Tencent Video reaches 89MN users as Chinese tech giant announces 2018 results | Ratings/Measurement | News | Rapid TV News
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Tencent Video now reaches 89 million recurring paying subscribers, the Chinese internet giant said as it posted 15% growth in value-added services in 2018.

Tencent Video logo 21 March 2019The division, which includes live broadcast services and in-game virtual item sales as well as video streaming services, grew to US$26.4 billion (RMB177 billion) in 2018. The Chinese internet giant also announced advertising revenues were up 44% to $8.35 billion (RMB 56 billion) for the year.

The company as a whole delivered disappointing results following a profit slump, increased borrowing and tighter regulations in China’s gaming market in the fourth quarter of 2018.

The year’s revenues hit RMB312 billion in 2018, a rise of 32% on 2107. Net profits grew by 10% to RMB78 billion. However increased investment and higher borrowing led to narrower margins.

Tencent, through its WeChat platform, is China’s largest social media player, and is also a market leader in the country’s music industry. Its international subsidiary Riot Games operates League of Legends, and has investments in, among others, Epic Games - creators of Fortnite. Tencent also has business interests in the retail and cloud computing markets.

Looking ahead, the company said it will continue investing in technology, video content, and organic growth during 2019.