Tencent snaps up some of ByteDance’s ditched video gaming projects amid industry consolidation, people say
- LightSpeed Studios has absorbed a project in Shenzhen previously owned by ByteDance’s Gravity Studio
- A company named Saluosi has been set up for the two projects, with former ByteDance employees from Nuverse joining
LightSpeed Studios, one of Tencent’s key gaming units and the maker of popular title PUBG Mobile, has absorbed a project in Shenzhen previously owned by ByteDance’s Gravity Studio and an open-world project belonging to ByteDance’s Jiangnan Studio in Hangzhou, according to people familiar with the matter.
Both projects are anime titles, according to the people, who declined to be identified.
A company named Saluosi has been set up for the two projects, with former ByteDance employees from its main gaming unit Nuverse studio joining the new venture, according to the people. Business registration information platform Tianyancha showed that Saluosi, established in December 2023, is 100 per cent owned by Tencent.
Tencent did not immediately respond to a request for comment. ByteDance declined to comment.
The move signals a further consolidation of the gaming industry in China, which is the world’s biggest gaming market by revenue, after the retreat of ByteDance in late 2023.
