Ladies and gentlemen, thank you for standing by, and welcome to the Weibo reports third quarter 2020 financial results conference call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. I would now like to hand the conference to the first speaker today, Sandra Zhang. Thank you. Please go ahead.
Thank you, operator. Welcome to Weibo third quarter 2020 earnings conference call. Joining me today are our Chief Executive Officer, Gaofei Wang, and our VP Finance and Interim CFO, Fei Cao. The conference call is also being broadcasted on the internet and is available through Weibo's IR website. Before the mentioned remarks, I'd like to read the safe harbor statement in connection with today's conference call. During today's conference call, we will make forward-looking statements that are not historical facts, including statements of our beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Weibo assumes no obligation to update the forward-looking statement in this conference call and elsewhere.
Further information regarding this and other risks is included in the Weibo's annual report on Form 20-F, and other filings with the SEC. All the information provided in this press release is occurring as of the date here. Weibo assumes no obligation to update such information, except as required under applicable law. Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which excludes stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payments or are of non-recurring nature or are not indicative of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures.
Following management prepared remarks, we will open the lines for a brief Q&A session. With this, I would like to turn the call over to our CEO, Gaofei Wang.
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Thank you. Hello, everyone. Welcome to Weibo's third quarter 2020 earnings conference call. On today's call, I'll share with you highlights on Weibo's users, product, and monetization, as well as progress we made on our key initiatives in 2020. Let me start with our third quarter financial results. In the third quarter, our total revenue reached $465.7 million, flat year-over-year. Our advertising and marketing revenues reached $416.7 million, an increase of 1% year-over-year. 90% of our ad revenues came from mobile. On the user front, Weibo's MAU grew 3% year-over-year to 511 million in September 2020. Average DAU grew 4% year-over-year to 224 million in September 2020. Those representing a decrease of 2% quarter-over-quarter.
94% of Weibo's MAU came from mobile. This quarter, with growing user base at a steady pace and enhancing user engagement and retention as our key strategies for user product operation, we put more emphasis on increasing consumption efficiency of feed and enhancing user social interaction.
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That said, on the user scale front, post the summer break in August, Weibo user numbers decreased in September compared with June. We have faced incremental headwinds in terms of user growth for the second half of the year, mainly due to negative impact from cutbacks in investments for variety shows and entertainment industries, as well as back-to-school seasonality. In addition, on the engagement front, our user engagement and timestamp were also negatively influenced by the intense competition in the user market, as short video platforms are still aggressively investing in user acquisition. As such, for one thing, we have beefed up our investment in social attributes and video areas from both product and operation perspectives to solidify our market competitiveness and user growth, leveraging Weibo's unique platform positioning.
For another, we have also stepped up our efforts in channel and strategic partnerships since the fourth quarter, hoping to sustain our wider user coverage.
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On the monetization front, we have further emphasized brand plus performance ad offerings among KA and SME advertisers from key industries, and reinforced our competitiveness in the market through business restructure, which are determining factors for our business recovery post the pandemic. As a result, our top KA industry sectors returned to the growth trajectory in the third quarter, and we've seen notable growth in the number of brand advertisers, which contributed to the stabilization of our ad business in the third quarter on a year-over-year basis.
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In discussing our operating updates for the third quarter, I will elaborate our progresses made in the areas of product and monetization.
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We are facing an increasingly intense market competition for the second half of the year. In response to this, it's crucial that we optimize our user product to further enhance Weibo's uniqueness and core competitiveness in the social media sector. Meanwhile, we will step up our investment in video and user community in vertical areas, aiming to enhance user acquisition capabilities to cultivate user habits of content consumption in these areas.
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On topic products. It's our core function to serve the public question and discussion around topics, which help to bring new users and enhance user engagement on the platform. Thus, we kept our investment in the content generation, discovery, and discussion around topics, as well as extended related content consumption. In the third quarter, DAU to consume topics continued to grow double-digit year-over-year, and user discussion around topics grew nicely as well. Moving forward, on the product front, we will optimize post features to encourage users to post, and reinforce content discovery and topic distribution mechanisms to improve the efficiency of content generation.
On the operation front, we will further encourage media outlets and KOLs to create topics and participate in topic discussions, which enrich content offering around topics. On content consumption side, we will further enhance user consumption and discussion around hot topics through more quality content offerings within the discovery zone. It is achieved through optimized algorithm mechanisms of Hot Topic Chart and Hot Search Functions, and collaboration with platforms including handset manufacturers.
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Moving on to social. It's our focus to enhance product social features to drive content offerings and social interaction. First, for relationship-based feeds, we have further upgraded distribution mechanisms and launched new features to facilitate user interaction in the feeds. For instance, we reinforce selective content distribution in relationship-based feeds to beef up social content offerings, such as enhancing traffic social to posts the user might have missed and posts that was heatedly discussed among users you follow. Additionally, on top of our commentary and repost the features, we added social features to enhance direct interactions among users, such as enabling users to leave messages on others' main page. Second, for community products such as fans club and Super Topics, we have further enhanced its social attributes and promoted dense social relationship build-up and their interactions around interests, which in turn drives users' social stickiness in the relationship-based feeds.
As a result, in the third quarter, the use of Super Topic and the number of posts, interaction, and relationship build-up in Super Topic all grew double-digit year-over-year. Nearly 60% of the top KOLs have created their Super Topics. We believe the progresses we have made to strengthen competitive edge of our community products will enable us to tap into growth of the overall self-media market, attracting more self-medias to Weibo and driving user engagement.
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That concludes our remarks on how we enhance social attributes as Weibo's core competitiveness. Next, let me share some color on the progress of Video Account Program. Since the launch of the program in July, we have been focusing on optimizing our platform mechanisms to better facilitate traffic distribution and fans accumulation around video accounts, as well as strengthening our brand recognition among video KOLs and users. As of November, we had over 750,000 content creators participating to Video Account Program on Weibo, among which over 13,000 already have fan base over 1 million. Taking the November metrics as an example, the number of daily video submission and daily video viewership both increased over 30% year-over-year for those monthly active video accounts. We are encouraged to see a notable trend among Weibo's top content creators to shift toward video, leveraging introduction of our Video Account Program.
Meanwhile, Video Account program also attracts talented video content creators from other platforms to join and accumulate social assets on Weibo, which will supplement our current KOL network and enrich our content ecosystem. Going forward, for one thing, we will lower the entry barrier for opening Video Accounts, enabling more KOLs to join and benefit from traffic support from Video Account programs. For another, we will reinforce video content distribution based on social recommendation within the video community, hoping to nurture users' mindset to visit the video community and thus further drive video content consumption around Video Accounts.
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To sum up, on top of general investment amid market competition, first we will solidify our advantage in topic and social media functions to grow our user base and recruit user engagement, so as to enhance our competitiveness in the user acquisition. Second, we will focus on increasing user time spend and frequency, mainly through improvement of consumption experience of video and community products, and thus enhance our competitiveness in the market.
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On the monetization front, we continue to reinforce our competitiveness in the advertising market, as identified overall ad demand recovery internally and solid progress on the monetization system reform internally. Weibo's advertising revenues have almost returned to the same level last year, or increase in 22% quarter-over-quarter.
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Our KA revenues increased 12% year-over-year, or 33% quarter-over-quarter. The robust growth was mainly driven by a notable increase in the number of brand customers, which reached historical high this quarter. From an industry perspective, the FMCG category saw a growth acceleration, benefiting from a considerable increase in the number of customers. Auto and handset industry, excluding barter transactions, also booked a solid double-digit growth. Entertainment previously hit hard by pandemic, started to come back this quarter, although still fell short of the same level last year. On top of the overall ad demand recovery, we also attributed such robust growth to our differentiated value proposition to brand customers, mainly on two fronts. First, leveraging our unique strengths in the distribution and discussion around top IPs, such as blockbuster shows and sports events.
We managed to open up incremental ad inventories by curating content around these IPs. IP-based marketing would enable us to tap into a broader customer base, as well as drive monetization through content operation. Second, we focus on offering integrated brand plus performance as solutions to KA customers to capture higher ad wallet, especially with auto and FMCG sectors.
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Moving on to SMEs. Our SME revenues decreased 15% year-over-year and increased 20% quarter-over-quarter. Notwithstanding the gaps to the overall revenue level last year, we are pleased to see gaming and online education sectors become the core growth driver of our SME business. This year, we have achieved breakthrough with these two sectors as we beef up our effort to drive conversion and enhance our operation capability. Consequently, ad revenues from gaming and online education sector continue to book triple digit growth on an annual basis. For example, we roll out industry-specific ad solutions for these two sectors. More specifically, ad product called Big Day to serve customers new game release marketing needs, as well as ad solution targeting high school and college examination for online education customers.
Ad product like this effectively fulfill customers' marketing needs around product launch and key timing, leading to broader customer coverage and higher ad wallet for us in return. With respect to other sectors, we continue to focus on optimizing customer mix, expand customer base, and improve ad quality this year. During this quarter, we took steps to optimize on areas where we frequently received negative user feedback by setting higher ad quality standards. Despite the short-term revenue loss, we believe improvement on the overall ad quality will benefit us in expanding our customer base and optimizing ad performance in the long run.
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Finally, let me share some color on the progress with our ad products and technologies. First, we took a targeted approach to improve ad algorithm and traffic distribution strategy. A good example is the game Rise of Kingdoms, a blockbuster game. In view of customers go to reach target user group rapidly upon release, we refined our ad attribution and back-end system to accommodate such marketing needs, allowing this customer to reach incremental targeted users beyond the original group and gain higher conversion. As a result, we could better fulfill customers' new game release goals while helping the customer enhance its marketing efficiency significantly, enable us to capture incremental ad budget. Built upon such success story, our next step is to put together an industry-specific ad solution and make it a standard ad offering for the gaming industry.
Second, we will focus on tech optimization around our full funnel marketing in the next few quarters. For example, with the internet service sector, we advanced our ad technology to deliver better app download experience and completion rate through optimization on the download and registration process. We successfully lowered the app activation cost by over 50%. Third, to address customer lead generation needs, especially with education, e-commerce, cosmetic surgery industries, etc., we facilitate easy buildup of our landing page using our own CMS. Currently, customers who use our CMS show their conversion rate improving by over 50% upon the adoption. With solid execution of the above initiatives, we are well positioned to capture higher performance ad wallet in the market.
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With that, let me turn the call over to Fei Cao for financial review.
Thank you, Gaofei. Hello, everyone. Welcome to Weibo's third quarter 2020 earnings conference call. Let's start with user metrics. In September 2020, Weibo's MAUs reached 511 million, representing a net addition of approximately 40 million users on a year-over-year basis. Weibo's average daily use reached 224 million, representing a net addition of approximately eight million users on a year-over-year basis. Let's turn to financials. As a reminder, my prepared remarks would focus on non-GAAP results, and all the comparisons are on a year-over-year basis unless otherwise noted. Now, let me walk you through our financial highlights for the third quarter of 2020. Weibo third quarter 2020 net revenues were $465.7 million , flat, or a decrease of 4% on a constant currency basis, exceeding the high end of our guidance. Operating income was $179.4 million, representing an operating margin of 39%.
Net income attributable to Weibo was $152.9 million, and the diluted EPS was $0.66. Let me give you more color on revenues. Weibo's advertising and marketing revenues for the third quarter 2020 increased 1% to $416.7 million. Mobile ad revenues were $376.1 million, contributing approximately 90% of total ad revenues, up from 87% last year. Moving on to KA. In the third quarter, Weibo's KA ad revenues reached $221.2 million, an increase of 12% year-over-year and 33% quarter-over-quarter. Leveraging a nice rebound in domestic consumption and ongoing digital transformation, our KA business demonstrated great recovery momentum with the number of brand advertisers spending with us this quarter hitting a record high. We're delighted to see a growing number of brands recognizing Weibo's unique value proposition in connecting to younger generations, leveraging KOLs influence, as well as delivering on brand plus performance goals.
This quarter, on top of traditional brand budgets, KA customers notably allocated higher budgets to performance-driven products, such as feed and the KOL marketing offerings, to drive users all the way down the funnel, which presents us with the opportunity to capture incremental ad wallet in the long run. Industry-wise, the strength in our KA business was relatively broad-based this quarter, with growth fueled by key sectors such as FMCG, automobile, and luxury category, et cetera. On the flip side, entertainment, travel, and real estate sectors remained on the negative growth trajectory. We are seeing early signs of recovery following the ease up of restrictions on theaters and tourism. Turning to SMEs. In the third quarter, Weibo's SME ad revenues reached $166.4 million, a decrease of 15% and an increase of 20% quarter-over-quarter. The descending trend of our SME business was mainly attributable to two factors.
The recovery pace of offline merchants continued to lag behind the overall SME sector and weighed down the growth of the SME ad revenue. Second, as we mentioned last quarter, our initiative to clear out low-quality customers and ad creatives also negatively impacted our SME revenue. That said, gaming and education sectors continued to contribute steady growth year-over-year, bolstered by further improvement around the bidding efficiency and performance. In September, we officially launched our revamped ad bidding system, [audio distortion] , featuring a series of updates on optimized CPX, video, and the KOL ad offerings in the hope of driving ROI for customers through more direct response features, better ad relevancy, and higher ad placement efficiency. Ad revenues from Alibaba for the third quarter increased 52% to $29.2 million.
The momentum of ad spend from Alibaba reflects our strengthened cooperation in driving value for brands and merchants to achieve branding plus performance purpose through integrated ad campaigns on both platforms. That said, ad spend from Alibaba highly correlated to its own business operations, especially its marketing strategies, which may change from time to time. As such, we cannot assure that such robust growth will be sustainable in the future. Value-added service, VAS revenues decreased 11% to $49.1 million in the third quarter, primarily due to decrease of live streaming revenues, partially offset an increase in membership revenues. Turning to costs and expenses. Total costs and expenses for the third quarter increased 3% to $286.4 million. The increase was primarily due to the higher bad debt provision and personnel-related costs, partially offset by decrease in marketing spend.
Operating income in the third quarter was $179.4 million, representing operating margin of 39% compared to 31% last year and 31% in the second quarter. Turning to income tax and the GAAP measure. Income tax expense for the third quarter was $30 million compared to $31.4 million last year. Net income attributable to Weibo in the third quarter was $152.9 million, representing a net margin of 33% compared to 38% last year and 30% in the second quarter. Turning to our balance sheet and the cash flow items. As of September 30th , 2020, Weibo's cash equivalents, and short-term investments totaled $3.2 billion, compared to $2.4 billion as of December 31st, 2019, mainly due to net proceeds of $714.3 million received from Weibo's senior note offering in July 2020. In the third quarter of 2020, cash provided by operating activities was $235.2 million.
Capital expenditures totaled $10.7 million and depreciation and amortization expenses amounted to $7.7 million. Let me turn to financial outlook. We anticipate our fourth quarter 2020 net revenues to increase by 1%-3% year-over-year on constant currency basis. This forecast includes revenue estimate of an interactive entertainment company, which was acquired and consolidated to our company in November 2020 and represents approximately 2% of our revenue estimate this quarter. This forecast reflects Weibo's current and preliminary view and is subject to change. With that, let me now turn the call over to the operator for the Q&A session.
Certainly. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. We have the first question from the line of Alicia Yap from Citigroup. Please go ahead.
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Good evening, management. Thanks for taking my questions. I have two questions related to advertising. Number one is related to the overall ad budget sentiment and recovery trend in China. Given the seriousness of the pandemic outbreaks in other countries, have you seen, or do you think it will affect the ad budget onto the worries of the outbreak in other countries in terms of the ad sentiment? Second is related to the competition. It seems that management continued to mention the intensified competition from the short video companies in terms of the ad budget allocation. Not too sure, will this intense competition continue into next year? Do you think given Weibo product is improving, should we see the competitive landscape be actually moderate and improving over time? Thank you.
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Let me give you the answer for the very first question. Let's talk about the data of Q3. Let's divide it into the brand and also SME. First of all, talking about the brand ads, you can see that because Weibo is a very large company, I don't think the pandemic is impacting the ads revenue or budget of the brand so far. Talking about the SME, I think that in the first half of 2020, we really had a big impact, because previously our SME budget previously focused on offline, primarily speaking, and especially those kind of industries like O2O and also finance. I think that we made some changes on the SME side. This year we move further to the online business and especially the online education, e-commerce and gaming, etc.
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Second of all, I would like to say that in terms of our strategy focusing on the brand customers, currently speaking, our brand revenue or our ad revenue from the brand customers is relatively small compared with the other big companies. Because previously and also as of now, we pretty much focus on the top companies and also top brands. You can see that of course we have a very steady growth of our number of customers, especially the brand customers. In 2021, we have some kind of changes, and also adjustments over our strategy. For example, now we are going to enlarge and expand the name list of those brand customers, especially focusing on the inclusion of regional brands and also those national fashionable brands as well.
You can see that in the next one, two years, we are going to see more revenues coming from those middle-end brand customers.
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Next, I would like to say that talking about the SME part. Because I think that SME is really a kind of a sector in our business that is heavily impacted by the pandemic, because previously we pretty much focused on the O2O business and also those wedding dress, photographing and also e-commerce or financial industry. You can see that the O2O, because of the pandemic impact, this was heavily dropped and declined. Second of all, we willingly dropped out some of the customers, for example, in the financial industry or cosmetic surgery industries. The SME side, we have a strategy that we are going to leverage the abilities of the existing team to focus more online, especially online education and also gaming as well. That is the reason why we are seeing a very good result of growth.
Next year, our focus will be using the same SME team to further optimize the online business, to prioritize our services provided to those online bank and customers, especially focusing on the network service, apps downloading service, for example. Because this year we had big growth on the gaming industry, that's why we are now pretty much more focused on the provision of services to those app downloading and other relevant areas. Second, talking about the impacts on the competition landscape of the short video. You can see that we have, first of all, the indirect impact from this particular competition, for the brand customers in specific or brand ad, if you like. If you're talking about this competition, we are talking about the indirect competition, first of all, from the long video side.
You can see that this year, because of this pandemic and also the lower down investment going to the entertainment sector, we can see that those brands are now preferring to invest their money into making videos on Weibo, Bilibili or RED, instead of those traditional platforms of making long videos. I think that is a favorable trend toward us. I want to say that in the SME sector, we still feel a little bit stressful confronting the competition from the short video platform. Comparing with the text and also image like Weibo, we do see the advantages maintaining in the short video platform. What we have to do is that we want to focus on the service provision as well as the optimization of our algorithm for the ad as well.
You can see that this year we're doing a very good job on gaming, especially Q3. You can see that it is hopeful for us to get more budget from those brands and also customers. Next year, we're going to focus on getting more budget from the other famous customers in those cosmetic surgery area or e-commerce or internet service, et cetera, so that it is very much hopeful for us to get more budget from those short video platforms as well. Overall speaking, in the short run, I still believe that short video platform is very much advantageous in terms of making ads, over the text and image-oriented platform like Weibo.
Also, I have to say that in talking about the specific competition with the short video platform on the SME side, first of all, we are going to further invest into making more high quality short videos on our side. You can see that we have been always focusing on investment on this area. This year, we are also building up more inventories of the advertisements as well, at the same time based on short videos. Second of all, not only we are trying to focus on the content, but also we would like to focus more on the customers' conversion rate by putting ad and budget over our platform. You can see on the education side, we're pretty much focusing on not only doing ad, but also making the conversion rate increase for them.
This is actually a kind of a hybrid way for us to overcome the challenges from the short video platforms. Okay.
Thank you.
Thank you. Next question comes from the line of Tian Hou from TH Capital. Please ask your question.
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The question is continued on the short video. The company has made great progress on the short video. The last quarter we mentioned the company has about half a million authors already opened their short video accounts. I wonder how many of them opened accounts by the end of Q3? In 2021, what is the company's goal in terms of how many accounts do we plan or work on to open? For the advertising revenues generated by short videos, what's the percent of total does the company expect that to be? That's my question. Thank you.
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First of all, in our previous presentation, I mentioned a little bit about it. Let's just recap from it. Overall speaking, we have over 700,000 accounts already opened on the video account.
Also talking about those accounts having over 1 million followers, we have 13,000 of them already. The growth rate is very good, I'm glad.
Of course, having said that is still relatively way smaller comparing with the number of we media that we have or self media that we have on Weibo.
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Given the fact that creating the content of video is way more difficult than that of creating a text image like we traditionally did in Weibo.
In the future, I think the number of video accounts will still remain relatively small against the total number of accounts that we have.
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First of all, in terms of production, first, of course, we are going to emphasize more on encouraging those capable authors to create more high quality videos on our side. By those capable authors, I mean the media or KOLs or those food or delicious food accounts, and also those fashionable brands or fashionable accounts, or those cosmetic KOLs as well. Not only they can get the traffic from the video itself, but also they can gain extensive traffic or feed from the Weibo itself from those text and image users. Second of all, the strategy is that we are going to attract more external accounts or external creators to join Weibo to publish their short videos at the same time. For example, we want to attract those people from Bilibili or Watermelon.
TikTok, etc. At the same time, not only they can generate videos on Weibo video account, but also they can actually, at the same time, publish some text and image to show their attitude and sometimes interact with their followers by commenting, etc. You can see that this particular part, the hybrid model, is the one that we enjoy the most growth or the biggest growth this year.
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I'm also talking about the consumption side. The first thing is that for those creators of videos, not only they are publishing their videos, but also at the same time texts and images as well. If we're talking about the followers of those KOLs, you can see that the average time spending is two times higher than that of the time spent on text and image only. This kind of average time spending can help us to improve our activities. Also, second thing is that, we can see that in Weibo, we can create such kind of independent space for the advertisements and also for the video-based consumption behavior as well. This is really helpful for us to gain more budget and gain more revenue from the ad part. Also, we can build up a very good inventory of high quality video and also advertisements as well.
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Finally, let's talk about the objective that we have. Of course, in the short run, we're going to focus on the investment-driven strategy, which is to say that we are not saying that all the creators of the videos should actually give us more consumption payback higher than our investment. Not necessarily speaking. That is to say, it's pretty much this case that in the short run, we're going to invest more than the revenue coming from those creators.
We have actually, of course, two aims. The first is that we are going to encourage more text and image creators to convert to the high quality video creators. Second of all, we are going to attract more external creators from other platforms to arrive on Weibo video accounts to create more videos, and at the same time, interactive content based on images and text. That is a very good strategy for us to further differentiate Weibo from other platforms, and also give us a sustainable revenue contribution from the ad part and video side as well.
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Thank you. Thank you, Alfred. Thank you. Your last question comes from the line of Miranda Zhuang from Bank of America. Please ask your question.
Thank you, operator, good evening, management. Thanks for taking my question. Can you please share with us your preliminary outlook for the advertising business in next year? In particular, the ad spend sentiment of your advertisers in the various industries. Thank you. [Non-English content].
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Overall speaking, talking about the industrial outlook. Continuously, we are not going to only focus on KA, but also SME at the same time. Also, we are now trying to focus more on each different verticals. Also second, combine the brand together with the effectiveness and conversion of that particular ad. This is a very comprehensive and holistic strategy for this business.
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You can see that in the future, we can see that by doing that, we are going to increase the branding and also increase the SME side as well, or effectiveness as well. You can see that we are going to focus more on the verticals like automotives, gaming, and also FMCG as well. For example, gaming, this year, we pretty much focus on those new games published this year. They have a huge demand of getting a very good effectiveness of more gamers and also high quality contents of games as well.
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Let's talk about the industry of gaming, for example. Because that now we are trying to focus on the quality or the quality oriented customers. That is to say on the gaming side, now we can see that we are primarily very well collaborated with Ali Games, Tencent, or Lilith, for example, and they are making high quality games at the same time. They are pretty much gaining more traffic from Weibo. If you are continuously making some of the games, like the webpage game, etc, which does not necessarily need to build up the brand, but only focusing on the effectiveness kind of advertisement, I don't think that they are going to get out further traffic from Weibo.
That is to say that we are going to see a very good growth on those concentrated verticals, especially those top brands concentrated areas, but not that distributed or scattered area.
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Overall speaking, while we finish our monetization strategy implementation, we are going to see that in the future, we are going to continuously focusing on those customers that are investing more into their high quality area. Especially in the future, if the brand, not only the brand customers, but also SME, if they have more budget focusing on the online advertisement, we are going to collaborate and also attract those ads.
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Thank you. [Non-English content].
Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for participating.