Core Insights - The success of "Expedition 33" at TGA 2025 is attributed not only to the developer Sandfall Interactive but also significantly to the publisher Kepler Interactive, which was invested in by NetEase for $120 million in 2021 [1][3][4] - Kepler Interactive operates as a unique alliance of developers rather than a traditional publisher, allowing for a collaborative decision-making structure among its member studios [5][6][9] Group 1: Kepler Interactive's Model - Kepler Interactive is described as a developer co-governance model, where founders of the seven studios form a decision-making committee, allowing for shared ownership and collaborative decision-making [5][6] - This model provides member studios with essential support in human resources, legal, and IT, while maintaining creative autonomy [6][9] - Kepler aims to be recognized for high-quality mid-tier games, similar to A24 in the film industry, focusing on unique and innovative game designs [9] Group 2: Success Factors of "Expedition 33" - "Expedition 33" successfully filled a market gap for 2A games, particularly in the JRPG genre, which had seen a decline in offerings [10][12] - The game was developed with a restrained cost strategy, reportedly under $30 million, allowing for a sustainable development approach [14][15] - Sandfall Interactive plans to maintain a small team of under 50 people to ensure agility and creativity in future projects, avoiding the pitfalls of larger team structures [15][16] Group 3: Implications for the Industry - The success of "Expedition 33" highlights the potential for innovative publishing models to revitalize the gaming industry, encouraging a focus on efficient development processes [17] - NetEase's investment in Kepler serves as a case study for other major companies to consider investing in promising publishers and developers that understand market dynamics [17]

Core Insights - Shenzhen's cultural industry is experiencing high-quality development, with significant revenue growth and a diverse ecosystem of content creation and industry development [1] Cultural Industry Performance - In the first three quarters of this year, Shenzhen's cultural industry achieved revenue of 1,091.764 billion yuan, a year-on-year increase of 16.7% [1] - Revenue from 16 new cultural industry sectors reached 519.3 billion yuan, with a year-on-year growth of 20.4% [1] Performing Arts Development - The original dance drama "Yong Chun" has gained national and international acclaim, showcasing Shenzhen's cultural confidence and innovation [2] - The city has introduced supportive policies for the performing arts, including the "Shenzhen Performing Arts New Space Support Management Measures," leading to a 79.51% increase in performance events [2] - From January to October, there were 33,181 commercial performances in Shenzhen, a 19.1% increase, with ticket revenue reaching 1.208 billion yuan [3] Gaming Industry Growth - Shenzhen's gaming industry is rapidly developing, with a projected revenue of 150 billion yuan for the first three quarters of 2025, accounting for nearly half of the national revenue [6] - The city has implemented a three-year action plan to establish a globally influential gaming industry hub, with specific funding measures for original game projects [4][6] - Over 200 companies have received comprehensive support through public service platforms for the gaming industry [5] Film and Short Drama Industry - Shenzhen is focusing on original IP development and high-quality film projects, with funding of up to 20 million yuan for key projects [7] - The city is producing six major films and seven TV dramas, including notable works by renowned directors [7] - The micro-drama sector is also thriving, with 115 projects approved for production, making Shenzhen a leading city for micro-drama exports [8]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference emphasizes the integration of cultural technology, cultural manufacturing, digital creativity, and cultural export, aligning with the province's new policy package aimed at high-quality cultural industry development [6][8]. Cultural Industry Overview - In the first three quarters of 2025, Guangdong's cultural enterprises generated over 2 trillion yuan in revenue, maintaining the highest total revenue in the country [6]. - The province's operating performance in the cultural sector is robust, with a total of 35,600 performances and revenue of 6.356 billion yuan, leading the nation [6]. Regional Performance - Guangzhou's cultural industry saw 3,707 entities with revenues of 477.63 billion yuan, an 8.6% year-on-year increase, while Shenzhen's cultural industry achieved 1,091.76 billion yuan, a 16.7% increase [7]. Film and Television Sector - Guangzhou and Shenzhen are attracting top talent and enterprises in the film and television sector, with Guangzhou implementing supportive policies to enhance local production [8][10]. - The film "Dumpling Queen" from Guangzhou topped the box office during the May Day holiday, showcasing the effectiveness of the new policies [10]. Performing Arts Market - The performing arts market is thriving, with Guangzhou's concert economy generating over 1.1 billion yuan from events like the "Evolution Nic Live" concert, attracting significant out-of-province audiences [13]. - Shenzhen's performing arts sector recorded 33,181 performances with ticket revenue of 1.208 billion yuan, reflecting a 19.1% increase [14]. Animation and Gaming Industry - Guangdong is a hub for animation and gaming, with successful IPs like "Pleasant Goat" and "Boonie Bears" achieving global reach [15][16]. - The first Guangdong Electronic Sports Super League launched, marking a significant event in the esports sector [15]. Policy Support and Development - Both Guangzhou and Shenzhen are establishing service centers for gaming enterprises, providing comprehensive support for local and international expansion [16]. - Shenzhen's gaming industry is projected to generate 150 billion yuan in revenue, accounting for nearly half of the national total [16].

Group 1: Cultural Industry Development - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference emphasizes cultural technology, cultural manufacturing, digital creativity, and cultural export [1] - Guangdong Province has released six major policy packages to promote high-quality development in the cultural industry, covering areas such as film, performing arts, animation, and esports [1] - In the first three quarters of 2025, the revenue of large-scale cultural enterprises in Guangdong exceeded 2 trillion yuan, with profits surpassing 200 billion yuan, maintaining the highest total revenue in the country [1] Group 2: Revenue Growth in Guangzhou and Shenzhen - In the first three quarters of 2025, Guangzhou's cultural and related industries achieved a revenue of 477.63 billion yuan, a year-on-year increase of 8.6% [2] - Shenzhen's cultural industry revenue reached 1,091.76 billion yuan, with a year-on-year growth of 16.7%, and 16 new cultural sectors saw a revenue increase of 20.4% [2] Group 3: Support for Film and Television Production - Guangzhou has introduced measures to attract top talent and enterprises in the film and television sector, establishing a comprehensive support system for film projects [3] - The film "Tomorrow's Paradise," produced by Guangdong Xingge, is a representative of the first batch of enterprises entering Guangdong after the policy package was released [3] - Guangzhou's film "Dumpling Queen" became the box office champion during the May Day holiday, showcasing the success of local productions [5] Group 4: Performing Arts Market Growth - Both Guangzhou and Shenzhen are actively promoting the performing arts market as a new engine for cultural tourism consumption [18] - In Shenzhen, the number of commercial performances increased by 19.1% year-on-year, with ticket revenue reaching 1.208 billion yuan [18] - Guangzhou's new policies aim to create a "premiere + debut + launch" ecosystem, enhancing the city's attractiveness as a performance venue [15] Group 5: E-sports and Animation Industry - Guangdong is focusing on building a dual-core highland in animation and esports, with significant achievements in both sectors [19] - The first Guangdong Electronic Sports Super League has been launched, attracting attention and participation from various cities [23] - Shenzhen's gaming industry revenue is projected to reach 150 billion yuan in the first three quarters of 2025, accounting for nearly half of the national revenue [24]