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Tencent cuts game marketing budget amid freeze

Nov 9, 2018 by The Passage Team
Tencent cuts game marketing budget amid freeze

Chinese tech giant Tencent Holdings is cutting the marketing budget of its gaming division as the business suffers through regulatory pushbacks and a slowdown in the Chinese economy.

China’s largest gaming company, as well as the world’s largest by revenue, is asking marketing executives to control their cash flow and curtail spending to “endure the hard times together,” according to an internal memo accessed by Bloomberg.

The lengthy freeze on new game approvals has hammered the gaming industry which used to generate revenues of more than USD 30 billion. The move has also led Tencent to its first profit drop in at least a decade and the evaporation of more than USD 200 billion of market value since a January peak.

Source: Bloomberg

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