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Tencent invests nearly $300m to drive creation of original live streaming content

Tencent is promoting the creation of original live streaming content

Tencent will invest RMB 2bn ($294m) to promote the creation of original content for its live streaming platform Now Live.

The move, which will see the internet giant invest cash and resources, aims to encourage companies and individuals to produce more original content, as Tencent looks to increase its stake in China’s booming live streaming market.

China’s live streaming market was estimated to be worth RMB 20.8bn ($3bn) after experiencing a 180% year-on-year growth, according to iResearch.

Tencent said the company aimed to generate diverse quality content, with a focus on content that is popular with young people such as talent shows, entertainment and tourism.

Tencent will offer resources including WeChat and QQ to help broadcasters to promote and distribute their content.

Live streaming in China exploded in 2016, when there were estimated to be 325 million live streaming apps in China.

It comes as China’s TV and film regulation body cracks down on live streaming services ordering Weibo, ifeng,com and AcFun to stop live streaming services.