游戏行业深度之七：游戏全球化，以腾讯为例

Industry Investment Rating - The report provides an in-depth analysis of the gaming industry, focusing on Tencent as a case study, and highlights the global opportunities for Chinese gaming companies [2] Core Views - The global gaming market is 3.4 times larger than the domestic Chinese market, with Tencent holding a 14% global market share [2] - The differences between Chinese and foreign gaming markets lie in content carriers, business models, and expansion paths [2] - The global trend of GAAS (Games as a Service) is accelerating, with Tencent having a significant advantage in this area [2] - Tencent's gaming framework has evolved into a new pyramid system, with investments playing a crucial role in its long-term growth, projecting a potential market space of $47 billion [3] Global Market Overview - The global gaming market in 2023 was valued at $184 billion, with China accounting for $42 billion and the overseas market at $142 billion [6] - The Asia-Pacific, North America, and Europe regions dominate the global gaming market, contributing over 90% of the total market share [7] - China's gaming market has grown at a CAGR of 14% over the past decade, significantly higher than the global average of 6.7% [9] - North America's gaming market has shown consistent growth, while Japan and South Korea have experienced fluctuations [10] Tencent's Global Position - Tencent is the largest gaming company globally, with a 13.6% market share and $25 billion in gaming revenue in 2023 [12] - Chinese gaming companies, particularly Tencent and NetEase, exhibit higher stability and ROE compared to their global counterparts [13] - Tencent's overseas revenue has grown from 23% in 2019 to 30% in 2023, though it still lags behind global giants like Sony and Microsoft [15] Differences in Content Carriers and Business Models - Overseas markets are dominated by PC and console gaming, accounting for nearly 60% of the market, while China is primarily driven by mobile gaming [18] - The business model in overseas markets is predominantly buy-to-play, with AAA games being the pinnacle of this model [20] - GAAS games require long-term operation and continuous content updates, which is a traditional strength of Chinese gaming companies [21] Expansion Strategies - Overseas gaming giants often expand through acquisitions, with 70% of top studios being acquired [31] - Tencent has been actively investing in global gaming companies since 2010, with over 60 overseas investments [48] - Tencent's investment strategy focuses on acquiring new gameplay mechanics, IPs, and technologies, with a significant portion of its investments involving existing IPs [49] Tencent's Pyramid Growth System - Tencent's gaming system is structured as a pyramid, with 20% of its growth driven by in-house development and 80% by investments [51] - The top layer of the pyramid consists of successful, high-revenue games like "League of Legends" and "Honor of Kings," which generate billions in annual revenue [55] - The middle layer includes niche games with the potential to break into the top tier, such as "PUBG Mobile" and "Call of Duty Mobile" [56] - The base layer consists of emerging games and investments in new genres, supported by initiatives like the "Spring Bamboo Plan" [57] Long-Term Market Space Projection - Tencent's top-tier games are projected to generate around $20 billion in annual revenue in the next 5-10 years [61] - Mid-tier games are expected to contribute approximately $10 billion annually, with potential for some to break into the top tier [64] - The GAAS transformation of IPs is projected to add another $6 billion in annual revenue, with a conversion rate of around 70% from buy-to-play to GAAS models [66] Investment Analysis - The report recommends focusing on global opportunities, enhancing IP serialization capabilities, and leveraging new technologies to drive growth [3] - Key investment targets include Tencent, NetEase, and other leading Chinese gaming companies like Giant Network and 37 Interactive Entertainment [3]