Industry Investment Rating - The report maintains a "Overweight" rating for the internet and media sector, indicating a positive outlook on the industry's performance relative to the broader market [1] Core Views - TikTok's global daily active users (DAU) reached 371 million, with an average daily usage time of 107.3 minutes, ranking it as the 5th largest social media platform globally [8] - TikTok's US monthly active users (MAU) stood at 170 million as of January 2024, making the US the second-largest market for TikTok after Indonesia [11] - TikTok's global advertising revenue is projected to reach $23.6 billion in 2024, with the US contributing $12.3 billion, accounting for 52% of the total [17] - TikTok Shop's US GMV reached $9 billion in 2024, a 650% increase from 2023, with daily GMV averaging $24.66 million [18] - Xiaohongshu (Little Red Book) surged to the top of the US iOS free app download chart, benefiting from TikTok's temporary shutdown in the US [37] ByteDance's Overseas Products and Users - TikTok is wholly owned by ByteDance, which is 58% owned by global institutional investors, 21% by founder Zhang Yiming, and 21% by employees [3] - ByteDance plans to establish a new global headquarters in Saudi Arabia by Q1 2025 and invest $2.1 billion in building AI and data centers in Malaysia [5] - ByteDance's app portfolio in the US includes social, music, video editing, education, photo, and short drama apps, with TikTok being the most popular [6] - Lemon8, another ByteDance social app, saw a 150% increase in global downloads in December 2024, with 70% of downloads coming from the US [6] TikTok's Overseas Monetization - TikTok's primary revenue streams overseas include advertising, e-commerce, and live streaming [17] - TikTok Shop's US operations rely heavily on video-based sales, which account for 58% of transactions, while live streaming contributes only 10% [19] - TikTok's gaming monetization is still catching up, with its TikTok for Business platform ranking 7th and 8th in game installs on Android and iOS, respectively [22] - TikTok's H5 games (mini-games) generated $390 million in revenue in H1 2024, with games like Mushroom Hero Legend performing exceptionally well [33] Xiaohongshu's Rise in the US - Xiaohongshu's monthly active users (MAU) exceeded 300 million, driven by aggressive user acquisition strategies and partnerships, such as with CCTV's Spring Festival Gala [38] - The platform's 2024 Q1 revenue surpassed $1 billion, with a net profit of $200 million, marking a significant turnaround from its $200 million loss in 2022 [37] - Xiaohongshu's algorithm department was restructured to accelerate commercialization, focusing on advertising and e-commerce [37] Media and Internet Sector Highlights - A-share media companies like Mango Excellent Media and Glacier Network reported strong earnings, with Mango's 2024 net profit ranging between 1.54-1.9 billion yuan [2] - Hong Kong-listed internet giants such as Tencent, Alibaba, and Xiaomi are actively investing in AI, with Tencent leveraging its WeChat ecosystem for e-commerce growth [2] - The gaming sector saw notable performance from companies like Shenzhou Taiyue, Kaiying Network, and Giant Network, with low PE ratios and improving earnings [2]
互联网传媒行业周报：Tiktok海外用户和商业化梳理，小红书跃升美国ios免费榜第一
2025-01-20 01:05