China now accounts for two of the six companies with the highest online media revenues and four of the 10 fastest-growing, according to a report from the global research and advisory company Strategy Analytics.
The Digital Media Index, which analyzes revenue trends across 44 public digital media companies, shows Google at the top of the list with $31.4 billion in digital media revenues in the first half of 2014, a rise of 12 percent on the previous year.
That is more than three times that of nearest rival Amazon at $10.3 billion, up nine percent year on year.
Facebook was in third place with $5.4 billion, up 66 percent, just ahead of Chinese internet service portal Tencent at $5.4 billion, which is up 43 percent.
The Chinese web services company Baidu registered a 56 percent rise to $3.4 billion, was the other Chinese company making their way into the top six.
“A red-hot Chinese Internet market is challenging the historical dominance of U.S. companies,” Michael Goodman, director of Digital Media for Strategy Analytics, said in a statement.
“The fact that there are about 2.5-times more Chinese than Americans online is a big factor so they’ve been able to hit such heights solely in a domestic market. The big question, and the key threat to U.S. global dominance, is whether they can translate this success outside China,” said Goodman.
Baidu was just behind Apple’s iTunes, which saw digital media revenues of $5.2 billion, up 56 percent year-on-year.
Baidu, Alibaba and Tencent are the three big Chinese webcos collectively known as “BAT”, which are revving up for major moves in the China market, as possible studio buyers, content acquirers and distribution outlets for Hollywood fare in the world’s second biggest film market.
Yahoo was the only one of the world’s top 10 to see digital media revenues decline year-on-year, down 3 percent.
Read more at The Hollywood Reporter.