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In February 2021, shares of Kuaishou rose 194% at the opening on its Hong Kong debut.<ref>{{Cite web|url=https://pandaily.com/kuaishou-shares-jump-194-in-hong-kong-trading-debut/|title = Kuaishou Shares Jump 194% in Hong Kong Trading Debut|date = 5 February 2021}}</ref><ref>{{Cite web|title=Análise: Felipe Zmoginski - Rival do TikTok, app de vídeos quer emplacar streaming e comércio ao vivo|url=https://www.uol.com.br/tilt/colunas/felipe-zmoginski/2021/02/17/rival-da-tiktok-quer-conquistar-o-brasil-com-streaming-e-comercio-ao-vivo.htm|access-date=2021-07-01|website=www.uol.com.br|language=pt-br}}</ref> Kuaishou was one of the companies worse-hit by the regulatory restrictions on Chinese internet companies and its share price fell nearly 80% from its highest point since going public.<ref name=":2">{{Cite web|date=2021-12-07|title=Kuaishou reportedly lays off 30% of mid-level staff amid sweeping crackdowns|url=https://kr-asia.com/kuaishou-reportedly-lays-off-30-of-mid-level-staff-amid-sweeping-crackdowns|access-date=2022-01-13|website=KrASIA|language=en}}</ref> In December 2021, it was announced Kuaishou would lay off 30% of its staff, mainly mid-level employees with an annual salary of US$157,000 or more. The reorganization was done to help Kuaishou cut costs and reverse losses.<ref name=":2" />
In February 2021, shares of Kuaishou rose 194% at the opening on its Hong Kong debut.<ref>{{Cite web|url=https://pandaily.com/kuaishou-shares-jump-194-in-hong-kong-trading-debut/|title = Kuaishou Shares Jump 194% in Hong Kong Trading Debut|date = 5 February 2021}}</ref><ref>{{Cite web|title=Análise: Felipe Zmoginski - Rival do TikTok, app de vídeos quer emplacar streaming e comércio ao vivo|url=https://www.uol.com.br/tilt/colunas/felipe-zmoginski/2021/02/17/rival-da-tiktok-quer-conquistar-o-brasil-com-streaming-e-comercio-ao-vivo.htm|access-date=2021-07-01|website=www.uol.com.br|language=pt-br}}</ref> Kuaishou was one of the companies worse-hit by the regulatory restrictions on Chinese internet companies and its share price fell nearly 80% from its highest point since going public.<ref name=":2">{{Cite web|date=2021-12-07|title=Kuaishou reportedly lays off 30% of mid-level staff amid sweeping crackdowns|url=https://kr-asia.com/kuaishou-reportedly-lays-off-30-of-mid-level-staff-amid-sweeping-crackdowns|access-date=2022-01-13|website=KrASIA|language=en}}</ref> In December 2021, it was announced Kuaishou would lay off 30% of its staff, mainly mid-level employees with an annual salary of US$157,000 or more. The reorganization was done to help Kuaishou cut costs and reverse losses.<ref name=":2" />


In October 2022, state-owned [[Beijing Radio and Television Station]] took a minority ownership stake in [[Kuaishou]].<ref>{{Cite web |date=2022-11-07 |title=Chinese state broadcaster takes 1 per cent stake in short video app Kuaishou |url=https://www.scmp.com/tech/big-tech/article/3198731/beijing-broadcasters-1-cent-stake-short-video-app-kuaishou-latest-sign-increasing-state-influence |access-date=2022-11-17 |website=[[South China Morning Post]] |language=en}}</ref>
In October 2022, state-owned [[Beijing Radio and Television Station]] took a minority ownership stake in Kuaishou.<ref>{{Cite web |date=2022-11-07 |title=Chinese state broadcaster takes 1 per cent stake in short video app Kuaishou |url=https://www.scmp.com/tech/big-tech/article/3198731/beijing-broadcasters-1-cent-stake-short-video-app-kuaishou-latest-sign-increasing-state-influence |access-date=2022-11-17 |website=[[South China Morning Post]] |language=en}}</ref>


== Popularity ==
== Popularity ==

Revision as of 18:57, 17 November 2022

Kuaishou Snack Video
Native name
快手
Company typePublic company; partially state-owned
SEHK: 1024
IndustryInternet
FoundedMarch 2011; 13 years ago (2011-03)
FounderSu Hua
Cheng Yixiao
Headquarters
Beijing
,
China
Key people
Su Hua (CEO)
RevenueIncrease US$ 9.1 billion (2020)[1]
Websitekuaishou.com

Kuaishou (Chinese: 快手; lit. 'quick hand') is a users short video-sharing mobile app, a social network, and video special effects editor, based in Haidian District (Beijing), developed in 2011 by Beijing Kuaishou Technology, by engineers Hua Su (宿华)[2] and Cheng Yixiao (程一笑).[3]

As of 2019, it has a worldwide user base of over 200 million,[4] leading the "Most Downloaded" lists of the Google Play and Apple App Store in eight countries, such as Brazil. In Pakistan and Indonesia, this app is known as Snack Video.[5] It is often referred to as "Kwai" in overseas markets. Its main competitor is Douyin, which is known as TikTok outside China.[6]

Kuaishou's overseas team is led by the former CEO of the application 99, and staff from Google, Facebook, Netflix and TikTok were recruited to lead the company's international expansion.[7]

The China Internet Investment Fund, a state-owned enterprise controlled by the Cyberspace Administration of China, holds a partial ownership stake in Kuaishou.[8]

History

Kuaishou is China's first short video platform.[9] developed in 2011 by engineer Hua Su and Cheng Yixiao. Prior to co-founding Kuaishou, Su Hua had worked for both Google and Baidu as a software engineer.[10] The company is headquartered in Haidian District, Beijing.[11]

Kuaishou's predecessor "GIF Kuaishou" was founded in March 2011. GIF Kuaishou was a mobile app with which users could make and share GIF pictures. In November 2012, Kuaishou became a short video community and a platform with which users could record and share videos.[citation needed] By 2013, the app had reached 100 million daily users.[12] By 2019, it exceeded 200 million active daily users.[13]

In March 2017, Kuaishou closed a US$350 million investment round that was led by Tencent.[12] In January 2018, Forbes estimated the company's valuation to be US$18 billion.[10]

In 2019, the company announced a partnership with the People's Daily, an official newspaper of the Chinese Communist Party, to help it experiment with the use of artificial intelligence in news.[14]

In June 2020, the Government of India banned Kwai along with 58 other apps, citing "data and privacy issues".[15] The 2020 border tensions between India and China might have also played a role in the ban, there having been an increasingly political "Boycott China" movement in India due to the competitive relations between the two countries in recent years.[citation needed]

In January 2021, Kuaishou announced it was planning an initial public offering (IPO) to raise approximately US$5 billion.[16] Kuaishou's stock completed its first day of trading at $300 Hong Kong dollars (HKD) (US$38.70), more than doubling its initial offer price, and causing its market value to rise to over $1 trillion HKD (US$159 billion).[17][18]

In February 2021, shares of Kuaishou rose 194% at the opening on its Hong Kong debut.[19][20] Kuaishou was one of the companies worse-hit by the regulatory restrictions on Chinese internet companies and its share price fell nearly 80% from its highest point since going public.[21] In December 2021, it was announced Kuaishou would lay off 30% of its staff, mainly mid-level employees with an annual salary of US$157,000 or more. The reorganization was done to help Kuaishou cut costs and reverse losses.[21]

In October 2022, state-owned Beijing Radio and Television Station took a minority ownership stake in Kuaishou.[22]

Popularity

Compared to Douyin, Kuaishou is more popular with older users who live outside China's Tier 1 cities. Its initial popularity came from videos of Chinese rural life.[9][23] Kuaishou also relies more on e-commerce revenue than on advertising revenue compared to its main competitor.[24] Unlike Douyin, Kuaishou's algorithm rewards content creators boasting a highly engaged user base. [25]

Controversy

In April 2018, Kuaishou's app was briefly banned from Chinese app stores after China Central Television reported on the platform popularizing videos of teenage mothers.[26]

See also

References

  1. ^ "Kuaishou: Key financial figures 2020".
  2. ^ Synced (2019-08-12). "Tencent-backed Video App Kuaishou Is Turning Chinese Country Folk Into Hollywood Directors Synced". syncedreview.com. Retrieved 2022-09-26.
  3. ^ "Is short-video start-up Kuaishou too 'Zen' for China's internet culture?". South China Morning Post. 2019-06-20. Retrieved 2022-09-26.
  4. ^ Synced (2019-08-12). "Tencent-backed Video App Kuaishou Is Turning Chinese Country Folk Into Hollywood Directors". Synced. Archived from the original on 2019-09-02. Retrieved 2019-09-02.
  5. ^ "Tencent-backed Kwai App ranked Most Popular social short video app". Business Insider. Archived from the original on 2019-09-03. Retrieved 2019-09-03.
  6. ^ "One of China's hottest video apps is flirting with video gaming". South China Morning Post. 2018-12-19. Archived from the original on 2019-09-02. Retrieved 2019-09-02.
  7. ^ "Billionaire Who Missed Out on TikTok Is Trying to Beat It". Bloomberg.com. 21 July 2021.
  8. ^ "China's communist authorities are tightening their grip on the private sector". The Economist. 2021-11-18. ISSN 0013-0613. Archived from the original on 22 November 2021. Retrieved 2021-11-22.
  9. ^ a b "Is Kuaishou Still China's Short Video "Platform for the People?"". RADII Stories from the center of China’s youth culture. 2021-01-08. Retrieved 2021-05-01.
  10. ^ a b "Su Hua". Forbes. Archived from the original on 2019-09-02. Retrieved 2019-09-02.
  11. ^ "Bloomberg Company Profile: Beijing Kuaishou Technology Co Ltd". Bloomberg. Archived from the original on September 2, 2019. Retrieved September 2, 2019.
  12. ^ a b "Behind the success of Kuaishou, the biggest social video sharing app in China". Technode. May 17, 2017. Archived from the original on September 2, 2019. Retrieved September 2, 2019.
  13. ^ "Is short-video start-up Kuaishou too 'Zen' for China's internet culture?". South China Morning Post. 2019-06-20. Archived from the original on 2019-09-02. Retrieved 2019-09-02.
  14. ^ Li, Jane (September 20, 2019). "China's tech giants are helping the Communist Party's newspaper fine-tune its online voice". Quartz. Archived from the original on September 20, 2019. Retrieved 2019-09-22.
  15. ^ Shrivastava, Rahul (June 29, 2020). "Govt bans 59 Chinese apps including TikTok as border tensions simmer in Ladakh". India Today. Retrieved 2020-06-29.
  16. ^ Chiu, Joanne (25 January 2021). "China's Love of TikTok-Style Apps Powers $5 Billion IPO". Wall Street Journal. Retrieved 27 January 2021.
  17. ^ "Kuaishou shares jump 161 per cent in debut as Hong Kong's hottest IPO paves way for offerings from rival video-sharing app owners". South China Morning Post. 5 Feb 2021.
  18. ^ Chiu, Joanne (5 February 2021). "TikTok Rival's Stock More Than Doubles in Hong Kong Debut". Wall Street Journal. Retrieved 7 February 2021.
  19. ^ "Kuaishou Shares Jump 194% in Hong Kong Trading Debut". 5 February 2021.
  20. ^ "Análise: Felipe Zmoginski - Rival do TikTok, app de vídeos quer emplacar streaming e comércio ao vivo". www.uol.com.br (in Brazilian Portuguese). Retrieved 2021-07-01.
  21. ^ a b "Kuaishou reportedly lays off 30% of mid-level staff amid sweeping crackdowns". KrASIA. 2021-12-07. Retrieved 2022-01-13.
  22. ^ "Chinese state broadcaster takes 1 per cent stake in short video app Kuaishou". South China Morning Post. 2022-11-07. Retrieved 2022-11-17.
  23. ^ "From Douyin to Kuaishou: A visual look at China's hottest short video apps". South China Morning Post. 2018-09-04. Retrieved 2021-05-01.
  24. ^ Chen, Tingyi (2020-02-24). "Why is Kuaishou Better than Douyin for E-commerce Conversion & Social Engagement". WalktheChat. Retrieved 2021-05-01.
  25. ^ "Kuaishou is much more than just another TikTok – behind the Chinese short video platform with the anticipated IPO". Daxue Consulting. 4 February 2021. Retrieved 2022-06-23.
  26. ^ Zhong, Raymond (2018-04-06). "China Isn't Happy About Its Newest Internet Stars: Teenage Moms". The New York Times. ISSN 0362-4331. Retrieved 2021-05-01.


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