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The company made a number of moves in early 2020 that signal its intention to shift focus away from the domestic Chinese market and toward further international expansion. First, it announced the appointment of a new leadership team to direct the company’s domestic initiatives — freeing up founder and CEO Zhang Yiming to focus on international developments. Next, it began a wave of hiring worldwide that could bring the company’s total headcount to 100,000 by the end of 2020. The new hires span ByteDance’s properties, including tent poles ByteDance, Douyin, and Jinri Toutiao, as well as more nascent verticals like e- commerce and mobile gaming. A number of key international hires — including poaching Disney executive Kevin Mayer to be TikTok’s CEO — have supported speculation that ByteDance is shifting its center of power away from its home country amid rising economic and diplomatic tensions. For now, ByteDance appears to be focusing its efforts on 3 major markets — China, India, and the US — each with its own complexities and strategic objectives for the company. China ByteDance’s fiercest competition may be at home. So far, the company has mostly held its own against the incumbents — but BAT is increasingly mobilizing its resources against the younger company. The company is focusing its energy on entertainment, news, and content, driving primarily advertising-based revenue from each. ByteDance has drawn controversy in its home country for its aggressive approach to hiring. The company operates by a philosophy of “unlimited salary for unlimited talent,” poaching top players from other Chinese tech outfits like Baidu and Tencent with compensation that can reportedly exceed $3M. ByteDance’s extensive product catalog plays a major role in its ability to poach talent since it allows them to offer more senior product managers the opportunity to take product- specific leadership roles in a way that could be difficult at a comparable company. At ByteDance, ambitious talent could feasibly become CEO of their product, with all the prestige and career advancement that implies. ByteDance’s competitors in China are making moves to defend themselves against the younger company’s insurgency. Tencent invested $1.5B in short video app Kuaishou, a Douyin rival, in August 2019. Tencent has also gone to court to block ByteDance apps from live streaming videos of some of its most popular games, citing copyright violations. 14/17PDF Image | How TikTok’s Owner Became The World’s Most Valuable Unicorn
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