Tag: Video Games

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Black Myth Wukong – China’s first global gaming hit sells millions in a week

Black Myth

China’s inaugural venture into high-end video gaming has smashed global records, enhancing the industry’s international aspirations despite the gaming restrictions imposed by Beijing.

Black Myth: Wukong, an action-adventure game rooted in Chinese mythology, surpassed 10 million units sold just three days following its release on 20th August 2024. A week and a half later, it continued to hold the second spot in revenue rankings in the U.S., and remained the top-selling game worldwide, according to the Steam video game platform where it sells for around $60.

Hero Games co-published the game and was an early investor in its developer Game Science.

About the game

The game Black Myth: Wukong is an action RPG rooted in Chinese mythology. The story is based on Journey to the West, one of the Four Great Classical Novels of Chinese literature. You shall set out as the Destined One to venture into the challenges and marvels ahead, to uncover the obscured truth beneath the veil of a glorious legend from the past.

Black Myth: Wukong
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Video game industry experiences slow growth in 2024

Game console

The video game industry is experiencing sluggish growth in 2024 for several reasons

Slow console sales

Gaming console sales have not met expectations. For example, sales of Sony’s PlayStation 5 have decreased from 3.3 million units in the same period last year to 2.4 million units in the fiscal first quarter of 2024.

Post-Pandemic

The gaming industry experienced a substantial increase during the COVID-19 pandemic due to people staying indoors more often. Yet, with the easing of restrictions, there has been a noticeable change in consumer habits, with a trend towards increased outdoor activities.

Economic considerations

Increased interest rates and inflation have diminished discretionary income, leading to a decrease in consumer spending on games.

Challenges

The industry has faced mass layoffs and other operational challenges, which have impacted growth.

Despite these challenges, there are optimistic projections for 2025 with anticipated major releases like the eagerly awaited successor to Nintendo’s Switch console and Grand Theft Auto (GTA) VI.

Future

Predictions for 2025 suggest that the new Nintendo console and GTA VI will make a significant impact, potentially revitalizing the industry.

The U.S. and China account for around half of consumer spending on games.

The gaming industry as a whole is currently estimated to be worth around $188 billion globally and this is projected to grow in 2025.

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GTA VI trailer leaked

GTA VI

Rockstar Games publishes Grand Theft Auto trailer early after it was leaked on X

Take-Two Interactive Software shares fell some 4% in extended trading on Monday 4th December 2023 after the company released its trailer for the next version of the Grand Theft Auto game.

GTA is due for release in 2025. The company had originally planned to market the trailer hours later, at 6 a.m. ET. on Tuesday 5th December 2023 but a leak caused Take Two to post it earlier.

After the leak, Rockstar Games, a subsidiary of Take-Two, published the trailer on YouTube. And X suspended the account that posted the leaked video.

Grand Theft Auto VI due for release 2025

Record seller

Grand Theft Auto VI is likely to impact Take Two’s revenue growth following its release. Grand Theft Auto V debuted in 2013, and it’s now the second best-selling video game of all-time, having sold more than 190 million copies. Microsoft-owned Minecraft, is still the top selling game of which over 300 million copies have been sold.