SEOUL, South Korea, Oct. 17, 2018 /PRNewswire/ -- The 19th World Knowledge Forum was held in Seoul on Oct.10th, 2018.The theme for this year's forum was based on "Collective Intelligence: Overcoming Global Pandemonium", and was intended to explore the possibilities of boosting economy and avoiding financial crisis by investing in Artificial Intelligence, Virtual Reality, Clean Resources, Cultural and Creative Industry.
In recent years the Chinese game industry has been drawing lots of attention due to its exceptional growth. Entrepreneurs and scholars such as Mr. Yang Jun - Senior Vice President of 37 Interactive Entertainment, Mr. Xiao Hong - CEO of Perfect World, Mr. Jong H. Wi - president of Korea Academic Society of Games and Sang Hoon Lim - CEO of This is game, were invited to exchange views on the subject of the development and collaboration of the games industry between China and Korea.
The Publishing of Chinese Games in Overseas Markets
In the last decade, we have witnessed exceptional growth of PC games, browser games and most recently mobile games, which has led to rocketing growth of the Chinese games industry. China has the biggest games market in the world in terms of player number and gross revenue.
Mr. Yang pointed out, "Amongst the exceptional growth, the quality and design of products being produced are also improving significantly. A selection of key and significant Chinese game companies have had their profiles raised to the world stage due to their enormous contributions to the industry."
This May, independent market research institute Newzoo published a list of Top 25 Public Companies by Game Revenues in the World, in which 4 Chinese companies made the list, Tencent, NetEase, Perfect World and 37 Interactive Entertainment.
The above companies have profited from exceptional growth in overseas markets. More and more Chinese game companies are now exploring overseas markets which has contributed to a significant growth in revenue. The overseas markets have become the latest driving force in revenue.
Mr. Yang further elaborated, "it would be a win-win situation for Chinese game companies and overseas markets. We need each other. The companies need a broader market for income, overseas players need more high-quality games with Chinese cultural features. "
37 Interactive Entertainment entered the overseas markets in 2012 by releasing several successful browser games. In the following year, it published a series of mobile games in overseas markets and had a remarkable start in Asia. According to Mr. Yang, the key to success is learning the differences of market needs between mainland China and overseas. "We knew our advantages and disadvantages. We knew how we were going to market with our games on the internet and off it. Before entering a new market, our overseas publishing team always work out a detailed plan in regards to multiple aspects such as localization, marketing and online promotions etc."
Chinese video games getting popular in Korea
Games made by Chinese developers are playing an increasingly vital role in Korean market. Recently, a Korean website Aju Business Daily quoted a report from The Chosunilbo, "116 Chinese mobile games were released in Korea in 2016. In 2017, the number rose to 136 and it's estimated that there will be 20% more in 2018."
Based on market research conducted by a Korean institute, 16 Chinese mobile games made the Top 20 Grossing Rank in Korea and achieved a revenue of 196 Billion South Korean won (KRW) in 2017, which amounts to 1.16 billion RMB, a growth of 74% year on year. According to Korean Press, Chinese games, rather than American games or Japanese games, have become the latest competitors for Korean games.
Mr. Yang listed the latest achievements in the Korean Market made by 37 Interactive Entertainment. Based on the report from Igworks, Ban Gi, (The Ring) developed by Aurora Studio ranked No.2 among the Top 5 Best-Selling Chinese games in Korea. Un Meong: Mushineui Huye (Destiny: God's Descendent) was released in Korea earlier this year. It made the Top 10 of Best-Selling mobile games on the Korean App Store. It's been record-breaking for a Chinese Martial Arts themed game.
In Mr. Yang's point of view, for a long time the Korean market was indeed dominated by games with Western Fantasy backgrounds. However, since the 80s and 90s, Chinese Martial Arts novels and TV shows have been introduced to Korea, attracting a considerable number of readers and audience. High quality games with an oriental theme are just like a breath of fresh air for players, which provides a huge advantage.
Korea is the fourth biggest games market in the world. According to Newzoo, there will be 28.9 Million Korean players in 2018. Mr. Yang concluded that, "Korea is one of the major target markets for our next move. We would like to provide more exquisite games for Korean players and further introduce Chinese culture into Korea."
