Tik-Tok predicts loss of over $6 billion after India's ban on the app
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China's tech giant ByteDance Ltd is expecting a loss of over $6 billion after three of it's apps including the most popular video app Tik Tok were banned by India along with 58 others that had chinese links to it. India stated its reason behind the ban that it has do with engagement of the apps in activities 'prejudicial to sovereignty and integrity of India, security of state and public order'.
The state-backed media outlet 'GlobalTimes' twitted - "The loss of Chinese internet company ByteDance-the mother company of TikTok could be as high as $6 billion after the Indian government banned 59 chinese apps including TikTok, following deadly border clash between India and chinese troops last month."
The ban came as an aftermath of the ongoing India-China standoff along the Line of Control (LAC) in eastern Laddakh with Chinese troops.
China's Caixinglobal.com has recently reported that the $6 Billion amount is most likely more than the combined losses for all the other Chinese apps banned by India.
A report by ByteDance, that had became one of China's latest homegrown technology , explained that India's ban has resulted in a huge blow to the global expansion of Tik-Tok which is proclaimed as the most popular chinese app overseas. India is it's largest market, where the service is known as 'Douyin'
TikTok was installed in India 611 million times in this year's final quarter, equating to 30.3 percent of it's total download worldwide in the quarter and nearly double the total number of India's downloads, the report quoted a publication called SensorTower.
TikTok banned in india[/caption]China's tech giant ByteDance Ltd is expecting a loss of over $6 billion after three of it's apps including the most popular video app Tik Tok were banned by India along with 58 others that had chinese links to it. India stated its reason behind the ban that it has do with engagement of the apps in activities 'prejudicial to sovereignty and integrity of India, security of state and public order'.
The state-backed media outlet 'GlobalTimes' twitted - "The loss of Chinese internet company ByteDance-the mother company of TikTok could be as high as $6 billion after the Indian government banned 59 chinese apps including TikTok, following deadly border clash between India and chinese troops last month."
The ban came as an aftermath of the ongoing India-China standoff along the Line of Control (LAC) in eastern Laddakh with Chinese troops.
China's Caixinglobal.com has recently reported that the $6 Billion amount is most likely more than the combined losses for all the other Chinese apps banned by India.
A report by ByteDance, that had became one of China's latest homegrown technology , explained that India's ban has resulted in a huge blow to the global expansion of Tik-Tok which is proclaimed as the most popular chinese app overseas. India is it's largest market, where the service is known as 'Douyin'
TikTok was installed in India 611 million times in this year's final quarter, equating to 30.3 percent of it's total download worldwide in the quarter and nearly double the total number of India's downloads, the report quoted a publication called SensorTower.