Whether you choose to use the app or not the influence that it has had on our consumption of media is undeniable. You don’t even have to be a user to enjoy TikToks because they’re unavoidable, being reposted on every form of social media out there. So unless you’re a total recluse you’re most likely seeing at least one TikTok every day. To understand more about TikTok we should take a look back at its origins. It started off as an app called Music.ly which was also very popular amongst young teens. Its operations were originally based out of Los Angelos. In 2017 a Chinese company called ByteDance bought Music.ly for 800 million dollars. After about a year of redesigning and rebranding, ByteDance released TikTok to the app store in August of 2018. It’s currently estimated that TikTok has had over 2 billion downloads. ByteDance has said that it raised over 7.4 billion dollars in funding for TikTok from companies like Tiger Global Management, Sequoia Capital China, SoftBank, and General Atlantic. TikTok’s business model can be shortly summarized as a social media platform that uses challenges enhanced by AI (filters and effects) to engage their audience and encourage their creativity. It is also enhanced by utilizing trending topics in pop culture and the latest music releases
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Work Cited:
As Companies Battle For TikTok, A Look Back At Its Funding History
TikTok Business Model: The Rise Of Creative Social Media Powered By AI
