China’s gaming industry is experiencing a significant surge, thanks to the blockbuster success of “Black Myth: Wukong,” an action game steeped in Chinese mythology. The game has broken global sales records just days after its release, marking a milestone for China’s gaming sector amid a backdrop of recent regulatory crackdowns.
Record-Breaking Success of “Black Myth: Wukong”
Released on August 20, 2024, “Black Myth: Wukong” sold over 10 million units within its first three days, quickly becoming the top-selling game worldwide. By the tenth day, it continued to dominate global sales charts and secured the second spot in the U.S. by revenue on Steam, where it is priced at around $60.
Dino Ying, chairman of Hero Games, which co-published the game and was an early investor in its developer, Game Science, expressed optimism about the future of China-made AAA (Triple-A) games. “Black Myth: Wukong has shown everyone that a China-made AAA game can reach such high global sales,” Ying told CNBC in an exclusive interview. He also hinted at the development of another AAA game, emphasizing a global strategy for future releases.
Cultural Appeal and Market Potential
China’s gaming market, home to 600 million gamers, offers vast potential for developers. Ivan Su, a senior equity analyst at Morningstar, highlighted the challenges of producing AAA games in China due to the lengthy and costly production process. However, he noted the immense scale of the market, with “1 million concurrent players” as a testament to its potential.
The success of “Black Myth: Wukong” can also be attributed to its rich cultural content, which has resonated with a global audience. “Chinese games often incorporate rich cultural elements that appeal more and more to a global audience,” said Ashley Dudarenok, founder of the China digital consultancy ChoZan. The game’s developers went to great lengths to ensure cultural authenticity, even scanning and replicating designs from ancient Chinese temples to enhance the immersive experience.
Ying underscored the importance of cultural heritage in the game’s success. “If I create a new thing, I don’t know if people will like it. But something that’s lasted 1,000 years, people will definitely like it,” he explained, referring to the timeless appeal of Chinese mythology.
The success of “Black Myth: Wukong” also reflects a shift in China’s regulatory approach to gaming. After a period of stringent regulations, including a suspension of new game approvals and restrictions on gaming hours for minors in 2021, Beijing has begun to ease its stance. Ying observed, “Personally, I think in the past two years the regulation is increasingly respectful of the game industry and is beneficial to its development.”
The Future of China’s Gaming Industry
The impressive performance of “Black Myth: Wukong” is a promising sign for the future of China’s gaming industry. In the first half of 2024, domestic game sales in China reached 147.27 billion yuan, with overseas sales of China-developed games rising to $16.4 billion in 2023. This success, combined with a more supportive regulatory environment, positions China’s gaming industry for continued global impact.
As Ying noted, “We don’t know why it was preserved over so many years. But we just need to respect the original artisans.” The triumph of “Black Myth: Wukong” heralds a new era for China’s gaming industry, where both mainstream and indie developers are set to make significant strides on the global stage.