“There’s no WeChat equivalent outside China,” Musk said at the time, according to a South China Morning Post report. “You basically live on WeChat in China. If we can recreate that with Twitter, we’ll be a great success.”
“The key lies in continuously enhancing user stickiness and activity, and ensuring that users stay in the platform to maintain its leading position in the fiercely competitive market,” iiMedia’s Zhang said.
Tencent’s Hong Kong-listed shares closed up 0.49 per cent to HK$370 on Friday.
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Musk announces plans to turn Twitter into ‘X’ super-app similar to China’s WeChat
Musk announces plans to turn Twitter into ‘X’ super-app similar to China’s WeChat
As a popular online platform, WeChat has also been on the front lines for the domestic internet industry in adhering to the latest regulations and government-backed economic development programmes.
It is one of more than 50 widely used apps on the mainland that are taking part in beta tests for the country’s proposed cyber identity authentication system.
In March, WeChat Pay and Alipay enhanced their operations to make it easier for foreign travellers to pay for goods and services on the mainland, the world’s largest cashless society. That came after the General Office of the State Council published new guidelines towards “providing higher-quality, more effective and more convenient payment services” for foreign visitors.
WeChat has been on the front lines for the mainland’s internet industry in adhering to the latest regulations and government economic initiatives. Photo: Shutterstock
As a major business for Tencent, WeChat brings “high-quality” revenue streams through advertising, as well as service fees from mini games and e-commerce sales, according to the company. WeChat’s ecosystem of mini programs gives users access to various services, which is also an important channel to attract advertisers on the platform.
WeChat’s mini program platform recorded 930 million MAUs in June, according to QuestMobile data. That surpassed prominent online rivals including Alipay with 664 million users, search platform Baidu with 397 million users and Douyin with 235 million users.
WeChat has been put under the spotlight recently because of a dispute involving Apple. According to a Bloomberg report last week, Apple was ramping up pressure on Tencent and Douyin owner ByteDance to close loopholes in app payments for mini games.
“Apple has brought up the commission issue again, as it feels the threat of the rapidly expanding mini game ecosystem,” iiMedia’s Zhang said.
More than 240 WeChat mini games have achieved quarterly turnover of 10 million yuan (US$1.4 million), according to Tencent. The number of WeChat mini game users has reached 1 billion, with 500 million MAUs, about six years after the service was launched, the company said in July.
Zhang said Apple and WeChat “will need to find a balance” to help resolve their dispute amid “collaboration opportunities” between their app platforms.
