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ByteDance: Harnessing Artificial Intelligence for Breakthrough Innovation |
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INTRODUCTION |
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In the year 2019, Chinese Internet startup ByteDance Inc.’s (ByteDance) popular short form video app, TikTok, emerged as one of the most downloaded apps in the world. For the first quarter of 2019, TikTok was the most downloaded app on Apple Inc.’s App Store for the fifth consecutive quarter. The app saw more than 33 million App Store downloads during Q1, followed by YouTube, Instagram, WhatsApp, and Messenger. The app hit 1 billion downloads worldwide in February 2019. Of these, nearly 100 million were in the US while 250 million were in India. The app continued to top the download list in subsequent months (See Exhibit I).
Founded in 2012, ByteDance was one of the first companies in the world to launch mobile-first products powered by Artificial Intelligence (AI). Tik Tok (known as Douyin in China) was just one of its products that was widely hailed as being a breakthrough innovation. According to a spokesperson from the company, “Artificial intelligence powers all of Bytedance’s content platforms... |
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