Alibaba’s platform has hosted a list of high-profile players like Loewe, Valentino, and Tiffany.īut Tencent has the WeChat edge. Its major rival Alibaba Group has also ramped up its efforts to lure brands to sell on their platform, including setting up an exclusive online platform Luxury Pavilion. Tencent is not alone betting on the Chinese luxury appetite.
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Though no specific revenue figures were released, nearly 90 percent of companies placing ads on WeChat over the past year marked their business as “luxury,” Tencent told Jing Daily. Luxury brands account for a significant portion of this advertising growth. Overall, revenues of its online advertising business jumped 47 percent to $2.34 billion (RMB 16.25 billion). Its revenues derived from its “social and others advertising” business, which specifically refers to ads placed on its social messaging platform WeChat (Moments and mini-programs), grew a staggering 61 percent from the previous year. In the third-quarter earnings posted by Tencent earlier this month, there were clear signs the company is heading toward becoming an online advertising powerhouse. Since then, Tencent’s reliance on luxury brands to drive growth has reached a new level-as has the stiff competition it will face to dominate that sector. The internet company has embarked on a transformation and diversification of its business model following the government’s crackdown on the video gaming sector last year.
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Get our weekly free Must-Read newsletter.Calling Tencent Holdings a “video game giant” in China could soon be a thing of the past. The Shenzhen-based company called the allegations baseless and malicious.Ĭontact editor Bob Simison our app to receive breaking news alerts and read the news on the go. But Tencent executives said during the company’s most recent quarterly earnings call that it prioritizes the user experience and any opening-up should be moderated.īyteDance in February sued Tencent, alleging its rival violated antitrust laws by blocking access to content from Douyin on WeChat and QQ, the country’s two largest social media services by users. Earlier this year, Alibaba aimed to set up a Taobao Deals lite app on WeChat and invited merchants to participate. 17.Īlibaba and Tencent executives said they will comply, publicly espousing a more open Chinese internet. Local media reported that the MIIT ordered internet firms to start taking action Sept. It was unclear what actions regulators want the big tech businesses to take and by when. They’re also regarded by critics as key to helping internet companies control user data and market dominance.Ĭhina’s largest internet corporations have historically blocked links from within their services to rivals’ content. The Ministry of Industry and Information Technology last week summoned executives from the country’s largest online platforms to emphasize the need to end closed ecosystems that impair the flow of commerce.
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The government has accused a handful of companies of unfairly protecting their spheres: Tencent in social media via WeChat, Alibaba in e-commerce with Taobao and Tmall and more recently ByteDance in video via TikTok cousin Douyin.Īlibaba is regarded as benefiting more because it will be able to tap Tencent’s billion-plus users, while Tencent - which is fiercely protective of the user experience on its apps - has less incentive to allow people to post shopping links. In a statement Friday, Tencent said it will also provide ways for users to report suspicious content and work on features for sharing links in wider group discussions.Ĭhina’s top technology regulator warned internet firms to stop blocking links to rival services, prizing open so-called walled gardens in a broader campaign to curb their growing monopoly on data and protect consumers. While it’s unclear whether the social giant has opened more of its scores of online services, it’s a major step for Tencent, which controls vast swathes of China’s internet along with Alibaba and ByteDance. However, that applies only to one-on-one messaging, not group chats or Facebook-like Moments pages.
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Starting Friday, users who upgrade to the latest version of the messaging service can access external services such as Alibaba Group Holding Ltd.’s Taobao online mall or ByteDance Ltd.’s video app Douyin, both of which were previously walled off from WeChat’s billion-plus members. allowed users of its main WeChat social media service to link to rivals’ content for the first time in years, taking initial steps to comply with Beijing’s call to dismantle walls around platforms run by the country’s online giants.