China's video game industry revenue is down 1.8%, its first drop in 14 years
Strict national regulations and an extremely slow approval process has left even giants like Tencent and NetEase feeling stifled on their home turf.
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Strict national regulations and an extremely slow approval process has left even giants like Tencent and NetEase feeling stifled on their home turf.
The new unit will be tasked with building up the software and hardware for Tencent's overall extended reality business.
Tencent's latest video game acquisition is Rime developer Tequila Works.
According to Deus Ex creator and System Shock 3 lead Warren Spector, the team hasn't worked on the game in three years as it focuses on a new IP.
Tencent and 1C Entertainment have closed a deal which was negotiated in November 2021, with 1C and all of its subsidiaries coming under the Tencent umbrella.
Explore Pandora on iOS and Android devices later this year.
Turtle Rock Studios will fall under ownership of Tencent, though the deal states that the Back 4 Blood studio will retain independent handling of its projects.
The reason behind the halt on Tencent's app business is currently unknown.
Playtonic states it will remain full creative control over its IP and scale up to a multiple team studio with Tencent's investment.
Tencent's previous quarter showed its weakest revenue growth since the company went public in 2004, with revenue climbing 13 percent.