WPP And Tencent Tie Up To Form China Social Marketing Lab
Zacks Investment Research | Jun 29, 2016 09:18PM ET
The world's largest communications services group, WPP (LON:WPP) plc (NASDAQ:WPPGY) , recently announced that it has entered into a strategic collaboration with a leading Chinese provider of Internet value added services, Tencent, to create a social innovation and ideation lab. The two companies have inked a memorandum of understanding (MOU) relating to this alliance.
About Tencent
Headquartered in Nanshan District, Shenzhen, Tencent is one of the largest Internet companies in the world. Its subsidiaries provide media, entertainment, Internet and mobile phone value-added services and operate online advertising services in China. Tencent strives to evolve with the Internet by investing in new projects.
The Strategic Alliance
The “China Social Marketing Lab” will merge Tencent’s strengths in the local online space and WPP’s global marketing expertise to develop enhanced solutions to cater to clients and target audiences. The aim is to conceptualize social ideas and campaigns for Tencent’s QQ and Weixin/WeChat platforms through mutual knowledge sharing involving technology, analytics and creative skills.
This collaboration will strengthen WPP’s footprint in China and create innovative products for better engaging of end users.
The alliance will be fruitful for both companies as both are proven experts in their fields. This is also likely to drive profitability at both WPP and Tencent.
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