Chinese tech giant Tencent Holdings has been named China’s top innovative in a list of the world’s 50 most innovative businesses produced by Fast Company, Caixin Global reports. The Shenzhen-based company ranked fourth overall on the list, winning praise for its focus on content and for turning social media app WeChat into a leading entertainment platform.
The top three entries were Apple, Netflix and credit card makers Square Inc. The other Chinese companies to make Fast Company’s top 50 were content app makers Bytedance, which came in 16th, online education providers VIPKid, at 29, and drone manufacturers DJI, which ranked 35.
Fast Company said it had placed Tencent so highly because it honors “content as king,” and due to its success in turning WeChat, which has nearly 1 billion users, into a springboard for selling users a wide range of content, including literature, music, video and games.
“Imagine if Apple bought Disney and Spotify, and you can begin to envision the content colossus that Tencent is building to complement WeChat,” Fast Company said. “Tencent CEO Pony Ma credits music and video subscriptions with helping to power the company’s 59% year-over-year revenue growth in the first half of 2017.”