ByteDance has looked to aggressively expand into mobile gaming, an area that Tencent and NetEase have dominated in China.
"It's built up its games operations so quickly that it's already becoming a significant mobile games publisher, particularly in China and Asia. It has a long way to go to catch up with heavyweights like NetEase and Tencent, of course, but it's moving in the right direction."
The company's largest markets are in Asia, with Japan accounting for 34% of player spending on its mobile titles, while China ranks second and the United States third, Chapple said.
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