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5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 100% 100% 90% 80% 74% 70% 60% 50% 40% 30% 20% 10% 0% 91% 4,388 79% Active internet users Worldwide digital population as of January 2019 Nomalization Unique mobile internet users Active social media users Active mobile social media users Figure 2: Global digital population as of January 2019, in millions (primary axis) and in percentage (secondary axis)3 With nearly 772 million internet users by end of 2017, 21% of the world total number, China is undoubtfully the biggest market for Internet services. Leveraging the tremendous market size, more and more Internet companies were set up. ByteDance was one of them. 1.1.2 ByteDance Founded by Yiming Zhang in March 2012, Beijing ByteDance Technology Co Ltd. (later referred to as “ByteDance”) is now considered the most valuable unicorn4 in the world. With the closure of a funding from SoftBank Group Corp., KKR&Co., and General Atlantic, the company is now valued at $75 billion, surpassing of Uber Technologies Inc., valued at $72 billion5 (Ramli, Wang, & Chen, 2018). 3 The number of users worldwide were normalized to percentage with the number of active internet users (totaled 4,388 million) being 100%. Source: Statista 4 The concept of unicorn was coined by Aileen Lee in 2013, referring to a privately held company valued over 1 billion US Dollars. 5 Source: CB Insights by October 2018 -8- Number of Users [mn] Percentage of All Internet Users [%]PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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