Codenamed “F1,” this studio will span across China, the United States, Canada, and Singapore, and it’s the company’s first team under a new “Future” label. The firm has begun laying the foundation of this project, with one of its first steps being founding a new studio under one of its gaming subsidiaries, TiMi Studio Group. ![]() To Tencent, that path can be chartered via a mix of video games and a gamified social media experience - or a real world experience that’s supplemented by both augmented reality and virtual reality. During the tech behemoth’s third-quarter results earning call in 2021, its usually reticent CEO, Pony Ma Huateng, spoke about the company’s vision for the metaverse, saying that Tencent currently has the resources to develop its version of the idea. And as one of the largest tech conglomerates in the world, it also wants to build the metaverse - to construct a sprawling, digital universe that doubles up as a diverse gaming platform, made up of various IPs. And with a growing presence internationally, we recently decided to take a closer look at how it operates and what it owns.īeginning with Riot Games in 2011, Tencent has been steadily acquiring an extensive portfolio of international game studios. It’s also China’s - and the world’s - biggest game company. And with Tencent Music, it also owns the majority of China’s music services, with 841 million active users. It’s the behemoth that created QQ.com, one of the country’s largest web portals and the world’s fourth most visited website. It’s behind the nation’s most popular messaging app, WeChat, with over 1.2 billion monthly active users. While its size and acquisitions have made frequent headlines, its presence has remained understated relative to competitors like Amazon and Google, with the name occasionally peppered into conversations as an example of China’s burgeoning influence on technology and entertainment around the world.īut in China, Tencent is everywhere. “The Fate of the Furious,” released in 2017, made over US$390 million from China alone – almost one-third of its global gross.In the West, tech giant Tencent is not yet a household name. Big Hollywood hits can bring in hundreds of millions of dollars from Chinese film-goers. In 2019, US films accounted for 30 per cent of China’s US$9.2 billion in box office sales. Just as openness to trade with China helped the US weather the pandemic last year, continued trade with China will be crucial to building back the American economy. Unemployment is significantly down from its peak one year ago, but 4 million more Americans are unemployed today than in February 2020. Although the US is recovering from the pandemic, there is still a long way to go. Saving jobs in Hollywood and US universities, for example, depends on maintaining strong ties. The US Economy, Starting With Hollywood and Education, Needs China to Build Back BetterĬontinued trade with China will be crucial to the US’ economic recovery. Most recently in March, product listings by multiple top sellers of imported console games vanished from Alibaba’s Taobao marketplace. But these grey markets, both online and offline, are susceptible to ongoing clampdown. ![]() Chinese console players often resort to grey markets for foreign editions because the list of Chinese titles approved by local authorities is tiny compared to what’s available outside the country. In all, TiMi pocketed $10 billion in revenue last year, according to a report from Reuters citing people with knowledge. Established in 2008 within Tencent, TiMi is behind popular mobile titles such as “Honor of Kings “and “Call of Duty Mobile.” In 2020, “Honor of Kings” alone generated close to $2.5 billion in player spending, according to market research company SensorTower. TiMi Studios, one of the world’s most lucrative game makers and is part of Tencent’s gargantuan digital entertainment empire, said Thursday that it has struck a strategic partnership with Xbox. Xbox Teams Up With Tencent’s ‘Honor of Kings’ Maker TiMi Studios
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