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Tencent’s revenue boosted by gaming

Admin By Admin Nov26,2023

Tencent Holdings, a leading Chinese technology company, has recently experienced a significant 10% increase in third-quarter revenue. This growth can be attributed to a resurgence in its gaming sector following the easing of regulatory restrictions previously imposed by the government. The company’s online advertising sales also rose due to the COVID-19 pandemic, which pushed more businesses to adopt digital marketing strategies than ever before.

WeChat, a messaging platform, is also operated by Tencent — the world’s largest video game company. Tencent reported revenues of 154.6 billion yuan ($21.4 billion) for the quarter ending in September. This figure represents an impressive 29% increase compared to last year’s period, demonstrating the company’s continuous expansion and dominance in the digital entertainment industry. Tencent’s strong performance largely stems from its incorporation of innovative technologies and services across its platforms, which cater to the diverse and ever-changing needs of users around the globe.

During this period, Tencent’s domestic games revenue grew by 5%, bolstered by popular titles such as the multiplayer role-playing game “Lost Ark” and the shooter game “Valorant,” produced by Riot Games. In addition to the success of these titles, the company also benefited from increased microtransactions and in-game purchases, further contributing to overall revenue growth. Industry analysts predict that continued success for these flagship games and an exciting lineup of future releases could bolster the company’s domestic revenue even further in the coming years.

Tencent’s online advertising segment saw a notable 20% increase in revenues, while the company’s fintech division experienced a 16% sales growth.

The online advertising boom can be attributed to a rise in businesses investing in digital marketing and shifting towards targeted advertising practices. On the other hand, growth in the fintech division can be traced back to the integration of new payment methods and the increasing adoption of mobile banking services.

These significant expansions are also connected to wealth management services and online transaction enhancements. Consequently, more individuals and companies can now access and use sophisticated financial tools and resources, significantly contributing to the overall growth of the marketplace. Integrating digital platforms has also helped streamline transactions, making the process more efficient and convenient for users while encouraging further expansion in the sector.

Featured Image Credit: Burak The Weekender; Pexels.

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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