{"id":14537,"date":"2019-03-25T16:33:29","date_gmt":"2019-03-25T16:33:29","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/tiktok-quietly-picked-up-assets-from-geogif-which-created-animated-location-specific-overlays-for-video.html"},"modified":"2019-03-25T16:33:29","modified_gmt":"2019-03-25T16:33:29","slug":"tiktok-quietly-picked-up-assets-from-geogif-which-created-animated-location-specific-overlays-for-video","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/tiktok-quietly-picked-up-assets-from-geogif-which-created-animated-location-specific-overlays-for-video.html","title":{"rendered":"TikTok quietly picked up assets from GeoGif, which created animated, location-specific overlays for video"},"content":{"rendered":"

Video sharing app TikTok <\/a> passed 1 billion downloads last month<\/a>, and its parent company ByteDance is ramping up its efforts to monetize those users with ads, while also continuing to add more features to the app to keep people engaged. In a move that could help both of those efforts, ByteDance <\/a> has made a small acquisition, picking up assets from a defunct startup called GeoGif, which developed location-specific, animated stickers and overlays for videos, suggested to users when they capture video or images in specific places.<\/p>\n

It seems that the location-based, animated element of what GeoGif built is the key part of what might be coming soon to TikTok, since the app already had a range of visual and audio filters and stickers to alter appearances and your voice, or just to embellish and further personalize your video.<\/p>\n

Here\u2019s the general gist of what GeoGif can do for a video if you are, for example, in Miami for Spring Break. (Note: This is not the greatest example given the naff and objectifying subject matter, but it\u2019s the only example the startup has provided.)<\/p>\n

<\/p>\n

The terms of the acquisition have not been disclosed, although we are asking both Dean Glas, one of GeoGif\u2019s co-founders, as well as ByteDance and we will update if we learn more. In any case, the deal appears to include only the assets of the startup, which ceased operating more than two years ago, judging by activity on its social media accounts<\/a>\u00a0and LinkedIn profiles. CEO\u00a0Dean Glas and his co-founder Mendy Raskin are now both working on new startups.<\/p>\n

\u201cWe are excited for GeoGif to have a new home at TikTok,\u201d said GeoGif\u2019s CEO\u00a0Dean Glas, \u201cand we believe our features will be enjoyed by millions of users. We will work closely to make sure it\u2019s a smooth transition that provides a long-term positive impact for the TikTok community.\u201d<\/p>\n

A TikTok spokesperson also confirmed that the features that were built for GeoGif will get rolled into the main TikTok app: \u201cGeoGif and TikTok share a common goal which is enabling people to connect, consume, and create great content. We\u2019re impressed with what the team at GeoGif has built and with TikTok\u2019s resources, we believe that we will deliver an even better user experience for our millions of users who love using TikTok to express their creativity through short videos.\u201d<\/p>\n

With TikTok, China\u2019s ByteDance has created one of the world\u2019s biggest video apps \u2014 and subsequently become one of the world\u2019s most valuable startups<\/a> \u2014 and it has used acquisition as a key lever for adding both users and features.<\/p>\n

To help break into the US, the main app itself merged with Musical.ly<\/a> last year after being acquired for between $800 million and $1 billion by Toutiao<\/a> (a ByteDance sub-brand) in 2017. Other acquisitions have included Flipagram<\/a> \u2014 another music-video app and startup \u2014 in 2017 for an undisclosed sum; the AR selfie camera FaceU in 2018<\/a>, reportedly for $300 million; payments startup UIPay<\/a> also in 2018; and \u2014 just last week \u2014 it appears ByteDance acquired a gaming startup, Mokun Technology<\/a>, from previous owner 37 Interactive<\/a>, also for an undisclosed sum.<\/p>\n

It\u2019s likely that the GeoGif acquisition was for a small sum: the company\u00a0did not have anything close to mass-market traction, and it had raised only seed round of an undisclosed amount. It was originally spun out of parent company Bivid \u2014 which is also now defunct but had been a hyperlocal social network akin to YikYak, Highlight and Zenly, suggesting friends and others who were near to you for chit-chat and simply to know their whereabouts.<\/p>\n

TikTok already runs ads and has other paid features in China, but in Western markets like the US, the company has largely only been doing limited runs and tests of different formats, such as this native video ad test we spotted in February<\/a>.<\/p>\n

In January<\/a>, a leaked ad deck from the company in Europe also mentioned several advertising and marketing units it was running and planning to run including brand takeovers; in-feed native video; hashtag challenges; Snapchat-style 2D lens filters for photos; and 3D and AR lenses. It\u2019s the latter of these where GeoGif\u2019s efforts could be rolled in.<\/p>\n

Also in January, Bloomberg reported<\/a> that in 2018, ByteDance, for the first time, had failed to beat its own revenue forecasts: It had told investors when it was fundraising a monster $3 billion round that it expected to make between $7.4 billion and $8.1 billion in revenues for the year, and sources said it would be coming in at the lower end of that range.<\/p>\n

These are, relatively speaking, huge numbers when you consider that ByteDance\u2019s currency is social media apps, which often spend years making no money at all. But in the context of missing growth expectations, this slower expansion could be a lever for the company launching more ad formats in more places and launching more products, such as the Slack competitor<\/a> it is also reportedly building.<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunch\/social\/~3\/HpykkIeL8XY\/<\/p>","protected":false},"excerpt":{"rendered":"

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