Tencent, the world’s largest gaming company, is worried about its future in the industry.
In a speech given at Tencent’s annual meeting, co-founder and CEO Pony Ma says that the company is concerned about its status as the top company after a tougher than expected 2023.
“Gaming is our flagship business…But in the past year, we have faced significant challenges,” Ma said to the crowd via Reuters, “We have found ourselves at a loss, as our competitors continue to produce new products, leaving us feeling having achieved nothing.”
Gaming makes up over 30% of Tencent’s total revenue and Ma says that the company’s recent games haven’t met its expectations.
Tencent currently owns multiple studios such as League of Legends developer Riot Games, which recently underwent mass layoffs, as well as PUBG Mobile developer LightSpeed Studios, among others. It also has partial ownership in Epic Games.
Insider Gaming has reached to Tencent for a statement on Ma’s comments, and will update this story should one be received.
Do you think Tencent should be worried about its future in gaming? For more Insider Gaming, read about Visions of Mana not coming to Xbox Game Pass.