Workflow
《终结者2:审判日》
icon
Search documents
吃鸡类游戏市场走向饱和 开发商融合延展挖掘新增量
Bei Jing Shang Bao· 2025-08-13 23:12
Core Insights - Krafton, the developer of the popular game "PUBG," faced a disappointing market debut, with its stock price dropping significantly on its first two days of trading [1][2][3] - The company's heavy reliance on "PUBG," which accounted for 96.7% of its revenue in Q1, raises concerns about its long-term stability [3][4] - Despite the stock decline, "PUBG" has proven to be a lucrative title, selling over 150 million copies and setting multiple sales records [4][5] Company Performance - Krafton raised $3.8 billion in its IPO, marking it as the second-largest IPO in South Korean history and the largest in nearly a decade [2] - On its first trading day, Krafton's stock fell by as much as 20%, closing down 10%, making it the first new stock to decline on its debut in 2021 [2][3] - The stock continued to decline on the second day, with a drop of 7.16% reported by noon [2] Market Dynamics - The gaming market for battle royale games, including "PUBG," is becoming saturated, with established titles dominating the market share [5][6] - Competitors like Tencent have capitalized on the popularity of "PUBG," with Tencent's mobile versions generating nearly $1.5 billion in revenue in the first half of 2021 [4][5] - New entrants in the battle royale genre face significant challenges in gaining market share without innovative features and superior gameplay experiences [5][6] Future Prospects - Krafton plans to launch a new mobile game, "PUBG: New State," with an alpha test scheduled for late August, aiming to leverage the existing fanbase [6][7] - The company is also exploring extensions of the "PUBG" IP into other media, including films and animated content, to diversify revenue streams [6][7] - Tencent is actively developing content around "Peacekeeper Elite," including esports events and animated series, indicating ongoing investment in the battle royale genre [6][7]