Tencent Hungry Studio investment targets 300M MAU puzzle asset as UA cost hedge

Feb 26, 2026

Summary

Tencent is in advanced talks for a minority stake in Hungry Studio, the Block Blast! developer.

Block Blast! closed 2025 with 70M DAU and 300M MAU across 200+ countries.

The title ranks #1 in puzzle across 40+ markets.

This deal pattern targets ad-monetized casual scale over costly mid-core UA dependency.

"Discussions have been ongoing for several months"

— Bloomberg, via PocketGamer.biz

Tencent is pursuing a small stake, not a controlling position, in Hungry Studio.

Talks have run for months; no final decision confirmed yet.

Hungry Studio was founded in 2021 and headquartered in Hong Kong.

Both firms ranked on PocketGamer's Top 50 Mobile Game Makers 2025 list.

This is a deal between two ranked mobile operators, not a platform acquiring an unknown.

Block Blast!'s 300M MAU is among the largest casual player bases in mobile.

The puzzle category distributes through organic discovery, not expensive paid UA funnels.

A minority stake gives Tencent access to this scale without full-acquisition integration cost.

This diversifies Tencent's MAU base away from auction-dependent mid-core segments.

Tencent recently shuttered TiMi Montreal without shipping a title.

That closure signals reallocation from greenfield studio bets toward proven, scaled assets.

Tencent's existing stakes skew mid-core and core: Riot Games, Shift Up.

A casual puzzle asset with #1 rankings in 40+ markets fills a distinct coverage gap.

Presence in 200+ countries gives exposure where core titles have limited penetration.

Ad-driven monetization complements Tencent's IAP-heavy portfolio mix.

The move positions Tencent to compete for ad inventory share against Playtika and Voodoo.

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