A new $ 3 billion investment led by Softbank has chosen China's Bytedance as the world's most valuable start-up, Bloomberg reported. Bytedance, owner of TikTok, a popular karaoke video app and huge Chinese news collector Toutiao, now costs $ 75 billion, more than Uber's latest $ 7.2 billion.
Uber says he is considering an IPO next year, which is expected to reach $ 120 billion, but it has done a great job for a company that rarely exists outside of China so far. TikTok was acquired by Musical.ly and merged with TikTok into Bytedance's Douyin service, which caused a great sensation to western teenagers and has already achieved social media rituals to replicate Facebook.
Meanwhile, Toutiao is one of the most prominent apps in China and has hundreds of millions of active users daily and monthly. The app uses AI to aggregate and recommend news articles and monetize Bytedance through ads in the feed. According to Bloomberg statistics, Byterance had $ 2.5 billion in sales last year, but most start-ups are not as profitable.
Toutiao and Byternance have fallen into fouls of Chinese government censors this year. News apps were temporarily removed from the App Store, while other apps ended Neihan Duanzi with a focus on satirical memes. Bytance founder and CEO Zhang Yiming announced an open letter apologizing for "publishing products that conflict with core socialist values."