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  Facebook's biggest competitor is closely behind the company | Bit Updates
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Facebook's biggest competitor is closely behind the company

Friday, August 18th, 2017 | bitcoin updates

The competition from Facebook, Twitter, Snapchat and Instagram has made it very easy in China, because the large social networks in the Asian country are forbidden. Instead, users in China can rely on their own ecosystem of messengers, social networks and short news services. These products are extremely popular in China, but are hardly known in other countries.
Platforms such as QQ, Qzone and all WeChat have hundreds of millions of users. As is the case with Facebook, the products are also managed in China by only one company.
The parent company, Tencent, is China's largest company when looking at market capitalization. Together with Alibaba, a Chinese Amazon clone, Tencent changes again and again with the online shop for the title of the most valuable Chinese company.
Rapid sales growth over the past twelve months
According to statistics from Statista, the company does not have to hide behind the global market leader Facebook. Although Tencent has not yet reached the billion-user mark, the company is already in the first league. By the year 2015 it was even so that Tencent was more profitable than Facebook.
Both companies have made a good impression last year. Tencents shares have risen by 60 percent since August 2016, with Facebook's share up 35 percent. Whether Tencent will enter the European market, however, is questionable as Facebook has a solid stand in this market.
Comparison between Tencent and FacebookStatista


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