TikTok to invest billions of dollars in Southeast Asia -CEO
Posted: Thu Jun 15, 2023 4:48 am
By Stanley Widianto
June 15, 20235:39 AM GMT+1
AKARTA, June 15 (Reuters) - Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security.
Southeast Asia, a region with a collective population of 630 million - half of them under 30 - is one of TikTok's biggest markets in terms of user numbers.
But the platform has yet to translate the large user base into a major e-commerce revenue source in the region as it faces fierce competition from bigger rivals of Sea's (SE.N) Shopee, Alibaba's (9988.HK) Lazada and GoTo's (GOTO.JK) Tokopedia.
"We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region.
He said content on its platform was becoming more diversified as it adds more users and expands beyond advertising into e-commerce, allowing consumers to purchase goods through links on the app during livestreaming.
Chew said TikTok has 8,000 employees in Southeast Asia, and 2 million small vendors selling their wares on its platform in Indonesia, the region's biggest economy.
The investment plan comes as the Chinese-owned company faces scrutiny from some governments and regulators because of concerns that Beijing could use the app to harvest user data or advance its interests.
Read more.
June 15, 20235:39 AM GMT+1
AKARTA, June 15 (Reuters) - Short video app TikTok, owned by China's ByteDance, said on Thursday it would invest billions of dollars in Southeast Asia over the next few years, as it doubles down on the region amid intensifying global scrutiny over its data security.
Southeast Asia, a region with a collective population of 630 million - half of them under 30 - is one of TikTok's biggest markets in terms of user numbers.
But the platform has yet to translate the large user base into a major e-commerce revenue source in the region as it faces fierce competition from bigger rivals of Sea's (SE.N) Shopee, Alibaba's (9988.HK) Lazada and GoTo's (GOTO.JK) Tokopedia.
"We're going to invest billions of dollars in Indonesia and Southeast Asia over the next few years," TikTok CEO Shou Zi Chew said at a forum it organised in Jakarta to highlight the social and economic impact of the app in the region.
He said content on its platform was becoming more diversified as it adds more users and expands beyond advertising into e-commerce, allowing consumers to purchase goods through links on the app during livestreaming.
Chew said TikTok has 8,000 employees in Southeast Asia, and 2 million small vendors selling their wares on its platform in Indonesia, the region's biggest economy.
The investment plan comes as the Chinese-owned company faces scrutiny from some governments and regulators because of concerns that Beijing could use the app to harvest user data or advance its interests.
Read more.