Chinese tech and entertainment giant Tencent has made yet another streaming play with an investment in Huya.
Earlier in the month, Tencent wholly-owned subsidiary Linen Investment revealed it was buying the controlling stake in the streaming service Huya for $262.6m. This follows a $461.6m investment that Tencent made in Huya back in 2018.
Tencent also owns a stake in rival streaming platform Douyu, putting $632m behind the company in the same 24 hours as the aforementioned Huya investment in 2018. Oh, and it also runs its own eGame streaming service, too.
"Huya combines a self-reinforcing content ecosystem with strong execution capabilities to create an engaged, interactive community for game users," Tencent COO Mark Ren said.
"The transaction is consistent with our strategy to connect industry partners and users via an expanding and open ecosystem. By supporting Huya's management team, we look forward to more business synergies and innovative services for game users."
Huya CEO Rongjie Dong added: "This is an exciting opportunity for Huya. We believe this transaction will further expand Huya's access to Tencent's rich resources and bring more values to our shareholders and our users. Huya's management team will work closely with Tencent to explore more business opportunities in game live streaming, e-sports tournaments, and other online entertainment areas and provide more innovative and compelling services and products to better serve our users. We are confident that we will further strengthen our ecosystem, increase our market position and accelerate our growth."