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How ByteDance plans to crack the gaming industry
For the last few years, ByteDance, the parent company of short video app TikTok, has been working to diversify its revenue streams beyond advertisement and find more ways to monetize its hundreds of millions of users. One area it is targeting is gaming, which has historically been a lucrative business in China’s internet economy.
China is the world’s largest gaming market, generating revenues of $40.85 billion in 2020, according to market research firm Newzoo. The United States trailed behind at $36.92 billion.
But competition is also intense. Giants Tencent and NetEase have long dominated and smaller players like Mihoyo and Lilith are making breakthroughs. According to market research firm Analysys, Tencent occupied over half of the Chinese gaming market in 2019, while NetEase and 37 Interactive respectively commanded around 16% and 10%, leaving little breathing room for smaller rivals.