Tencent has shared results for the fiscal year ended December 31. The company earned $29.3 billion from video games alone in 2020, which is almost half of its total revenue.

Tencent’s total revenues for 2020 were $73.8 billion, according to a financial report released on March 24. It is an increase of 28% compared to the 2019 results. The company’s operating profit was $22.8 billion (up 30% year-over-year).

Analyst Daniel Ahmad reports that Tencent’s gaming revenue in 2020 was $29.3 billion (up 35.5% year-over-year). “The growth was driven by continued success of legacy games and the launch of new titles both domestically and overseas,” he notes. He also admits that the impact of COVID-19 increased gaming engagement and spend.

Tencent also shared the financial results for the fourth quarter ended December 31. Its gaming revenue hit $5.98 billion (up 29% year-over-year), with the company’s international games reaching $1.5 billion in revenue (up 43% year-over-year).

The Chinese tech giant launched four new mobile titles during the fourth quarter in China. Here are some highlights from Tencent’s gaming results:

  • Moonlight Blade Mobile was ranked as the top-grossing MMORPG on iOS in China during the quarter;
  • Call of Duty Mobile showed the highest DAU for a game launched in 2020;
  • Honor of Kings remained the top-grossing mobile game worldwide;
  • League of Legends attracted over 45 million peak concurrent players for the 2020 World Championship Finals, which is a new record for an eSports event;
  • PUBG Mobile ranked as the most popular mobile game worldwide by MAU.

Ahmad also notes that Tencent continues its “global expansion with strong performance from League of Legends and Valorant.” The company also increased its M&A activity outside China.