Renren Shifts Focus to Mobile Games, E-Commerce
BEIJING — Renren Inc., once set on becoming the Facebook of China, is now pushing for space on mobile devices and looking at acquisitions as it looks to turn profitable and stay relevant.
Though it doesn’t have competition from Facebook — inaccessible in China — Renren has faced difficulties from microblogs, which are attracting growing numbers of users in the country’s hypercompetitive Internet market, and from advertisers’ hesitance to spend on social-networking ads.
Now Renren is shifting its business model. Chief Executive Joe Chen said in an interview that he’s looking beyond online advertising for long-term drivers of revenue.