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News on Medial
Game on: Exit Tencent, enter Tiga at Dream11
Livemint
·
10m ago
Medial
Chinese tech giant Tencent is reportedly planning to sell its stake in Sporta Technologies, the parent company of Dream11, in order to comply with regulations on Chinese investments. Singapore-based Tiga Investment is set to acquire Tencent's shares for over $150 million. The move comes as the Indian government imposes stricter scrutiny on investments from neighboring countries, particularly China. Tencent had initially invested in Dream11 as part of its global gaming strategy but has since sold shares multiple times. Indian startups have become more hesitant to accept equity investments from Chinese firms since 2020.
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TIGA Gets CCI Nod To Acquire Stake In Dream11, Tencent To Offload Entire Stake
Inc42
·
10m ago
Medial
Tiga Investments has received approval from the Competition Commission of India (CCI) to acquire a stake in Dream Sports Inc, the parent company of real money gaming major, Dream11. This transaction involves Tiga Acquisition Corp III purchasing preferred stock and certain rights from an existing shareholder of Dream Sports. Additionally, it has been reported that Tencent Holdings, a backer of Dream11, is considering selling its entire stake in Dream Sports.
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Tencent shuts US video games studio Team Kaiju
Economic Times
·
1y ago
Medial
Chinese tech giant Tencent has closed down its US video game studio, Team Kaiju, as part of its strategy to become a competitive game developer in the Western market. The studio had been working on a multiplayer game under the leadership of game designer Scott Warner, who left the company in April. Tencent's move comes as it focuses on building studios overseas and developing games targeted at overseas markets. The shuttering of Team Kaiju will see its staff reassigned to work on other projects within Tencent.
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Tencent's 'Dungeon & Fighter' game dominates China's mobile download charts
Economic Times
·
1y ago
Medial
Tencent's Dungeon & Fighter Mobile game has achieved significant success since its launch in China, dominating the top-grossing charts on Apple's iOS platform for nearly a month. Within 10 days, the game generated over $100 million in revenue, surpassing Tencent's other popular titles like Honor of Kings and PUBG Mobile. This contributed to a 12% growth in Tencent's mobile game revenue in May. The game's success comes amidst tensions between Tencent and smartphone vendors over gaming revenue sharing. Tencent recently removed the game from selected Android app stores due to contract expiration.
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Meta strikes deal with Tencent to sell VR headset in China: WSJ report
Economic Times
·
1y ago
Medial
Meta Platforms has reportedly entered a preliminary deal with Tencent Holdings to sell a low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta's headsets in China, starting late 2024. The deal allows Meta to compete with TikTok-owner Bytedance. Meta's Quest, the bestseller in the VR space, will be adapted for China with cheaper lenses, with Meta taking a larger share of device sales and Tencent focusing on content and service revenue.
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Tencent turns to ByteDance in gaming showdown with NetEase
Economic Times
·
1y ago
Medial
Tencent is leveraging ByteDance's advertising platforms to promote its significant video game release, "DreamStar," signaling improved relations and heightened competition in China's gaming industry. Despite a history of mutual exclusion from their platforms, Tencent has chosen to advertise DreamStar heavily on ByteDance's Pangolin platform. This unexpected collaboration comes as ByteDance withdraws from gaming competition with Tencent and NetEase, focusing on its core platform operations. Analysts anticipate DreamStar to earn up to 6 billion yuan in its first year, competing with NetEase's Eggy Party, boosted by advertising on ByteDance platforms.
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Tencent's 'Dungeon & Fighter' game pulled from some Android app stores
Economic Times
·
1y ago
Medial
Chinese game developer Tencent will be removing its popular mobile game Dungeon & Fighter (DnF Mobile) from selected Android app stores as the contracts with these platforms have expired. The specific app stores affected have not been disclosed, but reports suggest that Huawei, Oppo, and Vivo stores are among them. Revenue sharing has been a contentious issue between game developers and app stores in China, with the standard 50% split being a point of contention. Tencent had a similar dispute with Huawei in 2021, resulting in the removal of several games from their app store.
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China unveils new gaming curbs, sending tech stocks tumbling
Economic Times
·
1y ago
Medial
China has announced new plans to restrict the online gaming industry, leading to a sharp decline in tech stocks. The draft regulations aim to limit in-game purchases and compulsive playing behavior, including the introduction of limits on recharging in-game wallets and the abolition of features that increase gameplay time. The regulation draft also reiterates a ban on "forbidden online game content". While stocks of companies like Tencent have plummeted, some independent game studios see the regulations as an opportunity for innovation and improved user experience.
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Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play
IndianStartupNews
·
1m ago
Medial
Dream Sports, the company behind Dream11, has ventured into India's casual real-money gaming market with Dream Play, a new platform offering games like Carrom and Pool. Available on Google Play Store and App Store, Dream Play features various game modes and Mega Contests with cash prizes. This move positions Dream Play against established competitors like MPL and WinZO. Dream Sports, valued at $8 billion, reported significant revenue growth, further diversifying its offerings beyond fantasy sports.
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Dream11 parent launches its first mobile game Dream Cricket 2024 in India
Money Control
·
1y ago
Medial
Dream Game Studios, owned by Dream11 parent company Dream Sports, has launched its first mobile game, Dream Cricket 2024, in India and Pakistan. The cricket game features realistic gameplay, voice commentary, and 3D graphics. It includes various game modes, including multiplayer matches, Dream Team, and a new World Cup mode where users can play as one of the 10 international teams and participate in tournaments. Dream Cricket 2024 also features the faces of current and former Indian cricket players and renowned international players. India's gaming market is growing rapidly, with revenue projected to reach $868 million by 2023.
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Tencent posts strong revenue growth as games sales recover
Economic Times
·
1y ago
Medial
China's Tencent Holdings reported a 10% increase in third-quarter revenue, driven by a strong recovery in its games business following regulatory crackdowns. The company's sales reached 154.6 billion yuan ($21.4 billion) in the three months ending in September, marking its third consecutive quarter of revenue growth. However, net profit fell by 9% to 36.1 billion yuan. Last year, the regulatory crackdown resulted in a decline in revenue for Tencent. This year, with the resumption of game licenses, the industry has seen a significant recovery.
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