Kuaishou, a Chinese social media platform, has signed a licencing agreement with China Media Group (CMG) to acquire rights to the Paris 2024 Summer Olympics.
According to the deal, Kuaishou will combine its content and commercial ecosystem resources. The platform intends to deliver novel product features and integrate a variety of situations.
Furthermore, it intends to deliver substantial event coverage, a range of programming, and real-time interactive experiences. Furthermore, Kuaishou also hopes that these activities will open up new consumer prospects.
Kuaishou, a short video and live streaming platform, has greatly increased its sports content inventory in recent years. The site has signed copyright and content agreements with over 50 worldwide sporting events, including the National Basketball Association (NBA) and football teams such as Chelsea FC.
In the past, Kuaishou also gained broadcasting rights for significant competitions such as the Tokyo 2020 and the 2022 Beijing Winter Olympics, which it hopes will allow it to play a critical role as a catalyst in developing community-based sports involvement in China.
In 2023, the platform housed over 17 million artists who contributed sports-related material, capturing the attention of approximately 200 million people. During the same year, over 50 million customers purchased sports-related merchandise on Kuaishou. During the Beijing 2022 Winter Olympics, Kuaishou users showed strong purchasing preferences in various areas. The top categories were footwear and clothes, cosmetics and personal care goods, and food and drinks.
Particularly, the sports and outdoors sector had a 602% year-over-year rise in Gross Merchandise Value (GMV), demonstrating the platform’s importance in boosting consumer engagement and spending during key sporting events.
This move is consistent with the International Olympic Committee‘s (IOC) goal of achieving the broadest possible media exposure. The IOC has confirmed considerable worldwide awareness of the upcoming Paris Paralympic Games through media agreements with over 160 nations.