China’s clampdown on tech has apparently ended. Tencent, whose market value has recently doubled, exemplifies the happier mood
the companies’ old businesses and giving them more room to toy with possible new ones, from short-video entertainment and cloud computing to artificial-intelligence chatbots. And Tencent, whose market value has doubled to nearly $500bn in the past three months , is once again the embodiment of the changing mood. If you want to understand big tech’s new normal, and what it means for the future of China’s digital economy, look to its humbled champion.
, and more people tuned in to the annual new-year gala on WeChat’s newish Channels video platform than on Douyin, TikTok’s popular Chinese sister video app . Although like Douyin it occasionally hires big names to draw in new viewers—for example the Backstreet Boys, an American pop group who entertained 44m fans at a Channels concert last June—Tencent has adopted a more ecumenical approach to talent. Content creators with as few as ten followers can get a slice of the platform’s ad revenues. On Douyin, they need 10,000 fans to start earning money this way.
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