Women power China's USD 1 billion romance gaming market

A Chinese mobile game featuring a female hunter character who balances protecting the world from invaders with romantic interactions has become an instant hit since its release in January 2024, prompting developers to double down on the RMB 8 billion (USD 1.1 billion) female-oriented gaming industry.

Thanks to its realistic 3D graphics and a growing fan base, Love and Deepspace generated nearly USD 400 million in revenue in 2024, according to data provider Sensor Tower, for its creator, Shanghai-based Papergames. The company has begun exporting the game overseas by hiring prominent voice actors in markets including Japan.

A 22-year-old office worker who goes by Xiao A recently traveled from Guangdong to an event in Shanghai carrying a white dress, headpiece and a large fake diamond ring. She put them on and stepped onstage to face a man dressed as Qi Yu, a character from Love and Deepspace.

“He brings happiness and mental support,” she said after the event, carrying a bag and smartphone adorned with Qi Yu merchandise. Xiao A, her preferred pseudonym in the game, has been playing the game for a year and a half and has spent around RMB 6,000 (USD 840) on in-game items such as virtual cards.

She was among the 1,200 women who won the chance to spend a few minutes in a photo session with Qi Yu and other male characters from the game. Only players above a certain level were eligible to participate in the event, dubbed “Vows of the Heart.”

The event was part of the Bilibili World convention, hosted July 11–13 by the streaming platform of the same name, with a focus on anime, comics, and gaming. Young women in their 20s stood out in the crowd, many wearing dresses and carrying bags with vinyl pockets to display merchandise featuring their favorite characters.

Love and Deepspace was one of the most crowded attractions at the three-day convention, which drew a record attendance of 400,000 visitors. It also featured appearances by well-known industry figures, including Metal Gear Solid creator Hideo Kojima.

A Bilibili spokesperson said the spending power of young women in female-oriented games should not be underestimated, noting that they are also active in strategy and competitive genres, traditionally considered male-dominated.

In particular, Love and Deepspace fueled a 124% year-on-year growth in the genre in 2024, pushing the market size to RMB 8 billion, according to data provider Gamma Data. It remained the ninth top-grossing mobile game in China in May, while its overseas revenue also grew by more than 20% month-on-month following the release of a new storyline chapter.

Fans of romance games also drive merchandise sales. Papergames’ official store on the e-commerce site Tmall ranked second in the trendy toys category during a monthslong shopping festival that ended last month, just behind Pop Mart, the seller of the hit Labubu figurines.

Compared to other countries, “there is less social taboo around women spending a lot of time and money on games” in China, said Charlie Chai, an analyst at 86Research. “In general, Chinese female consumers are quite ‘monetization-friendly.’ So, they are definitely a ‘gold mine’ in terms of revenue opportunities.”

The success of Papergames has also intensified competition among major game developers seeking to tap into the spending power of female gamers. Tencent Holdings marked the fourth anniversary of its 2D romance game Light and Night by launching limited-edition virtual items and storylines. The game reportedly generated RMB 150 million (USD 21 million) in revenue in June alone. Meanwhile, NetEase’s 2D romance title Beyond the World collaborated with Pizza Hut in May, selling set meals that included character-themed merchandise.

A university student known by her surname Xu, who traveled with her classmate from the nearby city of Suzhou, spent three and a half hours waiting in line at Bilibili World to take pictures with a character from Light and Night.

“We don’t regret it. This was the main purpose of coming to this event,” she said, adding that she has also spent nearly RMB 6,000 (USD 840) since 2023 on virtual tokens in the game.

This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.