The Chinese Internet company has achieved international success with the short video app TikTok, which is known for its dance and lip sync. Advertising is a key part of Byte Dances’ revenue on its platforms, but it has begun to step into new areas such as gaming and is pitting itself against some of China’s other tech giants, such as Tencent. However, it has been a rocky year for the company. Byte Dance was declared a threat to national security by former President Donald Trump’s administration last August and was ordered to end the tiktok business in the United States.
In China, ByteDance has been caught up on a broader regulatory crackdown on the country’s technology sector. Douyin, the Chinese version of TiKTok, along with 104 other apps, were called out by China’s Cyberspace Administration of China for the illegal collection of personal data and asked to rectify the issues.
The company will also make key changes to its management this year. Byte Dance co-founder Zhang Yimang will step down as CEO by the end of the year and move into a key strategic role. Another co-founder, Liang Robo, who is currently head of human resources, will take over as CEO.
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