China's game market to grow 5.2% this year
Niko Partners today revised its China Games Market 2023 Half-Year Update Report, saying that the country's gaming revenues are on pace to not only grow this year, but more than make-up for 2022's uncharacteristic decline.
Niko now believes China's gaming revenues are on track to total $47.7 billion in 2023, up 5.2% year-over-year.
It attributed that growth to a more steady flow of gaming approvals from the country's regulators and successful game launches, as well as an increase in spending on older games and the continued ability of players to get PC and console games that haven't yet received approvals.
Niko also expects China's gaming growth to continue, with revenues projected to top $56.7 billion in 2027.
The number of people playing games in China is also expected to rise, albeit at a slower rate.
For 2023, Niko believes it will grow 1.63% to just over 710 million, with a compound annual growth rate of 1% leading to a 735 million player base by 2027.
"China's recovering video game market is good news amid the underwhelming post-COVID economy," said Niko CEO and president Lisa Hanson.
"The rebound brings more optimism to 2024 outlook. As we see more games launches and approvals, esports boom, as well as Chinese game companies' continued expansion, China will continue to play a vital role in the global games industry."
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