According to a report from Yahoo Finance, Telefónica has reached a strategic partnership with TikTok, an overseas short video platform under Douyin , to create a unique way for TikTok users to enjoy videos through Telefónica’s services. In addition, they will serve the distribution, marketing and technical efficiency in three areas of cooperation.
This partnership will enable Telefonica to focus on the development of European and Latin American markets localization of joint marketing and strategic partnerships. The two companies also plan to merge marketing assets following the integration of TikTok Extra on Telefónica’s TV platform Movistar.
Fabio Bruggioni, Global Consumer Director of Telefónica, said that the partnership with TikTok provides a unique opportunity to reach out to millennials and Gen Z. Therefore, the focus has shifted to providing quality services to the target market and ensuring that they have the best experience on their devices.
“Thanks to this new partnership, Telefónica’s customers will be able to share their passion, creativity and milestones in their lives through TikTok, and participate in content on the platform more easily and conveniently than ever before .”He says.
In addition, Telefonica plans to sell its 49 percent stake in the technology sector . Reuters quoted a report from the Spanish newspaper Cinco Dias that the company has hired KPMG and Morgan Stanley as consultants, hoping to raise as much as 500 million euros from the sale of a minority stake. The sale will allow it to raise funds to reduce some related debts.
Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.