China stops approving new video, phone games

16 August, 2018, 20:29 | Author: Billie Castillo
  • Chinese Internet Titan Tencent Falters After Chinese Gov. Bans Game

But there's a big problem we are only now learning about: the Chinese government has stopped approving new game licenses, and it hasn't done so for months.

Under pressure to curb gaming marathons on Tencent's smash hit "King of Glory" mobile multiplayer battle game, the company past year started restricting daily playing times for children.

The company said its net profit fell 2% to 17.9 billion yuan ($2.7 billion), well shy of the consensus analyst estimates of 19.6 billion yuan for the quarter ended June 30. Mobile gaming revenue dropped 19 per cent from the first quarter. Since the stock's peak in January, Tencent has lost around US$170 billion in market value.

Tencent's shares were down 3.44% on Wednesday, following a more than 3% fall on Tuesday. In addition to the delay in new approvals, this week Tencent was ordered by the government to pull Monster Hunter: World just days after its debut, which the company said was a one-time issue.

Chinese technology giant Tencent led the losses, shedding almost 4 percent and extending a 3.4 percent drop a day earlier, after Chinese regulators blocked the sale of one of its blockbuster titles, "Monster Hunter: World".

Online games are the single largest source of income for Tencent, accounting one-third of the internet giant's revenue.

On Monday, regulators halted sales of Monster Hunter: World less than a week after its launch.

He said the administration now had a "green channel" for one-month temporary licenses, but there was "no clarity" on when the approval process would resume fully.

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Despite the current suspension of game approvals, Lau said Tencent believes the situation is "not a matter of whether [new games] will be approved for monetisation, but a matter of when exactly".

The shares of Japan's leading video games firms dropped Wednesday in what was seen as a reaction to the woes of the games sector in China.

The owner of messaging platform WeChat, which has more than 1 billion users, has struggled to secure approval from Chinese regulators to monetize some of its most popular online games.

Revenue rose 30% to 73.68 billion yuan in the latest quarter, lagging 16 analysts' average estimate of 77.5 billion yuan.

Tencent blamed its profit decline also on fewer investment gains. That represented the slowest quarterly revenue growth since the second quarter of 2015.

Gaming for now remains its bread and butter.

Although the mobile game is very popular, without licensing approvals, it can't create potentially lucrative new versions, according to ifanr.

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