complete as possible. Can a winner take all? It’s called the One Emperor Syndrome. So, they all now have a video site: Alibaba’s TMall Box Office (TBO); Tencent’s QQLive; and Baidu Video. And increasingly, they go to a client and offer a one-stop shop: so Alibaba will seek to bundle a client’s logistics with its media and with its content. That doesn’t just seek to disintermediate an advertising agency; it knocks it out of the game altogether. Fortunately for us, the individual offers are not, in the end, compelling – a case of generalization finding it difficult to trump specialization. Innovation is the driver of BAT. It started with Sina Weibo, a microblog platform, which began with a similar functionality to Twitter: 140-character text updates in reverse chronological order. Then, later on, it tended to innovate much more; Twitter has followed, with the addition of video, for instance. Robin Li, the graduate from New York State, chose the name Baidu for its meaning: “search for one’s own dream”, a reference to a Song Dynasty poem. His fierce battle with Google led to the latter’s retreat from the Chinese market.