Chinese short video platform Kuaishou reported its fourth-quarter and full-year earnings for 2024 on March 25, showing an 11.8% year-on-year increase in total revenue to RMB 126.9 billion ($17.6 billion). The firm’s adjusted net profit rose 72.5% to RMB 17.7 billion ($2.5 billion) during the same period. Kuaishou has seen a notable boost to these figures from its video-generation AI model, Kling AI, which was introduced in June 2024 and has generated over RMB 100 million ($14 million) in revenue since its commercialization. Kling AI, which has been updated approximately every two weeks since its launch, with more than 20 iterations so far, offers a tiered membership model for individual users and an API subscription for businesses. The membership has three pricing tiers: RMB 66 ($9), RMB 266 ($37), and RMB 666 ($93). On Kuaishou’s third-quarter earnings call last November, CEO Cheng Yixiao revealed that Kling AI had surpassed 5 million users, with monthly revenue exceeding RMB 10 million ($1.4 million). [Jiemian, in Chinese]
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