Chinese Internet giant ByteDance’s rush into the gaming market has begun to show promising results, with the company spending insanely on emerging mobile gaming names over the past year as part of its plan to compete with Tencent and NetEase.
The company that owns the TikTok application collected about $1 billion in player spending within its mobile games during the year extending from June 21, 2021 and June 20, 2022, which represents a growth of 16% compared to the same period of the previous year. These figures include data from the Apple App Store and Google Play, but do not include other Android app stores in China.
ByteDance, widely known for its short video application TikTok and the Chinese version of the Douyin application, has sought to significantly expand its business in the field of mobile games, which is a market dominated by Tencent and NetEase in China, and earlier this year, ByteDance allocated a unit Internal works within it are mainly concerned with games. Read more [NetEase Stock Drops After Diablo Immortal’s Release Delay] and [Tencent is Building an Extended Reality Module for Metaverse].
Compared to other companies, Tencent players’ spending during the period June 21, 2021 and June 20, 2022 amounted to about $7.9 billion worldwide, while NetEase’s numbers were worth $3.1 billion during the same period, compared to the $1 billion collected by ByteDance. Read More [TikTok App Transfers Data of US Users to Oracle].
ByteDance has met with great success around the world with the application of TikTok and is now planning to achieve similar success in the gaming field with the support of its acquisitions, while China is in second place and the United States in third place.