China’s news and trends platform Weibo released its financial report for 2020 today (March 18), which shows that its revenue grew by 10% year-on-year to $513.4 million in Q4. This brought its total annual revenue to $1.69 billion, a fall from 2019’s $1.77 billion. The social media platform saw its net profit fall to $547.5 million.
Advertising and marketing represent the largest source of revenue for Weibo, accounting for more than 80% of total incomings in the past three years. In Q4, this revenue increased 12% year-on-year to $453.5 million, which included $59.53 million from Alibaba.
Weibo has also seen its userbase grow as China’s internet penetration rate rises. In December 2020, Weibo’s monthly active users (MAU) reached 521 million, an increase of five million from the year before. Of them, 94% of MAUs accessed the site through a mobile and 225 million used the platform daily. Weibo is used widely by Chinese netizens to find out and comment on the latest news stories, celebrity scandals and other trending topics.