TikTok Ban Effect: Bytedance Could Suffer Rs. 45,000 Crore Loss
| Published: Sunday, July 5, 2020, 11:38 [IST] Indian Government has recently banned 59 Chinese apps, including the popular short video-sharing app Tiktok. The parent brand of the company, ByteDance, has claimed that it could incur a loss of more than $6 billion (Rs. 45,000 Crore) due to this development.The list…
At a glance:
Indian Government has recently banned 59 Chinese apps, including the popular short video-sharing app Tiktok. The parent brand of the company, ByteDance, has claimed that it could incur a loss of more than $6 billion (Rs. 45,000 Crore) due to this development.
The list of banned apps also includes Vigo Video and Helo which are also owned by ByteDance, and TikTok was the most popular of the lot. According to the report from PTI, Caixinglobal.com has learned about the details of this loss from senior management of ByteDance.
India was one of the main sources of revenue for TikTok, and it was also amongst the top countries where most downloads came from. According to Global Times, TikTok owner ByteDance has invested more than USD 1 billion in the Indian market in the last few years and the ban could be a huge loss to their business in the country. In addition, the Global Times claims that the loss of the ByteDance is estimated to be greater than the combined loss of all other banned apps from the institution.
Though TikTok is not present in China, there is a similar app called Douyin. Due to the non-availability of 59 Chinese apps on Google Play Store or Apple’s App Store, there is no certainty as to whether TikTok will be re-launched in the Indian market in the coming days.
Amongst the apps banned by the Indian government were some shopping apps like Club Factory, Shein, ROMWE. These were also quite popular in India and were known for offering affordable clothing and fashion related products.
Now, TikTok’s alternative apps like Chingari, Mitron, and Roposo are gaining popularity in India. Chingari app recently surpassed 1 Crore downloads in just a few days and the app received 1 million views in just 30 minutes.
Best Mobiles in India
Story first published: Sunday, July 5, 2020, 11:38 [IST]