BEIJING: Tencent Holdings Ltd is planning a major update to its WeChat messaging app to stave off up-and-comer ByteDance Inc and counter the startup’s growing dominance of short-form video.
That’s a departure from the current format that focuses on articles . While it’s unclear what the final product will look like, Tencent wants users to be able to share video and content directly with one another. The latter, which now serves 400 million daily active users in China, has hurt Tencent’s bottom line by luring teens and advertisers away from WeChat.ByteDance, the world’s most valuable startup, is increasingly challenging Tencent’s lead in Chinese social media thanks to its Toutiao news service and TikTok-Douyin.
WeChat’s new feature was first hinted at by founder Allen Zhang this month at a developer conference in Guangzhou.