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Tencent seeks to ward off new competition from ByteDance makers of Tiktok

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Tencent seeks to ward off new competition from ByteDance makers of Tiktok
Tencent seeks to ward off new competition from ByteDance makers of Tiktok

Tencent seeks to ward off new competition from ByteDance makers of Tiktok: Chinese gaming giant Tencent Holdings is the world’s largest video game company by revenue. The company is investing in gaming startups or companies. The gaming giant is seeking to ward off new competition from ByteDance makers of Tiktok. Bytedance has recently invested in multiple gaming and game development companies.

The Shenzhen-based tech giant, which derives more than 30% of its revenue from gaming, had invested in a record 62 gaming and tech companies and startups by the end of June 2021. That averages out to a new deal every three days. They recently made an investment in Indian streaming startup LOCO. At the start of 2021, they also invested in Nodwin Gaming, an Indian gaming company. The numbers this year are already twice that of 2020 when Tencent invested in 31 gaming companies, and five times higher than in 2019.

“Tencent has faced notable competition from tech giants such as Alibaba and ByteDance over the past year,” said Daniel Ahmad, senior analyst at Niko Partners. “hit games by smaller game developers that became hits and threats.”

“Tencent invests in a ‘silent’ manner, meaning that they do not rebrand their portfolio companies and generally leave those companies to continue the excellence that made them attractive to Tencent in the first place,” Ahmad said. “We call that Tencent’s silent pursuit of global gaming domination”.

Tencent pushes a busy slate of game releases as ByteDance rivalry intensifies on 17 May 2021. Some of the medium-sized companies that Tencent invested in had hit titles last year. Tencent, the gaming juggernaut is holding a large number of shares in almost every game development company such as Epic Games who developed the Fortnite game. The gaming giant is the biggest stakeholder of Krafton Inc. a South Korean game development and entertainment studio.

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