1
Core point of view
Company Profile: (1) The bytedance mainly includes three core functions: the technical
department, the commercialization department, and the user growth department (User growth). (2) AI
Lab focuses on artificial intelligence research and development. In bytedance, an artificial intelligence
experiment (AI Lab) room was established in 2016. Mr. Ma Weiying, former vice president of Microsoft
Research Asia, was appointed as the company's vice president. (3) The Pre-IPO round has a valuation of
over US$75 billion, and Ali is the first to participate.
Product matrix: (1) Information product matrix: algorithm editing + intelligent distribution,
open a new entry for Internet traffic. Today's headline APP, in 2018, the daily and monthly users are
second only to Tencent News, and in December 2018, the monthly active users reached 165 million. (2)
Differentiated positioning + intelligent algorithm + refined operation, achieving the dominance of short
video track. In December 2018, the number of active users of the vibrating month reached 230 million,
and the number of monthly users who surpassed the fast hand. (3) Other business layout: Diversified
development, promoting the realization of traffic. Flashing on the line, test the water video social.
Diversified layout of education, games and finance. (4) Overseas layout: The “self-production +
acquisition + investment”three-way drive, successfully replicated the domestic product matrix, and first
tasted overseas success. In the field of information distribution and short video, the domestic Internet
dividend has basically peaked, and the penetration rate of smartphones is also near saturation. There
are many opportunities in the mobile Internet market in overseas markets.
Profit model: The profit models of the two core products are mature, but overseas earnings
are facing challenges. In 2016 and 2017, the advertising revenue of byte-beating products was
approximately RMB 6 billion and RMB 15 billion, respectively. It is reported that the advertising revenue
target for 2019 is 100 billion yuan.
Investment layout: focus on cultural and entertainment investment and quickly lay out the
education industry. The byte-hopping investment sector spans entertainment, social, corporate services,
education and training, finance, and e-commerce. Since 2015, investment/mergers have occurred more
than 50 times. Through investment, the company has improved its voice in the field of entertainment
and has successfully entered the education industry.
Challenges:(1) Information distribution and short video industry growth slowdown,
incremental or difficult problems; (2) copyright and regulatory issues become hidden dangers (3)
content depends on subsidies, can not form a platform to incubate and cultivate content; (4) Algorithms
and team advantages, can not constitute a barrier in front of BAT; (5) headlines are suspicious of
advertising effects.
Opportunities: (1) 5G and AI and other new technologies will be launched, and video
socialization will be possible; (2) Overseas mobile Internet Blue Ocean will be developed; (3)
“AI+”industry has broad application prospects.
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2021-02-02
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