Newzoo+中國(guó)博彩游戲監(jiān)管報(bào)告-29正式版

November2022AnalyzingtheConsumerandMarketImpactsofChineseGamesMarketPoliciesChinaremainstheworld’sbiggestgamesmarketbyrevenuesandplayersin2022,butregulatorychallengesremainAlthoughyounggenerationsinChinatypicallyenjoyandacceptgaming,themedia,government,andoldergenerations—especiallyparents—oftenlabelgamesasthatnegativelyinfluencesyoungpeople.InAugust2021,theChinesegovernmentreleasedstrictregulationstolimitplaytimeforgamersunder18yearsold,aimingto.These2021regulationswerethelatestinalonglistofgovernmentaleffortstocontroland.However,theinconsistentimplementationandenforcementofmanypolicieshaveleftChina’sgamesmarketinastateof.Manyregulationsarenotstandardized.Othersareimplementeddifferentlyfromtheirinitialannouncements,leadingtosubjectivedecision-makingbyenforcers.Localinterpretationsofregulationscanalsodiffer.wheremanygamesoperatewithoutofficiallicenses.

TheregulationscomeatatimewhenChina’sgamesmarket—thelargestintheworldbyspendingandplayernumbers—isreachingunprecedentedheights.China-basedgamecompanieshavegrowntobeamongthelargestintheworldandarebrimmingwithtalent.Promptedbyregulationsintheirhomemarket,thesecompanieshaveinvestedin(andexpandedinto),withnotablesuccessfrom ’sand ’sMeanwhile,non-localgamecompaniesarehopingtotapintoChina’smassivegamesmarketbutarestrugglingwiththeunpredictableregulatoryenvironment.Inthisreport,wesummarizetheregulationsfromthepastdecade,highlightkeylearningsfromChina-basedcompanies’internationalstrategies,andidentifyopportunitiesforinternationalcompanieslookingtoenterChina.

of2022’sglobalgamesmarketrevenueswillcomefromChina.–ChinaMarketAnalyst–MobileMarketLead–LeadAnalystGames–MarketAnalyst&Writer–EditorinChief–LeadVisualDesigner?Newzoo2022

Source:?Newzoo|GlobalGamesMarketReport|November20222Timeline&KeyDevelopments5RegulationsonMinorProtection6RegulationsonGameLicenses9UnregulatedAreasAcrossMobile,Console,PC,andMore12RegulationsonLiveStreaming16ComplianceandSelf-Regulation20LiveGameStrategy21OverseasExpansion22OverviewofApprovedImportedGamesinChina25OpportunitiesforInternationalDevelopers26Timeline,keydevelopments,andunregulatedareasacrossplatforms?Newzoo2022Sincetheearly2000s,theChinesegovernmentintroducedincreasinglystrictregulationstocontrolChina’sgamesmarketSince2000,thefast-growinggamesmarketdrewtheChinesegovernment’sattentiontopotentialnegativeinfluencesofgamingaddictionamongyoungpeopleinChina.? In2000,thegovernmentinChina.? In2002,itrequestedthat(atthetimePC)beforepublishing.? From2005to2007,thegovernmentasked

ThegovernmentintroducedThegovernmentThemaximumin-gamethefirstofficialruleforonlineongameconsoles.Throughspendingforminorsfrom8-16games,requiringpartnerships,andyearsoldand16-18yearsoldtocouldreleasespecialversionsofwassettoandacquirelicensestooperate.gameconsolesinChina.,respectively.GeneralMinorProtectionGameLicenseslargegamecompaniestodevelopantominimizeplaytimeforminorsunder18yearsold.Duetotechnicalchallenges,companiesfailedtofullyimplementthesesystems.

Previously,publisherslaunchedtheirgamesFollowingthesignificantDuetoorganizationalAnine-monthvia‘’betas’’tobypassregulations.In2011,growthofmobilegaming,restructures,theChinesestartedinJuly2021,onlinegameswereChina’sgovernmentrequiredgovernmentreportedlytofurtherrestrictwithin-tobefromthegameapprovalprocessgamepurchasesbeforeattainingalicense.approvedbeforepublishing.MarchtoDecember2018.Before20102011201220132014201520162017201820192021Minors(under18s)wereasin-gamerewardswerereducedby50%afterthreehoursofplay.Rewardswereremovedafterfivehoursofplay.Thepenaltyperiodresetafterfivehoursofnoplaytime.

Thegovernmentdevelopedanforgamecompaniestoverifyplayeridentities.

BothPCandmobilegameplayersarerequiredtoregisterwiththeirreal-nameidentificationsforthe.

Minorplayersunder18swereallowedtoplayamaximumofand.

Onlinegamecompaniescanonlyallowminorsunder18stoaccessgames.5?Newzoo2022Anti-addictiondrawshighattentionfromregulators;minorprotectionisthekeyregulationfocusinChina.?Newzoo2022Chinanowofficiallycoversgameanti-addictionregulationsinitsnewlyrevisedminorprotectionlawGamecompaniescanonlyprovidegameservicestominorsunder18yearsoldbetween8PMand9PMonFridays,Saturdays,Sundays,andholidays.Themaximummonthlyin-gamespendingforminorsfrom8-16yearsoldisCNY200($30)andCNY400($60)for16-18yearsold.Allgamecompaniesarerequiredtointegrateareal-nameverificationsystemintotheirgameanti-addictionsystem.Live-streamingplatformsmustfeatureaspecial“YouthMode”toprotectminorsfromgameaddictionandinappropriatecontent.Minorsunder18yearsoldarenotallowedtospendmoneyonstreamingplatforms.Iftheydo,platformsmustrefundthemoneytotheirguardians.Minorsagedbetween16and18canstreamundertheirguardians’supervision.Readmoreaboutlive-streamingregulationsonpage16.Professionalplayersunder18yearsoldarenotallowedtocompeteinanyofficialtournaments.Platformsthatrentortradegameaccountsarebannedfromprovidingtheirservicestominorsunder18yearsold.

In2020,theChinaAudio-VideoandDigitalPublishingAssociation(CADPA)releasedanageratingguidelineforgamespublishedinChina.TheCADPAratingsystem(8+,12+,16+)inChinaonlyservesasaforminorsandtheirguardians.Earliergovernmentannouncementssuggesttheageratingsystemisbasedoncategoriesincluding, ,,, ,,and.TheCADPAratingsystemwastreatedasapilottest.Now,publishersmust.TheCADPAratingiconmustalsobepresentonthegamedownload/purchasepageandinallgamepromotionalmaterials.’sChinesewebsiteshowstheCADPAratingiconattheleftcorner?Newzoo2022

7Source:LeagueofLegends:WildRiftHowever,theregulationsarelikelytocausenegativeeffectinalongerterm? Theanti-addictionregulationsonlyinChinaintheshortterm.Reportedly,theshareofminorspendingissmall(below2%in2021).ThetableontherightsummarizesthereportedminorspendingsharesfromleadingpublicgamecompaniesinChina.Whentheyareunabletoplay,someminorslikelyturntowatchingtostayengagedwiththeirfavoritegames.?Followingtheregulations,several(especiallyfor)tomakesurealltheplayerswereabove18yearsold.? TheregulationsonminorsmeangamingmayinChina,negativelyimpactingtheChinesegamingmarketinthefuture.mayalsobeaffectedimplicitlyduetofewerplayersbeingengaged(meaninglowerplayerbases).andplatformswillbearthecostsofanti-addictionmeasuresandmighteven,ultimatelyleadingtofewerresourcesforcontentandthereforelessopportunityforplayerstoengage.maybelesswillingtoinvestinChina’sgamesindustry,seeingitasrisky.Chinamaybecomewithalimitedesportstalentpool,potentiallyleadingtointhelongrun.

AmongLeadingChinesePublicGameCompanies20206%fromplayersunder1820203.2%fromplayersunder16AnnualReport20211.5%2021AnnualReportH12021<1%Q22021InvestorCallH12021Around1%Q22021InvestorCall0.009%ShengquGamesH12021(ShengquGamesonly,acompanyWeiboAccountunderCenturyHuatong)20210.025%2021AnnualReportH120220.0029%2022InterimReport20210.055%fromplayersunder1820210.016%fromplayersunder16InterimReport?Newzoo2022

8Source:PublicFinancialsThegameapprovalprocessinChinaischallenging,time-consuming,andhighlyuncertain.?Newzoo2022AlackofregulatoryclaritymakespublishingandoperatinggamesdifficultinChinaWhenapplyingforgamelicenses,gamecompaniesneededtofilethatincludedinformationaboutthepublishers,gamescreenshots,allgamescripts,real-nameverificationsystems,alistofprohibitedwordsinthegame,etc.Notably,.Forexample,withmonthlyupdates,addedmorethan90,000characterstoitslistofprohibitedwords.InApril2021,Chinaupdatedtheratingsystemforitsgameapprovalprocess.Thenewratingsystemcoversfivecategories:Whetherthegamematchesthegovernment’ssocietalvalues,worldview,andviewofhistory.Encouragesgamestouseinnovativegamedesign.Thisruleprohibitsgamesthatblatantlycopyexistingtitles.Referstoagame’squalityandartistry.WhetherthegamecaneducateplayersonChinesecultureandscientificknowledge.Anymistakesorerrorsinthetextorgraphicswillleadtopointsdeducted.Whetherthegameisacompletepackageandcanrunsmoothly.Atleasttwoexpertsevaluateeachgamebasedontheabovecategories.Eachcategorygetsascorebetween0and5;thegame’soverallscoreistheaverageofthefivecategories.Thescoringwillberoundedto+/-0.5basedonageneralreview,soInotherwords,onlygameswithanaveragescoreof3orabovewillbeapproved.Forexample,Fate/GrandOrder(apopularcardbattlergame)wasrequiredtochangethenamesofin-gamecharactersbasedonChinesehistory/literatureinordertoreducetheconnectionsbetweengamecharactersandChinesehistory/literature.Forgamecompaniesthatpublishgameswithoutgamelicenses,orthatuseothergames’licenses,thegovernmentisentitledtoandfinethegamecompany’soperatingrevenues.

hadtopostponeanewcharactercosmetic,becausethecharacterrodeamotorcycleinadangerousway(apotentialbadinfluence)onteenagers.Later,Tencentupdatedtheskinwithhelmetandvehicleregistrationplate.Duetoregulationpressure, renamed to,changingthegamesettingfromawarzonetoamilitarytrainingexercise.Thegameremovedblood,insteadgivingplayersfourdifferentsmokecolorstochoose.?Newzoo2022

10Source:HonorofKings;PeacekeeperEliteManygamecompaniesreportedlylaidoffordissolvedtheirgamingdepartmentsByNationalPressandPublicationAdministration(NPPA)|*AsofOctober2022DomesticGamesImportedGamesMobileGameLicensesin2021PCGameLicensesin2021ConsoleGameLicensesin20212017 2018 2019 2020 2021 2022Note:Theperplatformgamelicenseanalysisfor2021(right)doesn’tadduptothetotalgamenumbers(left)becauseacross/multi-platformgameinChinaonlyreceivesonelicensewhileitiscounteddoubleintheperplatformanalysis.WedonotdeductthelicensesthatwererevokedbyNPPA.Source:NationalPressandPublicationAdministration(NPPA)?Newzoo2022

Beforethein2018,thegameapprovalprocesswasrelativelyfastandeasy.Followingthenine-monthlicensefreezeendinginDecember2018,gameapprovalshavebecomesignificantlystricterinChina.DuringfromAugust2021toMarch2022,therewerereportedlyinH22021.AsofSeptember2022,thegameapprovalprocessstillhasnotfullyrecovered.Notably,atthetimeofwriting,,signalingthatthesituationisgettingmorechallengingforforeigncompanieslookingtoenterChina’sgamesmarket.Ontopofacquiringagamelicense,foreigncompaniesmustpartnerwithaChineseentitytolaunchandoperatetheirgames.By2022,Chinamaystartto theapprovalprocessfromthecentralgovernmenttoseveral(includingand ).Thiswillpotentiallyasmorepeoplecancontributetotheprocess.Notably,alicenseobtainedinaFreeTradeZoneisapplicableacrossthecountry.11China’splayersandpublishersarecontinuingtofindworkaroundsforthestrictregulatoryenvironment,buttherearerisks.?Newzoo2022ManyunapprovedgamesarestillavailableviaSteam,VR,andcloudplatformsDespitelackingthelicensetooperate,atthetimeofwriting(October2022).MostChineseplayersusea(aservicethatprovidesstableandfastinternetconnectionsforChineseplayerstoaccessgamesoninternationalservers)orforasmoothergamingexperience.SteamalsoallowsplayerstopayinCNYviaonlinepaymentservicesincluding and.PlayersinChinacanalsoaccessmanyunapprovedSteamgamesviaand.Facedwithtighteningregulationsinthedomesticmarket,Chinesegamestudios(includingsmall-to-mediumones)choosetopublishonSteamfirstbeforeacquiringgamelicenses.Forexample,sold2millioncopiesoneyearafteritsearlyaccessrelease.However,inSeptember2021,213ChinesegamecompaniesestablishedlikeSteam.ItmaybecomedifficultforgamespublishedonSteamtoacquiregamelicenses.? Steamtitleslike andachievedmassivesuccessinChina.OneoftheadvantagesthesegameshavefortheChinesemarketisthatthey.? :,partneringwith ,officiallylaunchedinFebruary2021.Onthelaunchday,theplatformonlyprovided53titles—andwithoutcommunityfeatures.ThereleaseofSteamChinaprovokedaroundapotentialinthefuture.Attheendof2021,ChinaunofficiallybannedSteamforaroundamonth,whenmanyplayerswereunabletoaccessSteam’sstore.TheconnectiontoSteamisoftenunstableinChina.? ,oneofthemostusedgameacceleratorsinChinatoaccessSteam,announceditwouldcancelitsserviceinMay2022.However,otherpopulargameacceleratorssuchas,stillwork.

DuringtheperiodfromAugust2017toApril2018,ValvediscoveredthatusersfrombecamemoreprominentintheSteamHardwareSurvey.ThemaindriverforthesuddenincreaseincybercaféusersherewasthemassivesuccessofinChinaatlaunchonSteam.DuetothetoplayPUBG,manyChineseplayerschosetoaccessthegameviacybercafés.FiveyearsafterPUBG’sgloballaunch,.?Newzoo2022

13Source:SteamHardware&SoftwareSurveyOnlypremiummobilegamesorgamesfeaturingin-apppurchases(IAPs)requireapprovalAllmobilegamesorgamesfeaturingmustobtainagamelicensebeforepublishing.However,gamesthatmonetizeonlyviaads,accordingtocurrentregulations.Monetizingsolelyviaadsisjustonewaytocircumventregulatoryrequirements.Astherearethousandsofmobilegamesavailableonthemarket,regulatorsmayoverlook.Someappslabelthemselvesas“entertainment”apps(insteadof“games”)tobypassregulations.InJune2022,China’sfinedthreeIAAgamesfornothavinggamelicensesforthefirsttime.Regulatorsconfiscatedallgamerevenuesandremovedgamesfromtheappstores.Itsignals.

AmongTop100TitlesinChinabyDownloads|iOS|2021gameswithoutlicenses(IAA)gameswithlicenses(IAPorhybrid)WildRiftRevelationDevilMayCry:PeakofCombatBattleofGoldenSpatulaDoulaContinent:YiNianXiaoYaoAwakeningSoulMole'sWorldEndlessNotesTowerofFantasyHarryPotter:MagicKomoriLifeStackyDashAwakenedOnePieceFightingPathWangLanmei’sHappyLifeDoulaContinent:SoulMasterChimeraLandAmongthetop100DuelmobilegamesinChinaJadeMasterBallRun2048bydownloadsin2021,24werereleasedin2021.Amongthe24newPaperBrideLandlordSimulatormobiletitles,sevenwerepublishedwithoutgameGiantRush!AceRacerlicenses.ThesesixgamesonlygeneraterevenuesMARVELSuperWarYu-Gi-Oh!DUELLINKSfromin-gameads.Source:NationalPressandPublicationAdministration(NPPA);AirnowData14?Newzoo2022MostconsoleplayersinChinabuyoverseasconsoles(ratherthantheofficialChineseones)? In2014,theChinesegovernment.Sincethen,consolemanufacturerscanofficiallyproduceandsellgameconsoles—aswellasconsolegames—inChinaviacreatingawithChinesecompanies.Duetothecountry’sstrictapprovalprocess,onlyafewgamesareavailableontheofficialChineseversionsofconsoles.Therefore,itisverycommonforplayerstopurchasegamesandconsolesfromJapanorHongKongviathe(e.g.,e-commerceplatformssuchasTaobaoandJD.com).Toreachmoregamesandservices,playerswhopurchasedtheofficialChineseversionsofconsoleshavealsofoundvariouswaystotoaccesstheglobalmarket.Chinahascrackeddownonunapprovedgames/consolesimportedfromothermarketsforyears.Now,itisgettingmoreandmoredifficulttobuyconsolesandboxedgamesonthesecondaryandgreymarket.Chinamaybantheongameconsoles.ThecurrentbackdoorsontheChineseversionsofconsolesstillallowplayerstoaccessinternationalserversanddownloadunapprovedgames.Earlierin2020,wasforcedtodisablethebackdooronPlayStation4,butplayersquicklydiscoveredanewworkaround.

Xbox,PlayStation,andNintendo201420142019BestTVOrientalPearlGroupTencentXboxLiveGoldPlayStationPlusN/A(CNVersion)(CNVersion)123032Throughthe,SonysupportslocalgamedevelopersinChinatobuildgamesonPlayStation.Somenotableexamplesincludeand.AlthoughtheChinaHeroProjecthasdrawnmuchattentionamongChineseconsoledevelopers,manygamesmustgothroughatogetapprovedbyChineseregulators.?Newzoo2022

Source:Xbox;PlayStation;Switch;NationalPressandPublicationAdministration(NPPA)

15Gamelive-streamingplatformsfaceregulationpressureinChina,buttherearecurrentlymanyworkarounds.?Newzoo2022However,notallruleshavebeenfullyimplementedbygamelive-streamingplatforms? online TVbroadcasts,live-streamingservices,short-videoplatforms,oranyotheraudio-visualplatform.? Althoughthisregulationisofficial,.Theonlygamesthatlive-streamingplatformshavebanned,asrequestedbythegovernment,areincluding,,thefranchise,andothers.Minorsunder18yearsoldare(e.g.,viadonationsorsubscriptions).? Only.? Streamingplatformsmustfeatureaforminorsunder18yearsoldtowatch.TheYouthModerestrictsinappropriatecontent,spending,andengagementwithstreamersandotherviewers.Italsolimitsthedailywatching

oneofthelargestgamelive-streamingplatformsinChina,hasfeaturedaYouthModesincelate2019.Parents/guardianscansetuptheYouthModewithapassword.ThispasswordisrequiredtoexitorbypasstheYouthMode(seebelow).timeto .Excesswatchtimerequiresguardianapproval.Minorsarenotallowedtousestreamingplatformsfrom.However,thereisonsteamingplatformsasinonlinegames,meaningthatitiseasytobypasstheregulationsonstreamingplatforms.

1OncetheYouthModeisswitchedon,theusermustenterthecorrectpasswordto themode.

2Iftheuserwishestoaccessstreamingcontentfrom,thepasswordisrequired.

3UndertheYouthMode,theuserisonlyallowedtospendwatchingeveryday.Oncethetimelimitisreached,theappwillbelockedbythepassword.?Newzoo2022

Source:Huya

17Itismorechallengingtoregulatelive-streamingplatformscomparedtoonlinegames? Popularunapprovedgames(includingand)arestillavailableonlive-streamingplatforms.SomestreamingplatformsrenamedPUBGtoadifferentcategory.Therehavebeennofurtherregulationssincethefirstannouncement.Nowadays,non-live-streamingclipsandothereditedvideosaretrendingonvideo-sharingplatforms.Althoughgameslikearebannedfromlivestreaming,itsItseemsthatVODcontentisnotincludedintheregulations.Duetominorprotectionrules,streamingplatformsmustanyspendingbyminorsunder18.Streamingplatformsandstreamershavetobearextracostsduringtherefundprocess.? isfarmorepopularthangamingcontentonstreamingplatforms,soChina’sregulatorsmainlytargetsuchaspornographyandviolence.Itisdifficulttoforstreamingplatformstomonitorstreamingcontentwhenfacingthousandsofstreamersatthesametime.Whenstreamingplatformstrytohidepopulartitles,regulatorsmayalsoeveryday.Moderatinganever-endinginfluxofcontentishugelychallenging,especiallyforthoseunfamiliarwithgaming.? Asmoststreamingplatformsareaccessiblevia(insteadofapps)withouthavingtologin,userscaneasilybypasstheregulations.

12

WhilehasnotbeenofficiallyapprovedinChina,streamingplatformsstillallowPUBGcontentduetoitshighpopularity.Theseplatformshaverenamedthegametobypassregulations.BecauseofPUBG’sslogan“WINNER!WINNER!CHICKENDINNER!”,“chickengame”oftenreferstoPUBGinChina.VODplatformsarestillallowedtofeaturecontentfrombannedgames.Forexample, ’stutorialsandstreamingclipsarestillavailableon(below).?Newzoo2022

Source:Bilibili

18Strategiesinthedomesticmarketandoverseasexpansion?Newzoo2022Gamecompaniesmustbearextracostscreatedbytheregulations,includingcontentmoderationGamecompaniesvoluntarilypromoteliketraditionalculturalheritageandmedicaltechnology.Forexample,at’sannualgameconferenceSPARK2022,thecompanyannounceditspartnershipwithasubsidiaryforaflightsimulationsystem,poweredbyTencent’sgametechnology.? Largergamecompaniesincluding,,andarestartingtofeaturefacialrecognitiontechnologytoverifywhetherplayersareusingtheirownidentification.Tencentregisteredapatentallowingittoeasilyidentifyplayersbyutilizingplayerlocationdata.Ifauserisdetectedinaschoolareawhenloggingintoagame,theuserwillbeaskedtoverifyhis/heridentity.Thislocation-basedverificationsystemimprovestheefficienciesforTencent’sgameanti-addictionmeasures.?UGC-basedgameslikeandneedgamecontenttobereviewed(automaticallyviaanalgorithmormanually)forseveralrounds.statedthatthecompanyplannedtorecruit300-350employeestoreviewcontentbytheendof2022.ContentmoderationisalwaysthepriorityforgameslikeRobloxandMinecraftinChina.Thereareadministrationmanagersmonitoringandbrowsingallstreamers24/7toavoidinappropriategame/streamingcontentontheirplatforms.

wasbannedinChinaduetotheprevalenceofpoliticalUGCinthegame.InMay2019, announcedapartnershipwith tolaunchRobloxChinaviaajointventure.ByJuly2020,theglobalversionofRobloxwasnolongeravailableinChina.InJuly2021,TencentofficiallylaunchedRobloxChina.TencentbrandsRobloxChinamoreasan thathelpschildrendevelopprogramingmindsetandskillsets.?Newzoo2022

20Source:AnimalCrossingPublishersneedjustonelicenseformultiplatformgames,drivinggamecompaniestodeveloptitlesforvariousplatformsDuetothelimitednumberofnewgamesapprovedinChina,gamecompanieschoosetoandbuildthemas.ChinesecompaniesareamarketleaderinF2P(mobile)games,intermsofdevelopment,monetization,andoperation.Thetighteninglocalregulationsarefurtherfuelingthistrend.Itisnowverycommonforgamestofeatureregularupdates,seasonpasses,time-limitedPVP/PVEevents,IPcollaborations,andmore.Long-termLiveOpsleadstohighretentionandstablerevenuestreamsfromloyalplayers.Airnowdatashowsthat50%ofChina’stop50grossingmobilegamesin2021(iOSonly,seeright)werereleasedpriorto2019,and15gameshavealreadyoperatedfor,includingbyandby .? MobilegamesinChinaarebecoming,featuringadvancedgraphicsandcomplexcombinationsofgamemechanics.Thegamedesignissophisticatedenoughtosupportaregularstreamofnewcontent.Technologicaladvancesinmobilegamedevelopmentmakesitpossibletolaunchgamesacross.Notably,gameswererequiredtoapplyforaseparategamelicenseforeachplatform(e.g.,hadtoapplyforthreelicensesforasacross-platformgame).However,Chinanowallowstomeetthelatestmarkettrend.Thisalsostreamlinestheapprovalprocess.Multiplatformdevelopmentisefficientintermsofadheringtotheregulations..

iOS|2021Before201620172018201920202021ByNationalPressandPublicationAdministration(NPPA)1,3650001,308300679611Source:AirnowData;NationalPressandPublicationAdministration(NPPA)21?Newzoo2022Chinaishopingtoconquertheglobalmobilemarketwithdiversegamethemesandcomplexgameplay2018-2021iOS&GooglePlay|GlobalMarketExcl.China|20212018-2021CAGRofChinesegamecompanies’GenshinImpactmiHoYo20204revenuesoutsideofChina.Duringthesameperiod,theCAGRforglobalmobilegamerevenuesis,meaning.PUBGMOBILETencent20185LordsMobileIGG201639StateofSurvival:ZombieWarFunPlus201916TopWar:BattleGameTopwar201935StudioRiseofKingdomsLilithGames201828MobileLegends:BangBangMoonton201654ProjectMakeoverMagic202029TavernEvonyTopGames2016432