Editor’s note: This article was first published in August 2010, as news from that month. The user numbers, Tuenti’s lead over Facebook and Twitter in Spain and Telefónica’s expansion plans are 2010 data. The Tuenti social network no longer exists.
Spain’s leading social network, ahead of Facebook and Twitter with 8 million users, has caught the eye of Telefónica. The telecom group has embarked on an expansion drive: first it bought Portugal Telecom’s 30% stake in the Brazilian operator Vivo, and now it is entering the profitable social networking market.
Telefónica has paid €80 million for control of 85% of Tuenti. The social network currently has 8 million users and 25 million page views.
Tuenti’s founders never expected such spectacular growth in Spain, yet in four years they have built a business worth €80 million.
Telefónica will now take Tuenti to every Spanish-speaking country, and it does not rule out making the platform multilingual to compete with giants like Facebook and Twitter.
No doubt Telefónica will make sure its mobile phones come with Tuenti built in.
This is one more example of how it is possible to grow in times of crisis and spot the markets of the future, in this case social networking.
Further reading
- The most profitable investments in 2010–2011
- How to be a successful businessperson
- Steps to get started as an investor
Featured image: Zarateman, CC0 1.0, via Wikimedia Commons.
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