WeChat creator, Tencent, became the most recent addition to the elite $500 billion group, making it the first company in Asia to enter the club. Additionally, the company’s success means that it is now rubbing shoulders with the likes of Facebook and Amazon, making it one of the most valuable companies in the world.
Tencent is the company behind the extremely popular Chinese app called Weixin. In other parts of the world, the app is known as WeChat.
The company has claimed domination of the social media market in China since companies like Facebook and WhatsApp have failed to gain the required permissions from the Chinese government.
As such, every smartphone user in China has unrestricted access to only one social networking app- Weixin. Additionally, Tencent has other subsidiaries that have contributed to its vast global success.
The company has made its mark on a number of sectors and holds a stake in everything from social networks, payment systems, and smartphones to property, commerce, artificial intelligence, and more.
However, there is no denying that a major chunk of Tencent’s success can be attributed to WeChat.
Tencent anticipated this success when it introduced WeChat in the early 2000s. Tencent’s calculation was made based on the fact that China is a mobile-first market.
Thus, Chinese users entered the internet via mobile phones as opposed to computers. As such, an app would prove to be far more popular in the long run than a website.
Keeping these factors in mind, Tencent introduced WeChat into the Chinese market with great success.
WeChat is an app, which can be viewed as an amalgamation of a number of others. The app contains features of Facebook, WhatsApp, Tinder, CandyCrush, and even Amazon.
The app even allows users to book medical appointments and estimate the crowd at a particular location.
WeChat’s numbers have been steadily growing, as the app currently hosts close to a billion users.