(Bloomberg) -- A Chinese-made game backed by Tencent Holdings Ltd. has become the second-most popular title ever on Steam within hours of its launch, an unusually rapid ascent that may help seal its place in industry lore.
Black Myth: Wukong, an action-adventure title based on the antics of the fabled Monkey King, garnered more than 2.1 million concurrent players on Steam in its global debut Tuesday. That surpassed the popularity of other much-hyped single-player titles like Cyberpunk 2077 and Elden Ring, according to data tracker SteamDB. It ranked just above Palworld and Counter-Strike 2 by peak concurrent players, which counts the number of people playing a game at one time around the world.
The strong first-day performance may help shore up expectations that China’s $40 billion-plus gaming arena is rounding a corner, after years of incessant regulatory scrutiny. This summer marked an unusually busy pipeline of major debuts, including Tencent’s DnF Mobile, NetEase Inc.’s Naraka: Bladepoint Mobile and indie studio Mihoyo’s ZZZ. Developed by Hangzhou-based Game Science, Wukong marks China’s splashiest launch on PC to date.
Its debut generated outsized attention in part because — unlike many of the other blockbusters Tencent backs — it was wholly developed by a local studio. Tencent has an investment in Game Science and also handles publication for the game on its Steam-like WeGame platform. SteamDB doesn’t track that service.
“This might encourage a lot more such AAA game development for PC and console,” said UBP managing director Vey-Sern Ling. “The Chinese regulators may also be encouraged and be more supportive of such game development for export.”
Tencent stood largely unchanged in Hong Kong. But speculators drove up smaller firms associated with the title. Huayi Brothers Media Corp.’s stock surged by the 20% limit in Shenzhen, based primarily on its small indirect holding in Game Science. Citic Press Corp. also rose by the 20% limit, following local reports that the publisher is in discussions to release products, including an art book, tied to the game.
In China, Wukong generated a level of buzz the gaming industry hasn’t seen in years. It shot to the top of Chinese microblogging site Weibo and dominated as the No.1 trending topic throughout the day. Local beverage chain Luckin Coffee apologized to fans after it ran out of the game posters it was giving away with iced Americanos.
“The success of the game shows that Chinese game developers have high-end development capabilities for AAA games and can compete with Western studios on the global stage,” said Daniel Ahmad, senior analyst at Niko Partners.
Available also on Sony Group Corp.’s PlayStation 5, Wukong offers gritty combat that’s been compared to FromSoftware’s challenging Dark Souls series. The title, under development since 2018, is viewed by players and critics as China’s most serious attempt at making a big-budget PC-console blockbuster that could resonate globally. Prior successes from the country have mostly been in the mobile arena, such as Genshin Impact from Mihoyo.
Major Chinese review sites, including IGN China, scored Wukong a 10 out of 10 on the eve of its rollout. Their global peers gave mostly positive, albeit slightly lower, ratings, citing some issues with gameplay and translation.
The founders of Game Science, including Feng Ji, worked at Tencent prior to starting their own studio. Tencent bought a 5% stake in the startup in 2021, according to corporate registration site Qichacha.
On Monday, official news agency Xinhua ran a 30-minute documentary on how Game Science came up with its signature product, featuring interviews with the production team. Another Xinhua article praised Wukong’s effort to realistically recreate cultural gems like historic temples.
“We embody the simple love everyone has for this country and this nation,” Feng said in the video interview.
(Updates with game making it to second on all-time concurrent list from first paragraph)
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