The top 50 public game companies generated revenues of $124.5 billion in 2019, an increase of +5.3% from 2018’s $118.2 billion. In 2019, the 50 companies alone accounted for 85% of the entire global games market. Tencent again held on to the coveted #1 spot. In 2019, Tencent doubled down on targeting overseas markets while it monetized Chinese users via PUBG Mobile (called Game for Peace in China). Tencent’s strategy paid off, its year-on-year growth rate increasing to +10% in 2019. Across the ranking, other Chinese companies—including NetEase and Perfect World—enjoyed similar returns to form after 2018’s nine-month-long licensing freeze.