Tencent announced on Tuesday the shutdown of its live streaming service NOW Live, once a flagship product. The service ceased operations on Wednesday due to “business adjustments.”
Launched in 2016, NOW Live focussed on celebrities and video socialization. In 2017, Tencent invested 2 billion yuan (US$280 million) to support the creation of original content.
In recent times, Tencent has shut down various services and games. Scheduling app Todo will cease operations and be delisted by December 20.
Tencent noted in its Q3 financial report its revenue structure is shifting from low-margin projects like music and game streaming to higher-margin projects such as service fees from mini-games platform, video advertising and e-commerce.
