GoTo and TikTok Join Forces in Indonesian E-Commerce Venture Seeking Market Dominance
• GoTo struck deal with TikTok to combine e-commerce operations into a joint venture controlled by TikTok
• Aims to avoid further loss of market share in Indonesian online shopping industry
• TikTok Shop had more than doubled its market share to 11% this year
• GoTo hopes combined entity can become #1 player in a much bigger market
• Deal includes quarterly fees for GoTo based on e-commerce services provided, will contribute directly to earnings