China’s esports industry returns to growth in 2024 as Tencent, NetEase expand overseas
The growth is testament to how China’s esports industry has become a booming business, with local clubs making an impact on the global arena
China’s esports industry returned to growth in 2024, according to figures released by an industry association, as major video-gaming companies led by Tencent Holdings and NetEase bet big on the sector’s international expansion.
Revenue generated by the esports industry grew 4.6 per cent from a year earlier to 27.6 billion yuan (US$3.8 billion), on the back of a number of factors including government support and overseas expansion, according to a report released by the China Audio-Video and Digital Publishing Association on Wednesday.
That reversed the 1.3 per cent year-on-year drop in 2023, when a decline in esports live-streaming, which accounted for over 80 per cent of the total, dragged down overall revenues.
The growth is testament to how China’s esports industry has become a booming business, with clubs financed by the country’s young tycoons making an impact on the global arena. Globally, esports is rapidly expanding its influence with events such as the Esports World Cup held in Saudi Arabia from July to August this year, and the Olympics Esports Games due to launch in 2025.
“The past [year] was a milestone for the esports industry,” Sun Shoushan, chairman of the semi-official gaming industry association, said at its annual conference in Beijing on Wednesday. “The trends of globalisation and mainstreaming of esports have become more obvious, meaning it is further related to cultural identity, national honour, and cross-border exchanges and cooperation.”
