The company ByteDance, which owns TikTok's parent company ByteDance, released Lemon8, a social network app. Lemon8 boasts being one of this week's top 10 most downloaded apps on the US App Store.
Lemon8 was released in Japan in 2020, and in February 2023, the US market will get the app from Beijing-based ByteDance.
Lemon8 has food, beauty, wellness, and travel videos and images you can share. There can be a comparison between it and Pinterest, or it can be described as a mix of both of them.
During a hearing on March 24th, the US House Energy and Commerce Committee, which oversees energy and commerce in the federal government, questioned TikTok chief executive Shou Zi Chew regarding the short video app's data security policies.
TikTok has quickly become one of the most popular short-form video apps in the U.S. when it comes to the battle for dominance in social media and short-form video content in the country. TikTok's features have been copied by others, which could give TikTok an edge if banned.
TikTok-parent ByteDance has launched a social media app named Dots, which topped the charts on Apple's App Store for 3 days running. Despite TikTok being banned by the United States government, it is still available.
As of April 2020, Lemon8, a social media service created by Meta-owned Instagram that launched globally in March 2020, jumped up to number 10 on the overall top chart in the US App Store. On yesterday's list of the highest-rated apps, excluding games, it was number 9.
There is no doubt that this fast turnaround from being an unranked app to being No. 9 among the top free apps in the U.S. - ahead of YouTube, WhatsApp, Gmail, and Facebook - is an indication that the app publisher has been pushing hard to acquire millions of users in recent weeks and months. Currently, third-party analysts do not have any precise data about Lemon8's installs in the U.S. at the moment, because the app is so new to the App Store's Top Charts. They also do not know how Lemon8's installs have changed over the past few days because the app is so new to the App Store.
According to Lemon8, which is pitched as a lifestyle community' app aimed at younger audiences, the platform is a content-sharing platform with an emphasis on video content. "The content displayed here is of the highest quality, authentic, and diverse, which is exactly what you will find here. This is the App Store page that said "A destination for sharing, discovering, and collaborating.".
As ByteDance is facing tough regulatory turbulence in the West, some governments are imposing bans on its flagship TikTok app from official devices such as iPads and iPhones as a consequence of its recent surge in popularity. A few of these countries include the United Kingdom, the United States, Canada, and the European Union.
As a result of the U.S. ban on TikTok, other social media platforms and video platforms could benefit as well. These platforms include Snapchat Inc. (NYSE: SNAP), YouTube, and Meta Platforms Inc.'s Facebook and Instagram companies, owned by Meta Platforms Inc. several Chinese mobile apps were downloaded in the U.S. during the first three weeks of March. A Chinese e-commerce company named Pinduoduo Inc (NASDAQ: PDD) owns and operates TEM U, an online marketplace for the U.S., which ranks at the top of the list. There were several ads featuring Temu in February that were aired before the Super Bowl.
Deepwater Asset Management Managing Partner, Gene Munster, recently emphasized that two items should be considered when evaluating the possibility of banning TikTok. This is in the discussion. Munster said there is increased tension between the U.S. and China due to the ban discussion. As a result, the national youth could be endangered by platforms like TikTok, which allows for the production of short-form visual content.
According to Munster, it has become a hot-button issue for some to investigate the impacts of short-form videos on mental health.
Despite Munster's suggestion that companies such as Meta Platforms might benefit from a ban on TikTok, these companies may face pressure from Congress if a ban is enacted. This is due to TikTok's immense popularity in the long run.
The company's chief executive officer, Gene Munster, warned that Snap and Meta Platforms, as well as its stock, may experience regulatory hurdles within the next few months as a result of upcoming regulatory changes.
There is an effort in some states to limit how much time teenagers spend on social media and video apps as a result of the growing usage of these apps.
