ByteDance as the company that created TikTok will launch a new application called Lemon8. This is their version of Instagram.
Reporting from the New York Post, Monday (10/4/2023) Lemon8 will be launched in May 2023. This application displays photos and text.
In a way, Lemon8 is like Instagram merged with Pinterest. Even though TikTok is under threat of being banned in America, it seems that ByteDance is not budging and moving forward with their plan to launch Lemon8.
On The Money reports, ByteDance continues to recruit employees for TikTok and Lemon8. ByteDance also continues to make investments.
This Chinese company entices content creators for a fee to start filling out content posts on Lemon8. ByteDance is targeting micro influencers who have 10,000 followers.
Currently, the United States government is preparing legislation to regulate TikTok, whether it is completely banned or forced to divest in order to continue operating in the United States. If this rule hits, then Lemon8 will also be affected.
A number of parties have also wondered why ByteDance continues to pour money into TikTok and now to give birth to Lemon8. Analysts said that in such a situation, ByteDance should not succumb to market share issues to its rivals.
"This is an important time for TikTok to maintain its position. This is a critical time not to cede market share to competitors. Whatever happens, the value of assets will drop significantly if they stop investing," said Wedbush analyst Dan Ives.
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