Tencent is a multinational conglomerate holding company from China, which was founded in 1998. The subsidiaries of the company specialize in different internet-related products and services, technology, artificial intelligence as well as entertainment. The products of the company are not only available in China but also in the entire globe. The headquarters of the company are based in Nanshan District, Shenzhen, in twin-skyscrapers famously known as Tencent Seafront Towers.
Currently, Tencent is the largest video game company, one of the largest social media companies, and one of the most valuable technology companies in the world. In addition, the company is among the largest venture capital firms, as well as investment corporations in the world. It is also the owner of the majority of China’s music services (Tencent Music Entertainment). Currently, the company has more than 700 million users, 120 million being paying subscribers.
Inception
The company was founded by five people in November 1998 as Tencent Inc. The founding members were Xu Cheney, Zeng Liqing, Pony Ma, Chen Yidan, and Zhang Zhidong. The founders got the initial capital from venture capitalists, and they released their first product in February 1999, which was a messenger product OICQ.
After its inception, the company did not make any profit for the next three years. A South African media company bought 46% of Tencent in 2001 with the hope of having slack in the growth of technology. In June 2004, Tencent Holding Limited was added to the Hong Kong Stock Exchange and into the Hang Seng Index Constituent Stock in 2008.
Since 2004 the services provided by Tencent included online gaming, but there was a rapid increase between 2007 and 2008, and this saw the company begin to grow and expand further. Tencent acquires the Riot Games, which was the developer of the game League of Legends in February 2011. It also acquired a minority stake in Epic Games in 2012. These are just a few companies that Tencent ventured or bought out.
Evolution
Tencent launched China’s first online bank called WeBank in January 2015. The also got a deal to stream American Basketball games in China the same year. The company entered the world’s top 10 most valuable companies in May 2017, surpassing Wells Fargo. Tencent purchased 12% of Snap Inc in November 2017 with the aim of establishing Snapchat as a gaming platform. The company also teamed with other companies like The Lego Group, Carrefour, and Luckin Coffee, among others.
Some of the products and services offered by Tencent are social media services, e-commerce, utilities, headsets, and entertainment. In the entertainment section, they have Tencent Games, which was founded in 2003. Some of the games the company has made are Dungeon Fighter Online, QQ Fantasy, Xunxian, Honor of Kings, Arena of Valor, and Clap for Xi Jinping, among many others.
The company launched a film distributor and production company by the name of Tencent Pictures in 2015. They also launched what would become the largest online animation platform in China Tencent Comic, in March 2012. Tencent went ahead to collaborating with large music production companies like Sony, YG Entertainment, and Warner Music Group to stream music in China.
Awards & Achievements
Tencent has been operational since 1998, and some of the awards it has won are The Leadership Achievement Award for Best Innovation Centre in 2017. The company may not have won many awards, but it is ranked as the largest video game company in the world. It is also among the world’s most valuable technology companies, as well as one of the largest venture capital firms as well as investment corporations. The services of the company are available all over the world on different platforms, and that is another achievement for Tencent.
Net Worth of Tencent in 2024
As of April 2024, Tencent has a net worth of $48 billion. The company has total equity of $356.2 billion. The revenue of the company comes from the services and products they provide in the market. These include social networks, music, mobile games, smartphones, internet services, and many others. The company has also invested in several other companies, and this has greatly increased the revenue that they get. Judging by the profits that the company is making, these figures will continue to increase in the future, and it is going to be ranked even higher in terms of success.
Tencent was founded in China, but it quickly spread all over the world. The company is listed among the most successful companies in the world, and their services are very highly regarded. The company has, over the years, amassed a huge amount of money in its revenue and immense growth. Their services and products are not comparable to others, and that is how they have managed to stay on top of the market.