2025中国游戏出海行业简析报告

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global gaming market is substantial, with a size of $183.9 billion in 2023, where China contributes approximately $42 billion, making it the largest single gaming market globally, accounting for about 23% of the total market [3][5] - The overseas gaming market is approximately 3.37 times larger than the domestic market, indicating significant potential for expansion [3] - There are notable differences in gaming content platforms between China and overseas markets, with PC and console games holding a much larger share in foreign markets compared to mobile games in China [7][9] - The revenue from Chinese self-developed games overseas has seen a significant increase, reaching $16.4 billion in 2023, despite a slight decline in overall revenue due to macroeconomic factors [13][14] - The report highlights the success of recent games like "Black Myth: Wukong" and "Honkai: Star Rail," which have contributed to a surge in overseas revenue [17][34] Summary by Sections Global Market Overview - The global gaming market is projected to be $183.9 billion in 2023, with contributions from various regions: $42 billion from China, $42.6 billion from Asia-Pacific (excluding China), $49.9 billion from North America, and $33.7 billion from Europe [3][5] - China's gaming market is the largest single market, representing about 23% of the global total, while the overseas market is about 3.37 times larger than China's domestic market [3] Content Platform Differences - There is a significant disparity in gaming content platforms, with overseas markets relying heavily on PC and console games, which account for around 60% of their market, while China's market is predominantly driven by mobile games [9][10] Revenue Trends - Chinese self-developed games' overseas revenue has grown from $3.1 billion in 2014 to $16.4 billion in 2023, with a peak of $18 billion in 2021 [13][14] - The market share of Chinese self-developed mobile games in overseas markets increased from 17% in 2019 to 27% in 2023 [13] Game Categories and Performance - SLG games lead the category for Chinese self-developed mobile games overseas, accounting for 39% of revenue, followed by RPGs at 16% [20] - Recent successful titles like "Black Myth: Wukong" and "Honkai: Star Rail" have significantly boosted revenue, with "Black Myth: Wukong" achieving over 10 million sales shortly after its release [17][34] Market Dynamics - The U.S. remains the largest market for Chinese mobile games, accounting for 31% of overseas revenue, while Southeast Asia shows the fastest growth [28] - The report notes that the gaming market is becoming increasingly competitive, with challenges such as product homogenization and rising marketing costs impacting profitability [45][47] Policy and Future Outlook - The stable issuance of gaming licenses in China is seen as a positive factor for the industry, potentially facilitating more opportunities for overseas expansion [42] - The report emphasizes the potential for growth in emerging markets and the importance of innovation and cultural representation in gaming products [50][51]