Beijing-based platform reveals huge wealth gap for its live streamers in IPO filing, with 95 per cent making nothing at all
- Huafang’s IPO prospectus reveals the stark disparities among its over 10 million broadcasting hosts
- Only 19,000 Huafang influencers received over 10,000 yuan (US$1,433) worth of tips for their performances in 2021: IPO filing shows
Only five out of 100 Chinese performers are able to get tips from singing and dancing on online platforms operated by Huafang Group, according to initial public offering documents released by the Beijing-based live streaming company in Hong Kong.
Huafang, which makes money by taking a cut from these tips, made its debut on the Hong Kong stock exchange on Monday and its prospectus revealed the stark disparities among its over 10 million broadcasting hosts.
Among the 10.9 million influencers on Huafang’s platforms in 2021, only 19,000 of them, or less than 0.2 per cent, received over 10,000 yuan (US$1,433) worth of tips for their performances.
This compares with 465,000 who made between 0.05 yuan, the lowest price for a virtual gift, to 500 yuan, according to a document filed by the company.
01:52
Chinese influencer banned after wasp-eating video stunt goes wrong
As many as 95 per cent of the influencers, usually young women, failed to receive any tips in 2021.