Last updated on December 8th, 2022 at 03:13 pm
Tencent-owned gaming studio TiMi Studios raises $ 10 billion in 2020
Tencent’s Timi Studios reported revenue of $ 10 billion in 2020. According to industry experts, such an impressive amount of revenue makes the developer of popular mobile games, such as Honor of Kings and Call of Duty: Mobile, a leader in this gaming industry segment. … The news agency Reuters writes about this, citing its own informed sources.
The source says this success will form a solid foundation for the studio’s ambitious plans to expand beyond the mobile gaming segment. In the future, TiMi Studios intends to create AAA games and compete with the largest studios developing projects for various platforms, including PC and consoles.
Last month, it was revealed that TiMi Studios is recruiting staff to create a high-budget AAA game that will resemble a virtual community in the spirit of Ready Player One. Also, Tencent is organizing developer studios outside of China to create original content and attract new audiences. Tencent is committed to ensuring that half of its gaming revenue comes from overseas. As of the end of the fourth quarter of 2019, when the latest available data was released, less than a quarter of Tencent’s total gaming business revenue came from overseas.
Last week, Tencent announced that the total online gaming revenue for 2020 was 156.1 billion yuan (roughly $ 23.8 billion), but details of its studios’ success were not disclosed. According to the source, TiMi Studios accounted for 40% of total revenue, while Lightspeed & Quantum, which is also owned by Tencent and is the developer of PUBG Mobile, accounted for 29%.