China is putting the brakes on video games for kids, limiting their playtime to just three hours a week.
This new rule kicks in on September 1, impacting a massive number of young Chinese gamers, as reported by the WSJ.
I bet a lot of young Chinese gamers who are underage got their hair on end and goosebumps from this shocking news!
From now on, gaming platforms will be allowed to offer online games to children only between 8:00 PM and 9:00 PM on Fridays, Saturdays, Sundays, and public holidays. Weekdays are a no-go for online gaming. Plus, every online game must now connect to the government's anti-addiction system. To top it off, companies can only grant game access if users register with their real names and provide documents.
Government regulators are going to be all over companies to make sure they follow the rules. They're also teaming up with parents and schools to tackle gaming addiction among children.
This is China's way of combating video game addiction, which the country's official press, The Economic Information Daily, has labeled "spiritual opium" and "electronic drugs" in one of its articles. The publication argues that gaming platforms should prioritize social responsibility over profit. The official newspaper of the ruling Chinese Communist Party, The People's Daily, agrees, stating that online game addiction negatively impacts school life and the overall well-being of teenagers.
This move hit shares of major video game companies, like Tencent (-3.6%) and NetEase (-3.7%). However, for these companies, teen gaming revenue makes up less than 3% of their total earnings.
"This decision is the strictest so far and will basically wipe out most of the spending by minors, which was already extremely low," noted Niko Partners analyst Daniel Ahmad, according to Bloomberg.
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