Tencent Resurrects Another Old App to Counter ByteDance
Tencent (OTC: TCEHY) still rules China's mobile messaging market with WeChat, which grew its monthly active users (MAUs) 6% annually to 1.15 billion last quarter. But in recent years, Beijing-based ByteDance has become a thorn in its side.
ByteDance owns the short video app TikTok, also known as Douyin in China; the news app Touitao; the enterprise collaboration platform Lark; the mobile messaging app Flipchat; the video chat service Duoshan; and the short video apps Huoshan and Vigo.
TikTok topped 500 million MAUs last year, and ByteDance claims that its entire family of apps now reaches over 1.5 billion MAUs. Research firm R3 recently reported that ByteDance's ad revenue more than doubled annually in the first half of the year, making it the second-largest advertising platform in China after Alibaba (NYSE: BABA). Tencent ranks a distant fourth.
Source Fool.com
