Tencent had racked up 62.59 million paid online video subscribers as of February 2018, according to Chinese online audience measurement and consumer insights provider iResearch. As of January 2018, the company’s video service covers more than 750 million units of video streaming devices, almost 100 million units more than the second biggest streaming player in the region. The company also garnered an average mobile daily active user (DAU) base of 137 million on mobile devices in the fourth quarter of 2017.
Over the past several months the company has achieved rapid growth. According to iResearch, Tencent had just 43 million paid subscribers as of September 2017 making it the number one video platform in China at the time, a position that it has now solidified. Still, the company faces stiff competition from streaming platforms like iQiYi, which recently inked a licensing deal with Netflix that brought content from the US-based SVOD service to its platform. iQiyi is backed by Baidu Inc., a Chinese-American web services company.
Tencent Video says it achieved its notable performance through its committed investment and innovation in content, operation, and marketing. The company cited particular success with its “Country Love Story” series, “The Eternal Love A Love So Beautiful,” and “The Coming One.” In the past, Tencent has struck deals with MGM and Disney to bring content such as “James Bond: Spectre” and the first six “Star Wars” films to its streaming service.