Here are some notes I've taken:
- He started with the meaning of his name- Kai Fu (Beginning to revive China
- China Internet Market 338 million users; mobile users 155 million
- Chinese people use IM more than email (partly because of SMS and because of QQ built by Tencent)
- Music and Gaming growing really fast; Blog as well
- E commerce is only 1/3 of US
- Average age of internet user is 25 in China
- Young people rely completely on internet for news
- News and blogs have increased expression (this is with regard to censorship)
- Users are very curious: Eye tracking result (Chinese users browse the whole page)
- Internet cafes only break-even; they make money from instant noodles and coke; people stay for 12-24 hours there; they are also really good for dates
- Overcoming E-commerce obstacles like lack of trust and few credit cards: Escrow Payment, Bicycle Delivery, IM Micro Payment; they needed trusted brand; 50 X potential
- Entertainment Centric and Busy Pages
- 6-10 top 10 internet companies is in gaming space
- He mentions couple smart observations that have created huge businesses
- 90% users pay nothing; the remaining spends a lot (1000-5000 US)
- Real beauty certification !!!
- Cloud computing (software managed by server and can be modified from server); it allows you to charge money (internet connectivity)
- Video and news could not get license
- Pause ad- everytime you pause, pops up
- Mobile internet (China is 3G everywhere, government support)
- Usage was highest in Guangdong province because Guangdong mobile has the best flat rate plan (when price comes down, the market will explode)
- Google's Android is going to be huge according to Kai Fu
- Shenzhen Inc's reverse engineering capability is absolutely insane (Shanzai phone)
- Home Court Advantage will soon take over returnee's benefit
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