Online virtual gift industry has a big boom in Chinese market nowadays.
Do you know what is a virtual gift?
You can send anyone anything from a rose for 80 cents to space rocket of 80 dollars and nothing in this is real, it will be a symbol only but money is real. And this is the only business model which is making Kuaishou Technology so profitable.
What does Kuaishou mean?
Kuaishou, which means "fast hand", this is one of the internet business success stories because this business is trending and making a profit so much.
What is the story behind this successful business?
38-year old quit Google at the time of Global crisis and started his own venture of video advertisement but it didn't go well so he got acquainted with Cheng in 2011 and they soon decided to pair up in 2011. In 2013 both transformed into the Kuaishou application.
The main income of this platform comes from virtual gifts only people are spending time on this platform and giving virtual gifts to each other. NOw investors are really interested in this platform to invest because this is very fast.
But the company will have to deal with a recent crackdown on live-streaming. As the Chinese govt. said performers and gift-givers need to register themself as a real name on the platform.
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