Kuaishou Explained

Kuaishou Technology
Native Name:快手
Native Name Lang:zh
Type:Public company
partially state-owned
Industry:Internet
Founder:Su Hua
Cheng Yixiao
Hq Location City:Beijing
Hq Location Country:China
Key People:Su Hua (CEO)
Revenue: 9.1 billion
Owner:China Internet Investment Fund (Cyberspace Administration of China)
Beijing Radio and Television Station
Kwai
Collapsible:yes
Developer:Kuaishou Technology
Discontinued:No
Genre:Video sharing
License:Proprietary software

Kuaishou Technology (Chinese: c=快手|l=quick hand) is a Chinese publicly traded partly state-owned holding company based in Haidian District, Beijing, that was founded in 2011 by Hua Su (宿华)[1] and Cheng Yixiao (程一笑).[2] The company is known for developing a mobile app for sharing users' short videos, a social network, and video special effects editor.

As of 2019, it has a worldwide user base of over 200million,[3] 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.[4] It is often referred to as "Kwai" in overseas markets. Its main competitor is Douyin, which is known as TikTok outside China.[5]

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.[6]

The China Internet Investment Fund, a state-owned enterprise controlled by the Cyberspace Administration of China, holds a golden share ownership stake in Kuaishou.[7]

History

Kuaishou is China's first short video platform[8] that was 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. The company is headquartered in Haidian District, Beijing.[9]

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. By 2013, the app had reached 100 million daily users.[10] By 2019, it had exceeded 200million active daily users.[11]

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

In April 2018, Kuaishou's app was briefly banned from Chinese app stores after China Central Television (CCTV) reported on the platform popularizing videos of teenage mothers.[13]

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

In June 2020, following the start of the 2020–2021 China–India skirmishes, the Government of India banned Kwai along with 58 other apps, citing "data and privacy issues".[15]

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, Kuaishou made a debut on the Hong Kong Stock Exchange, with its shares soaring by 194% at the opening.[19] However, the company soon faced significant challenges due to stringent regulatory restrictions on Chinese internet companies, leading to a nearly 80% decline in its share price from its peak post-IPO.[20] By December 2021, Kuaishou announced a major reorganization, including the layoff of 30% of its staff, primarily targeting mid-level employees earning an annual salary of $157,000 or more. This restructuring aimed to cut costs and mitigate financial losses.

In October 2022, state-owned Beijing Radio and Television Station took a minority ownership stake in Kuaishou.[21]

In April 2024, a Financial Times article citing current and former Kuaishou employees stated that the company has been running an ageist redundancy programme known internally as "Limestone", culling workers in their mid-30s.[22]

In June 2024, Kuaishou released its diffusion transformer text-to-video model, Kling, which they claimed could generate two minutes of video at 30 frames per second and in 1080p resolution. The model has been compared to that of OpenAI's Sora text-to-video model. It is accessible to the public on Kuaishou's video editing app KwaiCut via signing up for a waitlist with a Chinese phone number.[23] [24] [25]

Popularity

Compared to its main short video platform competitor 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.[26] Kuaishou also relied more on e-commerce revenue than on advertising revenue compared to its main competitor.[27]

Most followed accounts

As of 30 June 2024, the most followed account on the platform is Kuaishou Store with over 200 millions followers. The most followed individual account belongs to Chinese E-commerce businessman Xin Youzhi.

!Rank!User name!Owner!Followers(millions)
1@kuaishouxiaodian-Kuaishou Store200+
2@188888880Xin Youzhi99.99+
3@dandanzuiniuDandan99.49
4@newscctvCCTV74.75
5@2588801384Jackie Chan73.5
6@rmrbxmtzxPeople's Daily67.94
7@40300048Kuaishou Live65.34
8@339933349Taiyuan Laoge65.5
9@2181681Xiao Yang Ge58.33
10@dianfengzhiyeZhi Bo Huo Dong Jun55.19
11@DLT11111DLTQing He Li Ge52.35
12@love123456kele Xiao Fan52.01
13@baixiaobai666Bai Xiaobai51
14@616602646Mutong51.51
15@jaychouJay chou50.66
16@maomei527Maomei49.26
17@sanda927Chen Weijie48.77

See also

Notes and References

  1. Web site: Synced . 2019-08-12 . Tencent-backed Video App Kuaishou Is Turning Chinese Country Folk Into Hollywood Directors Synced . 2022-09-26 . syncedreview.com . 2019-09-02 . https://web.archive.org/web/20190902235845/https://syncedreview.com/2019/08/12/tencent-backed-video-app-kuaishou-is-turning-chinese-country-folk-into-hollywood-directors/ . live .
  2. Web site: 2019-06-20 . Is short-video start-up Kuaishou too 'Zen' for China's internet culture? . 2022-09-26 . South China Morning Post . 2019-09-02 . https://web.archive.org/web/20190902233006/https://www.scmp.com/tech/start-ups/article/3015148/short-video-start-kuaishou-too-zen-chinas-internet-culture-its . live .
  3. Web site: Tencent-backed Video App Kuaishou Is Turning Chinese Country Folk Into Hollywood Directors. Synced. 2019-08-12. Synced. 2019-09-02. https://web.archive.org/web/20190902235845/https://syncedreview.com/2019/08/12/tencent-backed-video-app-kuaishou-is-turning-chinese-country-folk-into-hollywood-directors/. 2019-09-02. live.
  4. Web site: Tencent-backed Kwai App ranked Most Popular social short video app. Business Insider. 2019-09-03. https://web.archive.org/web/20190903012522/https://markets.businessinsider.com/news/stocks/tencent-backed-kwai-app-ranked-most-popular-social-short-video-app-1025560745. 2019-09-03. live.
  5. Web site: One of China's hottest video apps is flirting with video gaming. 2018-12-19. South China Morning Post. en. 2019-09-02. https://web.archive.org/web/20190902235842/https://www.scmp.com/tech/apps-social/article/2178668/tencent-backed-short-video-app-kuaishou-launches-mini-game-similar. 2019-09-02. live.
  6. News: Billionaire Who Missed Out on TikTok Is Trying to Beat It. Bloomberg.com. 21 July 2021. 2021-07-21. 2021-07-22. https://web.archive.org/web/20210722025945/https://www.bloomberg.com/news/articles/2021-07-21/billionaire-who-missed-out-on-tiktok-is-now-trying-to-beat-it. live.
  7. News: 2021-11-18 . China's communist authorities are tightening their grip on the private sector . subscription . live . https://web.archive.org/web/20211122040933/https://www.economist.com/business/chinas-communist-authorities-reinvent-state-capitalism/21806311 . 22 November 2021 . 2021-11-22 . . 0013-0613.
  8. Web site: 2021-01-08. Is Kuaishou Still China's Short Video "Platform for the People?". 2021-05-01. RADII Stories from the center of China's youth culture. 2021-04-18. https://web.archive.org/web/20210418165837/https://radiichina.com/kuaishou/. live.
  9. Web site: Bloomberg Company Profile: Beijing Kuaishou Technology Co Ltd. Bloomberg. https://web.archive.org/web/20190902235844/https://www.bloomberg.com/profile/company/1496219D:CH. September 2, 2019. September 2, 2019. live.
  10. News: Behind the success of Kuaishou, the biggest social video sharing app in China. May 17, 2017. Technode. September 2, 2019. https://web.archive.org/web/20190902235846/https://technode.com/2017/05/17/kwai-kuaishou-chinas-biggest-social-video-sharing-app/. September 2, 2019. live.
  11. Web site: Is short-video start-up Kuaishou too 'Zen' for China's internet culture?. 2019-06-20. South China Morning Post. 2019-09-02. https://web.archive.org/web/20190902233006/https://www.scmp.com/tech/start-ups/article/3015148/short-video-start-kuaishou-too-zen-chinas-internet-culture-its. 2019-09-02. live.
  12. Web site: Su Hua. Forbes. en. 2019-09-02. https://web.archive.org/web/20190902235844/https://www.forbes.com/profile/su-hua/. 2019-09-02. live.
  13. News: Zhong . Raymond . 2018-04-06 . China Isn't Happy About Its Newest Internet Stars: Teenage Moms . en-US . The New York Times . 2021-05-01 . 0362-4331 . 2021-05-01 . https://web.archive.org/web/20210501090827/https://www.nytimes.com/2018/04/06/technology/china-censor-teen-moms.html . live .
  14. Web site: China's tech giants are helping the Communist Party's newspaper fine-tune its online voice. Li. Jane. September 20, 2019. Quartz. en. live. https://web.archive.org/web/20190920211443/https://qz.com/1712688/chinas-tech-giants-work-with-peoples-daily-on-ai-news/. September 20, 2019. 2019-09-22.
  15. Web site: Shrivastava . Rahul . June 29, 2020 . Govt bans 59 Chinese apps including TikTok as border tensions simmer in Ladakh . live . https://web.archive.org/web/20200920143207/https://www.indiatoday.in/india/story/centre-announces-ban-chinese-apps-privacy-issues-1695265-2020-06-29 . 2020-09-20 . 2020-06-29 . . en.
  16. News: Chiu . Joanne . China's Love of TikTok-Style Apps Powers $5 Billion IPO . 27 January 2021 . Wall Street Journal . 25 January 2021 . 27 January 2021 . https://web.archive.org/web/20210127023204/https://www.wsj.com/articles/chinese-video-app-firm-kuaishou-launches-5-4-billion-ipo-in-hong-kong-11611539631 . live .
  17. News: 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 . 6 February 2021 . 6 February 2021 . https://web.archive.org/web/20210206012459/https://www.scmp.com/business/banking-finance/article/3120627/kuaishou-shares-nearly-triples-trading-debut-hong-kongs . live .
  18. News: Chiu . Joanne . TikTok Rival's Stock More Than Doubles in Hong Kong Debut . 7 February 2021 . Wall Street Journal . 5 February 2021 . 6 February 2021 . https://web.archive.org/web/20210206204117/https://www.wsj.com/articles/chinese-video-ipo-goes-viral-with-investors-11612435062 . live .
  19. Web site: Análise: Felipe Zmoginski - Rival do TikTok, app de vídeos quer emplacar streaming e comércio ao vivo. 2021-07-01. www.uol.com.br. pt-br. 2021-07-09. https://web.archive.org/web/20210709182323/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. live.
  20. Web site: 2021-12-07. Kuaishou reportedly lays off 30% of mid-level staff amid sweeping crackdowns. 2022-01-13. KrASIA. en. 2022-01-13. https://web.archive.org/web/20220113114344/https://kr-asia.com/kuaishou-reportedly-lays-off-30-of-mid-level-staff-amid-sweeping-crackdowns. live.
  21. Web site: 2022-11-07 . Chinese state broadcaster takes 1 per cent stake in short video app Kuaishou . 2022-11-17 . . en . 2022-11-17 . https://web.archive.org/web/20221117051111/https://www.scmp.com/tech/big-tech/article/3198731/beijing-broadcasters-1-cent-stake-short-video-app-kuaishou-latest-sign-increasing-state-influence . live .
  22. News: Kai . Waluszewski . Olcott . Eleanor . 23 April 2024 . China’s ageing tech workers hit by ‘curse of 35’ . subscription . live . 25 April 2024 . . 24 April 2024 . https://web.archive.org/web/20240424101144/https://www.ft.com/content/5cf306ad-3a39-4357-b7b3-1d2644bb13a7 .
  23. Web site: Morrison . Ryan . Forget Sora — Kling is a killer new AI video model that just dropped and I’m impressed . . . June 27, 2024 . June 7, 2024.
  24. Web site: Franzen . Carl . What you need to know about Kling, the AI video generator rival to Sora that’s wowing creators . . June 27, 2024 . June 12, 2024.
  25. Web site: Yang . Zeyi . I tested out a buzzy new text-to-video AI model from China . . June 27, 2024 . June 19, 2024.
  26. Web site: 2018-09-04. From Douyin to Kuaishou: A visual look at China's hottest short video apps. 2021-05-01. South China Morning Post. en. 2021-05-01. https://web.archive.org/web/20210501090827/https://www.scmp.com/abacus/culture/article/3028789/douyin-kuaishou-visual-look-chinas-hottest-short-video-apps. live.
  27. Web site: Chen. Tingyi. 2020-02-24. Why is Kuaishou Better than Douyin for E-commerce Conversion & Social Engagement. 2021-05-01. WalktheChat. en-US. 2021-05-01. https://web.archive.org/web/20210501090829/https://walkthechat.com/why-is-kuaishou-better-than-douyin-for-e-commerce-conversion-social-engagement/. live.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Kuaishou".

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