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December 2024 marks a pivotal moment for Chinese video game developers, as Tencent Holdings (OTC:TCEHY) and NetEase Inc (NASDAQ:NTES) achieve global success with their latest titles, "Path of Exile 2" and "Marvel Rivals," respectively. Analysts from Bernstein highlight these launches as milestones in China’s effort to expand its footprint in the $165 billion global gaming market, moving beyond its $45 billion domestic sector.
Tencent’s "Path of Exile 2" has positioned itself as a strong competitor to Blizzard’s "Diablo II," with over a million players joining early access, spending $30–$60 each. Praised for its refined gameplay and loyal fanbase, the game reached a peak of 579,000 concurrent users on Steam.
NetEase’s "Marvel Rivals" also saw remarkable success, amassing 20 million players shortly after release and rivaling the 40 million user base of its earlier hit, "Naraka Bladepoint." The game recorded 481,000 peak concurrent players on Steam, reinforcing NetEase’s focus on live-service titles with long-term revenue potential.
Bernstein analysts credit Chinese developers’ cost-efficient R&D, innovative intellectual property, and freedom from Western cultural debates as key factors in their growing competitiveness against Western giants like Blizzard and Electronic Arts Inc (NASDAQ:EA). Both Tencent and NetEase have "Outperform" ratings, reflecting their ability to dominate the lucrative live-service gaming space.
These launches signify a major step in China’s gaming industry evolution, with Tencent and NetEase now poised to capture a larger global audience while redefining the competitive landscape.
