Shared in an announcement today – Tencent has become the majority investor of game development studio Tequila Works.
You may not know the game developer Tequila Works by name, but you have probably played on of their recent indie hits. Tequila Works is most famously known for titles like RiME, and The Sexy Brutale. Some of their other bigger releases include Deadlight, GYLT, and the Invisible Hours.
In the announcement from Tequila Works today, CEO Raul Rubio shared that while he is proud of the work the company has produced, “But there’s a limit to how much you can grow by yourself”. The funding from the investment will support the development of upcoming titles including Song of Nunu a League of Legends Story.
“They’re a partner that can appreciate the value of top creative talent with originality as their banner. One that respects our independence and creative freedom. This partnership will allow us to focus on taking the original IPs we are known for to greater heights and create the best experiences we can dream of.” Rubio shared.
Tequila Works Chairwoman Luz Sancho commented on the new partnership in the announcement. “We are delighted to ally with a partner that allows us to make Tequila Works a stronger studio with access to all the resources required to produce titles of the highest quality, all made with the care and passion our beloved fans know us for as well as the opportunity of bringing these projects to a wider audience.” said Luz Sancho.
Tencent Games Global VP for Partnerships Pete Smith shared his thoughts on the deal in the announcement. “Tequila Works’ creativity and attention to detail has resulted in titles that have delighted audiences around the world. We look forward to working alongside the team and building on these foundations to deliver on its exciting ambitions for future games.” commented Pete Smith.
While the headlines have been focused on some of the bigger acquisitions by industry heavy-weights Microsoft and Sony, Tencent has been busy. Over 2021 Tencent heavily invested or acquired over 100 game related companies and services. If this majority investment is any indication, it’s unlikely Tencent are slowing down as they compete with local tech giants in China (ie ByteDance), and other global competition.
This announcement today comes after the recent news that Tencent may be facing record fines for anti-money-laundering violations, after China’s central bank discovered regulatory inconsistencies. WeChat Pay, owned by Tencent, was discovered to have allowed illicit transactions on the service, according to information provided to the Wall Street Journal.
