ByteDance Bets on Web Novel Business, Launching Mytopia Application Overseas
Tech Planet reported on Monday that Chinese internet giant Bytedance has recently launched three new novel applications domestically and overseas. The overseas application is called “Mytopia”, while the domestic novel applications are called “Fanyu Novel” and “Xiaoyao Novel,” aiming at the paid novel market.
According to the product introduction, Mytopia is a free reading application. The reading genres that can be seen in the application include romance, horror, fantasy and others. It supports audio mode and dark mode, and users can customize the reader in various ways to get the best reading experience.
At the same time, Mytopia has started to introduce authors overseas, and will provide rich rewards for outstanding novel creators. It is not known whether the novel creators of domestic ByteDance platforms can provide novels to overseas users through Mytopia. If they can, it will greatly enrich the content in overseas novel markets in a short time.
Domestically, ByteDance still chose to further promote its paid novel business, launching two products: “Fanyu Novel” and “Xiaoyao Novel.”
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At present, “Tomato Novel,” a free product owned by ByteDance, has firmly won the top spot in the Chinese free novel market. Although such services attract many users and can make profits through advertising, they are less friendly to users’ reading experience. Therefore, launching paid novel applications can avoid this disadvantage and help to achieve rapid profits.
The promotion of overseas novel business is based on the large number of overseas users who enjoy Chinese online novels. According to a report released by iResearch on China’s Internet Literature going abroad 2020, the number of overseas users of Chinese online literature has reached 31.935 million, and the overseas market scale has reached 460 million yuan ($72.05 million). 91.0% of overseas readers follow Chinese online literature almost every day, with an average reading time of 117 minutes, and 87.1% of overseas users are willing to pay for Chinese online literature.
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