TikTok has postponed the launch of its trading platform in the US
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TikTok’s Chinese parent company, ByteDance, has delayed the launch of its U.S. trading platform as concerns about the future of the video-sharing app scares off sellers from joining. This is reported by The Wall Street Journal.
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According to sources familiar with the situation, ByteDance has postponed the opening of the store for all sellers, originally planned for early spring with a deadline of June.
According to sources, the actual launch date may be delayed due to sellers’ concerns about a possible ban on the application in the US and the slow adoption of live e-commerce during streaming.
After a preliminary test launch among a small pool of select sellers at the end of last year, TikTok tried hard to attract more sellers, delaying the second phase of expansion until the end of March.
At the same time, ByteDance is targeting new sources of revenue and has restructured a number of business lines to increase efficiency, as Beijing has increased its surveillance of China’s Internet sector.
Read also: TikTok is ready to separate from ByteDance to avoid being banned in the US
According to the publication’s interlocutors, ByteDance still receives more than 80% of its revenue from China, but the growth of its flagship applications — the news aggregator Jinri Toutiao and the Chinese version of TikTok, Douyin — has stalled in a crowded and competitive market.
It is also reported that the executives of ByteDance are puzzled by the fact that users can abandon TikTok in favor of such alternatives as Instagram Reels and YouTube Shorts, and have launched another application in the US – Lemon8, which combines elements of Instagram and Pinterest.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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