ByteDance

ByteDance is the parent company of short-form video platform TikTok.

The Chinese firm, operationally headquartered in Beijing and legally headquartered in the Cayman Islands, was founded in 2012.

ByteDance owns both TikTok and Douyin – a sister product to TikTok for the Chinese market.

In late 2017, ByteDance acquired short-form video and karaoke platform Musical.ly for a price-tag reportedly in excess of $800 million.

Musical.ly was combined with TikTok the following year into a merged application under the TikTok brand.

According to Bloomberg, ByteDance generated more than $17 billion in revenues in 2019, in addition to over $3bn in annual net profit.Music Business Worldwide

ByteDance In The News

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