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Saturday, April 09, 2022 1:33:48 PM
Tencent Shuts Videogame Streaming App Amid China Tech Crackdown
By: Barron's | April 7, 2022
Tencent Holdings said on Thursday that it plans to close its videogame streaming app Penguin Esports by early summer.
In a statement, the Chinese tech giant said the decision was due to “the change of business development strategy,” but did not provide any more details.
Penguin Esports has stopped taking new users or live-streaming hosts and blocked existing users from topping up their accounts with immediate effect, Tencent (ticker:700.H.K.) said.
The app will be removed from all app stores and will stop operating by June 7, the company added.
The move comes as Chinese authorities increase their scrutiny of the country’s biggest technology companies.
Last year, China’s market regulator blocked the merger of game streaming platforms Douyu (DOYU) and Huya (HUYA) on antitrust grounds. Tencent is among the largest investor in both companies which provide videogame live-streaming services similar to Twitch in the U.S.. Huya had planned to merge Penguin Esports into the new combined group.
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By: Barron's | April 7, 2022
Tencent Holdings said on Thursday that it plans to close its videogame streaming app Penguin Esports by early summer.
In a statement, the Chinese tech giant said the decision was due to “the change of business development strategy,” but did not provide any more details.
Penguin Esports has stopped taking new users or live-streaming hosts and blocked existing users from topping up their accounts with immediate effect, Tencent (ticker:700.H.K.) said.
The app will be removed from all app stores and will stop operating by June 7, the company added.
The move comes as Chinese authorities increase their scrutiny of the country’s biggest technology companies.
Last year, China’s market regulator blocked the merger of game streaming platforms Douyu (DOYU) and Huya (HUYA) on antitrust grounds. Tencent is among the largest investor in both companies which provide videogame live-streaming services similar to Twitch in the U.S.. Huya had planned to merge Penguin Esports into the new combined group.
Read Full Story »»»
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