Posted On 2014/09/26 By In Business, News, Internet, Mobile, Social Media With 796 Views

Video App funded @ $50 million to become China’s answer to Vine

10-second video app Miaopai has secured US$50 million in series C funding, according to Sina Tech. The investment for the Chinese Vine-like app comes from KPCB, Sina, Redpoint Ventures, Ren Quan Ventures, and StarVC.

That last investor, StarVC, is a venture capital firm set up earlier this year by three well-known actors, including actress and singer Li Bingbing. Miaopai claims to have 20 million users. The app not only has filters that can be added to movies, but also an array of themes, special effects, sounds, and music. Users can sign up using their Sina Weibo or Tencent QQ credentials.

20 million users represent rather slow growth for an app that first emerged, albeit in a different incarnation, back in 2011. Then it was called Yi Xia and – before Vine came along and finally got people interested in making short videos – had no time limit. Later it rebranded and went through several redesigns, all while never really catching on in a huge way in a nation of hundreds of millions of smartphone users.

The slow uptake is all the more surprising as the app is marketed as a de facto Sina product to the hundreds of millions of people on the Twitter-esque Sina Weibo. In that time, the app has been passed by Tencent’s Weishi, which ties in closely with the popular WeChat messaging app. Along with the celebrity backing, Miaopai relies on other star users to pull in regular schmoes to the app. But Weishi does the same, making it hard for Miaopai to stand out against the pulling power of Tencent, China’s social media giant.


Learn more in our Global Ready China Seminars


Sources:

Article / Image: Tech in Asia

10-second video app Miaopai has secured US$50 million in series C funding, according to Sina Tech. The investment for the Chinese Vine-like app comes from KPCB, Sina, Redpoint Ventures, Ren Quan Ventures, and StarVC. That last investor, StarVC, is a venture capital firm set up earlier this year by three well-known actors, including actress and singer Li Bingbing. Miaopai claims to have 20 million users. The app not only has filters that can be added to movies, but also an array of themes, special effects, sounds, and music. Users can sign up using their Sina Weibo or Tencent QQ credentials. 20 million users represent rather slow growth for an app that first emerged, albeit in a different incarnation, back in 2011. Then it was called Yi Xia and – before Vine came along and finally got people interested in making short videos – had no time limit. Later it rebranded and went through several redesigns, all while never really catching on in a huge way in a nation of hundreds of millions of smartphone users. The slow uptake is all the more surprising as the app is marketed as a de facto Sina product to the hundreds of millions of people on the Twitter-esque Sina Weibo. In that time, the app has been passed by Tencent’s Weishi, which ties in closely with the popular WeChat messaging app. Along with the celebrity backing, Miaopai relies on other star users to pull in regular schmoes to the app. But Weishi does the same, making it hard for Miaopai to stand out against the pulling power of Tencent, China’s social media giant. Learn more in our Global Ready China Seminars Sources: Article / Image: Tech in Asia

Readers' Rating

How did you like this article? Would you like to read more content like this? Tell us your opinion: by rating this article you help us select the most relevant content for you in the future. Thank you for pointing us in the right direction.

User Rating: Be the first one !
0

Tags : , , , ,

About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *