Apple Inc. AAPL showed off its new iPhone12 phones and smart speakers at its "Hi, Speed" event Tuesday afternoon.
What Happened: “League of Legends,” one of the most popular PC games, is coming to the iPhone 12 later this year. Riot Games, owned by Tencent Holdings TCEHY, will launch the mobile version of “League of Legends” called “Wild Rift” on the iPhone 12.
Apple highlighted the 5G capabilities from Verizon Communications VZ and Apple as the “perfect time” to come to mobile. The 14 Bionic chip in the iPhone12 was also highlighted as a plus for playing the game on mobile.
Why It’s Important: Verizon highlights Riot Games, the New York Times and the NFL as partners. The company states Riot Games rebuilt its “League of Legends” game from the ground up for the best mobile experience with Verizon 5G Ultra Wideband.
“League of Legends” is one of the most popular games in the world and its entry to mobile could bring in major revenue for Tencent Holdings.
In 2019, “League of Legends” had $1.5 billion in revenue. The game was the No. 2 free-to-play game on PC for revenue and No. 1 for number of users. “League of Legends” trailed the revenue of “Fortnite,” but had 300 million more users.
The PC free-to-play market was worth $20.6 billion in 2019. The mobile market was worth three times that amount, which opens up another revenue source for Tencent, which is already a top player in the mobile market.
What's Next: Riot Games is also testing “Wild Rift” on Android devices with a closed beta currently testing in the Philippines, Indonesia, Thailand, Singapore, Malaysia, South Korea and Japan.
Shares of Apple fell 3% to $121.04 after the event. Shares of Tencent Holdings are up 1% to $73.75.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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