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Tuesday, June 25, 2024
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Tencent Lands Major Gaming Titles

  • The company's gaming portfolio isn’t its only sector getting a boost.
  • In January, the company sold off a $3 billion stake in gaming and e-commerce company Sea.
Tencent
Tencent

Tencent is steadily adding to its gaming portfolio following a crackdown in the world’s largest gaming market. 

The Chinese video game and internet conglomerate has been granted approval to secure licenses for blockbuster gaming titles, helping the company rebound amid a declining market. 

In April, Chinese regulators resumed approvals for new video game licenses after a nine-month hold due to a government crackdown. Chinese state media branded online games as “mental opium” and a health detriment to minors, leading to regulations restricting children to three hours of gaming per week.

  • Riot Games’ popular shooter title “Valorant” was among the group of approved titles.
  • Tencent had more than 40 licenses for foreign titles approved in December.
  • The group included “Pokémon Unite” — a title Tencent co-developed with Nintendo

Tencent’s gaming portfolio isn’t its only sector getting a boost. 

In January, the company sold off a $3 billion stake in gaming and e-commerce company Sea to allocate funds to other businesses and social initiatives.

Tencent-Sea

Tencent Sells $3B Stake in Gaming Company

Tencent sold off around $3 billion in gaming and e-commerce company Sea.…
January 4, 2022

Slow Market 

Tencent is one of several gaming companies struggling to drive profits following a surge in sales during the pandemic. 

The company generated $19.7 billion in revenue in Q3 2022, a 2% drop compared to the same period last year. Profit reached $4.7 billion during the quarter, down 3% compared to Q3 2021.

The global gaming industry is expected to be worth $321 billion by 2026, but the market could see its annual sales decline in at least a decade this year depending on holiday season sales.

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