Weibo has launched a lifestyle and fashion social networking app named Luzhou (commonly translated to Oasis), which allows consumers to share photographs and videos, as well as expand their social circle by connecting with individuals with similar interests.
The new app positions itself as a place that allows "consumers to escape from the complexities of society and regain their enthusiasm for life". Consumers can also gain access to a range of topics such as food, shopping, celebrities and pets. According to the app store description, Oasis also aims to position itself as a utopia where consumers are able to share about their life without judgments.
Interestingly, the layout of Oasis is similar to that of Instagram's and multiple media outlets have also compared the layout to Xiaohongshu (RED), another Chinese eCommerce app.
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Weibo saw a dip in net income from US$140.9 million to US$103.0 million during the second quarter of 2019 ended 30 June (Q2 2019). Despite this, it posted a 1% increase in revenue from US$426.6 million to US$431.8 million.
Meanwhile, its advertising and marketing revenues for Q2 2019 also saw an increase from US$369.9 million to US$370.7 million during the quarter. Advertising and marketing revenue for SMEs and key accounts in particular were US$346.5 million, representing a 2% increase compared to US$338.7 million for the same period last year.