Shanghai-based Moonton Technology – the development team behind Mobile Legends: Bang Bang, one of the most popular games on mobile digital storefronts. The MOBA, which flawlessly emulates League of Legends, became a hit in 2016, serving as a benchmark in China and Southeast Asia.
It looks like ByteDance is set to build a broader platform that will continue to grow.
The agreement will not deprive Moonton of its autonomy, but rather represents a capital injection for growth and increased dividends. This resembles Tencent’s strategy regarding Riot Games – a powerful Chinese backer ensures the creation of high-profile games.
The acquisition shows that Tencent is not the only gaming giant in China. It is quite possible that the companies’ interests will overlap as ByteDance and Tencent continue to acquire and invest in gaming studios.