By Josh Ye HONG KONG (Reuters) - Chinese online content platforms including Tencent Music and NetEase's Cloud Music have removed live streaming ...
Self-serving checkouts | SaltWireHONG KONG - Chinese online content platforms including Tencent Music and NetEase's Cloud Music have removed live streaming features that analysts say could be used for illegal gambling, at a hefty cost to their quarterly revenues.
These features have increased the popularity of live streaming, a market which was worth around 152 billion yuan in 2022, research firm Analysys said. On Thursday, Cloud Music, a music streaming service majority owned by NetEase, reported social entertainment revenue, which accounts for about half of total revenue, also fell 24% in the second quarter year-on-year.
Local media has also reported that between May and July, about 40 live chat apps were shut down for"business adjustment". In their earnings report, Tencent said it was adjusting its live streaming business to become more"music-centric" while Huya said it was working to make the platform atmosphere"healthier". Cloud Music said it was reinforcing its"internal controls mechanism... and adopting stricter monitoring over irregular user activities".
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