The president of online media business at internet portal Tencent, Lau Seng Yee, gave an incredible list of reasons why companies should hug online media and the digital ecosystem at Ad Age's Digital Conference.
Information from Business Insider
1. China has 513 million online users right now
2. 164,000 new Chinese join the internet everyday
3. Approximately 1.3 billion hours are spent online everyday in China.
4. China has more Android and iOS subscription than the U.S.
5. There were 1.74 billion RMB ($276 million) in sales of virtual goods in China 2011.
6. People take social media seriously: He cited a negative review of a refrigerator that was retweeted 170 times.
7. About 370,000 people are playing online mahjong at any time (we're sure someone will find that useful.)
Lau said that, it's pretty impressive for a country that offered its first in-home telephone land lines a mere 17 years ago. He also said that, the internet has unleashed the power of guanxi.
Guanxi is a Chinese tradition where it refers to the chain of connection where the connection that people make in person.
According to Lau, it has redefined everything we have known about connections....there are no more strangers in the world. He added, It also change the social dynamics where "consumers are now the emperors.
As we all know, China's form of government is turning into Capitalism, although until now they are still a Communist country. Social Media is now on its maturity state and people nowadays are dependent (but not 100 percent) on internet because of its capability to share, give information and to compute.
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