Chinese holding firm Tencent is investing ¥2bn (£230m) to support the creation of original content that will be streamed over its Now Live platform. According to iResearch, the Chinese live-streaming market grew by 180 per cent year-on-year in 2016, and the firm is eager to take advantage of this.
The plan will see the internet giant invest both cash and resources to encourage the production of more original content by companies and individuals for its live-streaming service. While the firm is looking to generate a diverse range of quality talent, there will be a focus on content popular with young consumers, in particular entertainment, talent shows and tourism.
There are estimated to be around 325m live-streaming apps in use in China, although government authorities recently cracked down on three major web portals, including popular social media service Sina Weibo, due to violations of state rules governing streaming audio and video.
Despite this, Tencent will reportedly offer resources including WeChat and QQ to help broadcasters promote and distribute original content, as a way of encouraging more consumers to come aboard its various services.
Tencent boasts a diverse range of investments in a variety of tech areas, including eCommerce, AI, automotive manufacturing and digital marketing. It recently acquired Supercell, the firm behind best-selling mobile game Clash of Clans, from Japanese firm SoftBank.