Tencent, the Chinese social media and videogames giant, is reorganizing its business units for the third time since its founding 20 years ago in a nod to how rapidly China’s internet is changing.
The company is combing three units – social media, mobile internet and online media – into a single content unit, and creating a new unit for enterprise customers. The company’s divisions that oversee advertising, technology and its ubiquitous social-messaging app WeChat, remain unchanged.
Tencent’s revamp shows it’s taking enterprise customers seriously and is an acknowledgement that content is just as important as the platform it’s provided on. The company also desperately needs to show investors it’s taking steps to boost growth after its share price dropped as much as 35% after hitting a peak in January.