The leading social networking app in China and the fifth most
widely used globally, WeChat saw impressive growth amid the COVID-19 pandemic,
both in revenue and the number of users. The brand value of Tencent Holding’s
mobile messaging app also surged in the last year, launching WeChat among the
strongest brands globally.
According to data presented by StockApps.com, WeChat brand
value hit almost $68bn in 2021, more than three major Chinese banks.
The World’s Strongest Brand
WeChat or also called China’s “app for everything,” offers
services from messaging and banking to taxi services and online shopping.
During the pandemic, the app also helped keep track of those traveling or in
quarantine, providing access to real-time data on COVID-19, online
consultations, and self-diagnosis services powered by artificial intelligence
to more than 300 million users.
This diversity of services offered to its users, especially
amid the pandemic, helped the WeChat brand value surge by 25% YoY, revealed the
2021 Brand Finance’s Global 500 survey. With a valuation of $67.8bn, WeChat
jumped nine spots on the ranking to enter the top 10 for the first time, behind
giants like Apple, Amazon, Google, Walmart, or Facebook.
Also, the popular app ranked higher than the three major
banks in China. In comparison, China Construction Bank hit a $59.6bn brand
value this year, $8.3bn less than WeChat. Agricultural Bank of China and Bank
of China also ranked below the popular messaging app, with $53.1bn and $48.6bn
value, respectively.
The Brand Finance survey also revealed WeChat overtook
Ferrari to become the world’s strongest brand with a top score of 95.4 out of
100 and an AAA+ brand strength rating. The relative strength of brands is
measured through a balanced scorecard of metrics evaluating marketing
investment, stakeholder equity and business performance.
Statistics show the Chinese mobile app is one of merely 11
brands in the ranking to have been awarded the elite AAA+ brand strength
rating.
More than Hit 1.2 Billion Active Monthly Users
WeChat has lots of popular messaging app features, including
Moments. A majority of WeChat users access WeChat Moments every time they open
the app. Voice and text messaging, group messaging, payment and games are other
examples of WeChat services.
Tencent’s 2020 financial results revealed the number of
WeChat active accounts has been multiplying over the past years.
Between 2011 and 2015, the number of monthly active accounts
surged from 2.8 million to nearly 700 million. In the first quarter of 2018,
WeChat`s user base hit the one-billion benchmark, and the number just kept
rising.
Statistics show the popular social networking app had over
1.2 billion monthly active users in the last quarter of 2020, ranking as the
fifth most widely used social networking app globally.
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