Tencent Games: Revenue by Year [2015 – 2025]

Tencent has been a key topic in both gaming and tech circles for over a decade – and for good reason. Tencent isn’t just a gaming giant; it’s one of the largest companies in the world by revenue, valuation, and influence.

From owning blockbuster games like Honor of Kings and PUBG Mobile to investing in companies like Supercell, Epic Games, and Riot, Tencent has its hands in just about everything. And beyond games, it dominates China’s digital economy through WeChat, mobile payments, cloud services, and more.

In this article, we’ll break down Tencent’s total revenue over the years, explore how much it earns from games and apps, and analyze where things are heading in 2025.

Tencent at a Glance

Tencent was founded in 1998 in Shenzhen, China. It started out with a simple messaging platform (QQ), but quickly evolved into a tech powerhouse. Today, Tencent is a $400+ billion company with influence across social media, entertainment, payments, and especially gaming.

One of the things that makes Tencent unique is its mix of own products and strategic investments. It doesn’t just build apps – it owns pieces of the companies that make some of the most successful games in the world.

What Does Tencent Actually Do?

Tencent’s revenue comes from several key areas:

• Gaming – Tencent is the largest video game company in the world. It owns or invests in studios behind titles like Honor of Kings, PUBG Mobile, League of Legends, and Clash of Clans.
• Social Platforms – It runs WeChat and QQ, which have over a billion users combined. These apps aren’t just for chatting – they’re central to shopping, payments, and services in China.
• Fintech & Cloud – Think of Tencent as China’s version of PayPal, AWS, and Zoom rolled into one. It runs a massive payments ecosystem and has been growing its enterprise cloud services.
• Investments – Tencent owns stakes in hundreds of companies, including Epic Games, Discord, Roblox, Ubisoft, and of course, Supercell. These investments give it global reach beyond China.

Total Tencent Revenue to Date (Gaming Focus)

While Tencent earns money from social platforms, fintech, cloud, and advertising, gaming remains its biggest moneymaker.

And that doesn’t even include PC games like League of Legends or console revenue from studios Tencent owns or invests in.

In this section, we’ll look at how much each top Tencent title has earned on mobile.

Tencent Revenue by App/Game

Here are Tencent’s most successful mobile games and apps by lifetime revenue (rounded to the nearest million):

Honor of Kings – $13.94 billion
Tencent’s crown jewel. This MOBA dominates the Chinese market and is one of the highest-grossing mobile games in history.

PUBG Mobile – $9.52 billion
The global version of PlayerUnknown’s Battlegrounds, developed by Tencent’s Lightspeed Studios. Huge in India, Southeast Asia, and the Middle East.

Tencent Video (腾讯视频) – $4.28 billion
One of China’s top video streaming platforms, offering movies, series, and exclusive content.

QQ Music (QQ音乐) – $1.97 billion
A popular music streaming app in China, similar to Spotify. Owned by Tencent Music.

CrossFire: Legends – $1.50 billion
Mobile adaptation of the PC shooter CrossFire, which is extremely popular in China and South Korea.

Game for Peace (和平精英) – $1.12 billion
Tencent’s domestically approved version of PUBG Mobile for the Chinese market.

Underground Castle: Origins (地下城与勇士：起源) – $987 million
Mobile version of Dungeon Fighter Online (DFO), a beloved Korean franchise brought to Chinese mobile gamers.

KuGou Music (酷狗音乐) – $869 million
Another major Tencent-owned music streaming app in China.

Goddess of Victory: NIKKE – $794 million
A sci-fi gacha shooter published globally by Tencent affiliate Level Infinite. Huge in Japan, Korea, and Southeast Asia.

WeChat – $382 million
While WeChat’s core revenue comes from ads and payments, its app store and mini-games ecosystem also generate significant income.

Tencent Revenue by Year (2015–2025)

Tencent’s gaming empire didn’t appear overnight – it was built year by year through hits like Honor of Kings and PUBG Mobile, plus a wide range of apps and services across China and beyond.

In this section, we’ll break down Tencent’s mobile revenue by year, starting with 2015, with data for top-performing apps and games.

2015: $1.69 Billion

Here’s how that revenue breaks down:

Honor of Kings – $24.4 million
Just getting started. Honor of Kings launched in late 2015 and brought in modest revenue during its debut quarter – before becoming Tencent’s top-grossing game just a few years later.

Tencent Video – $11.9 million
Early days for Tencent’s streaming platform. It would grow dramatically in the years to come.

CrossFire: Legends – $6.6 million
This mobile shooter was still new in 2015 but already beginning to build momentum in select Asian markets.

QQ Music – $1.89 million
QQ Music, one of Tencent Music’s flagship apps, was gaining traction as music streaming started to grow in China.

KuGou Music – $1.26 million
Another Tencent Music app, KuGou mostly appealed to lower-tier cities and younger users.

WeChat – $878K
While WeChat had already become essential in China, its monetization was still ramping up. Revenue came mostly from in-app purchases, mini-games, and early ads.

2016: $1.84 Billion

In 2016, Tencent’s mobile revenue rose to $1.84 billion, driven by the breakout success of Honor of Kings, which began its explosive climb to the top of the global charts. This was also the year Tencent doubled down on streaming, music, and in-game monetization.

Honor of Kings – $455.9 million
Now one of Tencent’s top priorities, Honor of Kings exploded in popularity in China with frequent updates, live events, and esports tournaments.

CrossFire: Legends – $101.8 million
Tencent’s mobile shooter continued growing, with strong performance in South Korea and parts of Southeast Asia.

Tencent Video – $34.7 million
Streaming continued to scale, boosted by exclusive content and growing mobile usage in China.

QQ Music – $5.5 million
Music streaming was growing steadily. QQ Music remained the preferred app among urban users.

KuGou Music – $3.7 million
Still serving users in China’s lower-tier cities, KuGou added more revenue this year but remained smaller than QQ.

WeChat – $1.2 million
Still not a major direct revenue driver, but monetization through ads, games, and services was beginning to ramp up.

2017: $3.34 Billion

Honor of Kings – $1.07 billion
Tencent’s biggest hit by far. It officially crossed the billion-dollar mark this year, becoming one of the highest-grossing mobile games globally.

Tencent Video – $212.9 million
A big year for Tencent’s streaming platform. Exclusive shows and better ad tech helped push revenue past $200 million.

CrossFire: Legends – $91.1 million
Revenue dipped slightly compared to 2016 but remained strong, especially in Korea and China.

QQ Music – $29.3 million
Music streaming gained momentum, with QQ Music continuing to expand its premium user base.

KuGou Music – $16.0 million
Similar growth story here. Still behind QQ in revenue, but a large user base kept it relevant.

WeChat – $702K
Despite dominating China’s app ecosystem, WeChat still wasn’t monetized at the same scale as Tencent’s gaming and media properties.

2018: $4.44 Billion

Tencent’s mobile revenue jumped to $4.44 billion in 2018, thanks to a strong showing from Honor of Kings, rapid growth in streaming, and the global rise of PUBG Mobile, which entered the picture for the first time.

Honor of Kings – $1.04 billion
Still Tencent’s top-grossing mobile game, with continued success in China. Revenue stayed above the billion-dollar mark for the second year in a row.

Tencent Video – $371.3 million
Strong user growth, higher ad revenue, and premium subscriptions pushed Tencent Video to its best year yet.

CrossFire: Legends – $112.7 million
Still performing well in Asian markets, but its peak had likely passed.

PUBG Mobile – $91.9 million
Its first year on the global stage. PUBG Mobile started strong, setting the foundation for its huge breakout in the years ahead.

QQ Music – $42.5 million
Continued to grow its paid user base, helped by exclusive music deals and platform improvements.

KuGou Music – $22.2 million
Revenue increased modestly. Still a solid contributor within Tencent Music’s ecosystem.

WeChat – $492K
Monetization stayed limited on the consumer side, as the focus remained on growth and ecosystem expansion.

2019: $5.68 Billion

By 2019, Tencent’s mobile revenue had grown to $5.68 billion, thanks to two powerhouses: Honor of Kings and PUBG Mobile, both of which crossed the $1 billion mark in a single year.

Honor of Kings – $1.15 billion
The game remained a dominant force in China, backed by a loyal player base, competitive scene, and regular content updates.

PUBG Mobile – $1.03 billion
This was the year PUBG Mobile went global in a big way. It became one of the most downloaded and highest-grossing mobile games worldwide.

Tencent Video – $482.2 million
Steady growth continued, with new paid subscriptions and ad revenue from exclusive content.

CrossFire: Legends – $104.0 million
Held steady after several years, though now clearly outpaced by newer hits.

QQ Music – $100.6 million
Crossed the $100 million mark for the first time, reflecting China’s growing appetite for paid streaming.

KuGou Music – $35.5 million
Modest but reliable contributor to Tencent’s music streaming segment.

WeChat – $1.1 million
WeChat’s direct revenue remained minimal, but its indirect impact across Tencent’s ecosystem remained massive.

2020: $6.24 Billion

Tencent reached $6.24 billion in mobile revenue in 2020, marking its highest annual earnings to date at that point. PUBG Mobile and Honor of Kings both delivered record-breaking numbers – benefiting from the global spike in gaming during the COVID-19 pandemic.

PUBG Mobile – $1.79 billion
This was PUBG Mobile’s biggest year ever. With people stuck at home, downloads and in-game spending soared worldwide.

Honor of Kings – $1.50 billion
The MOBA remained a monster hit in China. Live events, new hero drops, and a strong esports scene helped it hit new revenue highs.

Tencent Video – $502.3 million
Streaming revenue stayed strong, with premium memberships and advertising both growing.

QQ Music – $191.4 million
Revenue nearly doubled year over year. Paid subscriptions, exclusive music content, and livestream tipping all helped drive growth.

CrossFire: Legends – $128.6 million
Solid performance continued, although it was no longer among Tencent’s top three earners.

KuGou Music – $62.8 million
Still a reliable secondary app within Tencent Music’s portfolio.

WeChat – $3.85 million
WeChat’s monetization stayed minimal in comparison to its reach, but revenue was slowly climbing thanks to games, mini-programs, and ad placements.

2021: $7.20 Billion

2021 marked another record-breaking year for Tencent, with total mobile revenue reaching $7.2 billion.

 

PUBG Mobile – $2.01 billion
This was the game’s peak year globally. Huge performance in India, MENA, and Southeast Asia helped push it past the $2B mark.

Honor of Kings – $1.81 billion
Still dominating in China. Seasonal content, high-profile collabs, and esports kept players engaged – and spending.

Tencent Video – $538.7 million
Revenue from subscriptions and advertising continued to grow, driven by hit shows and strong mobile usage.

QQ Music – $282.2 million
QQ Music hit its highest earnings to date as more users paid for subscriptions and in-app gifting became more common.

CrossFire: Legends – $175.1 million
This long-running mobile FPS saw a surprising bump in 2021, possibly from special events or regional promotions.

KuGou Music – $94.2 million
Another strong year for Tencent Music’s secondary platform. Still widely used in tier 2 and 3 cities across China.

Battle of Golden Spatula (金铲铲之战) – $92.1 million
This Teamfight Tactics-style auto battler made a strong debut in China, showing potential as Tencent’s next big game.

WeChat – $49.5 million
Finally showing meaningful direct revenue, largely from mini-games, in-app ads, and payments inside the app ecosystem.

2022: $6.85 Billion

In 2022, Tencent brought in $6.85 billion from mobile revenue. While slightly down from 2021’s peak, this was still one of the strongest years in the company’s history. Honor of Kings reached an all-time high, and Tencent continued to benefit from a deep bench of successful titles and apps.

Honor of Kings – $1.95 billion
Its best year ever. The game solidified its place as Tencent’s flagship, dominating revenue charts thanks to strong player retention and massive spenders in China.

PUBG Mobile – $1.48 billion
Revenue dipped slightly from 2021 but remained incredibly strong across global markets.

Tencent Video – $497.3 million
Holding steady, with more content investments and ad growth in mobile viewing.

QQ Music – $293.4 million
New highs again for Tencent Music. Subscriptions, virtual gifting, and live music streaming helped fuel the rise.

Golden Spatula Battle (金铲铲之战) – $195.2 million
This Teamfight Tactics-inspired auto battler continued its strong run, with high engagement from Chinese strategy gamers.

CrossFire: Legends – $190.0 million
Still showing surprising longevity, even as Tencent shifts focus to newer titles.

Goddess of Victory: NIKKE – $122.8 million
A global gacha hit published by Tencent affiliate Level Infinite. Strong launch year across Korea, Japan, and SEA.

KuGou Music – $111.7 million
Continues to serve its niche, bringing in solid revenue from a wide user base.

WeChat – $66.4 million
Now regularly bringing in tens of millions per year from ads, mini-games, and payment integrations.

2023: $7.06 Billion

In 2023, Tencent hit $7.06 billion in mobile revenue – its second-best year ever, just behind 2021. Honor of Kings and PUBG Mobile continued to anchor the portfolio, while newer hits like NIKKE and Golden Spatula Battle added serious firepower. Streaming and music apps also had strong showings.

Honor of Kings – $1.94 billion
Still Tencent’s biggest earner. Twelve years in and still crushing it, thanks to constant content drops and deep player engagement in China.

PUBG Mobile – $1.18 billion
While revenue dipped slightly from its peak years, PUBG Mobile stayed among the top global grossers in 2023.

Tencent Video – $588.2 million
Another solid year as Tencent Video maintained its status as one of China’s top streaming platforms.

QQ Music – $355.1 million
The music division continued to grow, especially among younger users subscribing for exclusive content.

Goddess of Victory: NIKKE – $310.3 million
NIKKE blew past expectations with strong monetization in Korea, Japan, and Southeast Asia. A breakout hit for Tencent globally.

Golden Spatula Battle (金铲铲之战) – $254.2 million
Still a fan favorite in China’s strategy game scene, with a highly active and monetized player base.

CrossFire: Legends – $181.6 million
Years later, CrossFire kept delivering – thanks to loyal fans and consistent updates.

KuGou Music – $166.0 million
Steady performance again. It continues to thrive in tier 2 and 3 cities with high-volume, mid-spend users.

WeChat – $77.3 million
Another record year for WeChat revenue, as more monetization options rolled out via mini-programs and in-app ad networks.

2024: $7.88 Billion

This surge was fueled by consistent top performers like Honor of Kings and PUBG Mobile, strong growth in Tencent Video and QQ Music, and the rise of emerging titles like Delta Force and Golden Spatula Battle.

Honor of Kings – $1.87 billion
Still unmatched. Even after more than a decade, the game remains Tencent’s most reliable revenue machine.

PUBG Mobile – $1.15 billion
Still delivering impressive numbers worldwide. Ongoing updates and regional events helped keep momentum going.

Tencent Video – $642.8 million
One of Tencent’s best-performing non-gaming assets. More premium content and better monetization features boosted mobile earnings.

QQ Music – $410.3 million
Hit another record. Tencent’s music platform continued to grow across subscriptions and digital gifting.

Golden Spatula Battle (金铲铲之战) – $362.9 million
The auto-battler stayed strong with consistent updates and a loyal core audience in China.

Goddess of Victory: NIKKE – $240.8 million
Still a global gacha powerhouse with steady monetization across key Asian markets.

CrossFire: Legends – $218.9 million
More than five years in, and still pushing past $200M annually. A testament to its strong community and Tencent’s live ops strategy.

KuGou Music – $216.9 million
Yet another strong year for Tencent’s secondary music app. Solid revenue from a broad, regional user base.

WeChat – $104.1 million
Crossed the $100M line for the first time. Mini-games, in-app ads, and payments are becoming bigger revenue drivers.

Delta Force – $14.1 million
A new arrival. Still early days, but signs of potential in Tencent’s shooter portfolio.

2025: $4.61 Billion (So Far)

As of mid-2025, Tencent has brought in $4.61 billion in mobile revenue. While still a strong showing, it’s tracking behind 2024’s record year, likely due to softening performance from PUBG Mobile and NIKKE.

Honor of Kings – $1.14 billion
On pace for another billion-dollar year. Still Tencent’s most dependable hit, especially in China.

PUBG Mobile – $786.5 million
Down compared to 2024, but still one of the most profitable mobile games worldwide.

Tencent Video – $393.8 million
Slight decline from last year, but mobile streaming revenue remains a major part of Tencent’s ecosystem.

QQ Music – $258.9 million
Still growing. QQ Music continues to perform with consistent subscriber growth and strong monetization.

Golden Spatula Battle (金铲铲之战) – $212.9 million
Another strong year in progress. This title has cemented itself as a long-term pillar in Tencent’s mobile catalog.

CrossFire: Legends – $185.8 million
Refusing to fade. CrossFire remains relevant with loyal players and regular monetization events.

KuGou Music – $138.5 million
Solid revenue from a wide but less premium audience. No signs of major drop-off.

Goddess of Victory: NIKKE – $120.0 million
Revenue dipped this year, possibly due to saturation or lighter updates. Still a top-grossing global title.

Delta Force – $115.7 million
Picked up speed in 2025. Now pulling in over $100 million, showing potential to grow further.

WeChat – $76.9 million
Continues to rise slowly but steadily, thanks to monetized mini-games and business features.

Tencent Revenue Trends: Is Growth Still Happening?

Tencent’s mobile revenue has grown significantly over the past decade – but not in a straight line. There have been huge growth years, periods of stabilization, and signs of slowing momentum more recently.

Here’s what the trend looks like based on the data from 2015 to 2025:

The Big Growth Phase (2015–2021)

Between 2015 and 2021, Tencent’s mobile revenue quadrupled, jumping from $1.69 billion to over $7.2 billion. That growth was driven by:

• Mega-hits like Honor of Kings and PUBG Mobile, both of which passed $2 billion annually at their peak.
• Platform strength, especially Tencent Video and QQ Music, which monetized rapidly as China’s mobile-first ecosystem matured.
• Global expansion, with games like PUBG Mobile and NIKKE performing well outside China.

A Plateau With High Peaks (2022–2024)

• Honor of Kings continued to anchor Tencent’s portfolio, bringing in nearly $2 billion a year consistently.
• Streaming and music saw stable growth, helping Tencent diversify beyond gaming.

2025: Signs of Softening

So far in 2025, revenue is tracking below 2024 levels. Based on current numbers, the year might finish around $6.5 billion or lower – still huge, but it suggests Tencent may be entering a slower growth phase.

Factors influencing the dip could include:

• Increased competition from studios like ByteDance and NetEase.
• Saturation of legacy titles (PUBG, NIKKE).
• Fewer new releases hitting critical mass.

What This Means for Tencent

Tencent isn’t in trouble – but it’s no longer in hypergrowth mode either. Its current mobile business is enormous and stable, but future revenue spikes will likely depend on:

• Launching new global hits, especially outside of China.
• Expanding monetization inside WeChat and other social products.
• Further scaling its global publishing arm (Level Infinite) to rival NetEase, Garena, and others.

What’s Next for Tencent?

The company is now facing slower growth, stiffer competition, and increasing pressure to innovate. Many of its top games, such as Honor of Kings, PUBG Mobile, and CrossFire: Legends, are over five years old. And while they still bring in billions, Tencent hasn’t had a breakout new hit since NIKKE in 2022.

So, what’s next?

1. Betting Big on Global Publishing

Through Level Infinite, Tencent is investing heavily in publishing outside of China. Titles like Delta Force and Undawn show they’re serious about expanding into North America, Europe, and Southeast Asia with original IPs and shooter-heavy portfolios.

2. More Monetization Inside WeChat

With WeChat reaching $100M+ in direct revenue, Tencent may look to scale monetization even further. That could include more in-app games, ads, e-commerce integrations, and AI-driven services.

3. Focus on Long-Tail Monetization

Tencent has proven it can keep games alive for a decade. The next phase might not be about launching new blockbusters – but about maximizing revenue per user across an existing ecosystem of deeply entrenched titles.

4. AI, Cloud, and Fintech Synergy

Beyond gaming, Tencent is also pushing deeper into cloud services, AI tools, and financial infrastructure. These areas won’t show up in game revenue – but they could play a major role in Tencent’s overall strategy and long-term value.

Data Source

• AppMagic, 2025. Supercell IAP revenue (global)