Rise of ByteDance’s CapCut threatens market share of Adobe and Canva

CapCut, a video-editing app owned by Chinese tech powerhouse ByteDance Ltd., is rapidly gaining steam, threatening to lure users away from Adobe Inc. and Canva Inc.

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% of the total active users for mobile video editing, according to market intelligence firm Sensor Tower.