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Tencent undergoes marketing budget cuts as China’s licensing freeze persists

first_imgTencent undergoes marketing budget cuts as China’s licensing freeze persistsCompany’s gaming division to limit spending, shift budget away from unlicensed titlesRebekah ValentineSenior Staff WriterThursday 8th November 2018Share this article Recommend Tweet ShareCompanies in this articleTencentWith no end in sight to China’s game approval freeze, Tencent continues to struggle against growing profit drops. To weather the storm, now it seems the Chinese gaming giant will undergo budget cuts to games that haven’t made it through the licensing process.Bloomberg reports that Tencent informed marketing executives of the budget decrease a few days ago via a letter asking them to keep a close eye on cash flow and keep spending in check so they can “endure the hard times together.” In practice, this means for example that unlicensed games will need to return any unspent marketing money to Tencent as a whole to be used elsewhere.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Those unlicensed games represent the vast majority of Tencent’s budget troubles. Due a freeze on game licenses being issued in China by the government apparently due to concerns about child myopia, hardly any games have been approved for release in the country since April. Until recently, there was hope of some approvals for companies like Tencent through a special “green channel,” but that too has been closed.As a result of the freeze, the Chinese game market has slowed considerably, a change that’s beginning to have an effect on the international industry as well. Tencent in particular has been struggling, seeing a loss of $190 billion in market value as of early October and undergoing a major restructure to focus on other technological trends and revenue sources.It is unknown when the freeze will be lifted, though some analysts have said it could last as late as March 2019.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesTencent in talks with US Committee to retain Epic and Riot stakesThe CFIUS is investigating whether user data handled by the two studios could constitute a “national security risk” because they are Chinese-ownedBy Marie Dealessandri 6 days agoTencent’s Timi Studios reportedly earned $10bn in 2020The Honor of Kings studio is the world’s biggest developer, Reuters reportedBy Marie Dealessandri A month agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

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