TikTok to Spend Billions in Challenge to Amazon

January 5, 2024 by Business Desk

Bloomberg Television published this video item, entitled “TikTok to Spend Billions in Challenge to Amazon” – below is their description.

ByteDance’s TikTok aims to grow the size of its US e-commerce business tenfold to as much as $17.5 billion this year. Bloomberg News Technology Reporter Alex Barinka explains how the social media platform could soon pose a threat to the links of Amazon, as well as Chinese-owned online retailers Temu and Shein. Alex speaks with Carol Massar and Tim Stenovec on Bloomberg Radio.
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In This Story: TikTok

TikTok, known in China as Douyin, is a Chinese video-sharing social networking service owned by ByteDance, a Beijing-based Internet technology company founded in 2012 by Zhang Yiming. It is used to create short music, lip-sync, dance, comedy and talent videos of 3 to 15 seconds, and short looping videos of 3 to 60 seconds.

ByteDance first launched Douyin for the Chinese market in September 2016. Later, TikTok was launched in 2017 for iOS and Android in most markets outside of mainland China; however, it only became available worldwide, including the United States, after merging with another Chinese social media service Musical.ly on 2 August 2018.

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