Source | BohuFN

The suspense is finally over.

On August 20, 'Black Myth: Wukong' was launched globally simultaneously, and as the first domestic 3A game, it sparked a gaming craze both domestically and internationally upon its release.

Chinese 3A games have long struggled for recognition, and the buzz surrounding 'Black Myth: Wukong' undoubtedly injected a shot of adrenaline into the gaming community and market. With gamers worldwide discussing it, what are the reasons behind 'Black Myth: Wukong's' crossover success? And can it spark a new wave of domestic game investment?

01 'Brother Monkey, you're amazing!'

On the day of 'Black Myth: Wukong's' launch, the world was confronted with destiny itself.

Its performance did not disappoint. Simply put, records were broken, trending topics exploded, and the hype was off the charts. 'Black Myth: Wukong' created a new history for the Chinese gaming industry.

At 10 AM on August 20, 'Black Myth: Wukong' was launched globally simultaneously on platforms such as PS5, Steam, Epic Games Store, and WeGame.

One hour after its official launch, Steam data showed that over 1 million players were online simultaneously. Three hours after launch, Steam's peak concurrent users surpassed 1.4 million, outperforming games like 'Lost Ark' and 'DOTA2', currently ranking fourth among Steam's all-time highest concurrent users.

Simultaneously, it surpassed the record previously held by 'Cyberpunk 2077', becoming the highest-concurrent PC single-player game on Steam.

Not only did the gaming community take notice, but 'Black Myth: Wukong' also ignited social media circles. The hashtag #BlackMythWukong topped Weibo's trending topics list.

Social media platforms like Douyin, Kuaishou, and Bilibili also featured 'Black Myth: Wukong' prominently in their trending sections.

Furthermore, the secondary market sentiment was significantly impacted. Influenced by the pre-sale fever, the A-share market experienced a 'Journey to the West' craze in the week leading up to the game's official launch, with several related stocks surging ahead of time. By the close on August 20, several stocks, including Zhejiang Publishing Group, CITIC Press, and Xunda, reached their daily limits. Huayi Brothers, in particular, has seen a surge of over 70% since August 14, reaching its daily limit on August 19 and approaching it again intraday on August 20.

In addition to related stocks, the co-branded consumer brand Luckin Coffee also benefited. On August 19, Luckin Coffee collaborated with 'Black Myth: Wukong' to launch a co-branded campaign, including special edition 'Black Myth' Cloud Americano and a bundled meal. Consumers who purchased the designated meal received a limited-edition 3D poster of 'Black Myth: Wukong'. In the afternoon, Luckin apologized on Weibo, stating that consumer enthusiasm exceeded team expectations, and a replenishment plan was quickly formulated. According to reports, on the morning of August 20, Luckin's Chief Growth Officer Yang Fei shared on social media that 'peripherals sold out instantly nationwide, almost crashing the system. Male purchasing power exceeded team expectations this morning.'

The development team was likely the most nervous about the launch. Six days before the launch, 'Black Myth: Wukong' producer Feng Ji counted down the days on social media, accompanied by his own doggerel poems.

Do it even if you don't want to Eat it even if it's unpalatable The chest of an old man Is always full of poetry That something... six days left

Fortunately, after the launch, 'Black Myth: Wukong's' performance continued to exceed expectations.

02 Fame was not accidental

'Black Myth: Wukong' has gone viral, an undeniable fact. However, its popularity was not accidental.

As the first domestic 3A game masterpiece, 'Black Myth: Wukong' has been eagerly anticipated by netizens as the 'light of domestic gaming'.

What is a 3A game? It typically refers to games with high development costs, long development cycles, and significant resource consumption. China's gaming industry had previously been absent in this area.

Set against the backdrop of 'Journey to the West,' 'Black Myth: Wukong' tells the story of Sun Wukong, who, after accompanying Xuanzang on his pilgrimage to retrieve Buddhist scriptures, was named the Victorious Fighting Buddha but gradually disappeared from sight. Players take on the role of the 'Fated One,' determined to uncover the truth behind the legend of the western pilgrimage and embark on an adventure.

From its inception in 2018 to its first public reveal in 2020 and finally to its release, the game underwent multiple technical iterations and content updates. Statistics show that 'Black Myth: Wukong' has been in development for seven years since 2017, with an investment of approximately 500-600 million yuan.

Behind this game lies a unique emotional connection exclusive to the Chinese people. Some compare the significance of 'Black Myth: Wukong' to the Chinese gaming industry to that of 'The Wandering Earth' to Chinese science fiction films. To a certain extent, 'Black Myth: Wukong' represents the top-level industrialization of games by Chinese local developers on the global stage.

In terms of performance, 'Black Myth: Wukong' had previously pre-sold 1.2 million copies (worth 390 million yuan), with market expectations of a total sales volume of around 5 million copies. After today's hype, some expectations have risen to 10-20 million copies, corresponding to revenue of around 4 billion yuan. It has not disappointed netizens.

Not only do Chinese gamers place high hopes on it as the 'light of domestic gaming,' but the game has also changed many people's perceptions overseas, shifting from initial doubts about whether Chinese developers could produce high-quality games to recognition and anticipation of its quality.

On the other hand, in addition to being China's first 3A masterpiece, it also benefits from the game's technical prowess. Whether it's the smoothness of combat scenes or the intricacy of character movements, 'Black Myth: Wukong' reaches international top-tier standards. The game's unique blend of traditional Chinese aesthetics and modern sensibilities, from its art style to its music, is also eye-catching.

IGN China awarded the game a perfect score of 10, while IGN headquarters gave it a high score of 8.0, indicative of a high-quality 3A masterpiece.

Reviewers mentioned:

'Wukong is one of the most stunning and engrossing games I've ever seen... Every detail, like the real-time indentations left by dragging the staff on the snow as you walk, is vividly rendered.'

'The soundtrack and sound design are equally exceptional, with thunderous drumbeats during combat and elegant flute and wind chime melodies during exploration, creating an immersive atmosphere.'

This is a crucial factor in 'Black Myth: Wukong's' viral success.

The two points deducted by IGN headquarters were primarily due to minor bugs in the game and the overseas reviewers' unfamiliarity with the storyline and historical background of 'Journey to the West.'

As a result, some reviewers mentioned feeling confused by the story and needing to do some background research.

For the developer, Game Science, it is no small feat for a team of just over a hundred people, with no prior experience in large-scale game development, to produce such a high-quality work.

As stated on their official website, 'The journey is more important than the destination.' While we don't know the outcome of 'Black Myth: Wukong,' the fact that a team is willing to devote seven years to advancing the Chinese gaming industry through effort and exploration represents a commitment to both perseverance and innovation.

03 Tencent may be the hidden big winner

On the other hand, perhaps the biggest beneficiary of 'Black Myth: Wukong's' success is Tencent, China's largest internet company.

'Black Myth: Wukong' has deep ties to Tencent. Founder and CEO Feng Ji joined Tencent to make games as early as 2008, while co-founder Yang Qi was Feng Ji's colleague and former Chief Concept Designer of 'God of War'. After resigning from Tencent, the two founded Youke Interactive and launched the 'Black Myth: Wukong' project.

Tencent is one of 'Black Myth: Wukong's' primary investors, having made a strategic investment in Youke Interactive in 2021, acquiring a 5% stake.

Tencent adhered to its philosophy of investing without interfering. As the world's largest gaming company, Tencent has a reputation for non-interference in the operations of its acquisitions, such as Riot Games (developer of 'League of Legends') and Supercell (developer of 'Clash of Clans').

According to company founder Feng Ji, Tencent approached him unsolicited, hoping to invest and acquire a stake. Feng accepted the investment after confirming that Tencent, as a strategic investor, would not interfere with game development.

In addition to its direct stake, Tencent has also increased its shareholding through its investment in Hero Entertainment.

The developer of 'Black Myth,' Game Science (officially known as Shenzhen Youke Interactive Technology Co., Ltd.), has only received two rounds of funding since its inception: one from early investor Hero Entertainment and the other from Tencent, its former parent company.

According to Tianyancha, in 2023, Tencent increased its stake in Hero Entertainment through its subsidiary, raising its holding from 0% to 19%, indirectly holding a 3.61% stake in Game Science. On March 12, 2024, Linzhi Tencent Technology obtained the pledge right for a 20% stake in Hero Entertainment. This pledge originated from the controlling shareholder of Hero Games, Tianjin Dino Investment Management Co., Ltd., which holds approximately 30% of the shares. In other words, Linzhi Tencent effectively acquired an additional 3.8% equity interest in Game Science.

It can be said that in this rare domestic 3A gaming extravaganza, Tencent has made its contribution and once again taken the lead among its peers.

04 Dawn for Domestic Games

Just as the journey to the West required overcoming 81 trials and tribulations, developing a high-quality standalone game like 'Black Myth: Wukong' is a similarly arduous process.

On August 19, Xinhua News Agency and Xinhuanet uploaded a 30-minute exclusive interview with 'Black Myth: Wukong' producer Feng Ji and members of his creative team conducted by Xinhua News Agency reporter Zhang Yang. To our recollection, this is the first time in recent years that state-run media has positively reported on the gaming industry, releasing a positive signal far more significant than the game itself.

As 'Black Myth: Wukong' goes on sale, we not only applaud Game Science's dreams and perseverance but also commend the support for high-quality domestic games from both the government and public opinion, which has reached a new height. Domestic standalone games are poised to enter a new era.

Domestic games have long faced numerous challenges and doubts. On the one hand, the domestic gaming market has long been dominated by overseas giants, making it difficult for domestic games to gain sufficient attention and support. On the other hand, domestic games have often been criticized for their quality and technology, either for being derivative or for engaging in intense internal competition rather than striving for international excellence.

However, the emergence of 'Black Myth: Wukong' has broken this stalemate, bringing a ray of hope to domestic games, setting a new benchmark for domestic game companies, and opening up new, imaginative avenues in the 3A game segment.

Guotai Junan Securities believes that 'Black Myth: Wukong' may have profound implications for the internationalization of domestic games and the export of Chinese culture, and that attention to the gaming sector is expected to continue to rise. CITIC Securities suggests that 'Black Myth: Wukong' could sustainably boost the attention given to companies with strong R&D capabilities. Minsheng Securities believes that 'Black Myth: Wukong' to some extent signifies that Chinese local developers possess globally recognized 3A game development capabilities, marking another step forward in game industrialization.

Of course, the development of the domestic gaming industry ultimately depends on domestic game companies themselves. As the saying goes, 'To make steel, one must first be strong oneself.' Only by continuously producing high-quality games like 'Black Myth: Wukong' can we continue to expand the gaming industry.

Let us hope that 'Black Myth: Wukong' is not a fleeting moment but rather the dawn of a new era.

Reference Sources:

1. Shenlan Finance: The viral success of 'Black Myth: Wukong' and the mystery behind its funding

2. GameRes: 1.4 million concurrent users, 94% positive reviews, Tencent executives show off figurines, 'Black Myth: Wukong' truly is the Fated One

3. Red Star Capital Bureau: 'Black Myth: Wukong' goes viral, sparking a 'Journey to the West' craze in A-shares

4. Securities Daily Voice: 'Black Myth: Wukong' launch imminent - can it spark a new wave of game investment fever?

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