Livestreaming is key, says Tencent

Tencent (0700) chairman Pony Ma Huateng said yesterday the tech titan will boost e-commerce livestreaming on WeChat to propel its business.

Ma said that the ubiquitous social media app is already 12 years old and Tencent is looking at ways to reinvigorate the platform, mainland media reported.

A year ago, Ma told the company that short videos on WeChat Channels remained Tencent's only hope, as gaming revenue had declined amid regulatory crackdowns.

Ma said he was surprised by its development over the past year and the channel had become a growing source of business.

Ma said the consumption power of short video users was strong and Tencent will focus on e-commerce livestreaming on the channel this year.

Alibaba's (9988) and ByteDance's Douyin currently dominate e-commerce livestreaming markets.