ByteDance reportedly started offering AI services to non-domestic companies as a way to diversify its portfolio and widen revenue opportunities ahead of a planned IPO [1].
Financial Times (FT) reported the Chinese company launched a new unit, BytePlus, to oversee the AI move. The newspaper explained the technology formed a core element in the popularity of social media app TikTok, providing the algorithms covering content recommendations.
As part of the move, BytePlus is said to offer features for personalisation of apps according to users’ preferences. Other services include AR effects, automated translation of text and audio, and data analysis.
FT wrote the division secretly launched in June and some of its customers include Indonesian online shopping platform Chilibeli, US-based fashion app Goat and Singaporean travel app WeGo.
ByteDance’s move was tipped to be a way for the company to expand its enterprise services portfolio, as the growth of TikTok is expected to reach a saturation point.
Apptopia ranked TikTok as the most-downloaded app globally in 2020 with 850 million installs, and also placed it as the highest-grossing service with $540 million in revenue.
[1] https://www.mobileworldlive.com/featured-content/apps-home-banner/bytedance-makes-ipo-progress
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