Tencent to close live-streaming service Now in latest consolidation move amid economic headwinds
- The seven-year-old live-streaming and short video service will officially cease operation on December 26 due to ‘business adjustments’
- Live-streaming sites operated by popular video platforms are facing a tougher business environment under stricter oversight from Beijing
Tencent Holdings is closing its live-streaming service Now, as China’s biggest social media and video gaming company continues to consolidate its video businesses.
The seven-year-old live-streaming and short video service will officially cease operations at 11am on December 26 due to “business adjustments”, the company said in a notice posted on the website on Tuesday.
Now’s webpage version already stopped live streaming on Tuesday and no longer accepts new registrations, but users can still log on to the app and use the balance in their accounts, according to the notice.
Tencent launched Now in 2016, allowing users to conduct and watch live broadcasts and chat with other users, amid an explosion of live-streaming services in the industry.
Last August, the company closed Kandian, its content creation app, two months after it pulled the plug on video game-streaming platform Penguin Esports.
Live streaming sites operated by popular video platforms such as ByteDance-owned Douyin, the Chinese version of TikTok, and anime and video streamer Bilibili, are facing a tougher business environment under stricter oversight from Beijing.
WeChat Channels, the video function within the multipurpose app launched in 2020, has become a new growth driver for the company with its advertising and e-commerce potential. Its total views grew by 50 per cent in the third quarter compared with the same period last year.