Tencent, the owner of Riot Games and maker of Honor of Kings, the world’s top-grossing game in 2019 and 2020.
A state-owned newspaper on the 3rd of August reported that gaming addiction in China was on the rise and labelled it “opium for the mind.” The reference to opium in the article, was later deleted, but as expected. it fuelled investor fears of potential regulation and sent Tencent’s shares sliding more than 10% yesterday. Tencent responded by banning all in-game purchases for minors and tightening the time limit on play for kids. (We wish other companies would do the same)
Tencent may not be a familiar name, but its DNA are all over the western tech industry. Its investment stakes include…
- 40% of Fortnite maker Epic Games
- 12% of Snap
- 5% of Tesla
- 5% of Activision Blizzard
What do you think? Do our children spend too much time gaming? Is society changing / losing sight of community , family and culture? Is big business forgetting family values or just turning a blind eye for profit and not paying attention to cultural requirements? Some may argue a bigger picture, but perhaps the foundations of society need to be stabilised before the so called “pillars of society” can step in and claim huge profits and take a quick personal trip into space?