AI Boosts the Debut of New Games, Ushering the Gaming Industry into an Era of Premium Quality
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Recently, core reserve games from listed companies that have obtained licenses have been successively launched, including the IP mobile game 'Jianghu Online' co-released by Kingnet and Tanwan Games on August 2, the anime-style tactical competitive shooting PC game 'Karubichu' developed by DreamSky and launched on August 3, and the Three Kingdoms-themed SLG mobile game 'Battlefield Without Borders,' developed by Xinghui Entertainment and exclusively distributed by Tencent, which is set to launch on August 24.
The release of these core new games from listed companies may, on one hand, bring performance growth to the related companies and, on the other hand, drive the continued recovery of the gaming industry's revenue growth. Coupled with the stable and continuous issuance of game licenses, this boosts confidence in the industry's development. After recent adjustments in the gaming sector, it may also provide a lift to valuations.
Additionally, the application of AIGC technology and large models in game art, creativity, and gameplay design continues to advance. This may not only reduce costs and improve efficiency but also create entirely new gameplay mechanics and open up incremental markets.
At present, while AIGC content has made significant progress, its impact on the gaming industry is still primarily focused on cost reduction, with revenue growth remaining in the exploratory phase. The decline in user engagement with ChatGPT, the flagbearer of this AI technology revolution, is likely due to the increase in API interfaces, which has diluted ChatGPT's own user engagement.
However, gaming will be a key sub-sector where AIGC can unleash its full potential. On one hand, technologies like text-to-image are relatively mature and accessible, providing a foundation for production pipelines and financial improvements. On the other hand, given the complexity and high production barriers of games, AI's influence will permeate every aspect of game development, creating significant opportunities beyond other entertainment and media fields.
Notably, the most mature application of AI in gaming currently lies in the art production phase. Equipped with powerful AI tools, artists can achieve the effect of 'one person doing the work of many.' However, since the core decision-making factor for users consuming AAA titles is game quality rather than cost, competitive pressures will likely drive game developers to reinvest the savings from AI into further production, enhancing both quality and quantity on the supply side and shifting the focus from cost reduction to efficiency and empowerment.
Zheshang Securities analysis points out that after June 30, due to policy stimulus in cyclical sectors and the gaming sector's earlier gains, some capital has shifted toward chasing hot trends, leading to a temporary adjustment in the gaming sector. However, this does not alter the long-term investment value of the gaming industry.