What is Tencent ❓ Why is it important to business ❓
What is Tencent ❓ Why is it important to business ❓
👉🏻Tencent, a Chinese company that is “greater than” Alibaba
Tencent, Alibaba and Baidu are the three giants of the Chinese Internet industry. That has been through heat and cold since the dot-com boom in the 2000s. The three companies have expanded their product lines extensively. and invested in countless generations of Chinese startups until being called in the abbreviation B.A.T. (Baidu-Alibaba-Tencent)
The core businesses of the three companies are in different markets. Although later to expand the business line to overlap and compete with each other But it's still difficult to compare which companies are better.
👉🏻Tencent's history started with QQ
Tencent was founded in 1998, almost 20 years ago, and its founding team were all Chinese. and has a strong base in Shenzhen
In the beginning, Tencent was a web portal for Chinese people. Before the first product that made its name for the company was the chat program QQ (which took the idea from ICQ of that era).
In the beginning, Tencent faced problems with not making a profit. and had to sell a 46% stake to South Africa's Naspers. (Owner of MWEB, which acquired our hometown Sanook.com several years ago.) Naspers currently holds a considerable stake in Tencent.
Tencent's first era to earn from QQ by offering free QQ service with ads. And there is a premium service for monthly paying members. The company has been listed on the Hong Kong Stock Exchange since 2004.
👉🏻 Expand your business into online games
Tencent later expanded its business from QQ to online games. And there is a model to make money from selling in-game products. Currently, Tencent is the largest online game provider in China.
In the past, Tencent used to buy game licenses from various companies. Both in Japan, China, South Korea come to serve with Chinese players. But later, as the business grew, Tencent turned to making its own games. and invested in many foreign game companies, including
Riot Games, the US-based game company that owns the world-famous League of Legends game, Tencent now owns Riot Games.
- Epic Games, a well-known American PC game maker, whose works include Unreal, Gears of War, Tencent currently owns approximately 40% of Epic Games.
- Finnish mobile game maker Supercell, owner of Clash of Clans and Clash Royale, Tencent now owns 84%.
- CJ Games, a leading South Korean game company, Tencent bought a 28% stake in 2014.
👉🏻 Enter the mobile era too WeChat/Weixin
Tencent's most outstanding contribution in the latter era is the chat app Weixin (Chinese name), also known in our country and outside of China as WeChat.
The birth legend of WeChat is memorable because Tencent already has the massively popular chat app QQ on PC. But the company foreseeable that the world of smartphones is coming. Therefore, a team within the company Develop a new chat app to compete with each other. The result came out as Weixin or WeChat.
WeChat currently has more than 800 million users and has begun to expand outside of China. (Although in Thailand it is still not able to compete with LINE, but in many countries it is very popular. especially in Europe and Asia)
Weixin's platform in China is not only a chat app, but Weixin is also a model of integration of services. come on the chat app whether it is an online money transfer service Calling a taxi, ordering food, e-commerce purchases, etc., is called a feature that Western chat apps like Facebook Messenger are trying to mimic. They all originated in China for a long time, with Weixin as a pioneer.
On the other hand, Tencent hasn't abandoned its former QQ user base, and QQ is currently another chat platform still active in China. Tencent owns a chat platform with 800 million users. Up to 2 characters (The only person who can do this is Facebook, which uses a paid method to buy WhatsApp)
With both Weixin and QQ user bases, Tencent is expanding into FinTech in mobile app payments. Even now, it's still number two in China. But it is second only to Alibaba's Alipay.
In addition to online games and chat apps, Tencent's other businesses in China are related to online media such as online music, online videos, ebooks, and also computer and mobile software such as e-books. Web browsers, antivirus, and app stores in China too.
👉🏻 Tencent's income is very rich, the rate of growth continues.
Tencent's annual revenue reaches one hundred billion yuan. The company forecasts that in 2016 it will have total revenue of 138.5 billion yuan, or about 700 billion baht per year.
👉🏻Most of the revenue still comes from two main businesses, social (QQ+Weixin) and games.
Tencent's business status is still very lucrative. The company has a cash flow on hand of 54 billion yuan. And with annual revenue growth of 52% in the latest quarter (40% annual profit growth), it's the financial position that companies around the world dream of.
Tencent's longstanding highlight is its Chinese customer base that uses QQ, WeChat, and other services from the company's early hours to bedtime. Everything is on Tencent's platform, and the company is starting to look at ways to make money from every possible channel, meaning Tencent still has a lot of potential for revenue growth.
Tencent recently announced a partnership with Starbucks in China to allow coffee payments with WeChat and outside the US. It was recently reported that the Ceasars Palace casino in Las Vegas also supports WeChat payments.
👉🏻Tencent and Thailand entered the market fully in 2017
Tencent has been in the Thai market for quite some time now. Started by buying some shares of Sanook.com, the number one portal in Thailand. before buying all the shares later
In the past, Tencent chose to market with the brand name Sanook in the lead and has products that enter the Thai market such as WeChat and Joox, the latter of which has been quite successful among the new generation of online music listeners.
Recently, Tencent decided to fully penetrate the Thai market by changing the company name from Sanook to Tencent Thailand (Tencent Thailand Company Limited). We have to wait to see how much more the company will penetrate the Thai market next year.
👉🏻 Summary
Tencent is an IT company with a large network of companies, most of which are There are applications that cater to people in any area they need. As a result, over the past several years, Tencent has become the largest and richest company in China. Take turns overtaking with Alibaba.
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