Alibaba looks to compete with RED by launching social shopping app Taibang
Alibaba has recently announced the launch of its social shopping app, Taibang. Social shopping is arguably the fastest-growing vertical in China – defined by young, urban middle-class users that embrace KOL marketing and user-generated reviews. Among this vertical, Xiaohongshu (RED) has skyrocketed in popularity as the clear market leader and has captured the attention of Chinese Gen Z and Millenial social shopping users.
Chinese Mobile Game Publishers Earned Over $2.22 Billion in March
Mobile intelligence platform, Sensor Tower, has recently featured 38 Chinese mobile game publishers in their Top 100 Global Mobile Game Revenue list. China’s mobile game publishers raked in $2.22 billion in March alone, accounting for over 40% of global revenue featured amongst the top 100 publishers.
Tencent, Netease, and miHoYo continue to top the charts with their massively popular games. Tencent’s Honor of Kings & PUBG Mobile and MiHoYo’s Genshin Impact consistently rank #1, #2, and #3 , respectively, on Sensor Tower’s Top Grossing Games Worldwide.
Live-Streaming Platform Inke to Launch NFT Products Abroad
Several sources have recently revealed that the Chinese live-streaming platform, Inke, will be launching NFTs in global markets through the NFT trading platform, Open Sea. Feng Yousheng, chairman of Inke, also recently noted that expanding into global markets will be a strategic focus for the company with several of its apps being launched successfully in Europe and the US.