Spain’s Telefónica Moves into Social Networking, Buys Tuenti

In Global Trade Talk by Emily Williams

By Emily Williams

Spanish telecom giant Telefónica, which took its first steps into the ebook market a month ago (as we reported here), last week laid down $70 million to acquire a 90% interest in Tuenti, Spain’s biggest homegrown social networking site. Tuenti has 8 million users and is especially popular among the young 14-20 age group. The move injects needed capital into the networking site, which has been outpaced in recent years by Facebook, and for Telefónica opens a major inroad into social networking, as well as the potential to draw higher ad revenue based on a combined user base of 14.2 million users, putting the group in fourth place overall in the Spanish market behind Google, Microsoft, and Facebook.

About the Author

Emily Williams

Emily Williams as Manager of International Digital Content at Barnes & Before that, she worked as digital content producer for Publishers Marketplace, contributor to Digital Book World and Publishing Perspectives, and also held a senior scout position with Maria B. Campbell & Associates.