KIK is an app that is currently popular with teenagers. This app aims to become the “WeChat of the West,” thanks to funding from WeChat’s parent company, Tencent. This messaging app has joined the unicorn club that had $1 billion valuations in its recent round of funding. The Waterloo Company based in Ontario has raised about $50 million from Tencent Company, which is a Chinese web portal that owns WeChat, which is also another messaging service. Although KIK has been quiet, it's a formidable competitor in the messaging wars. The company intends to imitate the technology embraced by the Asian messaging app manufacturers like WeChat and KakaoTalk. These apps have become massive hubs for everything ranging from commerce to media. There are 240 million registered KIK Messenger users, but it doesn't disclose how they came to exist.
At the beginning of the year, KIK Company hired Qatalyst Partners to collaborate in exploring the existing strategic options such as a potential sale. KIK director made a list of every single company that KIK could potentially partner with in business. This could either be through a sale or investment. The reason he landed on Tencent Company is because he wanted to mimic the company’s success with others like WeChat. He said that Tencent had accomplished in the market what they wanted to achieve in U.S. Tencent was open to investment rather than an outright acquisition. It would let KIK stay independent and hungry. Further, he appreciated Tencent’s long-term view. They could wait for payment. KIK app wants to change the whole chat.
That's Popular With Teenagers
KIK Messenger has switched on the process that aims to monetize its users. The majority of KIK users are teenagers, and it aims at giving value to its users through advertising and digital currency. It's now possible for KIK users to earn “KIK Points” just by watching ads or interacting with brands that they use to buy the digital stickers. These brands come with KIK accounts that interact with users. Users can also pay KIK to promote their accounts. Currently, over 16 million users have had experience with over 80 branded accounts.
This new move follows that of Wechat, which is the KIK’s new partner. The director said that more official accounts are created and added to WeChat every day. This is more often in China than the other apps being created on the Internet. It's the objective of KIK’s to become the WeChat of the Western countries. KIK now integrates an informal partnership with the actual WeChat.
KIK found its way into the market quickly as compared to the other companies because it allowed even people without a phone number like teens who use iPod Touch devices on Wi-Fi networks to send messages. KIK director is sure of the success of his product because of its network effects. He said that people use KIK Messenger because their friends use it. KIK previously managed to raise about $70.5 million in a venture funding. It's the company plans to use the investment to multiply its person teams over the next year. Let us join KIK accounts and experience the technology.
