$TENCENT(00700)$ Vue Vlog, a short video app owned by Tencent Holdings, said it will cease operations in September, bowing out of a competitive market in China dominated by bigger players such as Tencent’s in-house short video service, ByteDance’s Douyin and Kuaishou Technology.
The decision came just a day after Bilibili, the gaming and video-streaming platform, decided to close its short video app Light Video, citing the need for a business restructuring. The closures came at a time when China’s Big Tech firms are consolidating amid a slowing and competitive market.
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