How wechat is taking over the world of advertising
Wechat, the popular app that’s been around since 2011, has surpassed Apple’s ad revenue and become one of the biggest revenue generators in the world.
That means it’s now in a position to outdo even Facebook, which has a market cap of $1.5 trillion.
In a research report, market research firm Ovum found that wechat had surpassed Apple in ad revenue from 2016 to 2018, and that it’s likely to reach $1 billion in revenue in 2021.
Facebook, on the other hand, has lost a lot of ground.
In 2020, its ad revenue was only $2.1 billion, according to Ovum.
Google, by contrast, has a revenue of $37 billion.
Google’s revenue grew from $13.1 million in 2016 to $50.3 million in 2018, while Facebook’s revenue dropped from $37.7 million in 2020 to $21.2 million in 2021, according the report.
Ovum also estimated that in 2021 wechat will be the third-biggest mobile advertising platform, after Facebook and Google, according that it will generate $3.2 billion in ad revenues.
This will make it one of our top five most important ad revenue generators, according Ovum, which is based in Shanghai.