Chinese social media platform Kuaishou has entered into a licensing agreement with China Media Group (CMG) to gain rights for the Paris 2024 Summer Olympics.
Under the agreement, Kuaishou will merge its content and commercial ecosystem resources. The platform aims to introduce innovative product features and integrate various scenarios.
Additionally, it plans to provide extensive event coverage, a variety of programmes and real-time interactive experiences. Moreover, Kuaishou intends to create new consumption opportunities through these initiatives.
Kuaishou, a short video and live streaming platform, has significantly expanded its sports content portfolio in recent years. The platform has forged partnerships for copyright and content with more than 50 international sports events, including competitions like the NBA and football clubs such as Chelsea.
Furthermore, Kuaishou has obtained broadcasting rights for prominent events such as the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, which it believes uniquely positions itself to play a pivotal role as a catalyst in advancing community-based sports engagement in China.
In 2023, the platform hosted over 17 million creators who shared sports-related content, captivating an audience of nearly 200 million users. Additionally, during the same year, more than 50 million users made purchases of sports-related products on Kuaishou.
During the Beijing 2022 Winter Olympics, Kuaishou users showed strong spending preferences in several categories. Top categories included footwear and apparel, cosmetics and personal care products, and food and beverages.
Notably, the sports and outdoors category saw a 602% year-over-year increase in Gross Merchandise Value (GMV), highlighting the platform’s significant role in driving consumer engagement and spending during major sporting events.
This development aligns with the International Olympic Committee‘s (IOC) objective to achieve its broadest-ever media distribution. Recently, the IOC announced extensive global visibility for the upcoming Paris Paralympic Games through media agreements spanning over 160 countries.
