Most expensive app in the world beats Uber (Topic)

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Most expensive app in the world beats Uber


Chinese startup was named the most expensive in the world - the TikTok app is estimated at $ 75 billion by professional investors. In terms of this indicator, the karaoke app has outpaced the famous Uber.

If we compare the market valuation of the two applications, Uber is slightly behind the leader by "some" two or three billion. According to the latest data, the taxi service is worth $ 72 billion, but its owners are counting on revenge by going public and becoming a public company worth $ 120 billion.

TikTok is owned by Bytedance, a Chinese private company, which raised $ 3 billion in additional investment for its startup. This is the first external cash injection into the company since the start of the startup. Prior to this, the tiktok application developed at the expense of the personal finances of the company founder. According to the financial agency Bloomberg, the revenue of the Chinese Bytedance last year amounted to $ 2.5 billion. This year it is planned to increase it by almost a third, but the business project has not yet reached profitability.

So, what is TikTok. It is a program with karaoke functions and looping video recording like Vines. Bytedance took the functions of a similar service as a basis, applying them in its program. The most expensive TikTok app is little known outside of its native China, although it is becoming more and more popular with American teenagers. According to unverified information, a similar platform is being developed at Facebook.

TikTok, a Chinese karaoke app, isn't Bytedance's only project. In addition to the music service, the company also owns the Toutiao news platform, which selects and recommends articles using artificial intelligence algorithms. The platform attracts hundreds of millions of audiences every day. With this figure, Bytedance is considered one of the fastest growing Internet companies.

The Topic of Article: Most expensive app in the world beats Uber.
Author: Jake Pinkman