Qian Zhan Wang·2025-09-16 02:18Industry Overview - The gaming industry is defined as an ecosystem economy centered around "content + technology + users," encompassing activities such as development, marketing, sales, and after-sales of video games [1] - Key participants include game developers, operators, distributors, and players, operating across various platforms like PC, mobile devices, and consoles [1] Industry Chain Analysis - The upstream of the gaming industry includes IP owners and game developers, while the midstream consists of comprehensive game publishers, and the downstream involves terminal distribution and marketing channels [2] Industry Development History - The development of China's gaming industry can be divided into several key stages: 1. Emergence and Initial Phase (1980s-2000s): Introduction of arcade games and home consoles [5] 2. Exploration and Growth Phase (2003-2015): Rise of domestic online games supported by national policies [5] 3. Full Explosion and Mobile Transformation (2015-2020): Transition to mobile gaming with the growth of 4G users [6] 4. High-Quality Development and Adjustment Phase (2021-Present): Shift towards regulated growth and overseas markets [6][7] Current Industry Status - The gaming market in China is rebounding, with a projected market size of 325.78 billion yuan in 2024, reflecting a year-on-year growth of 7.53% [9] - After a brief decline from 2020 to 2022, the market is expected to grow at over 7% annually, reaching 168 billion yuan by mid-2025 [9] - Overseas revenue for Chinese gaming is projected to reach 18.557 billion USD in 2024, marking a historical high with a year-on-year increase of 13.39% [10] Market Segmentation - Mobile Gaming: Expected revenue of 238.217 billion yuan in 2024, with a growth rate of 5.01% [14] - Web Games: Revenue is declining, with a projected 2.203 billion yuan in 2025, down 5.87% [19] - Client Games: Stable growth with a projected revenue of 35.403 billion yuan in 2025, up 4.86% [20] - Console Games: Rapid growth with a projected revenue of 1.034 billion yuan in 2025, up 29.78% [23] Competitive Landscape - The majority of listed gaming companies are concentrated in developed regions like Guangdong and Beijing, with Guangdong having the highest number at 27 [24] - The market is fragmented, but major players like Tencent and NetEase dominate, accounting for 60% of the market capitalization of listed gaming companies [27] Future Development Trends - The gaming industry in China is expected to continue growing, with a market size projected to exceed 360 billion yuan by 2025 and potentially reach 500 billion yuan by 2030 [33] - There is a trend towards deeper integration of traditional culture into gaming products, supported by favorable policies [34]