Renren, China’s largest social networking service by users, expects to make more money from online shopping than advertisements or games in the future, said Joseph Chen, chief executive.
“I expect 50 per cent of our active users to pay us in the long term. When that happens, the majority of our revenue will come from e-commerce,” Mr Chen told the Financial Times.
The remarks explain why Renren, the largest operator in China of a Facebook-like service, is pouring money into its lossmaking Nuomi group buying unit, which operates in a fiercely competitive market.
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