Di Yi Cai Jing·2025-10-24 10:41Core Insights - The gaming industry in China has reached new highs in revenue and user scale in the first half of 2025, but concerns remain about the sustainability of this growth, particularly for mid-tier companies [1][8] - The latest Q3 data indicates a decline in actual sales revenue for the gaming market, with a reported revenue of approximately 880 billion yuan, a year-on-year decrease of about 4% [1][2] - The decline is attributed to the waning popularity of high-revenue products such as "Black Myth: Wukong" and "Dungeon & Fighter: Origin" [2] Industry Trends - The overseas market is also facing challenges, with over 40% of new games on the Steam platform earning less than $100, and around 60% earning less than $1,000, indicating a significant struggle for new titles to recoup their development costs [2][4] - The average revenue for games released in 2025 is projected to be $358,900, a decline from previous years, highlighting the increasing difficulty for independent games to achieve profitability [3][4] Market Dynamics - The top 30% of games on Steam are experiencing a "Matthew Effect," where a small number of games capture the majority of revenue, making it increasingly difficult for new players and small studios to survive [4][8] - In the mobile gaming sector, Tencent dominates the top ten revenue-generating games, with seven titles, indicating a concentration of market power among a few large companies [5][7] Expert Opinions - Industry experts suggest that the gaming market is not returning to a growth cycle but rather stabilizing after a period of rapid expansion, with ongoing opportunities for content creation and niche targeting [8] - The emphasis on creating "evergreen" games and long-term operations is becoming crucial even for major players like Tencent and NetEase, reflecting the industry's evolving landscape [8]