Rules and framework are needed for the long-term healthy development of China’s eSports industry, said the head of a Chinese video game and movie conglomerate. “China’s eSports industry is still in its early stage, compared with the mature market in the US and Europe,” Xiao Hong, CEO of Perfect World Co Ltd, told at the second Dota2 Asia Championships in Shanghai.

Xiao Hong, CEO of Perfect World Co Ltd
Xiao Hong, CEO of Perfect World Co Ltd

“For its orderly and healthy development, industry participants should join hands to set some rules and framework and comply with them,” Xiao added. China surpassed South Korea in 2015 to become the largest e-sports market in the world.

In 2016, China’s eSports gaming revenue was expected to surpass 50 billion yuan, up 50 percent year on year, according to a report released by research firm IDC at the end of last year. The total prize money by global eSports competitions in 2016 would reach 560 million yuan, with China accounting for 54 percent, the report said.

“China’s eSports industry is about to witness a market boom in 2017 and the market competition will become even more intense,” said Zhou Zhaoning, an analyst at IDC China.

Founded in 2004, Perfect World is a China-based video game company specializing in massively multiplayer online role-playing games. The company’s initial public offering on the Nasdaq was completed in 2007.

It delisted from the US stock market after finishing privatization last year.

“The emergence of top-level products has driven the explosive growth of China’s eSports gaming industry in the past two to three years,” Xiao said.

More and more companies, investors, players and audiences are participating in the new industry, Xiao added.

In 2016, the Chinese government issued a guidance to promote the healthy development of fashion sports, such as e-sports in China. Some domestic universities have established eSports majors after the Ministry of Education took “eSports and sports management” into the major list in September. With its borderless and entertainment characteristics, online games are good ways to spread Chinese culture, Xiao said. “The more we export, the better the world will know China.”

Perfect World has been the largest game exporter in China for the past eight years, accounting for 40 percent of the total at its peak.

Source: ChinaDaily