An expansion push for short-form video service TikTok has proven costly for parent ByteDance, which saw losses triple to more than $7 billion in 2021, according to an internal document leaked from the private company. ByteDance revenue grew by almost 80 percent in 2021, to $61.7 billion, and the company did manage to eke out an operating profit for Q1 2022, reports say, a significant benchmark. TikTok crossed the one billion subscriber threshold in less than five years — faster than any other social media firm. The company’s latest stock buyback plan puts its market valuation at $300 billion. Read more

As it continues trying to close its $44 billion sale to Elon Musk, popular social networking service Twitter is taking steps to update its image, introducing multimedia posts for Android and iOS users, who can now augment text with photos, GIFs and videos in a single tweet. Previously, each tweet only accommodated one type of media, though multiple attachments of a single format were permitted. Simultaneously, the company has begun rolling out the “edit” button to U.S. subscribers using the premium Twitter Blue platform, which price increases from $2.99 to $4.99 this month. Read more

Google debuted its new flagship smartphones, the Pixel 7 and Pixel 7 Pro, powered by updated Tensor G2 processors. The company also showcased a new Pixel Watch with built-in Fitbit. The devices were touted at Thursday’s Made by Google event in Brooklyn, following months of leaks after a developer conference preview in May. The phones run on the updated Android 13, which was rolled out to the Pixel 6 in August. The new gear ships October 13, and Google says the new phones pack five years of security updates. With 8GB of RAM, the entry level Pixel 7 phone costs $599, while Pixel 7 Pro pricing starts at $899 with 12GB of RAM (with configurations up to 512GB). Read more

Meta Platforms is expanding its advertising inventory with new units in Facebook, Instagram and Messenger. Advertisers now have a new way to feature ads on Instagram’s Explore page, which displays content based on user preferences and routines. The Profile pages for all adult Instagram users will also carry advertising and select influencers will be eligible to push ads into their feeds as a way to potentially earn revenue. Messenger is going to use machine learning to program ads to likely purchasers. And Facebook Reels are getting “post-loop ads,” which creators and brands can slot between short videos. Read more

Online game company and mobile app developer NetDragon Websoft has invested $40 million in Rokid, maker of 5G-friendly AR glasses for business applications. Both companies are based in China. NetDragon has been in the news this past month when it became the first company to appoint an AI as its “rotating CEO.” Following the Rokid announcement, it appears the firm may be interested in developing lifelike AI characters to inhabit its games and augment teaching and enhance its AR initiatives, though to hear NetDragon actual CEO, Liu Dejian tell it, the company can learn a lot from its new c-suite addition, Tang Yu. Read more