Tencent Holdings, a Chinese multinational technology conglomerate holding firm, has tripled gaming revenues in the last five years, hitting an all-time high of $24.1 billion in 2020, according to data provided by SafeBettingSites.com.

The company's online gaming revenues grew tenfold between 2010 and 2017, from $1.5 billion to $15.1 billion. However, after receiving a nine-month game licensing freeze from China's State Administration of Press and Publications, sales growth slowed dramatically in 2018. According to statistics, online gaming sales topped $16 billion in that year, a slight rise of five percent year over year.

Early in 2019, licensing approvals resumed, with sales reaching $17.7 billion by the end of the year. However, according to estimates, the year 2020 saw the company's largest gaming sales increase in its history, as the entire gaming industry grew despite the lockdowns. Furthermore, during Q4 2020, the tech giant released four new mobile games in China, the goldmine of online gaming, and set a few new records for its gaming titles.

The company’s gaming empire also includes titles like PUBG Mobile, Peacekeeper Elite, and Honor of Kings for mobile devices. The Chinese conglomerate, on the other hand, owns stakes in some of the world's most famous games, such as League of Legends, Fortnite, and Clash of Clans.

PUBG Mobile ranked as the most popular mobile game worldwide by monthly active users, while Honor of Kings remained the top-grossing mobile game worldwide. Meanwhile, Call of Duty Mobile set a new record for DAU for a game released in 2020, while League of Legends drew over 45 million peak concurrent players for the 2020 World Championship Finals, a new high for an eSports event.

As a result, Tencent's gaming sales soared last year, reaching $24.1 billion, up 36 percent year over year. According to the company's earnings report, this accounted for one-third of the Chinese tech giant's annual sales.

It is currently deemed as one of the world's largest video game conglomerates, which has spent extensively on expanding its gaming sector over the last decade.

With ownership in many US video game developers and publishers, the company also owns some of the most successful games in the world, producing massive profits each year.

Despite being best known for WeChat, the company's main revenue source has been video games, which is popularly known as China's ‘app for all’.

The gaming industry in China is massive and lucrative, with over 660 million players, and the majority of customers are heavily invested in mobile gaming.

PlayerUnknown's Battlegrounds was it's top-grossing gaming app in 2020, with $1.75 billion in sales across the Apple App Store and Google Play, as the world's most successful mobile game by monthly active users. Tencent's most downloaded mobile gaming title of the year, according to statistics, was the multiplayer battle royale game, with 223.3 million downloads in 2020. With $1.48 billion in sales and almost 25 million downloads, Honor of Kings came in second.

The same year, Moonlight Blade was company's third-most lucrative gaming game, with $158.2 million in sales, well behind the two top titles.