Home News 1.6 bn$ loss to bytendance over Tiktok, Vigo,Helo Ban

1.6 bn$ loss to bytendance over Tiktok, Vigo,Helo Ban

The government’s decision of banning 59 Chinese applications could cost ByteDance loss to  $6 billion.  Report by Global Times,” a Chinese news organisation, the Indian government’s decision of banning TikTok, Vigo Video and Helo apps could cost their parent company ByteDance a deadly blow”.

The company remarks it had invested more than $1 billion in the Indian market, and the ban could virtually stop  ByteDance’s business in India, causing a loss as high as $6 billion.

“According to data from Sensor Tower, a mobile app analysis company, TikTok was downloaded 112 million times in May, with 20 % of that total in the Indian market, double that of the US market.”

Government Guidelines –

  •  On June 29, The Indian government issued orders banning 59 apps in India.
  • The government had claimed it had received complaints from various sources which had reported misuse by some mobile apps available on Android and iOS platforms for stealing and transmitting users’ data in an unauthorized manner to servers outside India.

The Ministry of Electronics and IT had said in a statement that “The compilation of these data, its mining and profiling by elements hostile to national security and defense of India, which ultimately impinges upon the sovereignty and integrity of India, is a matter of very deep and immediate concern which requires emergency measure,”. Also, the statement added that “This move will safeguard the interests of crores of Indian mobile and internet users. This decision is a targeted move to ensure the safety and sovereignty of Indian cyberspace.”

Highlights

  • India was the biggest market in terms of users for TikTok
  • The Indian government banned 59 Chinese apps
  • All the 59 apps have now been removed from Apple Inc. and Google LLC’s app stores for the Indian market.
  • ByteDance became one of China’s latest homegrown technology companies to run into growing resistance from foreign governments wary of the perceived ties to the Chinese government and concerns about protecting user data, report says.
  •  $6 billion amount is most likely more than the combined losses for all the other Chinese apps banned by India, all 59 china origin app.

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