Kuaishou Technology

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ByteDance’s TikTok may be the video-sharing platform that Westerners know best, but in China, Kuaishou is almost as big a presence. Founded in 2011 as a site for sharing GIFs, the platform has become a hit outside bigger cities, and its user base skews older than that of Douyin (as TikTok is known in China). That means they’re more likely to have money to spend, and Kuaishou has built an e-commerce business around its platform; in all, it now brings in about $16&nbsp;billion a year in revenue.Kuaishou has also developed formidable AI capabilities, and this June it introduced Kling, a text-to-video language model that analysts believe could compete with products like OpenAI’s Sora and Runway’s Gen-3 Alpha in the race to bring AI to moviemaking.

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This TikTok-like video app caters primarily to content creators in rural China. And while most use the app for fun, for some it’s an economic lifeline. Kuaishou’s livestream e-commerce function offers farmers a direct-sales platform to reach over 1 billion active users. In 2020, the app’s sellers shipped $50 billion worth of goods—most of it agricultural produce. Kuaishou’s commission: less than 1%.

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Kuaishou Technology (KSHTY): Company Profile, Stock Price, News, Rankings

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Kuaishou Technology | Fortune

Kuaishou Technology (KSHTY): Company Profile, Stock Price, News, Rankings | Fortune

Jay, let me start with you. Because I know you have made a study of innovation and a history of innovation and your autofacts, a piece of that history. Tell us, what are the conditions that have to be in place to allow innovation to thrive? Well Allan there are quite a few, but I think lets talk about what innovation is first and then we'll talk about how it happen. So, innovation is a significant new change that's different in improvement there are lot of improvements that somebody might say are innovative or cleaver. But I think we're talking about innovation in the big sense of the word, a real change. Innovation is a tension between the old and the new, and that tension is evident is in China, in the world that China is. This amazing tension between a multi- thousand year legacy Frowned on it's just not culturally correct. And yet in America when Bill Gates drops out of college Americans say fabulous Bill Gates has dropped out of college. He's going to create Microsoft, in China you drop out of college that's not so good. And yet, many innovators are the people who argue with the old, they hear their own thing. And that makes it very challenging to find ways in the Chinese structure to have innovation, disruption, disagreement inside a culture That doesn't generally want that, so that's the Chinese challenge. [ BLANK_AUDIO ]

The issue is rooted deep in Chinese culture.

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