China's social networks set for ad boom

Tencent and Sina Weibo are poised to benefit as advertisers maneuver to reach consumers through social media, South China Morning Post reports. Total advertising spending in mainland China’s social networks is predicted to hit a record US$5.33 bn this year, driven by campaigns run on the platforms of internet giant Tencent Holdings and microblogging service Sina Weibo. Data from research firm eMarketer showed that social network advertising expenditure on the mainland is forecast to increase 56% to US$5.33 bn this year, up from an estimated US$3.42 bn last year. The average advertising spending per user is projected to rise 46% to reach US$10.40 from US$7.10.