What will be the next ByteDance craze?
Business & Technology
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The company behind TikTok and Chinese counterpart Douyin isn’t content to stick to content. Rumors abound about the next business models it plans to conquer:
- A food delivery app called “Xindong Waimai” could be in the works. It’s a natural next step as ByteDance aims to fully integrate what people watch and what they buy, and to craft an all-in-one platform à la Tencent’s WeChat.
- The app would build on existing features, like “Douyin Group Purchase,” which adopts Meituan’s business model of offering group discounts on meal delivery and event tickets.
However: A company representative told The Paper the reports are false and there’s no plan for a takeaway business. It wouldn’t be the first time ByteDance’s moves were overhyped:
- When a logo for something called “Douyin Automobile” emerged in June, reporters claimed the company was expanding into carmaking or ride-hailing.
- In reality, informational videos on buying and selling cars were the focus of the new product.
Also relevant: Is ByteDance really worth $400 billion? That’s the valuation some private shareholders are using for anonymous share sales — twice the amount ByteDance itself put forth during a recent buy-back of employee-owned shares.
