Chinese short video platform Kuaishou announced on Wednesday it will give $143 million in cash gifts during the 2020 Spring Festival Gala in an exclusive partnership deal with China Media Group.
According to the terms of the deal, Kuaishou will serve as the exclusive social media partner for the 2020 Spring Festival Gala,
one of the most-watched television programs in the country produced by China Media Group.
Cash gifts will be awarded in the form of red packets to audiences who participate in online discussions throughout the show. The deal marks a milestone for Kuaishou, a rising star in the burgeoning short video sector, as it follows tech giants Baidu, Alibaba Group, and Tencent Holdings, which had previously partnered with CCTV for the annual event.
The move is a significant step for Kuaishou and an opportunity to expand its domestic user base. The company has over 200 million daily active users (DAU).
In 2017, Kuaishou launched its international version Kawi. The company recently announced Kwai had reached 7 million DAU in Brazil.
The Spring Festival Gala, broadcast on the eve of the Spring Festival, is viewed by hundreds of millions of people in China and around the world.
In 2018, a total of 1.13 billion people tuned in for the show, according to data from China Media Group.
