Chinese gaming and social media company Tencent Holdings Ltd flagged video games and ad sales as areas where it thinks it could help Snapchat owner Snap Inc after acquiring a 12 percent stake in the U.S. firm. The U.S. social media company has struggled since its March initial public offering to meet analyst expectations for user growth, and it is locked in fierce competition for users and ad dollars with Facebook Inc. Shares in Snap fell 4.3 percent on Thursday to $12.35, adding to a 14.6 percent loss in the previous session. Last year, PepsiCo Inc's Gatorade ran a interactive video game ad on Snapchat featuring tennis star Serena Williams. Tencent also owns Epic Games, developer of League of Legends, which is the most popular computer game in the United States and Europe according to research firm Newzoo.

Source: dna November 10, 2017 10:30 UTC