(Chinese Version)

　　Happy stories are all alike, but distinctively different to some degree.

　　Finally, Snap, the parent company of social network app Snapchat, went public on the New York Stock Exchange. The Wall Street demonstrated its expectation towards Snap by setting its valuation at near $34 billion. Despite slight fluctuation recently, its valuation remains higher than $25 billion, making it the envy of lots of social network-based brands. Statistics suggest that Snap’s revenue reached $400 million in 2016. Major sources of its revenue include: filters sponsored by advertisers and video ads, etc.

　　Meitu’s short video editing app Meipai is commonly referred to Chinese Snap. It is reported that Meitu’s revenue in the first half of 2016 reached 585.5 million. Major sources of Meitu’s revenue includes smartphone and internet service. In fact, smartphone accounted for 95.1 per cent of Meitu’s revenue in the first half of 2016.

　　According to Snap’s prospectus, its revenue in 2017 is expected to reach $1 billion. So how can Chinese counterparts, such as Meipai, catch up and even surpass Snap?

　　Snap and Meipai adopted completely different commercialization paths

　　Throughout Snap’s prospectus, Snap repeatedly highlighted that “Snap is a camera company”. Its Chinese counterparts, such as Meipai, prefers to call themselves “mobile internet companies”. However, they actually have similar user groups and all have much to do with photo apps. Statistics suggest that 60 per cent of Snapchat’s DAUs are 13-24 year old teenagers, while with a total MAU of 456 million (as of October 2016), major users of Meitu’s all kinds of apps are 16-22 teenagers and 22-30 year old young adults.

　　However, their difference lies exactly in details.

　　For example, 55 per cent of Snap’s users are female, while a third-party organizations’ statistics suggest that female users account for 70 per cent on Meitu. Thus, here comes some vital differences:

　　1. Individual-based VS Internet celebrities center

　　Snap’s users are highly decentralized. As of the fourth quarter of 2016, Snapchat’s DAU reached 161 million, 161 million individuals. They share their own lives and build their intersectional social connections.

　　In other words, Snapchat is based on individuals. In comparison, Meipai is highly centralized since it is more like an incubator for “internet celebrities”. Therefore, it is naturally a favorable platform for KOLs and people fond of performing.

　　For example, by uploading some really interesting and creative short videos, dance teacher Meipai user “HoneyCC” attracted millions of fans in a short time (2 million Meipai fans and 570,000 Sain Weibo fans). She was even invited to deliver a speech at the release conference of Meitu T8 smartphone. Other users who become popular via Meipai includes Luo Xiuxiu, popular joke-tellers and owners of one of the best-selling cosmetics shop on Taobao, Mr. Fu, a popular laugh-making star in the Chinese internet world from Germany, etc.

　　In a word, while Snapchat weaves a complete and stable social network chain, its Chinese counterparts, such as Meipai and UGC-based video platform Bilibili.com, establish one after another “internet celebrity incubator” through algorithm and tags and by discovering contents and people of better quality and worthier of discussing.

　　2. Others-centered (of social networking) VS Self-centered (for social networking)

　　Although both Snap and its Chinese counterparts (short video and live streaming platforms) rely on “hormone economy”, Snap is more about others, while Meipai is more about oneself.This reflects not only cultural difference between China and US but also difference in their product form. While Snapchat is about communicating with others (of social networking), Meipai is about recording oneself (for social networking). While Chinese’ users’ craving for social networking starts with the pursuit of beauty, Meipai best satisfied people’s needs through its all kinds of filters and tools.

　　In comparison, foreign young people prefers social networking apps with which they can make some really cool videos. Snapchat is born under such circumstances and skewers up people’s social networking chains through short videos. However, Chinese short video apps are more about having users record, upload and share their videos. However, no app really knows how to help strengthen people’s social networking chains.

　　By taking advantage of high quality contents via big data algorithm, combining hot-spot topics, getting people involved and creating even more UGC-based hot-spot contents, Meipai has successfully transformed from a tool into a short video community. Statistics suggest that average using time per day on Meipai has grown from 12.9 minutes (as of May, 2014) to 33.8 minutes (as of October, 2016).