China’s video game market returns to double digit growth in 2023 but overseas expansion slows
- The total number of gamers in the country inched up 0.6 per cent to 668 million in 2023, while authorities approved 873 new domestic titles in the first 11 months
- The US remains the top destination for overseas expansion of Chinese mobile gaming companies, accounting for 32.5 per cent of their overseas revenue
China’s video game industry achieved double-digit growth this year after a small decline in 2022, but overseas revenue fell, according to the country’s semi-official gaming industry association.
China’s video game sales increased 14 per cent this year to 303 billion yuan (US$42.7 billion), marking the highest yearly sales since the data became available in 2003, according to a report released on Friday by the Game Publishing Committee of the China Audio-Video and Digital Publishing Association, at its annual conference in Guangzhou.
In 2022, total gaming industry revenue slumped 10.3 per cent year on year due to the pressure of economic headwinds, regulatory scrutiny and slower user growth, according to the report for 2022, released by the same association in January.
The total number of gamers in the country inched up 0.6 per cent to 668 million in 2023. However, the association, which attributed the overall growth to factors such as the post-Covid recovery of consumer spending and the increasing number of new titles launched in the year, said the industry still needs to build up more confidence.
The industry is slowly recovering after a prolonged regulatory crackdown that began in late 2021.
