The Big Read: The Master of Destruction Rides AgainRead more

Kuaishou Technology headquarters in Beijing. Photo by Bloomberg.

Why China Embraced the Creator Economy Before the West Did

By  |  March 4, 2021 9:00 AM PST
Photo: Kuaishou Technology headquarters in Beijing. Photo by Bloomberg.

Executives at Facebook, Twitter and Snap recently realized that if they don’t help the people who produce videos and other content for their apps make money, these creators will take their talents, fans and potential revenue streams somewhere else.

In China, mobile video apps figured that out six years ago. That’s when Kuaishou, which started as an app for teenagers uploading 8-second videos to share with friends, overhauled its product so the teens could also stream themselves live and be paid directly by their fans via tips. That move propelled Kuaishou (pronounced “kwai-show”) to a public market capitalization of $170 billion after an initial public offering in Hong Kong last month. Hurst Lin, a venture capitalist who sits on Kuaishou’s board and whose firm’s early $40 million investment in the company is now worth around $15 billion, told The Information in an extended interview that Kuaishou’s move to tipping wouldn’t have happened if not for a desire for “revenge” against a rival.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Microsoft's Satya Nadella, left, and Peter Lee. Photo by Bloomberg, Microsoft
Exclusive
How Microsoft Swallowed Its Pride to Make a Massive Bet on OpenAI
Satya Nadella didn’t want to hear it. Last December, Peter Lee, who oversees Microsoft’s sprawling research efforts, was briefing Nadella, Microsoft’s CEO, and his deputies about a series of tests Microsoft had conducted of GPT-4, the then-unreleased new artificial intelligence large-language model built by OpenAI.
Art by Clark Miller
The AI Age e-commerce ai
How to Grease a Chatbot: E-Commerce Companies Seek a Backdoor Into AI Responses
When Andy Wilson’s company received its first successful client referral through ChatGPT, he was shaken to his core.
Chris Britt, co-founder and CEO of Chime.
Exclusive startups Finance
Chime’s Slowdown Highlights Limits of Bank Disruptors
Chime found a way to offer zero-fee banking services without being a bank itself. But that approach is starting to show its limits.
Art by Clark Miller
The Big Read markets Finance
The Master of Destruction Rides Again
In the spring of 2022, the irascible Wall Street short seller Marc Cohodes was in a particularly foul mood.
Art by Mike Sullivan
startups asia
Venture Capitalists Face Pressure to Divest From China
Silicon Valley venture capitalists are coming to terms with a new reality: Their once-prized China investments may be victims of a simmering cold war.
Chart by Mike Sullivan.
Data Point enterprise
Enterprise Software’s Laggards: Firms Growing Slowly And Still Burning Cash
It’s the age-old refrain in American business: You have to spend money to make money. And it’s particularly true of the tech industry, where startups pour millions into untested new businesses and technologies.