The two-year old platform has been a bright spot for Tencent in an otherwise dismal 2022 when revenue for its other products, such as games and payment services, were slammed by tighter gaming regulations and strict COVID-19 curbs. Two sources familiar with Tencent said the importance of Channels has been repeatedly communicated within the company. WeChat Pay became the second-biggest player in China’s mobile payment market within a year of its 2013 launch, behind Alipay which is owned by Jack Ma-founded Ant Group. But it is also going to be difficult,” said Liao Xuhua, a senior analyst at research firm Analysys. “Tencent hopes it can turn Channels into the next WeChat Pay. Tencent Holdings Ltd has tapped other entertainers too like Taiwan’s Jay Chou and Irish boy band Westlife for livestreamed concerts and, according to a source, has set up a team to build a community of content creators as it seeks to challenge the dominance of ByteDance, the owner of TikTok and Douyin, and Kuaishou in the short-video business. The show is just one of many events held by WeChat owner Tencent to promote the app’s short-video platform - described by the tech giant’s founder Pony Ma as “the hope of the company”. HONG KONG: On a hot summer’s day last year, the 90’s boy band Backstreet Boys clambered on to a stage in Pennsylvania and belted out hits as 44 million viewers tuned in from thousands of miles away for the online concert hosted by China’s WeChat Channels.
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