With low brand awareness, limited novelty, and unresolved industry issues, it's not easy for Kanzhun app to stand out among numerous dating platforms.

Original @ New Entropy

Kanzhun, once a popular job information platform for job seekers, ceased operations on September 30. As a former loyal user, Xiaoman feels especially sorry for its demise.

In 2016, after leaving her previous company due to issues with compensation and promotion, Xiaoman was anxious about not finding a satisfactory job. She stumbled upon Kanzhun and avoided many unscrupulous companies through its corporate reviews, greatly saving her time and energy while improving her interview efficiency.

After successfully interviewing at a company with numerous positive reviews, she spent three enjoyable years there and met a group of like-minded friends.

During her subsequent job changes, Xiaoman frequently visited Kanzhun to browse company reviews and learn interview tips. One day in 2020, when she logged in again, she was surprised to find that the company review section was no longer available.

Xiaoman's experience reflects the rise and fall of Kanzhun.

However, Kanzhun hasn't disappeared entirely; it has merely rebranded. This time, it's targeting the workplace dating market.

01

Lessons from Rise and Fall

As an early internet product, Kanzhun was acquired in 2014 by Zhao Peng, former CEO of Zhaopin.com and founder of BOSS Zhipin. Its predecessor was a corporate review website called Fenzhi.com.

At the beginning of its acquisition, Zhao Peng keenly observed the information asymmetry between companies and job seekers. Modeling after the American job site Glassdoor, he entered the workplace services field with a similar approach to Dianping.

At that time, Kanzhun's core value lay in employee-generated reviews of interview experiences, compensation packages, and company evaluations, reducing information barriers for job seekers like Xiaoman.

However, as the platform's user base grew, an influx of unverifiable company reviews emerged, leading to issues like companies boosting their ratings and employees leaving anonymous, false negative reviews.

A senior HR from an internet company who suffered from this issue told "New Entropy" that in 2022, a former employee posted false negative reviews on Kanzhun, causing many candidates, especially high-end ones, to refuse interviews, delaying the hiring of key positions for the company's new projects.

Apart from shortcomings in reviewing information sources, the lack of a suitable revenue model also contributed to Kanzhun's decline.

For a long time, Kanzhun struggled to determine who to charge—companies or job seekers.

In Xiaoman's opinion, Kanzhun wasn't keen on membership revenue. Regular users could access reviews and learn interview tips without subscribing.

Previously, Zhao Peng insisted on not offering paid deletion services to companies, but internet users reported receiving calls offering to remove negative reviews for a fee. This apparent change in stance reflected Kanzhun's struggle to find a profitable model.

Maimai, another workplace social platform, has faced similar challenges, including accusations of leaking posters' information and accepting money to delete posts, leading to numerous lawsuits.

Despite a business model supported by recruitment, membership, and advertising, Maimai's development has been hampered by the conflict between companies and employees.

As workplace social platforms grapple with inherent limitations, the rise of online dating platforms has led to significant profits for dating sites.

Zhewen Group's financial report revealed that in the second quarter of 2024, Momo generated a net profit of 430 million yuan, while Tantan, excluding non-GAAP metrics, had a net profit of 20 million yuan. Momo had 7.2 million paying users, while Tantan had 1 million.

While workplace social platforms face numerous obstacles, dating platforms are highly popular. BOSS Zhipin's decision to abandon Kanzhun and enter the dating market is ultimately driven by profit.

02

Lack of Novelty

The domestic stranger social scene has grown significantly, with over 6,000 apps across various niches. Online dating is highly competitive, with a crowded market.

Current online dating apps can be broadly divided into three camps: those derived from traditional matchmaking platforms like Zhenai, Baihe, and Jiayuan; those like Tantan, Qingtengzhilian, and Ergou focused on dating; and local social platforms like Momo and Soul that also facilitate dating.

Among them, Qingtengzhilian and Ergou primarily target highly educated individuals, with strict personal information verification. "New Entropy" found that Kanzhun app, renamed from the dating app "Erli," follows a similar model, requiring real-name, education, and profile picture verification.

"Kanzhun," renamed from the dating app "Erli," provides dating services specifically for working-age youth. Developed by BOSS Zhipin's subsidiary Beijing Xiaofeng Technology Co., Ltd., established in July 2023, Kanzhun app's rapid development suggests BOSS Zhipin's well-planned entry into the dating market.

Kanzhun positions itself as a serious and reliable dating platform for professionals. Apart from basic information verification, it emphasizes work verification, requiring users to provide corporate email, DingTalk business card, social security proof, or work ID. The app claims that successful verification significantly improves matching outcomes.

▲ Image/Kanzhun app screenshot

However, "New Entropy" found during testing that even when the school name provided for education verification did not match the graduation certificate, the verification was still approved. In the external business card display, the falsely verified school name appeared as "verified," contradicting Kanzhun's positioning as "serious and reliable." (Update: The false education verification was recently rejected by officials.)

Despite targeting working-age youth, Kanzhun offers limited novelty.

Work verification is not unique to Kanzhun; Ergou app also encourages it, offering options for current employment, freelancing, and student status. Kanzhun's home screen randomly displays ten user cards daily, updated at 8 AM, limiting the number of recommended users.

This approach, also used by apps like Qingtengzhilian, aims for long-term user retention but can reduce match success rates. Unlike paid membership models of Qingtengzhilian and Ergou, Kanzhun attempts to gain market share through free access. However, the app's limited exposure is evident from the few reviews on the App Store, and its profit model remains unclear.

As a dating app, Kanzhun still struggles with industry-wide issues like unverifiable marital status and safety concerns during offline meetings.

03

The Battle for Traffic

BOSS Zhipin's entry into the dating market faces numerous challenges beyond business expansion.

BOSS Zhipin's recent financial performance, with revenue and profit growth, undoubtedly bolsters its confidence in exploring new areas.

Financial reports show that in 2023, BOSS Zhipin generated revenue of 5.95 billion yuan, up 31.9% year-on-year, with adjusted net profit of 2.16 billion yuan, up 169.7%. In Q2 2024, revenue reached 1.917 billion yuan, up 28.8% from the same period in 2023.

Amid steady revenue growth, slowing income trends urge the company to seek new economic growth points.

In Q2 2024, BOSS Zhipin's cash revenue increased 20.5% year-on-year but declined 4.9% quarter-on-quarter. Net paid enterprise user growth was 200,000, the lowest in a year.

Despite limited novelty, BOSS Zhipin's entry into the workplace dating market is well-planned.

According to iMedia Research, China's online dating market has steadily grown, reaching 9.38 billion yuan in 2023.

According to the "China Population and Employment Statistics Yearbook 2023," China's single population exceeded 240 million by the end of 2022, expected to reach 300 million in 2024. Among them, 134 million are of marriageable age (20-49 years old), with a 51.3% unmarried rate among 25-29-year-olds.

Given the age overlap between the marriageable and working populations, BOSS Zhipin's decision to target working professionals as its dating app's user base is strategic.

Zhang Yi, Chief Analyst at iMedia Research, believes that the large number of late marriages creates significant demand for dating platforms. However, the market is plagued by illegal activities, presenting an opportunity for Kanzhun, backed by BOSS Zhipin's reputation.

The demand for workplace dating is evident on recruitment platforms like Maimai, where users frequently post matchmaking requests, and Zhaopin.com has a "Big Factory Matchmaking Corner" that has evolved into a more comprehensive mini-program.

▲ Image/Zhaopin.com screenshot

Compared to integrating dating features within app communities, like Maimai and Zhaopin.com, BOSS Zhipin's decision to operate a standalone dating app offers advantages like functional diversity and information authenticity but also poses challenges in acquiring traffic and developing a profitable model.

Kanzhun app user Hanjiang stumbled upon its rebranding while searching for interview tips on Kanzhun.com. "I needed to find a partner" motivated him to download Kanzhun app. Hanjiang wasn't aware of its connection to BOSS Zhipin.

Indeed, without careful research, it's difficult to associate BOSS Zhipin with a dating app. After leveraging Kanzhun.com's legacy, how Kanzhun app will gain traffic advantages among numerous dating platforms remains uncertain.

Redirecting BOSS Zhipin users to Kanzhun risks damaging BOSS Zhipin's image if Kanzhun encounters negative publicity, potentially affecting its core business.

With low brand awareness, limited novelty, and unresolved industry issues, it's challenging for Kanzhun app to stand out among diverse dating platforms.

For BOSS Zhipin to make Kanzhun a new growth driver, it must address challenges like building a profitable model, effectively directing traffic, and avoiding negative spillover effects. The journey ahead promises to be long and arduous.