Kuaishou: China's #2 Short Video Platform with 600M+ Users
Founded in 2011 by Su Hua and Cheng Yixiao, Kuaishou (known as Kwai internationally) pioneered short video in China before Douyin existed. With a unique focus on lower-tier cities and authentic grassroots content, Kuaishou has built a massive and highly engaged user base that distinguishes it from its more glamorous competitor.
TL;DR
Kuaishou has 600M+ MAU in China, generated 113.5B RMB (~$15.6B) revenue in 2024. Its live streaming commerce GMV exceeds 1.2 trillion RMB. The app uniquely serves China's lower-tier cities with authentic, community-driven content.
Key Insights
Revenue Growth
Kuaishou reported 113.5 billion RMB revenue in 2024, up 15.8% year-over-year. Live streaming remains the largest revenue driver at 56%, followed by online marketing at 37% and other services at 7%.
Live Streaming Commerce
Kuaishou's live streaming e-commerce GMV reached 1.2 trillion RMB in 2024, making it one of China's largest e-commerce platforms by transaction volume. Its trust-based social commerce model converts at higher rates than traditional platforms.
User Demographics
Unlike Douyin's metro-centric user base, approximately 70% of Kuaishou users are from Tier 3 and lower-tier cities. This demographic has higher engagement, stronger creator-viewer relationships, and higher live streaming purchase conversion rates.
Global Expansion
Kuaishou operates internationally as 'Kwai' across Latin America, Southeast Asia, and the Middle East. The app has over 200M international users, with particularly strong presence in Brazil, Indonesia, and Saudi Arabia.
Creator Economy
Kuaishou has over 25 million active content creators on its platform. Its revenue-sharing model is considered more favorable to creators than competitors, with top creators earning millions annually from virtual gifts and commerce commissions.
Side-by-Side Comparison
| Feature | Kuaishou | Douyin (TikTok China) |
|---|---|---|
| Founded | 2011 | 2016 |
| MAU (China) | ~600M | ~750M |
| 2024 Revenue | 113.5B RMB | ~200B+ RMB (est.) |
| Primary Revenue | Live streaming | Advertising |
| Commerce GMV | 1.2T RMB | 2.5T+ RMB |
| User Demographics | 70% Tier 3+ cities | 50% Tier 1-2 cities |
| Content Style | Authentic, grassroots | Curated, trendy |
| Creator Revenue Share | More generous | Standard |
| Stock Listing | HKEX (1024.HK) | Private (ByteDance) |
| Market Cap | ~$40B HK | N/A |
Frequently Asked Questions
Kuaishou (Kwai internationally) is China's second-largest short video platform. Founded in 2011, it pioneered the short video format before Douyin. It's listed on the Hong Kong Stock Exchange under ticker 1024.
Kuaishou focuses on authentic grassroots content and serves lower-tier cities, while Douyin features more curated, trendy content popular in urban areas. Kuaishou's community bonds are stronger, with higher creator-viewer interaction and live streaming engagement.
Kuaishou achieved its first annual profit in 2023 and continued profitability in 2024. The company posted net income of approximately 6 billion RMB in 2024, driven by live streaming commerce growth and advertising efficiency improvements.
Kuaishou earns primarily through three channels: live streaming (virtual gifts, 56% of revenue), online marketing/advertising (37%), and other services including e-commerce commissions and games (7%).
Kwai is the international brand of Kuaishou. It operates as a standalone app in markets like Brazil, Indonesia, and Saudi Arabia. Kwai has over 200 million international users and competes with TikTok in emerging markets.