the US government will approve a restructuring plan that will still maintain Tiktok’s US business under Beijing-based ByteDance’s operational control. Earlier, China pushed back on a temporary sale of US assets, saying it would need to approve an agreement that included exporting the lucrative artificial intelligence technology used by Tiktok.