Monthly global player spending on PUBG Mobile amounted to 57.58 million U.S. dollars in December 2024. Debuting as PlayerUnknown's Battlegrounds, the game was first released for Windows in December 2017, with the mobile version being released worldwide in March 2018. Due to content restrictions on violence in China, a restricted version of PUBG called Game for Peace was released in the country in 2019. Within the game, players can buy in-game currency, which they can then use to purchase crates containing weapon customizations and character upgrades.

First released at the start of 2017, PUBG: Battlegrounds (previously known as PlayerUnknown's Battlegrounds) is one of the most popular games on Steam and had 944,484 peak concurrent players in the last recorded month, July 2025. The highest number of concurrent players was recorded in January 2018 at 3.24 million. One of the biggest games on Steam PUBG gained a devoted legion of fans in a short space of time after its release, and cumulative unit sales of the game hit 75 million in December 2021. The game has also been critically acclaimed — it won the Best Multiplayer Game at The Game Awards in 2017 and its free-to-play mobile version for Android and iOS, released in 2018, was nominated for Best Mobile Game at The 2018 Game Awards. This critical success has also translated into commercial success, as the game generated millions of U.S. dollars of revenue, most successfully in the United States. On January 12, 2022, the game has become free to play. Battle of the Battle Royale games PlayerUnknown’s Battlegrounds is an online battle royale game in which up to 100 hundred players battle it out until there is only one player or one team left standing. This format of game has become very popular in recent years. While PUBG has a strong following, especially on Steam, it has come under pressure from rival battle royale game Fortnite. First released just several months after PUBG, Fortnite has since become a cultural phenomenon, amassing 500 million registered users in just six years. As of 2025, both PUB and Fortnite are still going strong with their loyal audiences.

PlayerUnknown's Battlegrounds was first released for Windows in December 2017, with the mobile version being released worldwide in March 2018. Due to content restrictions on violence in China, a restricted version of PUBG called Game for Peace was released in the country in 2019. Within the game, players have the ability to buy in-game currency which they can then use to purchase crates containing weapon customizations and character upgrades. Mobile player spending of PUBG has seen a steady increase in recent quarters and was estimated at *** million U.S. dollars in the first quarter of 2021. Overall, the mobile game has accumulated a lifetime player spending of over * billion U.S. dollars.

Honor of Kings has been Tencent's revenue driver. As of January 2025, the gaming app has raked in more than 12.8 billion U.S. dollars in revenue across the Apple App Store and Google Play worldwide. However, the multiplayer game was not Tencent's most-downloaded mobile gaming title of all time — that title went to PUBG Mobile.

As of November 2024, Zhu Bocheng from China, also known as "paraboy", was the highest-earning PUBG Mobile eSports player worldwide. He has earned around **** million U.S. dollars throughout his recorded eSports gaming career.

The Battle Royale games market, valued at $10.93 billion in 2025, is projected to experience steady growth, exhibiting a Compound Annual Growth Rate (CAGR) of 3.4% from 2025 to 2033. This growth is fueled by several key factors. The increasing popularity of esports and live streaming platforms provides significant exposure and cultivates a large and engaged player base. Technological advancements, particularly in mobile gaming technology, are expanding accessibility and lowering the barrier to entry for new players. Furthermore, continuous game updates, the introduction of new characters, weapons, and maps, and the integration of cross-platform play all contribute to sustained player engagement and market expansion. The market is segmented by application (PC, Mobile, Tablet, Others) and type (Client Type, Webgame Type), reflecting the diverse platforms and game mechanics within the genre. Competitive landscapes, featuring major players like Tencent, Epic Games, and Activision Blizzard (through its ownership of various studios), lead to continuous innovation and competition for market share, driving overall market growth. However, market growth may be tempered by factors such as increasing development costs, the saturation of the market with new titles, and the potential for player fatigue. The need for consistent updates and new content to maintain player interest presents ongoing challenges for developers. Furthermore, regulatory concerns regarding in-game purchases and loot boxes could impact revenue streams and growth projections. Despite these potential restraints, the sustained popularity of the Battle Royale genre and the ongoing investment in its development suggest a positive outlook for market expansion over the forecast period, albeit at a moderate pace. The geographic distribution of the market is expected to reflect existing gaming trends with North America and Asia-Pacific regions likely maintaining significant market share due to established player bases and high internet penetration rates.

As of August 4, 2025, China accounted for 69 percent of global player spending on PUBG: Mobile over the past 30 days, while the United States contributed 8 percent. PlayerUnknown's Battlegrounds (PUBG) was first released for Windows in December 2017, with the mobile version being released worldwide in March 2018.

In February 2025, Honor of Kings was the top-grossing gaming app for iPhone worldwide. The mobile game title generated close to 198 million U.S. dollars in revenues from iPhone users. PUBG Mobile was the second-most-grossing gaming app title with approximately 100 million U.S. dollars in revenue during that month.

In the first quarter of 2021, Garena Free Fire was the top grossing mobile battle royale shooter in the United States, having grossed approximately 100 million U.S. dollars in revenue. Second-ranked PUBG Mobile generated ** million U.S. dollars in app revenues during the measured period.

Tencent Statistics: As of recent reports, Tencent is one of the world’s largest tech companies across the world in China that includes platforms of entertainment, cloud computing, e-commerce services, internet services, and operational and business ecosystems. Half of the revenue is generated from Tencent games, music subscriptions, online advertising, and social media services. By the end of April 2023, revenue generated by the company was RMB150 billion which has increased by 10.7% from last year. These Tencent Statistics include insights from various aspects that provide light on how Tencent has become popular in recent days. Editor’s Choice The total holdings of Tencent turned out $526.24 billion market cap by the end of 2022. The company has a stake in about 700 companies and the number of employees is more than 85,000. The Tencent-owned app was used by 98% of the Chinese population. Whereas, the app store of Tencent has more than 36,755 apps which have 23 types of categories and almost 30% of apps fall under the tools, education, and lifestyle sectors. Above 1 million users are presently available on Tencent’s social media platform and almost 129 million people have paid for video subscriptions. Near about $23.15 billion was spent by Tencent on acquisitions such as Sumo Digital and Stunlock Studios. 29th June 2020, India banned Tencent’s WeChat and PUBG and including other 56 Chinese apps as well as removed all applications from the Play Store. As of now, monthly active users of WeChat are over 1.2 million across the world and WeChat is termed as the 6th biggest platform of social networking. On a regular basis, WeChat Mini programs were used by 400 million people across the globe and 863 million approximately each month. WeCom is used by more than 130 million people and is known as one of the best corporate messaging platforms.

China's mobile game market is vibrant. In August 2025, Tencent's flagship title, Honor of Kings, was the highest-grossing game app in the country, raking in over *** million U.S. dollars in revenue. PUBG Mobile remained second with over ** million U.S. dollars. The much anticipated *********** came in the third spot, earning over ** million U.S. dollars. Whiteout Surviva, Dungeon & Fighter: Origins, and Battle of Golden Spatula followed with around ** million U.S. dollars. The long-term winners: Tencent and NetEase For many years, Tencent and NetEase have been the most successful Chinese game developers, holding the lion’s share of mobile gaming traffic. The former owns the super app WeChat and an extensive network of entertainment offerings. The mobile gaming business has been one of Tencent's profit pillars, contributing nearly ** percent of its annual revenue (*** billion yuan) in 2022. In comparison, NetEase was half the size of Tencent—** billion yuan in online game revenue in 2024. The industry challenger: miHoYo Having arrived at the gaming scene relatively late in 2011, the Chinese studio miHoYo took eight years to catch global attention. In September 2020, the company grabbed the right timing to launch Genshin Impact during the pandemic. The role-playing game achieved *** billion U.S. dollars of revenue within a year of release and continues to be a lucrative title in various markets. The company later released *** more blockbuster games, Honkai: Star Rail in 2023 and Zenless Zone Zero in 2024.

Since it was first released by developer Bluehole in March 2017, PlayerUnknown’s Battlegrounds (PUBG) has developed a loyal legion of fans. While the battle royale game only sold two million copies within the first few months of its Early Access release on Steam, this number had jumped to 50 million units just a year later in June 2018. As of December 2021, PUGB has sold over 75 million units worldwide on PlayStation 4, Xbox One, and PC. In January 2022, the game became free to play, meaning a purchase of the game was no longer necessary to play

One of the biggest games on Steam PUBG is an online multiplayer game which pits up to 100 players against each other at one time. The players must scavenge for weapons and items while killing enemies and trying to survive. The map shrinks over time in order to force the remaining players into combat until only one player or team is left standing. Given the scale of the game, it is unsurprising that it attracts large amounts of players – on the gaming platform Steam, PUBG peaked at almost 3.24 million concurrent players in January 2018. The game is also one of Steam’s biggest draws in terms of hourly average number of players – PUBG averaged almost 177.11 thousand players per hour in 2021. So is the game unrivalled in the battle royale genre?

PUBG’s biggest rival Not if you ask fans of Fortnite. Released by Epic Games in July 2017, just a few months after the launch of PUBG, Fortnite is a similar battle royale survival game. While it is not available on Steam, it can be played on PC as well as on all the main consoles. Similarly to PUBG, Fortnite became an overnight sensation and latest figures have the game at a staggering 350 million registered users. The mobile version of the game has also been a commercial success, generating annual revenue of 455 million U.S. dollars in the Apple App Store in 2018. Given that PUBG won the Best Multiplayer Game at The Game Awards 2017 and Fortnite won the very same award a year later, it seems that the rivalry between these games shows no signs of slowing down.

In 2024, the in-app purchase (IAP) revenue of PUBG Mobile in India amounted to **** million U.S. dollars. Contrariwise, Ludo King, the most downloaded mobile game in India, raised less than ********* dollars during the same period. Despite being the leading market in terms of app downloads, monetization remains a major challenge for the Indian mobile game and apps market.

The Chinese entertainment conglomerate Tencent reported a nine percent increase in its overseas games revenues in 2024, largely attributed to the popularity of PUBG Mobile and Supercell’s games. Domestic sales contributed about 70 percent of the company's gaming revenue.

In 2023, PUBG Mobile published by Tencent became the most profitable mobile game in Turkey, reaching an estimated revenue of ** million U.S. dollars.101 Yüzbir Okey Plus developed by Take-Two Interactive followed as second, with its revenue amounting to an estimated ** million U.S. dollars.

Snapshot img

Game Streaming Market Size 2024-2028

The game streaming market size is forecast to increase by USD 1.05 billion at a CAGR of 8.51% between 2023 and 2028.

The market is experiencing significant growth, driven by several key trends. One notable trend is the increasing popularity of eSports tournaments, which have gained massive followings and sponsorships from major brands. Another trend is the growing demographic of women gamers, who now represent a substantial portion of the gaming community. Additionally, the health benefits of gaming, such as improved cognitive function and stress relief, are increasingly being recognized. These factors, among others, are fueling the growth of the market. However, challenges remain, including the need for high-speed internet connections and the potential for addiction and negative health effects. Despite these challenges, the market is poised for continued expansion as technology advances and gaming becomes more mainstream.

What will be the Size of the Game Streaming Market During the Forecast Period?

Request Free Sample

The market is experiencing significant growth and transformation, driven by the growth in popularity of game streaming services and the mobile gaming sector. Major players in this market include Facebook Gaming and YouTube Gaming, which leverage their extensive user bases to offer live streaming and on-demand content. Cloud gaming platforms, such as Microsoft xCloud and Google Stadia, are revolutionizing the industry by enabling users to play high-quality games without the need for expensive hardware. Traditional gaming companies, like PlayStation and Xbox, have entered the fray with their respective streaming services, PlayStation Plus and Xbox Game Pass. The market's size is projected to expand as technological development and infrastructure improvements facilitate smoother delivery of streaming content.
Content acquisition remains a key focus, with popular titles like League of Legends, Dota 2, PUBG Mobile, Clash Royale, and Free Fire attracting large audiences. Content creation and monetization options are also crucial, with streaming platforms providing tools and monetization options for content creators to engage their audiences effectively. The role of the YouTube network and other live streaming tools in this ecosystem cannot be overlooked, as they offer a significant reach and influence on consumer behavior. Overall, the market is poised for continued growth and innovation, fueled by the intersection of technological advancements and evolving consumer preferences.

How is this Game Streaming Industry segmented and which is the largest segment?

The game streaming industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Revenue Stream

  In-game advertising
  Subscription
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By Revenue Stream Insights

The in-game advertising segment is estimated to witness significant growth during the forecast period.

The market experienced substantial growth in 2021, with in-game advertising emerging as the largest segment. This trend is anticipated to continue during the forecast period, fueled by the increasing popularity of social media and mobile gaming. In-game advertising integrates advertisements into desktop and mobile games through various formats such as ads, clips, billboards, and backdrop displays. These non-interruptive advertisements offer a smoother gaming experience for players while delivering stronger audio-visual effects for viewers. As the mobile gaming sector continues to expand, driven by smartphone penetration rates and the availability of high-speed connectivity, game streaming services like Facebook Gaming, YouTube Gaming, Microsoft xCloud, Google Stadia, PlayStation Plus, Xbox Game Pass, League of Legends, Dota 2, PUBG Mobile, Clash Royale, and Free Fire are investing in strategic efforts to enhance their content delivery and monetization options.

Key technological developments, including the deployment of 5G networks by providers such as Optus and Pentanet, are further boosting the growth of the market. Content creators leverage live streaming tools like those offered by the YouTube network to engage audiences and monetize their content through platforms like Social Blade, where influencers like Germán Alejandro (JuegaGerman) and Garmendia Aranis have amassed significant followings.

Get a glance at the Game Streaming Industry report of share of various segments Request Free Sample

The in-game advertising segment was valued at USD 1.08 billion in 2018 and showed a gradual increase during the forecast period.

In 2023, Mobile Legends: Bang Bang, a mobile game app developed by Moonton, was the leading game app with the most revenue in Malaysia. The app recorded around 18 million U.S. dollars in revenue in that year. PUBG Mobile followed as the second leading mobile game app in Malaysia with around 10.6 million dollars in revenue.

Royal Match by Dream Games had the highest in-app revenue among mobile gaming apps in Russia in 2024, at almost 14 million U.S. dollars. The second position was occupied by PUBG Mobile by Shenzhen Tencent Tianyou Technology Ltd, with an in-app revenue of around 13.8 million U.S. dollars.

Coin Master was the highest grossing mobile game app in Romania as of August 2023, totaling a revenue of 5.33 million U.S. dollars. PUBG MOBILE ranked second registering a revenue of 2.66 million U.S. dollars.

Over the past decade, the Chinese technology group Tencent Holdings has invested heavily in developing its gaming business. In 2024, its online games grossed 198 billion yuan – a considerable increase compared to the previous year. This made up almost 30 percent of the Chinese tech giant’s annual revenue. Tencent’s gaming empire The entertainment giant has remained as the world’s top game publisher by revenue, leading the industry with 12 million U.S. dollars in quarterly earning more than the second placeholder, Sony. Tencent's mobile games Peacekeeper Elite and Honor of Kings have been well-received in the Chinese market. In fact, the Chinese conglomerate controls stakes in some of the world’s popular games, such as League of Legends, Fortnite, and Clash of Clans. Its battle-royale game PUBG Mobile has gained immense popularity in overseas markets. The goldmine of online gaming in China In a country with over 670 million gamers, the gaming market in China is massive and lucrative. Since 2017, the revenue of China’s video game industry has surpassed 200 billion yuan and continued to grow steadily. Undoubtedly, Chinese consumers are highly engaged in mobile gaming. Role-playing, real-time strategy, shooter, and fighting games are the most popular genres. Besides mobile games, eSports is another booming game sector in China with role-playing games (RPG) and multiplayer online battle arena (MOBA) being the major revenue powerhouse. Having scoped out the market potential of eSports, Tencent invested in the eSports streaming platform Douyu and acquired Douyu’s biggest domestic rival Huya in April 2020. It is quite unlikely for other market players to shake Tencent’s dominating status in the next few years.