This article may require copy editing for grammar, style, cohesion, tone, or spelling. (August 2021)
|Founder||Su Hua |
|Su Hua (CEO)|
|Revenue||US$ 9.1 billion (2020)|
Kuaishou (Chinese: 快手; lit. 'quick hand') is a video-sharing mobile app developed by Beijing Kuaishou Technology Co., Ltd, with a particularly strong user base among users outside of China's Tier 1 cities. Outside Mainland China, it has also gained considerable popularity in other markets, topping the Google Play and Apple App Store's "Most Downloaded" lists in eight countries, such as in Brazil. In Pakistan and Indonesia, this app is known as Snack Video. It is often referred to as "Kwai" in overseas markets. Its main competitor is Douyin, which is known as TikTok outside of China.
Kuaishou was founded by Su Hua (宿华) and Cheng Yixiao (程一笑). 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. Kuaishou's overseas team is led by the former CEO of 99, the biggest Brazilian ride-hailing company, and talent from Google, Facebook, Netflix and TikTok were recruited to lead the company's international expansion.
Kuaishou is a short video social platform for all users to record and share their lives, with the core mission to "Embrace All Lifestyles". Kuaishou topped Google Play and Apple App Store's Most Downloaded lists in eight countries in 2020. In 2021, it had an average of 1 billion monthly average users (MAU), and in August 2021, it reported a quarterly revenue of $2.95 billion, representing a 48.8% year-on-year increase. Kuaishou facilitated more than $59 billion of e-commerce transactions on its platform. Active users on the platform spend an average of more than 100 minutes daily on its main app.
Kuaishou is the first short video platform of China. Kuaishou's predecessor, "GIF Kuaishou", was founded in March 2011. GIF Kuaishou was a mobile app created to make and share GIF pictures. In November 2012, Kuaishou transformed into a short video community, and a platform for users to record and share videos depicting their everyday lives. By 2013, the app had already reached 100 million daily users. By 2019, that figure had surpassed 200 million active daily users.
In June 2020, the Government of India banned Kwai along with 58 other apps, citing "data and privacy issues". Recent border tensions between India and China might have also played a role in the ban, as there has been an increasingly political "Boycott China" movement in India due to the competitive relations between the two countries in recent years.
In January 2021, Kuaishou announced it was planning an initial public offering that would seek to raise approximately US$5 billion. Kuaishou's stock completed its first day of trading at $300 HKD (US$38.70), surpassing its initial offer price by more than double the amount, and causing its market value to skyrocket to over $1 trillion HKD (US$159 billion).
In February 2021, shares of Chinese short video app company Kuaishou jumped 194% at the open on its Hong Kong debut. However, Kuaishou has been one of the worst hit by the regulatory crackdown on Chinese internet companies and its share price has shrunk nearly 80% from its highest point since going public. In December 2021, it was announced that Kuaishou will lay off 30% of its staff, mainly for mid-level employees with an annual salary of US$157,000 or more. The reorganization took place to help Kuaishou cut costs and reverse losses.
Compared to Douyin, Kuaishou is relatively more popular with an older public outside of Tier 1 cities. Its initial popularity originated around videos of Chinese rural life. Kuaishou also relies more on e-commerce revenue than on advertising revenue compared to its main competitor.
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