BEIJING (Reuters) – Chinese language social media app RedNote has been thrust into the limelight after greater than half 1,000,000 TikTok customers not too long ago joined the platform in protest in opposition to a possible imminent ban on the brief video app in america.
Identified by its Chinese language identify “Xiaohongshu” in China, the platform is a well-liked way of life app the place customers doc their lives and publish suggestions.
Listed here are some particulars in regards to the app:
WHAT IS THIS APP?
RedNote is usually considered a localised adaptation of Instagram in China. Its Chinese language identify Xiaohongshu interprets to “Little Crimson E book” in English, a phrase which historically refers to a set of sayings by Chinese language Communist chief Mao Zedong.
It’s extensively considered the go-to search engine lately in China for suggestions and the most well-liked subjects on the app span magnificence, trend, journey and meals. Its customers in China are principally younger and feminine.
Its interface is completely different from TikTok or Instagram in that it shows a number of posts – both video, photographs or longer-form texts – concurrently.
Customers are capable of interact in discussions, share their posts, name one another and buy merchandise. The platform has not too long ago been making an enormous push into livestreaming gross sales.
As of 2023, it had greater than 300 million month-to-month energetic customers, in response to Chinese language media experiences.
WHO OWNS REDNOTE?
The app was co-founded by Miranda Qu, its present president, and Charlwin Mao, its CEO, in 2013 in Shanghai. They initially referred to as the app “Hong Kong Purchasing Information” and focused Chinese language vacationers searching for suggestions exterior the mainland.
RedNote is considered as a possible IPO candidate. Shareholders embrace Chinese language tech giants Alibaba (NYSE:) and Tencent, Singapore state investor Temasek in addition to enterprise capital corporations GSR Ventures, DST International, and GGV Capital.
Mao has private wealth of some 18 billion yuan ($2.5 billion) whereas Qu has a fortune of 12 billion yuan, in response to China’s Hurun wealthy listing.
DOES IT HAVE GLOBAL AMBITIONS?
The app is especially utilized by Chinese language individuals and whereas customers have the choice to vary the app’s language, many of the content material thus far has been in Mandarin.
The inflow of TikTok customers has appeared to catch RedNote unexpectedly. Two sources conversant in the corporate mentioned they have been scrambling to search out methods to reasonable English-language content material and construct English-Chinese language translation instruments.
RedNote maintains just one model of its app, fairly than splitting it into abroad and home apps. In distinction, Tencent runs abroad and home variations of its WeChat app whereas ByteDance additionally has a model of TikTok for mainland China referred to as Douyin, partly to adjust to Chinese language authorities moderation guidelines.
The corporate is eager to mine the sudden rush of consideration, as executives see it as a possible path to attaining world reputation just like TikTok’s, the sources mentioned. RedNote didn’t reply to a request for remark.
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