The downsizing of media advertising is taking a toll on the profit of Tencent, amid the slowing economy and tighter anti-addiction regulations. The competition with the local rival, Bytedance, who owns the short video dominator Douyin (TikTok) and content distributor Today’s Headline, has added to the downturn in Tencent’s market share of advertisement placements. Despite the overall decrease, revenue from online advertising rose due to the popularity of WeChat ads among worldwide brands.
