Image source: Photo.com
On December 15, the 2023 China Game Industry Annual Conference was held in Huangpu District, Guangzhou. Zhang Yijun, first vice chairman of the China Audio-video and Digital Publishing Association and chairman of the Game Working Committee, officially released the "2023 China Game Industry Report" at the event. According to the report, the actual sales revenue of the domestic game market in 2023 will be 302.964 billion yuan, a year-on-year increase of 13.95%, breaking through the 300 billion mark for the first time, and the number of users will be 668 million, a year-on-year increase of 0.61%, a record high.
Among them, the actual sales revenue of mobile games increased significantly, accounting for 74.88% of the revenue, continuing to dominate, and the actual sales revenue of mobile games was 226.86 billion yuan, a year-on-year increase of 17.51%, setting a new record.
Looking back at the data of previous years, China's game market has experienced rapid growth and constant change. With the popularization of mobile Internet and the development of 5G technology, China's game market is booming.
In 2021, the sales revenue of the mainland game market was 296.513 billion yuan, an increase of 17.826 billion yuan from 2020, a year-on-year increase of 6.4%. In 2021, as the epidemic eases and the impact of the stay-at-home economy weakens, the growth rate of sales revenue in the mainland game market will decline.
The scale of China's game users has entered the stage of stock competition. In 2021, the number of game users in China maintained steady growth, reaching 661 million, a year-on-year increase of 0.22%. With the change of the demographic structure of the mainland, the competition in the game market will become more fierce in the future, and the requirements for enterprises and products will also rise.
China's mobile game market has maintained a rapid growth trend in recent years. In 2021, the actual sales revenue of China's mobile game market was 225.538 billion yuan, an increase of 15.862 billion yuan from 2020, a year-on-year increase of 7.57%, and a decrease from the growth rate in 2020. The main reason for the decline in growth rate is that there are fewer new products launched in the mobile game market in 2021, mainly relying on the increase in turnover of old products, and the consumption power driven by products in the past is gradually weakening.
Wanlian Securities pointed out that the performance of China's game market in 2023 is in line with expectations, with the normalization of the release of version numbers, the resumption of the rhythm of new product launches, and the preparation of a number of games to attract much attention, optimistic about the recovery of the game boom, which is expected to drive the market to achieve steady growth in 2024. At the same time, with the gradual slowdown in the growth rate of user scale and the significant trend of stock competition, driven by favorable factors such as the opening of mini game development on various large and small program platforms and the launch of Unity's unique engine to adapt to the development of mini games, major game manufacturers take mini games as the market growth point, actively explore new modes of mini game distribution, help the domestic game market release new increments, and are optimistic about the development space in 2024.
Kaiyuan Securities said that the upgrade of the multi-modal capability of the AI large model and the reduction of the call cost will further enhance its application scope and applicability, and the game, as a commercial application of text, image, sound, video and other content forms, is expected to better use the ability of the multi-modal large model on the research and development side, improve the efficiency of content production, and improve the richness of the content.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Analysis Report on Business Model Innovation and Investment Opportunities in China's Online Game Industry" by Qianzhan Industry Research Institute.
At the same time, the Prospective Industry Research Institute also provides solutions such as industrial big data, industrial research reports, industrial planning, park planning, industrial investment, industrial mapping, smart investment promotion system, industry status certification, IPO consulting/fundraising feasibility study, IPO working paper consulting, etc. To quote the content of this article in any public information disclosure such as prospectus and annual report, formal authorization from Qianzhan Industry Research Institute is required.
More in-depth industry analysis is available in the [Prospective Economist APP], and you can also communicate and interact with 500+ economists/senior industry researchers.