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The four companies chosen are present in either international or local (Chinese) market to provide a more holistic view. Given the above criteria, we consider these four companies to be comparable to Douyin, and that the analysis of their valuation metrics should shed some light on a fair estimated value of Douyin. The companies, their core business, and their business models are introduced briefly below. Weibo Corp. “Weibo” means microblog in Chinese and is a modern and popular way for people to create and share content online. Often compared with Twitter, Sina Weibo is a microblogging platform launched by Sina Corporation in August 2009 and operated by Weibo Corporation (later referred to as “Weibo”), a leading social network company in China (Koetse, 2015; Lei, Zhang, & Xu, 2013). By December 2018, Weibo has 462 million in MAU, with mobile MAU making up 93% of the total, and 200 million in DAU on average (Weibo Corporation, 2019). Weibo enables companies and brands to promote their products and services to all users. It offers a great variety of marketing solutions and has become one of the most prominent platforms and influential medium for online advertisements. The company generates a substantial proportion of its revenue from advertising and marketing. In 2018, the advertising and marketing revenue reached 1.5 billion US dollars, 87.3% of the company’s net revenue (Weibo Corporation, 2019). iQIYI Inc. Formerly known by Qiyi, iQIYI Inc. (later referred to as “iQIYI”) is a leading online entertainment service provider in China (Baidu Inc., 2013). Known as a Chinese alternative to Netflix, iQIYI provides television services distributed by Internet and can also be used on mobile devices such as tablets and smartphones (Lotz, Lobato, & Thomas, 2018). Launched in April 2010 by the leading Chinese search engine Baidu Inc., iQIYI has built a massive user base. It started as a video-on-demand company and employed a freemium business model. With - 55 -PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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