TikTok owner to invest in education technology business

BEIJING: A senior executive at TikTok owner ByteDance said the company plans to invest “a huge amount” of capital into its newly-established education technology business but warned that the unit will be unlikely to profit in the next three years.

Beijing-based ByteDance has made education technology one of its top priorities alongside short video app TikTok.

Chen Lin, senior vice president at ByteDance, said in an internal speech that the company entered the education technology sector in 2016 via investments and trying out various projects, according to a transcript published by the company on social media.

ByteDance operates one-on-one English tutoring app GoGoKid and online course livestreaming app Qingbei.