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Tencent Slashes Game Marketing Budget Amid Freeze
- Regulators said to have stopped approvals of new games
- Executives asked to control spending to âendure hard timesâ
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Tencent Holdings Ltd. is cutting the marketing budget of its gaming division as the business suffers through regulatory disruptions and a slowdown in the Chinese economy, according to an internal memo seen by Bloomberg.
Chinaâs largest gaming company is asking marketing executives to control their cash flow and curtail spending to âendure the hard times together,â according to the letter sent to executives a few days ago. Games that donât yet have government licenses, for example, will have to return their unspent money to the group. Jane Yip, a spokeswoman for Tencent, declined to comment on any potential budget cuts.