Kuaishou said Acfun’s brand, operation and management will remain independent after the takeover, while Kuaishou will provide support in capital, technology and resources. Kuaishou, backed by social media giant Tencent Holdings Ltd., announced the deal Tuesday without giving financial details. Last August, AcFun announced a 90 percent year-on-year increase in uploaders, a 79 percent rise in submissions and a 172 percent hike in fans, without disclosing any specific numbers.Chinese video-streaming startup Kuaishou has acquired rival online video platform Acfun amid heated competition in the country’s online-video service market. Kuaishou bought the firm in 2018, when it was on the verge of bankruptcy, for an undisclosed sum.Īfter completing the acquisition, Kuaishou invested CNY570 million (USD88.2 million) in 2019 to support AcFun’s uploaders, or creators. But its growth slowed with the rapid rise of competitor Bilibili. Wen was deputy general manager of its literary and comics division, with extensive experience in the animation community.įounded in 2007, AcFun was China’s first barrage video website focusing on the two-dimensional field. He had worked for many years at internet firm Netease. Kuaishou appointed Wen to head AcFun in June 2019, when he also managed Kuaishou’s two-dimensional business development. Beijing News did not disclose where Wen would go after leaving AcFun.
Kuaishou has yet to make an official announcement on Wen’s reported departure. Since he took office two years ago, AcFun’s daily and monthly active user numbers have fallen short of expectations, the source said. Wen’s departure may have been due to poor performance at the Beijing-based firm. The business was handed over to Kuaishou’s operations team for unified management, it added. Wen Min left recently, but the team he brought from Netease was still working at AcFun, Beijing News reported yesterday, citing an unidentified insider at the parent company. (Yicai Global) July 6 - The head of AcFun, a Chinese anime barrage video site acquired by short video platform Kuaishou, has reportedly resigned after two years in post because of the business’ lackluster performance.
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