Tencent eyes new wave of growth inspired by viral hit Palworld - report

seekingalpha03-26

Two of Tencent's (OTCPK:TCEHY) (OTCPK:TCTZF) studios, Timi and Lightspeed are developing mobile games in the style of viral hit Palworld, aiming to boost the Chinese company's core business, Bloomberg...

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Palworld is filled with mysterious creatures called 'Pals' in which the creatures can be tamed and then deployed in battles. The two studios operate autonomously, but they seem to have found a new formula to find a new Honor of Kings which can boost the company's growth. Tencent is eyeing near-term growth via the China release of Nexon's Dungeon & Fighter Mobile in the coming months, the report added. Tencent's revenue from VAS (value-added services) segment in the fourth quarter fell 2% year-over year to RMB69.1B. International Games revenues rose 1% year-over year, but Domestic Games revenues fell 3% for the same period. The company is facing a price war in the cloud business arena from rivals such as Alibaba (BABA), while the gaming business is seeing competition from NetEase (NTES), whose game Eggy Party has cornered the market for a new genre of party games. To boost growth Tencent is now incubating several, competing projects to get the best results, the report added. The new games being developed combine open-world, survival and crafting elements with the nurture of virtual pets. Lightspeed has shifted developers from existing games into its Palworld-like project. Timi — known for making Call of Duty Mobile — is hiring Unreal Engine programmers, 3D artists and fight designers for its project, as per a job post, which touts a 'fantasy adventure world with cute pets,' according to the report.  More on Tencent  Buy Tencent: The Buybacks Are Here Tencent Holdings (TCTZF) Q4 2023 Earnings Call Transcript Tencent Holdings Limited 2023 Q4 - Results - Earnings Call Presentation Tencent sees Q4 revenue miss amid weak domestic games' sales, plans to double stock buyback Tencent acquires 2 video game units of ByteDance - report","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422412663"}