Research firm: China’s Tencent is now a bigger gaming company than Microsoft and Activision

The biggest gaming company in the world doesn’t have its own console, doesn’t make Call of Duty, and doesn’t even really make its own games.

Chinese investment company Tencent, which owns League of Legends developer Riot, is now the biggest company in the world in terms of game-related revenue, according to industry research firm Newzoo. This comes after Tencent experienced an annual growth rate of 45 percent last year. The company expects to report around $5.3 billion in game revenue for its last fiscal year during its upcoming March 19 financial filing. That will account for almost 8 percent of the $70.4 billion global gaming market. For comparison, estimates put Microsoft at $4.7 billion in gaming revenue over the same period.