Summary of The Founder of China's Largest Paid Content App Shares Everything He Has Learned Thus Far About Product Development and Monetization

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The Founder of China's Largest Paid Content App Shares Everything He Has Learned Thus Far About Product Development and Monetization summary
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Why are Chinese Internet users more willing to pay for content than people in the West? Luo Zhenyu, founder of the popular content app Dedao (or iGet), talks about the Chinese paid-content market, breaks down the workings of the industry and explains the success of his app – currently the most successful product on the market. He details the social and behavioral changes that helped pave the way for this market, lays out the ways in which Dedao differentiates itself from other products and delves into the psychological reasons why users purchase content. Luo’s prose is well-crafted, humorous and contains many vivid examples. getAbstract recommends this article to entrepreneurs, business executives, learning professionals and media people.

About the Author

Luo Zhenyu is the founder of the Dedao app and the host of the online talk show LUOgic Thinking (Luojisiwei).

 

Summary

The fee-charging app Dedao provides content in various forms, for example e-books, editorial columns (including audio) and live seminars from major opinion leaders. Within 16 months after founder Luo Zhenyu launched Dedao (or iGet) in November 2015, it attracted 5.58 million users, 450,000 of whom are active daily. About 20,000 new users sign up every day. To date, Dedao has sold more than 1.44 million subscriptions.

Journalists explain media consumers’ sudden willingness to pay for content by an increase in disposable income and they point to the rising popularity of mobile payment. Although these are factors, they aren’t the main reasons behind the trend toward paid content. Instead, it was a result of two big social changes: the fragmentation of time in the age of the Internet and the social redistribution of...