China’s Online Gaming Industry Powering Up By Around 30 Percent Annually

China now is the biggest online gaming market in the world, surpassing USA and Japan. The revenue of China’s online gaming sector kept growing by around 30 percent annually in the past eight years, according to data revealed by the Ministry of Culture last Friday. Games produced in China accounted for more than 70 percent of the 133.1 billion yuan (about $20 billion) generated by the sector in 2015, according to the ministry. It said in a statement that there were about 370 million online game players in China, which boasts an online population of 670 million. The number of people listening to music online and watching videos online stands at 480 million and 440 million respectively, according to the statement.

Big companies such as Tencent and Netease, which hold massive cash reserves and large user bases, dominate the industry. Tencent, for example, can launch its games through its messaging services such as QQ and WeChat and instantly reach more than 600 million users.

Source: ChinaDaily