Alibaba Reaches Out To TikTok Parent To Boost Presence: Report
- ByteDance's Douyin and Alibaba Group Holding Limited (NYSE: BABA) - owned Ele.me agreed to collaborate to help the food delivery app establish a presence on Douyin, TikTok's Chinese counterpart Reuters reports.
- Ele.me would be one of the most prominent players that Douyin has brought into the mini-program platform.
- "Douyin's open platform is an important bridge that Douyin uses to connect users with business partners," Douyin CEO Kelly Zhang Nan said.
- Chinese "super-apps," including Tencent Holding Ltd's (OTC: TCEHY) WeChat and Ant Group's Alipay, forayed into the mini-program field to create ecosystems that keep users engaged.
- WeChat's average daily active users for mini-programs hit 450 million in 2021.
- Douyin has over 600 million daily active users.
- Douyin's mini-programs were different from other players as the app's recommendation algorithm mainly powered them.
- Ele.me is China's second-largest food delivery platform after Meituan (OTC: MPNGY).
- In 2021, Douyin launched takeout orders directly via livestreams.
- Alibaba clocked a flat revenue growth in Q1 to $30.69 billion, beating the consensus of $30.05 billion. The China commerce segment declined by 1% Y/Y to $21.19 billion.
- Price Action: BABA shares traded lower by 0.69% at $90.11 in the premarket on the last check Friday.
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