Virtual exchange of gifts is prominent in China’s well-known internet streaming market. From a rose for 5 yuan (80 cents) to a skyrocket for 500 yuan, you can gift your favorite live artist anything you want.
The flourishing of Kuaishou Technology can be attributed to the fact that gift is only an abstraction while money is real.
Having greater paid monthly subscribers than any other live-streaming service globally, the ByteDance Ltd. competitor has emerged as the most prominent digital gifting live-streaming service, according to details for the sale reported by Bloomberg, the organization, which keeps a portion of the tips fans leave for performances, earned $5.4 billion in Hong Kong, making it the largest online IPO until Uber Technologies Inc. in 2019.
According to the ownership indicated in Kuaishou’s prospectus, it is expected to produce a minimum of four billionaires having a total wealth estimated at fifteen billion dollars. As per the Bloomberg Billionaires Index, founding partners Cheng Yixiao and Su Hua are expected to be worth over 5.5 billion dollars.
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As a component of a group of companies that prospered with support from Tencent Holdings Limited, Kuaishou, which translates to “fast hand,” emerged as among China’s largest digital success stories of the previous ten years.
The company, together with TikTok’s parent organization ByteDance, invented the live-streaming along with bite-sized video formats that have subsequently been widely embraced by companies like Facebook Inc.
“The key resource of the internet is attention,” Su wrote in Kuaishou’s official biography in 2019. “It can be focused on large numbers of people like the sunlight, rather than a spotlight just on a certain group of people. That’s the simple logic behind Kuaishou.”
Su Hua, a Hunan region native who attended the renowned Tsinghua University to study computer science, began working for Google in 2006 in Beijing.
He made $23,000 a year there, which was eight times the average wage in the nation at the time. As stated in Kuaishou’s memoir, he claimed to be “extremely happy,” but a visit to Silicon Valley eventually encouraged him to launch his own company.
The 38-year-old left Google amid the economic downturn to launch his own, unsuccessful video advertising business. He met Cheng in 2011 after a brief term with Baidu Inc., and they quickly agreed to work together.
The pair turned the Kuaishou app from a GIF generator to the social video-sharing platform it is now in 2013, originally becoming well-known for their depictions of rural China.
I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person