The 2024 Shanghai Game Elite Summit and Shanghai Game Publishing Industry Report Conference takes place on June 20. [Photo/WeChat account: CNGgame]

On June 20, at the 2024 Shanghai Game Elite Summit and Shanghai Game Publishing Industry Report Conference, data revealed a booming online gaming industry in Shanghai, with sales reaching 144.53 billion yuan ($19.9 billion) in 2023. This marked a 12.89 percent year-on-year increase, showcasing the city's strong foothold in the gaming market.

Domestically, Shanghai generated sales of 119.01 billion yuan, up 14.77 percent from the previous year, while overseas sales reached approximately 25.52 billion yuan, showing a marginal growth of 0.09 percent. Both figures surpassing the national average.

In the broader context of China's overall game market, which saw total sales of 302.96 billion yuan in 2023, Shanghai's overseas sales growth stood out. Despite a two-year decline in China's self-developed game sales in the international market, Shanghai defied the trend, driven primarily by the introduction of new products from local developers.

Shanghai's independently-developed online games proved to be a significant revenue driver, generating 103.79 billion yuan in 2023, indicating a significant 17.85 percent surge. Local companies such as miHoYo, Lilith Games, Hypergryph Network Technology, and Papergames, proved to be crucial in driving up sales, as they continue to showcase strong independent research and development capabilities.

Major players in Shanghai have also increased their focus on in-house development, as evidenced exemplified bythe optimization of XD.com's development team and the rollout of new products. The strong research and development abilities of Shanghai-based enterprises have enabled them to seize early advantages in game technology. In 2023, Shanghai companies accounted for a notable percentage of filed patents in areas like large models, brain-computer interfaces (BCI), and augmented reality (AR).

Wang Xu, co-founder and chief analyst at CNG, a data research institution, highlighted that Shanghai's gaming industry enjoys advantages in mobile game market share and new markets. The city's rich pipeline of new games and the consistent performance of top products are key drivers of the growth seen in the gaming industry, both domestically and internationally, Wang said.

Source: eastday.com