- Tram Ho
The Free Fire mobile survival game, distributed by Sea Group, is among the top five most downloaded games on Apple’s and Google’s app store for three consecutive quarters this year. Since its launch in 2017, it has generated revenues of up to $ 1 billion.
It was Free Fire itself that tripled the market value of Sea and the assets of co-founder Gang Ye – a former student of Carnegie Mellon University. After returning from the US, Gang Ye worked for Wilmar International and even worked as a civil servant at the Singapore Economic Development Committee.
Afterwards, Gang Ye met with his friend – also the co-founder of Sea, later Forrest Li – to join the founding of the company. He has been a COO of Sea since 2017. Ye currently holds 8.4% of the company and is currently worth $ 1 billion according to Bloomberg statistics.
Sea shares – partly owned by Tencent Holdings – hit an all-time high this month after they reported a three-fold increase in revenue to $ 610.1 million in the third quarter.
While games are still Sea’s core business, Shopee e-commerce platform is also growing rapidly. Sales of this segment tripled in this quarter, and net losses narrowed to $ 206 million.
Shopee, the company’s e-commerce business, is ranked Southeast Asia in terms of monthly active users as well as app downloads in the third quarter. Meanwhile, despite the competition of giants e-commerce from Alibaba to Amazon, the company still has “a leading position in the region is difficult to overcome”.
Ye and Li are the latest dollar billionaires emerging from the gaming industry. Fortnite’s Tim Sweeney has a net worth of $ 7.2 billion, while Gabe Newell who owns the Steam platform with the Valve game currently has a net worth of $ 5.7 billion.
Source : Trí Thức Trẻ/Bloomberg