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ByteDance SWOT & PESTLE Analysis

ID : 52866653| Apr 2021| 18 pages

COMPANY PROFILE -ByteDance

Business Sector :Internet Technology

Operating Geography :China, Asia, Global

About ByteDance :

ByteDance Ltd. is a multinational internet technology company. It is headquartered in Beijing and legally domiciled in the Cayman Islands. In March 2012, ByteDance was founded by Zhang Yiming, and it is best known for its mobile apps with entertainment value. It competes for head to head with other Chinese tech giants like Alibaba, Baidu and Tencent. Its current apps include TikTok, Helo (an Indian social media app), Vigo Video (Formerly Hypstar), Douyin (the Chinese version of TikTok), BaBe (a piece of Indonesian news and content app) and Huoshan (a Chinese short-form video app). ByteDance has over 60,000 employees and 15 research and development centres around the globe. ByteDance garners a major share of its revenue from advertising and it is in a nascent stage of tapping the potential of its popular application TikTok. Through its efforts and vision of offering premier Global Creation and Interaction Platforms, ByteDance is committed to making the digital life of billions of people more beautiful, efficient, and interesting. On 27 February 2021, the owner of the company announced that it will hire 10,000 educational professionals, including tutors and course designers, in China over the next four months, and will also hire at least 3,000 graduates as part of its expansion plan across 11 cities.
ByteDance's Unique Selling Proposition or USP lies in it being one of the most valued startup company and the top-funded AI company in the world. The company's mission statement reads, "We inform, entertain, and inspire people across language, culture, and geography".

ByteDance Revenue :


$37 billion -FY ending 2020
$27 billion -FY ending 2019

Competitive Analysis of ByteDance

SWOT
PESTLE

The SWOT analysis for ByteDance is presented below in a matrix followed by the detailed analysis report

Strengths
Weaknesses
1. Exponential growth in userbase among teens and young adults
2. Powered by AI and Machine learning
3. Strong presence within China and across global markets
4. Presence in a wide spectrum of online ser¬vices ranging from gaming, education, enterprise productivity, payments, and much more
1. Lower diversity of revenue from applications
2. Over dependency on Chinese economy
3. Allegations and concerns regarding user data security impacting growth
Opportunities
Threats
1. Increasing market share in digital advertising
2. Growing Chinese internet economy
3. Strengthening of portfolio with new launches
1. Stiff competition from domestic and international players
2. Under the scanner of content regulators and legislators across the globe
3. Data security and cyber threats
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Detailed SWOT Analysis of ByteDance

Strength

1. Exponential growth in userbase among teens and young adults: TikTok is one of the major applications launched by ByteDance in 2016. It became very famous for its dance, lip-syncing and stunt-themed content and majority of its users are teens and young adults. Since launch app was downloaded more than 1 billion times and over 100 million users in US. This app focuses on Gen Z and millennials who engage in creating innovative and viral content. Douyin, the Chinese version of the app, has witnessed a much greater level of brand activity to date, both from local advertisers and international organisations. Organisations that want to focus on acquiring followers and attract new generation customers started advertising and running brand/product awareness campaigns on TikTok after realising its promising potential. TikTok could soon rival Snapchat as brands’ favoured channel to reach consumers under the age of 21. The app already accounts for 1.5% of global mobile traffic, not far behind the likes of Netflix (2.4%) and Facebook (2.5%) and this can be much larger as it excludes China. Chinese media app Toutiao owned by ByteDance has been described as the most addictive media platform in the world. It’s a popular news service channel with more than 120 million monthly users according to Bloomberg in 2018. BaBe acquired by ByteDance is Indonesia's top news app with more than 8 million monthly active users and 30 million downloads by the end of 2019.

2. Powered by AI and Machine Learning: The phenomenal success of ByteDance can be largely attributed to Artificial Intelligence and Machine Learning Algorithms that delivers customised content to its users. ByteDance’s most popular product in China, Toutiao, a news service platform, is referred as BuzzFeed with Brains. It’s a cross of social media platform and a search engine that uses Artificial Intelligence to deliver tailored content to its customers. This customisation helped it to engage and build relationships with its consumers. Average time spent by a user on the Toutiao is 74 minutes compared to 50 minutes on Facebook and 30 minutes spent of Snap Chat. Increasing userbase helped the company to optimise Toutiao’s algorithms.
ByteDance leveraged its expertise in AI algorithms in creating other products like TikTok, Helo, BaBe. This helped them to create a user centric application. The real backbone of success for TikTok is its efficient AI algorithms.
ByteDance is known for being a top AI innovator and was recognized by CBInsight on its 2018 AI 100 List. It was also coronated as an innovative company. In 2016, ByteDance founded its AI Lab, a research division led by Wei-Ying Ma. The Lab’s is laser focused on innovative technologies to enhance ByteDance’s content platforms and create robust AI algorithms.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in ByteDance Analysis Report

1. Exclusive: ByteDance censored anti-China content in Indonesia until mid-2020, sources say - https://www.reuters.com/article/us-usa-tiktok-indonesia-exclusive/exclusive-bytedance-censored-anti-china-content-in-indonesia-until-mid-2020-sources-say-idINKCN2591ML?edition-redirect=in
2. ByteDance is going from strength to strength America doesn’t like it one bit - https://www.economist.com/business/2020/04/18/bytedance-is-going-from-strength-to-strength
3. Bytedance’ AI application: secrete sauce behind the world’s most valuable private startup - https://digital.hbs.edu/platform-rctom/submission/bytedance-ai-application-secrete-sauce-behind-the-worlds-most-valuable-private-startup/
4. TIKTOK & BYTEDANCE REPORT - https://chinachannel.co/tiktok-bytedance-report/
5. Covid 19- Supporting Communities In Need - https://www.bytedance.com/en/news/coronavirus
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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ByteDance SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2021). ByteDance SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/bytedance/ [Accessed 21 Apr, 2021].

In-text: (SWOT & PESTLE.com, 2021)

Copyrights and Disclaimer

ByteDance SWOT and PESTLE analysis has been conducted by Shankar Reddy and reviewed by senior analysts from Barakaat Consulting.

Copyright of ByteDance SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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