TikTok owner ByteDance plans to accelerate the overseas commercialization of its workplace communication app Lark in the coming year, Chinese local media outlet LatePost reported Wednesday. The company aims to achieve a global revenue of RMB 6 billion ($940 million) in the next five years.
Why it matters: Lark, known as Feishu in the Chinese market, is ByteDance’s bet on the enterprise-facing services sector, which has been boosted as remote work apps gain traction globally due to the Covid-19 pandemic.
- ByteDance, long celebrated as an “app factory”, listed Lark as one of its six business units, or strategic focuses, in a November reshuffle.
- Chinese tech peers Alibaba andTencent currently lead the country’s workplace app market with DingTalk and WeCom.
Detail: ByteDance plans to seek new growth points for the business in the overseas market as Feishu, Lark’s Chinese sister app, faces growth bottlenecks in the domestic market, according to the…