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Tencent restructures its social media business

Tencent restructures its social media business
SHENZHEN, CHINA - AUGUST 19: A woman walks outside the headquarters of Tencent on August 19, 2020 in Shenzhen, Guangdong Province of China. (Photo by VCG/VCG via Getty Images)
VCG / Contributor/ Getty Images
Tencent announced on Thursday an internal restructuring plan for its social media and content businesses, according to Chinese financial outlet Jiemian.

Yao Xiaoguang, the director of Tencent's hugely successful gaming studio TiMi, will hold a concurrent post as the new head of communication app QQ. The app is Tencent's first blockbuster software, but has been facing declining popularity since WeChat launched in 2011. Earlier this month, Reuters reported that TiMi, developer of the hit game Honor of Kings, generated revenue of $10 billion in 2020.

Tencent is also consolidating its streaming platform Tencent Video and short video platform WeSee into one department.

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