Advertisement

Tencent could play a role redesigning Snapchat following $2B investment

Tencent could play a role redesigning Snapchat following $2B investment
From TechCrunch - November 8, 2017

Tencent, the Chinese internet giant valued at $470 billion, may have a hand in rebooting the Snapchat app to make it more competitive with Instagram and Facebook.

Off the back of some very poor financialsannounced this week,parent company Snap said it is retooling the messaging app to make it easier to use.

Now Tencent, which upped its stake in Snap with the purchase of 12 percent of the company forking out around $2 billion in the processmay be on hand to help.It said is positioned to enable Snap to dig into its experience of growing WeChat, Chinas dominant messaging app which boasts 800 million monthly users worldwide, and potentially tap into other business lines, including its games businesswhich includes Clash Of Clans maker Supercell.

The investment enables Tencent to explore cooperation opportunities with the company on mobile games publishing and newsfeed as well as to share its financial returns from the growth of its businesses and monetization in the future, a Tencent spokesperson told Reuters in a statement.

Advertisement

Continue reading at TechCrunch »