Bye, Facebook! Meet World’s Most Valuable Social Network – It’s from China
Tencent Holdings Ltd. became the world’s most valuable social network company after the deal with Google Inc.
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New Chinese giant
The Chinese technology firm Tencent recently has surpassed US Facebook and became the world’s most valuable social network company, with a market capitalization of US$540 billion.
Just 18% of Tencent total revenue in the 2016 fiscal year came from online advertising. Compare this with Facebook’s model: advertising makes up 98% of its total revenue.
Moreover, recently Google and Tencent have signed a long-term patent cross-licensing agreement, covering a range of products and technologies.
The two tech giants signed the agreement on 19 January and revealed they were open to future collaboration on innovative technologies.
One of the important reasons for the agreement is that the Chinese technology company owns the third largest social network in the world of Qzone, the WeChat application, the payment system and the largest platform in China for games and streaming, while Google is banned in China since 2010.
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