China: ad revenue dependence of internet giants 2023

For some Chinese internet giants, online advertising is their major revenue source. In 2023, the Twitter-like platform Weibo reported that 87 percent of its annual revenue came from the online ad business. In comparison, the figure for e-commerce giant Alibaba stood at 32.4 percent while the social media and gaming titan Tencent generated only 16.7 percent of its revenue from online ads.

Share of online advertising in annual business revenue of the internet giants in China in 2023

Characteristic	Ad share in total revenue
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Release date

April 2024

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Region

China

Survey time period

2023

Special properties

the ranking is based on the companies' ad revenues

Supplementary notes

*Alibaba reports its annual results in March each year. The ad revenue here was shown as client management revenue from March 2022 to March 2023. Since September 2020, Alibaba has included the commission revenue as a part of its client management revenue.

**The figures for Tencent and Baidu refer to the online advertising business. The ad revenue of iQIYI was excluded in Baidu's revenue.
For Pinduoduo, the ad revenue share included revenue from other segments.
For Zhihu, the ad revenue was the total sum of the ad revenue and business content solution revenue. For iQIYI, the figure was taken from the business's revenue segment, “other revenues”. For JD.com, the ad revenue included commission and marketing service revenue whereas advertising accounted for a major part.

Only companies which have included advertising and marketing as a part of the main business development and have disclosed the relevant revenue clearly in the financial reports are listed in this ranking.

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