Industry News Today 12:51 Report: Tencent employees facing mass layoffs as latest lockdowns affect Chinese tech giants’ earnings Chinese tech companies have been conducting staff cuts, according to the latest reports. Tencent is one of the firms to lay off employees at several departments amid regulatory pressure and the impact of the latest lockdowns.
Industry News May 18 Tencent reports no revenue growth, as gaming crackdown in China affects active player base Tencent has released its financial report for the first quarter of 2022 (ended March 31). The Chinese tech giant recorded no revenue growth, citing a decrease in its domestic player base due to the latest game-related restrictions in the country.
Industry News May 13 PUBG Mobile surpasses $8 billion in revenue, remaining second highest-grossing mobile game globally PUBG Mobile has reached another milestone, reaching over $8 billion in lifetime revenue. Tencent-developed battle royale remains one of the biggest mobile games in the world.
Industry News April 20 Total time underage players spent in Tencent games reduced by 88% after implementing new restrictions Tencent has shared the results of its efforts to create the so-called healthy gaming environment. The Chinese tech giant noted how the latest restrictions implemented last year helped reduce total time spent by minors in its titles.
Industry News April 20 David Jaffe turned down opportunity to direct $100 million budget game because he didn’t want to deal with Tencent Prominent game designer David Jaffe, known for his work on series like God of War and Twisted Metal, has claimed that Tencent once wanted him to direct a game with a $100 million budget. However, he refused to partner with the Chinese tech giant.
Industry News April 14 Tencent to block Chinese players’ access to foreign unlicensed games through its speed booster apps Tencent has announced a few changes to its apps for boosting internet speed. This move will block Chinese gamers’ access to many foreign titles, which weren’t approved by the government.
Industry News April 12 Tencent named top mobile publisher by consumer spend in 2021, outshining NetEase and Activision data.ai has revealed the winners of its Top Publisher Award 2022, sharing a list of 52 companies ranging by global consumer spend over the last year. The ranking includes publishers like Tencent, Activision Blizzard, miHoYo, and NetEase.
Industry News April 8 Two unidentified Tencent executives made over $200 million each in 2021 Tencent has paid more than $200 million to two of its executives in 2021. The Chinese tech giant, which saw its stock decline in the wake of Beijing’s crackdown on the games industry, didn’t disclose these employees’ names.
Industry News March 30 Return to Empire aka Age of Empires Mobile breaks into top 10 highest-grossing iOS games in China Return to Empire has broken into the top 10 highest-grossing games on iOS in the first 24 hours since its launch in China. It is a mobile version of Age of Empires available exclusively in the country.
Industry News March 24 Investors concerned that China’s government might split up Tencent into separate companies Tencent has been facing a lot of restrictions from Chinese authorities during the last few years. In the wake of the ongoing tensions, investors are concerned that the government might want to break up the tech giant.
Industry News March 23 Tencent reports gaming revenue of $32 billion for 2021, showing slowest growth since going public Tencent has released its report for the fiscal year ending December 31, 2021. The tech giant still remains the largest game company by revenue, although domestic restrictions continue to slow down its growth.
Deals March 17 Tencent’s investment in Studio MayDay results in its rebranding to Riffraff Games Tencent continues to buy stakes in Western game companies. The Chinese tech giant now has a minority ownership of Studio MayDay, which is now working on two games.
Industry News March 14 Tencent faces tens of millions of dollars in fines for violating China’s anti-money-laundering law The regulation of tech companies in China is getting tougher as Tencent is now facing a potential fine for breaching the central bank’s compliances. It is suspected of allowing money-laundering schemes using WeChat.
Deals February 22 Tencent snaps up Inflexion Games led by former BioWare boss Aaryn Flynn Tencent continues its Western expansion by acquiring Canadian studio Inflexion Games from its previous owner Imporable. The team is developing Victoriana-inspired game Nightingale.
Industry News December 28, 2021 Remedy signs development and distribution agreement with Tencent for online shooter Vanguard Remedy Entertainment has signed a development, license, and distribution agreement with Tencent. The Chinese giant will co-finance the production of PvE shooter codenamed Vanguard and localize it for the selected Asian markets.
Industry News December 17, 2021 China’s regulator allows Tencent to update nine apps again, just three weeks after crackdown Tencent has managed to partly settle its tensions with the Chinese regulators. Although the tech giant will be able to release updates for several mobile apps from its catalog, it is unclear whether the restriction on the release of new products will remain valid.
Industry News October 29, 2021 US national security panel investigating Tencent’s $1.27 billion acquisition of Sumo Group Tencent’s deal to buy Sumo Group for $1.27 billion has come under scrutiny. The acquisition is now being investigated by the US national security probe.
Deals October 29, 2021 Tencent invests $264 million in From Software parent company Kadokawa, which is its biggest deal in Japan Tencent has bought a 6.86% stake in Kadokawa, Japanese publishing giant and parent company of From Software. It is the biggest game-related deal in the country for the Chinese tech giant.
Deals October 11, 2021 Tencent becomes Bloober Team’s largest shareholder by acquiring 22% of its shares for $19.5 million Tencent continues to invest in Western developers by acquiring 21.97% of Bloober Team shares for PLN 77.6 million ($19.5 million). The deal makes the Chinese tech giant the biggest shareholder of the Polish studio.
Industry News September 27, 2021 Pokémon UNITE generates $1.7 million on iOS and Android in first five days since launch Tencent’s MOBA Pokémon UNITE was released on mobile last week. It took the game only five days to top the highest-grossing charts on iOS and Android.