Kuaishou Music announced today that it will issue 10 million annual incentives at the end of 2021 to partners who supported Kuaishou in copyright-related fields in the past year.
The Chinese firm has reached cooperation with hundreds of copyright companies. As of the third quarter of this year, the settlement amount of copyright companies increased by 3590% compared with last year and 157% compared with the second quarter.
While the settlement level is booming, the usage of songs by copyright companies is also rising. As users gradually develop the habit of using copyrighted songs, the copyright revenue of Kuaishou is becoming the income growth point of the majority of small and medium-sized copyright owners.
In March this year, the firm held the 2021 Kuaishou Music Copyright Ecology Conference, which fully opened the clearing channels for copyright owners and independent musicians. On the basis of original short video copyright settlement, the settlement of live-streaming scenario and lyrics and songs is added, and the settlement object is the effective playing times of music in the live-streaming room.
This means that copyright protection and copyright income are no longer exclusive to well-known record companies, and both independent musicians and music companies can cooperate with Kuaishou with the same set of market-oriented standards.
The earnings report shows that Kuaishou’s revenue in the third quarter was 20.5 billion yuan ($3.22 billion), a year-on-year increase of 33.4%. In the three months ended September 30, the average daily active users of Kuaishou were 320 million, while monthly active users were 570 million, and the average daily usage time of each daily active user was 119.1 minutes.