Momo to Launch Content Sharing App Called Shumei, Targeting Younger Generations

(Source: DoNews)

According to Tech Planet, Beijing-based social media platform Momo plans to launch an app named Shumei (“raspberry” in Chinese), which will capitalize on young people’s sharing and recommending needs. The move marks an attempt to challenge Xiaohongshu‘s (小红书) dominant position in the domestic field of online social networking and content sharing.

According to pictures provided by the source, the app’s user interface appears very similar to Xiaohongshu. The homepage of the app recommends daily notes shared by users in masonry layouts. Users can also click the plus sign at the bottom to create new notes.

Momo is an open mobile video social application based on geographical location. The platform’s developer, Beijing Momo Technology Co., Ltd., was established in 2011 and listed on the Nasdaq in 2014. In 2020, the firm’s CEO changed from Tang Yan to Wang Li, its former COO. After the acquisition of a social app Tantan, Wang Li became the company’s CEO, replacing Wang Yu and Pan Ying, the co-founders and former CEO.

Having operated for over a decade, Momo’s main business is now quite stable, while its monthly active users and paying users are growing slowly.

In 2021, the firm’s share price has encountered a downturn, reaching $13.02 per share on Tuesday. In the fourth quarter of 2020, its revenue from live broadcasting services reached 2.33 billion yuan ($359 million), a decrease of 31.2% compared with 3.38 billion yuan ($522 million) in the same period last year. In December 2020, monthly active users of the platform totalled 113.8 million.

SEE ALSO: Dating App Momo Revenue Shrinks Due to Lower Paying User Numbers, Net Income Rises

Xiaohongshu, the chief competitor of Momo’s upcoming social app, currently boasts over 100 million monthly users. Nearly 300 million notes were released on the app in 2020.

The main users of Xiaohongshu are 18-34 years old, accounting for 83.31% of all users. In addition, females account for 90.41% of all users. Urban white-collar workers are the app’s main user group, with strong consumer strength and a pursuit of quality lifestyles.

SEE ALSO: Chinese Social E-commerce App Xiaohongshu Hires New CFO From Citigroup

At present, many internet giants have poured money into product quality sharing apps, such as Alibaba’s Foodie Note, Tencent’s Youji and Pinduoduo’s Pinxiaoquan.