Monday December 4, 2023

Tencent Machine Rolls On With $20.6B Quarter

  • Tencent is strengthening is position.
  • The Chinese conglomerate kept its momentum in Q1.
Tencent/Design: Alex Brooks
Linkedin
Copy Link
Link Copied
Link Copied

Tencent Holdings is strengthening its position as the world’s largest video game vendor. 

The Chinese conglomerate kept up its momentum in Q1, reporting $20.6 billion in revenue, a 25% increase year-over-year. 

Tencent’s strong quarter was driven by its mobile gaming business, which made up 32% of the company’s total revenue.

Mobile titles like “Honour of Kings,” “PUBG Mobile,” and “Peacekeeper Elite” helped the division pull in $6.4 billion in revenue.

The broader gaming division, which includes everything from mobile to PC, generated $11.2 billion in the quarter, a 17% increase from the same period a year prior.

This favorable Q1 report arrives amid antitrust concerns stemming from the company’s failure to report details of several investments and other anticompetitive practices.

Despite the threat of a hefty penalty from the Chinese government, Tencent continues to expand its offerings.

  • March: Invested $2.2 billion in Rakuten, a Tokyo-based e-commerce company.
  • April: Signed a three-year broadcast deal with Major League Baseball, bringing games to Thailand, Indonesia, and Malaysia. Tencent has broadcast MLB in China since 2018. 
  • May: Signed a multiyear digital distribution extension with Sony Music Entertainment. Tencent will now share digital music rights in China with NetEase Cloud Music. 

Tencent, which is reportedly negotiating with a U.S. national security panel in order to keep its ownership stakes in Riot Games and Epic, reached $73.8 billion in revenue for FY2020.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

MLB Clubs Brace for Record Player Spending As Winter Meetings Kick Off

Expected record-level contract for Ohtani set to highlight offseason activity.

Ohtani's Future Deal Takes Center Stage As Winter Meetings Kick Off

The two-way phenom is expected to sign the largest-ever player contract in U.S. team sports.
A general view of Citi Field, home of the New York Mets.

Mets Owner's Major Hire Underscores Emphasis on Media Revenue

Cohen turns to Bloomberg Media executive to lead team's business operations.

Orioles Look Toward Simpler Plan To Finish Stadium Lease Deal

Talks reportedly turn toward potentially slimmed-down pact as deadline approaches.
podcast thumbnail mobile
Front Office Sports Today

CFP Selection Turns Heads with Controversial Selection

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers
PENN ESPN

PENN Entertainment's High-Stakes Gamble with ESPN Bet Kicks Off on Tuesday

After his Barstool failure, PENN CEO Jay Snowden has plenty riding on a deal with ESPN.
The U.K. regulator is Microsoft's last major hurdle to pass.
August 22, 2023

U.K. Reconsiders Activision Takeover Amid Revised Microsoft Offer

Microsoft's new proposal grants cloud streaming rights to Ubisoft.
A general view as Faze Clan takes on EUnited during the Call of Duty League Finals e-sports event at Miami Beach Convention Center.
October 20, 2023

FaZe Clan, Once Valued at $725M, Sold at $16M Valuation to Jerry Jones-Backed GameSquare

The deal, closing in Q4 2023, is being characterized as a merger.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
A judge denied the FTC’’s injunction request to block Microsoft’s deal.
July 11, 2023

Microsoft Beats FTC to Move Forward With Activision Blizzard Takeover

A judge denied the FTC’’s injunction request to block Microsoft’s deal.
The FTC is filing an injunction to block Microsoft's deal.
June 12, 2023

FTC Makes Another Move to Block Microsoft’s Activision Blizzard Takeover

Microsoft's $69B takeover faces scrutiny in the U.S and U.K.
Goals from the Stanley Cup Final are being shown as 3D videos on Roblox.
June 7, 2023

NHL Uses Roblox to Recreate Stanley Cup Final Goals in 3D

The Roblox activation leverages the NHL's puck and player tracking system.
Nike's .Swoosh NFTs will integrate with future games from EA Sports.
June 2, 2023

Nike NFTs to Appear in EA Sports Video Games

Nike launched its .Swoosh NFT marketplace last year.