Facebook Faces Some Tough Competition

Facebook has officially moved down a spot to the sixth biggest company in the world. This comes after Chinese Tencent overtakes.
Melissa Cohen
Last week, Facebook was overtaken as Chinese market rival, Tencent's market value soared. This listed Tencent as one of the top five biggest companies in the world. Tencent was up to $531 billion by Tuesday, while Facebook was sitting on $519 billion. Tencent is the first Asian firm to enter the half a trillion category. Just this year alone, Tencent traded in Hong Kong and doubled their value.
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So What Makes Tencent So Great?  

Tencent is a lot like Facebook, in that it is a multi-faceted, social media company. WeChat is one of Tencent's biggest successes which can compare directly with Facebook's Whatsapp messenger service. In 2017, there were over one billion WeChat users worldwide. Within WeChat, users can not only send messages to their contacts, but they can chat to other people around the world. Some of WeChat's features include:
  • Shake - You can connect with anyone in the world who is using Shake at the same time as you;
  • Walkie Talkie- Use your phone as a walkie talkie and bring back some childhood memories;
  • Share Your Location- You can share your location with your friends;
  • WeChat On Your Desktop- Use WeChat and talk to your friends while you stay productive at work;
  • WeChat Games- You can play games on this app and challenge your friends;
  • QR Code Scanner- Scan a QR code and enter a competition or add a friend, like the old BBM days;
  • Friends Radar- Track down the WeChat friends who are close to you;
  • WeChat Moments- Share your moments with your friends, like you would an Instagram story;
  • WeChat Wallet - Now you can make online payments straight to your WeChat friends.
Besides for the extra features, WeChat has the standard voice note, voice call, text message and image and video sending features.

Social Media And South Africa

The 19-year old Asian company is best known for their Spotify equivalent, Tencent Music and their own YouTube version, Tencent Video. But is Tencent a big name in South Africa? It has been recorded in 2017 that a whopping 30% of South Africans are connected to Facebook. This converts to over 16 millions SA users, of which 14 million access the platform via their mobile device. The city of Johannesburg has the most Facebook users, at just over five million. According to a 2017 study conducted by Johannesburg company, World Wide Worx, Whatsapp messenger had over 10 million users, while WeChat only had 5 million. Although WeChat is really big globally, South Africans haven't taken much interest in the social media app. This was the same when Whatsapp first launched. South Africans were so fixated on Blackberry Messenger(BBM) and Mxit, that the shift took a good few years.
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Top Five Biggest Companies In The World

Tencent has seen its stock price soar over 120% just this year. They are now competing for the top spot against the likes of Apple. Apple is the biggest company in the world on the stock market, with their market value at a ridiculous $889 billion. Here is a list of the top eight biggest companies in the world:
  1. Apple;
  2. Alphabet;
  3. Microsoft;
  4. Amazon;
  5. Tencent;
  6. Facebook;
  7.  Alibaba;
  8. Samsung Electronics.
Here is a graph showing their current market value for 2017:  
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