Nasdaq-listed content aggregator Qutoutiao has been developing two short video apps to target Douyin and Kuaishou, media outlet TechPlanet reported, citing people familiar with the matter.
Why it matters: Facing widening losses and declining time spent on the platform, Qutoutiao is looking at the large yet highly competitive short video landscape for growth opportunities.
Qutoutiao’s net loss in the second quarter jumped 167% year-on-year to RMB 560 million.
The average time spent on the platform per daily active user has been dropping for two consecutive quarters.
Details: The two unnamed short video products intend to combine the functionalities of short video apps and cash rewards features that Qutoutiao has been using.
Qutoutiao started working on the two platforms in July and could release them before the end of 2019.