King of Glory Earns $10 Billion in Half-Year
Each reporter: Zhang Zitong, each editor: Wei Wen
August 13, Tencent Holdings (HK00700, stock price $590 per share, market value $54 billion) announced its second-quarter performance in 2025.
The financial report shows that Tencent's network game business revenue reached 592 billion yuan in the second quarter of this year, up 22% year-on-year. Among them, international market gaming revenue was 188 billion yuan, up 35%, and broke through the historical high for four consecutive quarters; domestic market revenue was 404 billion yuan, up 17%.
Tencent's board chairman and CEO Ma Huateng said, "King of Glory and other long-continuing games have evolved towards platformization and increased the application of AI, while new games such as Three Delta Action have achieved breakthroughs, making our game business excel on both user and revenue sides."
According to AppMagic's estimates, King of Glory is the only mobile game that has broken through $10 billion in revenue this year. From 2022 to 2024, this game has consecutively ranked first globally for three years in terms of revenue. Not only that, but King of Glory has also maintained a remarkable growth rate, with a 26% increase in revenue in 2024.
It is worth noting that this is the 35th time King of Glory has appeared on Tencent's financial report, making it one of China's long-continuing game flagship representatives.
Meanwhile, several major gaming companies have reported strong revenue growth this year. On August 13, Tencent's management team said in an earnings call that the overall game revenue growth rate will continue to decline due to the expansion of game products and platformization features. However, individual games are still independent creative products, which may experience a strong cycle or low-cycle period.
"As long as we maintain top-notch quality and continuous investment in operations, games can withstand fluctuations." Tencent's management team said.
Action-type products are flourishing
According to the Game Committee report, among the top 100 mobile games by revenue in the first half of this year, action-type games accounted for 13.89% in 2024 and rose to 17.03% in the current half-year, reflecting the growth trend of action-type products. Tencent, which is leading the market, has released several action-type products that have driven the company's domestic market revenue growth.
Delta Action, which exceeded 1.2 million daily active users in April and reached 2 million daily active users in July, ranked among the top five games by daily active users and game flow on the mainland. With its upcoming release on PS and Xbox platforms on August 19, the user scale is expected to break through again.
In addition, the company's flagship action-type product, Three Delta Action, has maintained a stable growth rate in the second quarter, with a daily active user count exceeding 1 million. The game's overall performance is expected to continue its upward trend.
Service-type games are still the main force
Notably, this year, Tencent and other gaming companies have performed well in overseas markets, driving China's game industry to recover as a whole.
According to the Game Committee report, China's self-developed games overseas market actual sales revenue reached $95.01 billion in the first half of this year, up 11.07% year-on-year and exceeding 10% for the second consecutive year.
Tencent's international game business revenue grew 35% to 188 billion yuan in the second quarter, setting a new high.
In the second quarter, Supercell games and PUBG MOBILE performed well, driving Tencent's game business growth. The financial report noted that Supercell games have achieved good results through frequent content updates and reward mechanisms, while also holding more community activities to attract players.
Sensor Tower reported that in the first half of this year, Delta Action has surpassed $10 billion in revenue, becoming the top-grossing game among Supercell's products.
Regarding the performance of Three Delta Action and other service-type games, Tencent's management team said that these games will continue to drive growth in the future, and their sales will not be significantly affected by the emergence of new genres or platforms.