ByteDance, the parent company behind famous social media app TikTok has partnered with a Chinese State Media group Shanghai Dongfang Newspaper to work on a joint business venture. The joint business venture would work towards software development, blockchain technology, and artificial intelligence, reported Reuters.
Beijing Liangzi Yuedong Technology Co Ltd, a subsidiary of ByteDance would have a 49% stake in the venture while the rest 51% would be owned by the Shanghai Dongfang Newspaper group, showed National Enterprise Credit Information Publicity System showed. The joint venture was registered on 10th December with a net capital of 10 million Yuan.
ByteDance became one of China's fastest-growing startup due to the success of the TikTok social media app. The app is currently placed 2nd on Apple's App Store with 500 million downloads. similarly, the app has garnered a ton of popularity in India as well. The startup has done a series of partnerships with the state-owned media houses, which is not a surprise given the Chinese government is known for having control over companies originating from the country.
The leading telecom and mobile device producer Huawei was recently blocked by the US from using the services of American tech companies like Google, in light of Huawei's deep relations with the government. Although these firms decline any association with the center, several investigations have shown otherwise.
Comments