Click For Photo: https://techcrunch.com/wp-content/uploads/2019/03/16281552979990_.pic_-e1552980031665.jpg?w=751
A turbulent 2018 for China’s gaming market hasn’t held back newcomers. Bytedance, the world’s most valuable startup behind a collection of rising new media apps including TikTok and Jinri Toutiao, is making a further push into video games after it took control of a mobile game developer through a roundabout deal.
According to a business registration filing, Shanghai Mokun has become wholly owned by Beijing Zhaoxi Guangnian, a second-tier subsidiary of Bytedance. Mokun is a mobile game developer previously owned by 37 Interactive Entertainment, a publicly listed games publisher that earmarked $791 million in revenue last year, which makes the Shanghai-based company about one-sixth the size of Activision Blizzard.
Zhang - Lidong - Vice - President - Bytedance
Zhang Lidong, a veteran journalist-turned senior vice president at Bytedance, has taken the helm as Mokun’s legal representative.
The price of the deal is undisclosed. A spokesperson from Bytedance declines to comment on the transaction. TechCrunch has reached out to 37 IE and will update the story if we hear back.
Time - Bytedance - Interest - Gaming - Market
This isn’t the first time Bytedance has shown interest in the lucrative gaming market. Last month, TikTok’s Chinese version Douyin released its first in-app “mini-game” and Toutiao had already rolled out such lite games on its personalized news distribution platform in September.
These stripped-down forms of apps within a super app have been a sought-after way for Chinese tech giants to lock users in rather than sending them...
Wake Up To Breaking News!