Entrepreneurship: The Strategy Behind TikTok’s Global Rise
Another successful entrepreneurial organization is the Beijing based byte dance TikTok that has emerged to rival companies such as YouTube, Facebook, Snapchat, and Netflix. With a valuation of $ 78 billion, over a billion downloads in 150 global markets, and 75 languages in just two years, few tech startups have taken off quickly as TikTok (Fannin, 2019). Homemade videos on the app showcase everything from lips syncs to comedy to dog grooming tips that users make and share through their phones.
Fannin (2019) suggests that the main reason for its growth is its goofy, scrappy, fast-moving content that has hooked the young generation around the world. TikTok reaches far well beyond other successful Chinese apps like WeChat messaging app by Tencent since little translation is required. The Chinese entrepreneurial organization is showing that they can compete in an openly competitive market globally rather than home ground china where the government regulates the internet market and blocks access to various United States social media sites to protect local organizations.
The TikTok strategy of dual app versions such as one for the Chinese internet censored market and another one for the rest of the world could be the new model for every other digital content companies aiming for a vast global reach (Fannin, 2019). The model may also provide lessons for United States tech companies who have experienced severe constraints in meeting similar ventures in the Chinese market. Besides, TikTok is building an empire of apps for the young generation and challenges the borders drawn along traditional digital content. If the company continue with its quest to becoming a borderless organization with game-changing technology, it will influence other tech innovators to venture into emerging markets (Bytesfuture_Admin, 2020).
References
Bytesfuture_Admin. (2020). The Strategy Behind TikTok’s Global Rise and How Bytes Future can Help to Succeed in TikTok | Bytes Future. Retrieved 14 April 2020, from https://bytesfuture.com/en/the-strategy-behind-tiktoks-global-rise-and-how-bytes-future-can-help-to-succeed-in-tiktok/
Fannin, R. (2019). The Strategy Behind TikTok’s Global Rise. Harvard Business Review Retrieved 14 April 2020, from https://hbr.org/2019/09/the-strategy-behind-tiktoks-global-rise