The company behind short video app hit Tik Tok, ByteDance Technology, intends to launch a major new feature in its long form video app, Xigua Video, later this year. The app will feature films, television shows, and exclusive content, according to an anonymous source speaking to the South China Morning Post.
Scheduled for the end of 2018 or early 2019, the video app will take on several of China’s biggest internet companies, including Tencent and Baidu. ByteDance will commission its own drama segments for the app, and sign exclusive deals to show selected movies and TV shows.
ByteDance is apparently exploring a subscription method of payment to access the new content, and is in the process of securing new funding. It intends to raise as much as $3b, against a total valuation of $75b, which would make it the world’s most valuable technology startup.