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Tencent, a gaming giant based in Shenzhen, China, reportedly acquired two of ByteDance's ditched video game projects. The acquisition will boost the company's faculties and abilities in game development while strengthening its market presence.
Moreover, the deal allows Tencent to use the expertise and resources of its acquired assets and ByteDance, TikTok's parent company. As per Inkl, the agreement's financial terms and other details were not publicly disclosed.
Industry's Anticipation of the Deal
Experts in the gaming sector are reportedly looking forward to Tencent's acquisition of ByteDance's video game studios. Many believe that Tencent's involvement will introduce remarkable changes and offer many opportunities for the acquired ByteDance gaming assets.
In addition, as Tencent has extensive resources and experience in the gaming business, the studios will gain good points once they are granted access to their new owner's advanced technologies. They will also get more support for game development. At any rate, the acquisition is a strategic move for Tencent as it will be able to expand its gaming business and stay ahead in the highly competitive gaming market.
Acquired Gaming Studios
According to Pandaily, business insiders revealed that Tencent has taken over video gaming teams previously ditched by ByteDance. One of Tencent's gaming divisions, LightSpeed Studios, absorbed an action game project from Shenzhen Gravity Studio that was previously owned by the latter. The other is a 2D open-world project owned by ByteDance's Jiangnan Studio in Hangzhou.
The two projects are said to be anime titles and were absorbed into Tencent's Photon Studio. Meanwhile, the acquisition deal led to the formation of a new company called Saluosi, which was established in December 2023. As shared by sources who have knowledge of the agreement, SCMP reported this was established for the two acquired projects.
Photo by: Charlie Fong/Wikimedia Commons (CC BY-SA 4.0)
