But in recent weeks, Momo seems to be expanding out of the dating business and into something more lucrative.For its latest update, Momo executives decided to supplement the app's location-based dating service that matches people through swiping and messaging.reports that “Chinese gay chat and hook-up app” Blued has signed a deal to take tens of millions of yuan in strategic funding from the “investment arm of The Beijing News,” a newspaper group founded in 2003 as a joint venture between several state-owned media companies.
A popular online drama called The government body that regulates the media announced last year that online producers will now have to submit videos for review before they can be uploaded.
“A film can’t be broadcast in China if it features an LGBT romance as the main storyline, or has a character advocating for LGBT rights,” said gay rights activist Xiaogang Wei.
Foreign exchange reserves dip below $3 trillion: Xinhua says don’t panic Yesterday we noted that official Chinese numbers showed that by the end of January, the “psychological” threshold of $3 trillion in foreign exchange reserves was crossed, down from a peak of nearly $4 trillion in June 2014.
Both published an editorial in Chinese written in a rather informal tone that says there is no need to panic, and attributing the drop below the $3 trillion mark to seasonal factors such as travel abroad during the Chinese New Year period.
The row over the THAAD missile defense system has brought those feelings back to the fore.
Read more From football fields to a K-pop “holy war,” China has its reasons for resenting its small northeastern neighbor.
Momo’s stock has also risen 56%, according to the WSJ.
Momo has had a rocky history since its start in 2014.
Blued founder Le said in a statement that he hoped Blued would “continue to push forward social progress”.
Hornet, founded in 2011, claims to be “the world’s second largest gay social network.” In a statement, Eric Huet managing partner at Ventech, who has joined the Hornet Board, said: “The platform combined with the user functionality is unparalleled.
“The gay business is a piece of virgin territory in China, and we hope to become a leader of this lucrative market,” says Blued founder Geng Le.