A year after fully launching its marketing platform and tools, Chinese video-streaming unicorn Kuaishou, TikTok’s biggest domestic rival, reported taking on more than 1,000 big brand owners as “key account” clients and more than 100 companies as advertising agencies.
More than 200,000 short video content creators on the popular platform have profited from the advertising push by at least 600,000 active merchants, each video generating average profit of 11,000 yuan ($1,560) this year, the company said Thursday.
Yan Qiang, Kuaishou’s vice president of commercialization, said there is no pressure to meet the annual goal of 15 billion yuan ($2.1 billion) of advertising revenue this year.
Total revenue from marketing by the end of this year may actually “take a big leap” because of the coming Nov. 11 “Double 11” online shopping festival, Yan said. The company will partner with Alibaba for a livestreaming interactive gala party on Nov. 11, Yan said at a Thursday press meeting. In November, Kuaishou will also launch open-screen advertisements for its short video content.
Kuaishou initiated its marketing platform and tools for big and small merchants last year on Oct. 30 with a goal of taking in 15 billion yuan from advertisers in 2019. The short video app, reportedly seeking new funds with an evaluation of $25 billion, is backed by Tencent, Sequoia Capital and Baidu, among other high-profile investors, and claims to have surpassed a daily active user base of 200 million.
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