Facebook Inc (NASDAQ:FB)’s China Plans Will Come At A Price
Ever since China blocked Facebook Inc (NASDAQ:FB) in 2009, Mark Zuckerberg has been trying hard to gain access to the land of 721 million internet users. Just a few days ago, The New York Times reported that a group of Facebook employees are developing a censor tool for its emergence in China. This censor tool will censor newsfeed of the user.
Recently, CEO Mark Zuckerberg hailed Facebook Inc (NASDAQ:FB) as not an arbiter of truth and pledged to censor fake news. But this censor business doesn’t stop there. Apparently, the company has bigger plans to tap the unexplored potential of China’s internet users. China has successfully blocked Twitter, YouTube, Google and other social networks who do not agree to its censorship norms. With a restricted view of “open” internet, the Chinese Government will stop at nothing to gain user data access. In a desperate attempt to gain entry in the Forbidden Land, Facebook might just handover the Chinese Government all that it stands for communication and sharing.
The Competition Ahead
Even if Facebook Inc (NASDAQ:FB) somehow manages to enter the Chinese market, it would not be a piece of cake as it has no presence in China at all. On the other hand, the company’s future competitor WeChat has dominated the market. WeChat is not only a chat platform but a news-reading app and a shopping portal as well.
There is little excitement over Facebook as most of the Chinese citizens use local websites for social networking. Weibo is a Chinese Twitter-like website that has nearly 300 million users monthly and with website like Zhihu, the Chinese no longer need Quora. The only reason anyone in China would ever want to use Facebook would be to connect with international friends or follow anti-china celebrities.
The Fake News Trouble
It is apparent that there were flurry of fake news on Facebook Inc (NASDAQ:FB). Mark Zuckerberg almost three weeks to admit the problem and announce the steps to correct it. WeChat has the upper hand in this game with multi-pronged approach to manage fake news.
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