BEIJING, July 17, 2020 /PRNewswire/ -- Tencent-backed Chinese short video platform Kuaishou has announced the agreement of a "strategic alliance" with Formula E, the FIA-backed single-seater motorsport championship.
The agreement will see Kuaishou take on several designations, including Formula E's exclusive short-video content partner, exclusive live streaming short-video platform, and official promotional partner.
Kuaishou is China's leading short video platform with over 300 million daily active users browsing a user-generated content archive of over 20 billion videos, according to the data announced by the company in January 2020.
Under the collaboration with Formula E, more exclusive content including race highlights, behind-the-scenes footage and driver profiles will be created on Kuaishou.
Kuaishou and Formula E said they will also be exploring jointly-created events, live streams, and the use of 'multi-channel networks' to attract a broader audience to the race series.
"We are glad to establish such win-win strategic cooperation with Formula E and looking forward to see Kuaishou's coverage and penetration in China to effectively help global IPs such as Formula E to expand their brand influence in China," said Yan Qiang, senior vice-president of Kuaishou.
The video archive of the Kuaishou app has 35 categories of sports content, including basketball, football, table tennis, motorsport, as well as activities such as fishing, skateboarding and parkour. There are over 40,000 high-quality sports video creators and more than 1.2 billion sports activity browsers on the platform.
Chinese short-video giant Kuaishou reaches partnership with Formula E
"We hope that this collaboration with Kuaishou can push forward the domestication process of Formula E in China, not to mention the development of the Chinese racing culture," said Elms Wang, CEO of Enova Holdings, the exclusive organizer of Formula E in China.
Enova Holdings has the right to commercialize all rights relating to Formula E in Greater China, including sponsorship, ticketing, media rights, hospitality, gaming, and live performances and shows.
The 2019-20 Formula E season, which was cut short due to the Covid-19 pandemic, had two Chinese racing teams, NIO 333 FE Team and DS Techeetah; one Chinese driver, Ma Qinghua, racing for NIO 333 FE Team; and a Chinese Grand Prix, the Sanya ePrix, which was set for March 21 before it was canceled due to Covid-19.
About Kuaishou Technology
Kuaishou Technology, headquartered in Beijing, China, runs Kuaishou, one of the world's leading short video social platforms since 2011, boasting more than 300 million daily active users so far. Users can use the platform to create and share videos with friends and their communities through posts, likes and comments. Known for its active and vibrant community with more than 20 billion daily views, the app is available on iOS and Android.
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