Weibo plans to increase content-driven e-commerce investment

Weibo Corp, a leading social media platform, is investing 2 billion yuan ($290 million) to support content-driven e-commerce, multichannel networks, online celebrities, actors, entertainers and agencies in the next two years, as it attempts to better cater to the tech-savvy younger generation.

"By September this year, China had nearly 1.12 billion monthly active mobile internet users, which is close to saturation point," said Wang Gaofei, chief executive officer of Weibo.

"The competition has shifted from expanding user scale to increasing the time users spend on app usage. Users will abandon the products that fail to meet their real needs and wants. To consolidate our leading position in the content market, we will continue to improve product functions, enhance content capabilities and empower producers."