A once unstoppable sector is getting used to a new normal
firms’ old businesses and giving them room to toy with new ones. And Tencent, whose market value has doubled in the past three months , is once again the embodiment of the changing mood. If you want to understand what all this says about the future of China’s digital economy, look to its humbled champion.
The linchpin of Tencent’s riches is its WeChat super-app. Companies around the world have for years attempted to ape its astute marriage of pay and play . Few have succeeded in doing so as seamlessly as Tencent—and none on anything like the same scale. Last month’shongbao , pushed digital life towards short-video sharing. In the past year the average Chinese spent more hours on such platforms than anywhere else online . Short-video apps are becoming the centre of China’s attention economy—and of its digital-ads business, which generated $35bn in sales in the third quarter of 2022, according to Bernstein, a broker. Between July and September short-video platforms claimed a quarter of those ad dollars; their ad sales jumped by 34%, year on year.
Tencent is reorienting the “transaction” parts of the WeChat economy around Channels, too. Notably, it is equipping the platform for “social commerce”. This
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