- “ByteDance, the Beijing-based parent company of video sharing app TikTok has started selling TikTok’s AI to other companies, the Financial Times reports (may require subscription).
- The company has a new division called BytePlus, and according to its website, its client list already includes US fashion app Goat, Singapore travel site WeGo, Indonesian shopping app Chilibeli, and India-based social gaming platform GamesApp.
- BytePlus offers customers the chance to access the recommendation algorithm, and personalize it for their apps and customers.”
“At a time when the coronavirus has sent record numbers of consumers online instead of to the mall, livestreaming is filling the social vacuum. There’s no better example of the trend’s proliferation than Walmart and TikTok, which on Thursday (Dec. 17) announced a “first of its kind” event scheduled for Friday, Dec. 18 at 8 p.m. EST on the Walmart profile page on TikTok. At that time 10 TikTok creators, including Michael Le (@justmaiko), a dancer with 43 million followers, and other creators will participate in a one hour shoppable variety show, called the ‘Holiday Shop-Along Spectacular.’”
– “Along with the 7.5% stake in TikTok Global, Walmart will provide “ecommerce, fulfillment, payments and other omnichannel services to TikTok Global.”
– Walmart CEO Doug McMillon will be one of the five board members of the newly created company.
– The plan is to bring TikTok public in the US “within the next year.”
– The move to make TikTok’s US operations independent will create 25,000 jobs.
TikTok Global will pay more than $5 billion in taxes to the US Treasury.”
- “Microsoft Corp., Walmart Inc. and Oracle Corp. have all expressed interest in the breakout app, the success of which rests on addictive video feeds powered by ByteDance’s AI-driven content-recommendation engine.
- China announced new restrictions on artificial-intelligence technology exports that could further complicate the sale of TikTok’s U.S. operations, while intensifying the tech battle between the world’s two largest economies.”
“While only a small portion of ecommerce sales come from social channels, consumer adoption has grown in the past year. We expect that more than 75 million US social network users ages 14 and older will make at least one purchase from a social channel in 2020, up 17.3% from 2019.”