India’s most rapidly rising Reliance Industries Limited (RIL) owned by Mukesh Ambani has recently bid for the Bytedance owned TikTok in India. The Reliance Ltd was in talks last month for making deals with the Chinese firm to acquire TikTok’s operation in India.
As per the stats released by Sensor Tower, a market intelligence firm, India is indeed the biggest market for short tapes and videos after China with over 611 million downloads made so far. However, when it arrives at revenue generation, the US, China, and the UK generated over 90% of the TikTok revenues.
Though Bytedance and Mukesh Ambani have refused to comment on the reports of contract and deal, an Indian industry analyst has foreseen that there is a likelihood of Mukesh Ambani Reliance acquiring TikTok after the ban of Chinese apps in India. Recently, the Chinese apps were banned in India on grounds of data breach and security threats to the country.
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MUKESH AMBANI HITS THE FOURTH POSITION IN THE LIST OF WORLD’S RICHEST MAN
Surprisingly, the largest minority acquaintance and stakeholder of Mukesh Ambani’s Reliance Jio, Facebook recently launched its new Reels feature on Instagram. The Reels is a substitute for Chinese owned TikTok app, which allows users to create short videos entrenched with a photo-sharing social media platform.
CEO of Greyhound Research, Sanchit Vir Gogia in a notice wrote that collaboration of Bytedance and Reliance Jio deal for TikTok could prove to be an attainable option to get away with the government obstacles in India. The deal will further bestow leverage to 400 million Jio users in India.
However, the Reels by Instagram is being termed as a replica of TikTok, the similarity in the features might lend Facebook an advantage to gain the support of millions of Indians who were previously using TikTok. Facebook however enjoys the larger user base in India than the TikTok and in the meantime, Instagram’s Reels feature can enjoy the leverage of the huge Facebook network. Gogia added that Facebook-owned Instagram makes the new Reels feature more overpowering than the TikTok because of its huge established network.
TRUMP SAYS WILL BAN TIKTOK IN US AMIDST REPORTS OF MICROSOFT IN TALKS TO BUY TIKTOK
Earlier, the Microsoft Tech Gaint announced that it is aiming to purchase TikTok in various key markets including the US.
Donald Trump, US President in his latest administrative order released last week issued a 45 days deadline for sale of TikTok in the US. The sale is likely to oversee the pace of the probable sale. Microsoft had further substantiated the reports of its talks with Bytedance to acquire the famous TikTok app.
