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Rise of ByteDance's CapCut threatens Adobe and Canva
Business Standard
|July 30, 2024
CapCut, a video-editing app owned by Chinese tech powerhouse ByteDance, is rapidly gaining steam, threatening to lure users away from Adobe and Canva.
The app is a streamlined tool for making videos - especially with effects popular on TikTok, the social platform also owned by ByteDance. Since launching outside China in 2020, CapCut has picked up more than 300 million monthly mobile active users and commands 81 per cent of the total active users for mobile video editing, according to market intelligence firm Sensor Tower.
That sudden dominance is tough news for Adobe, the longtime leader in desktop creative software. Its investors have worried that users would leave behind complicated professional-oriented applications like Photoshop for simplified tools made by startups like Canva or, more recently, OpenAI.
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