A Slap On the Fast Hand
Kuaishou (“fast hand”) was one of last month’s hottest pre-IPOs, as we can attest from the number of overseas buyer requests fielded. The video sharing app raised $5.8b for its IPO last Friday, but not without an incident that may startle investors, but should please fans of copyright enforcement.
The app was ordered to take down over ten thousand videos using unauthorized music, by none other than CAVCA, the China Audio-Video Copyright Association. Time was you could look up virtually any old song on Baidu and play or download it on a first- page-result link.
“China knows that stronger IP enforcement is key to developing a reputation worthy of greater foreign economic cooperation,” says Edward Lehman, LehmanBush founder. “It’s understandable that westerners still believe China is a country where trademarks and copyrights can be infringed with virtual impunity. The fact of the matter, though, is that there are more and more successful court outcomes against infringement every year.”