FILE - Visitors try out the latest 'World of Warcraft' video game at the Gamescom fair for computer games in Cologne, Germany, Aug. 21, 2018. American game developer Blizzard Entertainment said Thursday, Nov. 17, 2022, that it will suspend most of its game services in mainland China after current licensing agreements with Chinese games company NetEase end, sending NetEase's shares tumbling.
The company said revenues and income from the licensed Blizzard games represented “low single digits” as a percentage of NetEase’s total revenues and income last year, and in the first three quarters of 2022. “We’re immensely grateful for the passion our Chinese community has shown throughout the nearly 20 years we’ve been bringing our games to China through NetEase and other partners,” Ybarra said.
Game companies like NetEase and Tencent have seen their stock prices tumble amid the scrutiny and economic uncertainty as China continues its COVID-19 measures, including snap lockdowns, mass testing and strict entry restrictions.
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