We are just days from the deadline for TikTok to face either sale or closure in the US. And, unsurprisingly, users are actively seeking out alternative options to the Chinese social media platform.
However, in a move that might seem counterintuitive considering the concerns about national security, it is a fellow Chinese app that is making gains from TikTok’s demise.
RedNote is reported to be at the top in Apple’s app store listings for free apps and TikTok influencers are even posting videos about how to set up their RedNote accounts.
What Is RedNote?
RedNote – also known as Xiaohongshu (or “little red book”) – is a Shanghai-based venture with more than 2000 employees. Founded in 2013, the company is taking on both Alibaba and ByteDance’s version of TikTok in China, which is called Douyin.
The South China Morning Post reports that the platform had 300 million monthly active users in July last year. It has also raised more than $900 million in funding, according to Pitchbook, and has hit a $17 billion valuation.
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To put this into context, Reuters reported in November that TikTok is valued at $300 billion.
Why Is RedNote Appealing?
Users have been talking about top TikTok alternatives for months as the ban loomed and, despite incoming President Trump’s hints that he might save the platform, TikTok’s fate seemed increasingly dire.
RedNote is appealing as it offers many of the same features as TikTok and has a similar focus on short-form video content. But Newsweek adds that it also integrates some features that are more like what you find on Pinterest. “The platform allows users to share product reviews, experiences, and lifestyle content, creating a blend of social interaction and online shopping”, it says.
Is This Really the Death Knell for TikTok?
The hearings at the Supreme Court are “setting the stage for a ban”, says CNBC, and have been followed by additional reports suggesting that the platform is a vehicle for Chinese propaganda.
Despite this, ByteDance continues to fight – and even sent the company’s CEO on a personal visit to Florida’s Mar-a-Lago resort to see Donald Trump. There is also a team of entrepreneurs, including Shark Tank host, Kevin O’Leary, gearing up for a possible takeover bid.
Murmurings about a possible bid from Elon Musk, on the other hand, have also started to make their way into the headlines over the past few days, although there are no confirmed reports of formal conversations between the billionaire and Bytedance regarding a takeover.
The biggest wild card, though, is the incoming president who has flip-flopped in his attitude toward TikTok. While the deadline is approaching at speed, so is his inauguration. TikTok users are wise to look for alternatives in the meantime, but Trump’s serial unpredictability may see the platform secure a last-minute reprieve.
