TikTok-Owner ByteDance Forms New Unit to Expand Digital Content
Xu Wei
DATE:  Mar 23 2020
/ SOURCE:  yicai
TikTok-Owner ByteDance Forms New Unit to Expand Digital Content TikTok-Owner ByteDance Forms New Unit to Expand Digital Content

(Yicai Global) March 23 -- China's ByteDance Technology, the operator of popular video platform TikTok, has set up a new subsidiary to boost its services in the fields of internet culture and digital content publishing.

Youyi Technology has CNY1 million (USD140,947) in registered capital and Yan Shou, head of strategy and investment unit at the Beijing-based firm, is its legal representative, according to corporate data platform Tianyancha. Youyi's business scope includes technical consulting, TV and radio program production, and online information services. 

ByteDance, which also owns news aggregator Jinri Toutiao, has been boosting its digital content prowess. Last April, it widened one of its unit's business scope to include digital content and online culture.

Founded in 2012, ByteDance has grown fast to become one of the world's most valuable unicorns. Last year, its revenue almost quadrupled from a year earlier to exceed CNY140 billion (USD19.7 billion), Chinese media reported earlier. However, the unlisted firm did not confirm the sum and has not disclosed its earnings.  

Editor: Emmi Laine 

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Keywords:   ByteDance,TikTok,TouTiao,Douyin,VIdeo Platform