More than one billion people around the world visit TikTok every month, but with immense growth comes scrutiny and competition. In this episode of the David Rubensline show, Peer to Peer Conversations, I sit down with TikTok CEO Showsy Choo to discuss TikTok's future and also find out if I could become TikTok famous.
全球有十多亿人每个月都造访TikTok,但是随着巨大的增长,也带来了批评和竞争。在这一期的David Rubensline Show的Peer to Peer Conversations中,我与TikTok的CEO Showsy Choo坐下来讨论TikTok的未来,并且想知道我是否能成为TikTok的名人。
Now, I am older than many of your TikTok followers, I believe. You have some people my age, but my impression is it's for younger people. Is that wrong?
There is really something for everyone on TikTok. I would have you installed TikTok, yeah, David?
在TikTok上真的有适合每个人的内容。大卫,我建议你安装TikTok,你肯定会喜欢它的。
Well, I'm not an expert on TikTok. I have looked at it, but I haven't seen anything that looks like me. I think you may be surprised.
好的,我不是TikTok的专家。我看过它,但我还没有看到像我这样的内容。我想你可能会感到惊讶。
For example, there is something called Book Talk on TikTok. It is a hashtag and it really is a trend where people share short videos on their favorite books. And you'll be surprised how many views they have. We have 40 billion views on Book Talk alone. There are many other categories. There is Clean Talk, which is about people cleaning, 30 billion views. I personally am a very amateur golfer. Hashtag golf has more than 10 billion views on TikTok as well. So I believe there is something for everyone.
The way we want to present this is we have a machine learning recommendation engine, which personalizes your experience when you use TikTok. And we believe there is something for you as well.
Yes, very easily. How do you control if somebody puts something on that's dangerous or pornographic or not appropriate?
是的,非常容易。如果有人放了危险物品、色情内容或不适当的东西,你该怎么管控呢?
This is a great question. One of the most important things that I have been focusing on since I took on the role nearly a year ago is on the safety of our platform. It's something we take absolutely seriously.
And we have elevated this as a top priority for myself and for the company. We put a significant amount of investment into it. And we believe that we need to continue to invest in trust and safety to stay ahead of our growth because of the growth of the platform.
So for example, making sure that our community guidelines, which are published transparently online, are well understood by our users, making sure that we have the tools and the capabilities to ensure a safe environment, a safe and inclusive environment on our platform so that our users feel there is a trusted environment to publish and to inspire the creativity they want to.
Let's suppose I want to be a TikTok person. I want to be on TikTok. But I have to make a living. Can I make a living by just being on TikTok or are there people that make a living just by being on TikTok?
Most of our users come on TikTok to share how they feel and to inspire the world. But there are people who come on TikTok and this is something we are extremely proud of.
We have enabled them, we have given them the platform and the tools to actually make a proper living. And most of these are small businesses or individuals.
我们已经帮助了他们,我们给他们提供了平台和工具来真正谋生。而大多数都是小企业或个人。
I can give you an example. I have been looking at my own TikTok recently and I saw this video on TK Surf and Turf. It is a restaurant in Denver. I think it is the first black owned family operated seafood restaurant in Denver.
我能给你举个例子。最近我在看我的TikTok,然后我看到了一个关于TK Surf and Turf餐厅的视频。这家餐厅在丹佛市,我想它是丹佛第一家黑人家庭经营的海鲜餐厅。
What I have heard is during the pandemic, business was poor for a lot of restaurants including them. But what one creator did was to create videos on how great the restaurant was. It became an overnight sensation. It went viral and now business is booming for that company. And there are thousands upon thousands of examples like that across the US and across the world.
So this is something that we are immensely proud of. That we have a platform. The small businesses can make use of to grow their business.
这是我们非常自豪的事情。我们有一个平台,让小企业可以利用它来发展业务。
Let's suppose I want to be a TikTok performer and I want to get paid for it. Do I do something that says this restaurant is great and hopefully the restaurant will pay me? Is that how people get paid by being on TikTok?
There are several mechanisms to do it. The first is if you have enough followers, certain brands will get in touch with you. Either through us or otherwise for you to represent their brand. So you become their brand ambassador. So that's one way some of our creators get paid.
Beyond that, we have provided them with tools to monetize, you know, to get in touch with their followers and to monetize that as well. For example, we have a live streaming service. So as a creator, you can launch, you can have a live streaming session and that is an exclusive session where you can interact with a followers and your followers can give you virtual gifts and that's one way you can monetize.
The other example is e-commerce. We provide our creators with the tools to be able to sell merchandise on the platform as well. This is still a new part of our business but it's something that people are very, very excited about.
How did you make money then? In other words, somebody goes on TikTok and they're making money for this restaurant in Denver. How do you make any money?
你是怎么赚钱的呢?换句话说,有人在TikTok上为这家位于丹佛的餐厅赚钱,你是如何赚钱的?
We make money primarily through advertising and also providing services like live streaming and e-commerce. I'll use this and we do have a service fee that we charge to provide those services. But if somebody just uploads their video on TikTok, do they pay you a fee for that or not? No, it's absolutely free.
Are there companies now that specialize in making people TikTok stars? Somebody says, I want to be on TikTok. I want people to watch me. Maybe I can sell my services to an advertising company or some way. There are other people that polish up people's TikTok presentations. The way I'll platform works and my advice to anyone who wants to be famous on our platform is to just be themselves. What we have found is that this community wants real content. They want the real raw content. They want to see people being themselves. Many people tell me it's a breath of fresh air. It's the sunny corner of the internet. My advice to anyone who wants to be famous is really to be themselves.
Recently, Mark Zuckerberg announced at his quarterly earnings after explaining why the stock went down by 25% as a result of the declining use of Facebook. He attributed to TikTok and TikTok was becoming a big rival. He said, how did it feel to be blamed by Mark Zuckerberg for the decline in value of Facebook? We are a very young company at this point and they are still very big competitors in the market. Some of them have been around for a long time with a lot of resources.
The way we look at it, there's still a long way for us to go in terms of achieving the mission that we want to achieve. We think that there are a number of things that makes us unique in the market. The first is that we are pioneers in what we do. We have innovated this form of short video combined with a 4U feed and we are confident that in the coming years, we will continue to innovate on that front and bring the best and the most interesting value proposition to our users.
So if Mark Zuckerberg were here, would you say don't worry about us. We're not a big competition to you or would you say we're coming after you? I think for us, David, we are more focused on ourselves. I think over the long run, the biggest competitor that we have, as cliche as it's going to sound, is going to be ourselves.
We have a mission which is to inspire creativity and to bring joy and we believe that our most important focus is to focus on delivering that mission. But let me ask you this. Most of the large Chinese technology companies, let's say Alibaba, Baidu, Tencent, they have gigantic market values and they are very prominent in China, not as prominent outside of China as obviously in China and certainly not that prominent in the United States.
TikTok by contrast is not in China but it's gigantic outside of China, United States and everywhere. What did TikTok do that enabled a Chinese-based company, parent company at least, to do so well outside of China? We think it's challenging to build a global company in general. The best ones we have seen so far are ones that take very consistent global learnings and adapt them to the local countries that they are operating in. So you need to be global and local at the same time.
And it's something that we're investing in. For example, here in the US, we have a very sizable team here in New York and Austin in LA at this point. And becoming more local is something we will continue to invest in. Let's talk about the beginning of TikTok.
So what is bite dance? Bite dance was the parent company. When was bite dance started and who was the founder of Bite Dance? I was very fortunate about ten years ago to have had the chance to participate in the company as an investor. Bite dance was founded in 2012 by Eaming and the original, like any good startup story, the original product has evolved over time.
And there were many hits and misses in the evolution of the company. One thing that has remained very consistent for bite dance is the mission. The mission for bite dance today is to inspire creativity and to enrich life. And what I've noticed over the course of the decade that I've known the company is that they have been very consistent in wanting to deliver this mission to as many people as possible.
And driven by this mission, what struck me in the early days of bite dance was the desire to be mobile, the focus on machine learning, recommendation, and this desire to be global. And it's been very consistent over the last ten years. I should disclose that my own investment company is an investor in bite dance. We took an investment number of years ago and I assume it will be a good investment. I don't know.
But let's talk about how TikTok evolved out of bite dance. So when did TikTok come along?
但是让我们来谈谈TikTok是如何从抖音发展而来的。那么TikTok是何时出现的呢?
The original apps that were developed by bite dance had a very similar concept, which was to recommend content to users based on machine learning algorithms that they tried to understand the user's behavior. The first iteration of it that was successful was a news app.
So it took news content and it recommended news to users based on their own behavior on the app. Now, sometime between 2012 and 2016, that evolved into a short video and that evolved into TikTok. And did anybody think it would turn out to be a global phenomenon at the beginning? No, no.
All right. So let me ask you about TikTok and regulation. Under President Trump, there was a concern that certain information that TikTok was getting from people using TikTok was somehow going to be detrimental to the United States. And there was an effort to force TikTok to sell its US business. What happened to that effort?
We believe that our approach to all the governments and regulators around the world is to be collaborative and to be very transparent, to be available, to explain what we do and who we are and answer any questions that they have. That's the approach we have taken.
And that approach has been an approach that has been very beneficial for us over the course of the last few years. But there was a proposal at one point that required you to sell the TikTok business in the US. I think it was going to be sold perhaps to our realisans company, Oracle. Is that off the table now and right now you are not being forced to sell anything? Is that right?
We have moved beyond that conversation. Okay. And the current administration, the Biden administration, have they picked up the cudgels and said, well, we want to engage in the same fight or right now you don't have to worry about that.
Again, we are taking the approach now to be very transparent, to be very engaged, very collaborative, and to answer any questions that they may have. Okay. But the biggest concern that people had, or at least some people in the Trump administration had, and maybe other people, is that the data that you have on your computers about who's watching what? I presume the data you have would somehow get fed back to China and China would have it for its use, the Chinese government.
Is that true that your data is subject to being given to or you're forced to give it the Chinese government? We disagree with that.
你的数据会被提供给中国政府或你被迫提供吗?这是真的吗?我们不同意。
The ways TikTok has set up today, first of all, TikTok is not available for download in China. It operates outside of China. The data, the data for TikTok uses is thought in Virginia and in Singapore, with the backup in Singapore. And we believe that we have a very rigorous and robust system to protect the data security of our users.
What do you do with the data? So let's suppose I go on TikTok and I like certain kinds of things to watch. If you presumably can, and your algorithms know that, what do you do with that data? You sell it to another company or do nothing with it?
It is our recommendation engine. The best way to think about it is that it's just pure mathematics. It digests the behavior that our users have on our platform, including likes, what videos do you like, the comments, how long you stay on the particular video, so on and so forth. So signals like behavior or signals like that. And it recommends a content that you could potentially be most entertained by. So that's really how the data is being used on our platform.
Outside of China and India, essentially, all the other countries.
除了中国和印度,基本上所有其他国家。
And today, do you have something that's proprietary such that somebody couldn't come along and compete?
今天,你是否拥有专有的东西,以至于其他人不能来进行竞争?
In other words, there's always people coming along trying to disrupt companies and that certainly happens a lot in the tech world. Are you worried that somebody's going to come along with a new product that's slightly better than yours or do you think that's unlikely given how dominant you are in the business now?
David, this is a very competitive space. In our industry, there are players with bigger muscles. They have more resources. They have been around for a longer period of time. And I think it keeps us on our toes. We have our strengths. We are pioneers in this. We believe that we are innovative and we will continue to innovate. And we have a very unique community that we talked about that we believe is very special and not easily replicable.
So we have our advantages. We are confident. But at the same time, competition is very intense. Now China has been a little tougher. Some people would say on Chinese tech companies than it was a year or two ago. And there's been what some people would say, clamp down on Chinese tech companies. Has that affected you in any way?
I think in this DNH, we have to be very collaborative and be very transparent and have an active dialogue with regulators and governments around the world to help them understand our business and to answer any questions that they may have.
As I mentioned earlier, my firm did invest in it. But I don't have any inside information. And I don't know if you're going to give me the inside information. But is there any plan to take by dance public at some point?
就像我之前提到的一样,我的公司确实投资了这个项目。但是我并没有任何内幕消息。我也不知道你是否会向我透露内幕消息。但是是否有计划在某个时间点将 By Dance 上市呢?
Our current focus, given the growth of our company, is to really focus on the business. There is still so much we can do, especially for tech talk, that really our management focus is on growing the business at this point and making sure that we are investing in the right things that we invest in. At some point, we will access the capital markets. At some point, we will. But that is really not the priority at this point.
And when you go into the public markets, what do you think when your public documents or reveal will be the biggest surprise, if the size of the platform or the profitability of it, what do you think is likely to be the biggest surprise?
That's a very good question. I need to go back and think about it. I think most of what we do is followed. And many people sort of, thankfully, you have a lot of interest in our business today. So I'm not sure whether there will be any big surprises.
Let's talk about your own background. So you mentioned your Singaporean, were you born in Singapore?
我们来谈谈你自己的背景吧。你提到了你是新加坡人,你在新加坡出生吗?
I am born in Singapore.
我出生在新加坡。
Okay. And did you go to college in high school in Singapore?
好的。你在新加坡的高中时上大学吗?
The thing about growing up in a small island like Singapore, David, is you get one the last at a very young age. It's a tropical paradise. It's a tiny island. I love it, but it's very small. So after high school and after the national service, we have national service there, I went to the UK for college and subsequently to share in the US for a business school and met my wife. You went to Harvard Business School?
I did. And so how do you think Harvard Business School was? Was it smarter? The people there smarter than you thought or not as smarter as you thought they'd be?
It was a great time there. The most important moment was I met my wife in business school. So to me, this was a great two years.
在那里度过的时光真棒。最重要的时刻是我在商学院认识了我的妻子。对我来说,这是难忘的两年。
Okay. So you graduated from Harvard Business School in what year?
好的,那么你是在哪一年从哈佛商学院毕业的?
In 2010.
2010年。
All right. So what did you do then?
好的,那么接下来你做了什么呢?
Business school, I joined an investment company called DST, which invests in internet companies.
我加入了一家名叫DST的投资公司,专门投资于互联网企业。这家公司在商学院非常知名。
Is this your email nurse company?
这是你的护士公司的邮箱吗?
Yes. And so what did you do for him? You looked for internet related investments?
是的。那你为他做了什么?你找了一些和互联网有关的投资吗?
That's what I did.
我就是这样做的。
Okay. And how many years were you there?
好的。你在那里呆了多少年?
I was there for about five years. And it was doing this time that I got to meet and meet an investment by dance.
我在那里待了大约五年时间。就是在这段时间里,我有机会结识并参与了一项舞蹈投资活动。
Okay. So after you left your email nurse operation, what did you do?
好的,那么在您离开电子邮件护士操作之后,您做了什么?
I joined a company called Xiaomi, where I initially was the CFO and then ran the global operations for the company.
我加入了一个叫小米的公司,一开始是CFO,后来负责公司的全球运营。
Okay. So you did that for a while and then I had a hundred called you up and said, guess what? We wanted to come to bite dance or how did that happen?
好的。所以你做了一段时间,然后我打了一百个电话给你,说猜猜?我们想来跳舞或者那是怎么发生的?
It wasn't a headhunter. I stayed very close to the folks and bite dance because of my early relationship with them. So they reached out. There's a little known factor about me, which is I used to be a creator. I actually had a hundred and eighty five thousand followers on my account. And so I had to go through that process of learning how to connect with my followers and using the product. And it was an amazing way. I found the product so amazing in terms of being able to communicate the messages I wanted to my followers. So I love the product. I've known the team for a long time. I think that the mission is something that I really truly believe in. So when the opportunity opened up, it was very organic for me to have a hundred and eighty five thousand followers now.
A couple of months, okay. So was that a promotion?
几个月了,那是晋升了吗?
I think it's the nature of the job is very different.
我觉得这份工作的本质非常不同。
And what is the biggest challenge that you have as the CFO? Is it to keep the regulators away or to get more customers, more advertisers? What is the biggest challenge?
There are a couple of things that keeps me awake at night, I think that's the question. The opportunity that we have, I believe that we have something that's very unique. We pioneered this sort of short video format. And we have a very unique community today that has all these kind of raw, authentic content that people love. And I think the opportunity that we have to take this to more people around the world, to inspire them and for them to bring more joy to more people.. This is a great and unique opportunity. It keeps me very, very excited.
At the same time, there are challenges that we have to work through. For example, making sure that we are investing enough more and more into safety to stay ahead of our growth. Because it is something that's very important to us. So challenges and opportunities, they both excite me equally.
Now, since you took the job of CFO of TikTok, we've been living in COVID. How hard has it been to manage a company during COVID? Are you mostly been isolated or how have you been operating during COVID?
It has been a challenging time, I think, for many businesses around the world, including ours. We are a growing company. It is difficult for new employees who are joining us to not have the opportunity to mingle and interact with other people offline in the offices. So it is something that, thankfully, we are at the stage of the pandemic where we can start thinking about return to office. It is something that we want to provide, especially the new comments in our company, the right opportunities to integrate and to blend in and to make sure that they have the right opportunities to interact with as many people as they want.
So as you look at TikTok, what is your favorite single thing you've watched on TikTok? Is there one thing you've watched and said, this is my favorite?
当你观看TikTok时,你最喜欢的单个视频是什么?有没有一个你观看后说,“这是我最喜欢的视频”?
There are a number of them. I am in amateur golf. So, hashtag golf has 10 billion views or more on TikTok. It is very, very entertaining. So if you watch golf on TikTok, you get to be a better golfer or not necessarily. Unfortunately, not necessarily. It doesn't help.
When you are not working at TikTok and you are not golfing, there is any outside interest you have or you don't have any outside time for the things you think you should do.
I am an amateur theoretical physicist. Yes, I am reading books on theoretical physics and trying to understand it. So that is something that I love. I have interviewed many people over the years. I have never interviewed anybody who said that their hobby was amateur theoretical physics. So that must be unusual. So regret not becoming the next Albert Einstein or something like that. I don't think I have the ability to be that. I hardly understand the mathematics behind some of the more complex theories, but I find it very interesting.
So today as you look forward to what you are going to be doing over the next year or so, what are your most focused on?
今天,当你期待着接下来一年左右要做什么时,你最关注的是什么?
I am most focused on trust building. We are a young company and I think trust is something that we have to earn through actions. For example, through our continued investment in safety. So that is a big focus for me. That we are focused on not only growing our business, but earning trust with the right stick holders around the world along the way.