ByteDance, which owns the news aggregator Jinri Toutiao as well as the short video apps TikTok and Douyin, is preparing to launch a work collaboration and productivity app called Lark in the United States and other overseas markets, The Information reported Thursday, citing people familiar with the matter.
Like TikTok, Lark was developed with an international user base in mind, and could challenge platforms like those created by Slack.
Slack filed for an initial public offering early this year. The company is currently valued above US$7 billion.
ByteDance, which holds a US$75 billion valuation and is the most valuable startup in the world, has reportedly set its annual revenue target for this year at an ambitious RMB 100 billion (US$14.8 billion).
Last year, the company hit the lower end of its revenue target of RMB 50 billion to 55 billion (US$7.4 billion to US$8.1 billion). However, according to The Information, the company lost US$1.2 billion in 2018 due to expensive launch of TikTok outside China.