The Chinese short-form video platform Kuaishou has announced internally that it will be engaging in another round of restructuring, according to an exclusive report by Jiemian News.
Kuaishou recently shared that it has seen another profitable quarter, after posting group-wide profit for the first time in Q2 this year. The current local consumption department will be renamed the “recruitment and property department”, and will be in charge of Kwai Hire recruitment services and property sales.
Kuaishou started experimenting with livestream property sales in 2019. The South China Morning Post (SCMP) reports that the platform recruits and trains property agents to feature in sales livestreams and short-form videos. By the end of 2022, there had been over 100 million users of the app who watched its livestream sessions of property sales.
Kuaishou has sold properties worth 14 billion RMB (1.95 billion USD) in 2023 so far. In comparison, properties worth 10 billion RMB (1.39 billion USD) were sold throughout 2022. By bringing the emphasis on properties in the restructuring, the company can further leverage this lucrative sector.
Other changes in the reported structural overhaul include the establishment of an author and content ecosystem department that integrates several content-related current departments and a new culture and entertainment department that will absorb the current sports business unit.
Kuaishou, a rival of Bytedance’s Douyin, has gone through several structural changes since the beginning of this year. According to SCMP, recent restructures include co-founder Su Hua stepping down as chairman in October, the establishment of a management committee with 12 members and a committee focusing on the business ecosystem.