TikTok has soared thanks to coronavirus pandemic

ByteDance, the Chinese start-up behind the popular short video app TikTok, is looking to hire 10,000 new employees, defying a global chill that has forced many technology companies around the world to lay off workers. The Beijing-based company has benefited as the coronavirus pandemic has trapped many of its 1.5 billion monthly users at home with extra time to spend on its stable of more than a dozen apps. Outside of China, the popularity of TikTok has soared as everyone from doctors and nurses to celebrities uploads short clips of themselves lip-syncing to music to while away the time. In China, ByteDance has beefed up its ecommerce platform to monetise the extra traffic to its Douyin short-video platform, which has 400 million daily users… The company is known for its generous pay and benefits, and perks that more closely mimic Silicon Valley based start-ups. Employees receive three meals daily free and “unlimited snacks” as well as gym memberships… Investors valued the SoftBank-backed start-up at $75 billion two years ago following a $3 billion funding round led by the Japanese tech conglomerate. More recently, ByteDance’s valuation has surged to $90 billion – $100 billion in recent transactions on secondary markets. 

Ryan McMorrow