TikTok’s ByteDance hits one billion monthly active user milestone

Anne Freier | June 24, 2019

App Business

ByteDance, the Chinese company which produces short video app TikTok, says it has reached a new milestone of over one billion monthly active users across its apps.

The start-up is the maker of several apps including Jinri Toutiao, a news aggregator, video platform Top Buzz and the FaceU selfie app.

Globally, the company has seen the biggest success with TikTok with users now spending $9 million in in-app purchases, up 500% from 2018.

The app which lets users record themselves to pop songs to lip sync also recorded one billion downloads earlier this year.

TikTok was the most downloaded app in Apple’s App Store in Q1 2019 for the fifth consecutive quarter.

The success of the app has also drawn in large investors such as SoftBank, which helped fund a $3 billion round valuing the company at $75 billion.

ByteDance launched the app back in 2016 based on the popularity of short video and karaoke-style apps such as Musical.ly and Kuaishou. It acquired Musical.ly for $800 million in 2017.

However, the app has faced regulatory setbacks in India, where it was pulled from app stores in April over claims that it was exposing children to pornographic material. The ban was lifted within two weeks.

In February 2019, the app received a fine from the US Federal Trade Commission for collecting data on underaged children.

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