Tencent to invest billions in streaming app

Tencent Holdings Ltd announced plans on Monday to pour money and resources worth two billion yuan ($294 million) into promoting original content for its live streaming platform, as the internet conglomerate steps up its efforts to connect social networking with live streaming to attract users.

Now Live, the live streaming app operated by Tencent, said it will invest one billion yuan in cash and one billion yuan worth of resources to encourage people and companies to produce more original content.

"After red-hot competition last year, the burgeoning live streaming sector is becoming more rational," said Yin Yu, vice-president of Tencent.