China’s gaming industry generated $40.85bn in revenue in 2020, surpassing the combined revenue of the US and Europe’s gaming sectors, which totalled $36.36bn, according to a report from Newzoo’s Global Games Market Report. The Chinese gaming industry accounted for around 28.9% of the global gaming revenue, making it the largest in the world. The country’s big population, availability of smartphones and high-speed internet connections, alongside government policies such as tax incentives and streamlined approval processes, were cited as reasons for the sector’s rapid growth. The growing number of gaming cafes and e-sports venues was also predicted to fuel further growth.
China’s Gaming Market Now Worth More Than the US and Europe Combined
A recent report revealed that China’s gaming market has grown significantly over the years, and now it is worth more than the US and Europe’s gaming industry combined.
China’s Gaming Market Statistics
According to Newzoo’s Global Games Market Report, China’s gaming industry generated a revenue of around $40.85 billion in 2020, surpassing the US and Europe’s combined revenue of $36.36 billion. The Chinese market alone accounted for roughly 28.9% of the global gaming revenue, making it the largest gaming industry in the world.
Factors Contributing to the Growth of China’s Gaming Industry
Several factors have contributed to the rapid growth of China’s gaming industry. Firstly, China has a huge population of approximately 1.4 billion people. This large population provides a massive customer base for game developers, publishers, and manufacturers.
Furthermore, the country’s gaming industry has experienced significant development due to the widespread availability of smartphones and high-speed internet connections. Chinese consumers spend more than three hours per day playing mobile games, which has led to a significant increase in mobile gaming revenue in the country.
Additionally, the Chinese government has implemented supportive policies, such as tax incentives and streamlined approval processes, to encourage growth in the gaming industry. These policies have attracted many foreign game developers and publishers to invest and expand their operations in China.
The Future of China’s Gaming Industry
The report suggests that China’s gaming market will continue to grow in the future, driven primarily by the country’s massive population and the rising demand for mobile games. Furthermore, the increasing number of gaming cafes and e-sports venues across the country will further stimulate the gaming industry’s growth.
The Chinese government’s continued support for gaming is evident in its inclusion of e-sports in the Olympics, a move that has been lauded by industry experts. This move further cements the importance of the gaming industry in China and demonstrates its potential for further growth in the future.
Conclusion
In conclusion, China’s gaming industry has surpassed the US and Europe’s gaming industry combined, making it the largest gaming market in the world. The country’s massive population, widespread smartphone usage, and supportive government policies have contributed significantly to the industry’s rapid growth. With the continued growth of the gaming industry in China, the future looks bright for developers, publishers, and manufacturers in the country.