Tencent Holdings

Tencent is one of the Chinese tech companies which can find footing in the global marketplace. Started as a PC-based messaging software in 1999, it has evolved into an internet giant. With a market value of 398 billion U.S. dollars, Tencent ranked seventh among its global rivals. Inside of China, Tencent’s products have enjoyed a great popularity, such as instant messengers WeChat and QQ, social networking service Qzone, and mobile game Honor of Kings. As the conglomerate becomes more global, its revenue saw an exponential growth over the past decade. Clearly, Tencent’s remarkable achievement has inspired the global technology world how to build an ecosystem within the mobile phone.

A different business model

Tencent adopted a counter-intuitive approach in building its empire – increasing customer reach before app monetization. While Facebook’s business relied on advertising heavily, online advertising accounted for less than 20 percent in Tencent’s annual revenue. Unlike its West social network counterparts, the enterprise’s major earning came from value-added services. Chiefly from smartphone and PC-based gaming, digital content and membership subscriptions, as well as virtual goods sales.

Diversity is the king

Another clever move of Tencent was to diversify its products. The success formula of WeChat was its one-stop solution, making it indispensable in daily life in China. From hospital registration and taxi calling to movie ticket booking and holiday planning, it is the super app for everything. In fact, many Chinese consumers pay with WeChat by scanning QR codes in physical shopping. In 2019, WeChat’s monthly active user surpassed 1.15 billion. Apart from e-commerce business, the tech behemoth has expanded to the gaming market. Its multiplayer online battle arena (MOBA) Honor of Kings became one of the highest-grossing mobile games in 2018. Considering its thriving e-commerce and gaming business, Tencent would very likely keep its dominant position in the Chinese internet industry.

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Tencent

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Company development

Messaging apps

Gaming business

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