ByteDance Valuation Down 1 Quarter in 12 Months; BeReal explores paid features to avoid ads

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In today’s ExchangeWire news digest: TikTok owner ByteDance sees its valuation fall by a quarter in 12 months; BeReal ignores ads in favor of in-app paid features; and Shopee is once again cutting jobs as incomes dwindle.

ByteDance’s value slips to $300 billion

TikTok owner ByteDance has seen its valuation plummet 25% in the past year. Based on its latest share buyback, the Beijing-based company is now valued at US$300bn (£263bn), down from its peak of US$400bn (£350bn). pounds) last year.

According South China Morning Posta shareholders’ meeting has been set for later this month to vote on share buyback proposals, in addition to a plan to reinvigorate the company’s authorized share capital.

BeReal considers monetization alternatives to ads

Photo-sharing app BeReal is reportedly considering adding in-app payment monetization features instead of ads. According to the Financial Timesthe leaders of the French startup are keen to avoid following in the footsteps of social media giants such as Instagram, which integrates advertisements into the content of the platform.

The app, which focuses on capturing authentic photographs at a given time and without the addition of filters, has gained popularity across Europe and the United States, reaching 15 million active daily users. over 12 months.

Shopee is still cutting jobs as revenue slows

that of Singapore Shopee has further downsized as the company experiences mounting losses and difficult revenue growth. The layoffs, which were announced Monday, Sept. 19, are “part of our ongoing efforts to optimize operational efficiencies with the goal of achieving self-sufficiency across our business,” according to a Shopee spokesperson.

This latest round of job cuts follows Shopee’s parent Sea, which reported a net loss of US$931m (£816m) in the second quarter of 2022, more than double its loss for the same period in 2021.

Industry problem

In this week’s industry issue, ExchangeWire Editor-in-Chief Mat Broughton asks:

Is the Metaverse really, as Mark Zuckerberg has described it, “the next chapter of the internet”?

Yes – this is the future

No – the bubble will burst

Let us know your thoughts by voting in our LinkedIn poll and subscribe to The Stack, our Friday newsletter to see Mat’s analysis of the results.

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Fact of the day

1.5 billion – Active monthly TikTok users as of August 2022.

Source: DMR

Tech teasers from last week

  • 2019 – the year the Federal Trade Commission launched its ongoing investigation into Amazon 🔍
  • US$100m (£87.6m) – the amount SoftBank paid WeWork co-founder Adam Neumann in February 2021 after a lengthy legal battle 💰
  • Delaware – the US state in which Elon Musk will have to face Twitter in court over his abandoned bid to buy the company 🇺🇸
  • 36 – the number of US states that sued Google in July last year for abusing its power over its Play Store 📱
  • US$4.9 billion (£4.2 billion) – how much Facebook overpaid the FTC to allegedly protect Mark Zuckerberg from the Cambridge Analytica scandal 🛡️

Take the ad tech, martech, media, and commerce challenge by signing up for The Stack, where we post a new quiz every Friday.

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