Tencent stops its video game streaming arm, Penguin Esports as Crackdown weighs
By MYBRANDBOOK
Tencent Holdings will shut down its Penguin Esports unit by early-June. The company said on its official WeChat account that the decision to shut down the six-year-old platform, where hosts could live-stream themselves playing games in a model similar to Amazon's Twitch, was made because of "changes to its business development strategy".
Beijing last year blocked the company's attempt to create a $10 billion videogame streaming behemoth through the merger of the market's top two players Huya and DouYu on antitrust grounds. Huya said at the time it planned to merge Penguin Esports into the new entity.
A wide-ranging Chinese regulatory crackdown has targeted tech giants over the last year and a half, forcing them to revamp once common market practices and driving Tencent and peer Alibaba Group to draw up layoffs plans.
Tencent said that Penguin Esports had stopped taking new users or live-streaming hosts and had also blocked existing users from topping up their accounts with immediate effect. The app will be removed from all app stores and will stop operating by June 7.
Other products Tencent has withdrawn in recent months include its e-commerce platform Xiao'e Pinpin in February. It also stopped services for video games including Epic Games' smash-hit Fortnite, which Tencent had planned to publish in mainland China.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
BPE INDIA PVT. LTD.
VVDN TECHNOLOGIES
TECHROUTES NETWORK PRIVATE LIMITED
TVS ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
Icons Of India : Arundhati Bhattacharya
Arundhati Bhattacharya serves as the Chairperson and CEO of Salesforce...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
