MoonFox Analysis | Global Expansion Industry Review: Key Features and New Changes in 2024

Rhea-AI Summary

Aurora Mobile (JG) released a comprehensive analysis of China's global expansion trends in 2024 through its MoonFox Data sub-brand. The report highlights significant growth across multiple sectors:

In gaming, China's self-developed games reached USD 18.56 billion in global sales, up 13.4% YoY, with Black Myth: Wukong generating over USD 1.1 billion in revenue. The short drama sector saw leading platforms achieve 28.889 million downloads by November 2024. In e-commerce, Temu and SHEIN recorded 515 million and 221 million downloads respectively from January to November. The automotive sector showed strong performance, with Chinese manufacturers' global sales reaching 2.16 million units in the first ten months of 2024, up 46% YoY, with NEVs accounting for 20% of total sales.

Positive

• China's self-developed games revenue grew 13.4% YoY to USD 18.56 billion
• Black Myth: Wukong generated over USD 1.1 billion in revenue
• Automotive exports increased 46% YoY with 2.16 million units sold globally
• Cross-border e-commerce reached RMB 1.88 trillion in Q1-Q3, up 11.5% YoY

Negative

• Temu experiencing significant download decline towards end of 2024
• E-commerce platforms facing development bottlenecks due to policy changes and geopolitical issues
• Third-party managed e-commerce models expected to decline

News Market Reaction

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+5.00% News Effect

On the day this news was published, JG gained 5.00%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

About us: Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products. As its sub-brand, MoonFox Data is a leading expert in data insights and analysis services across all scenarios, aiming to help companies gain market insights and empower precise decision-making.

SHENZHEN, China, Dec. 26, 2024 /PRNewswire/ -- In the first 11 months of 2024, China's total goods trade import and export value reached RMB 39.79 trillion (USD 5.45 trillion), marking a year-on-year increase of 4.9%. It is anticipated that the total import and export value for the year will approach RMB 45 trillion (USD 6.2 trillion), potentially setting a new historical high.

Accelerating global expansion has become a consensus among domestic companies, with outbound industries diversifying further. Sectors such as healthcare and information technology are rapidly enhancing their international presence, while industries like automotive and cultural entertainment are also gradually increasing their market share. What development trends are emerging across different industries in 2024? How are leading application markets performing?

• Gaming: Black Myth: Wukong Boosts the Global Market, Reversing the Decline and Reviving Growth

The gaming industry is a key sub-sector of China's cultural entertainment industry for global expansion. After more than 20 years of global development, China's game exports are entering a new stage, with 2024 marking a pivotal turning point.

China's Self-developed Game Global Market Sales Revenue and Growth Rate (2018 - 2024)
Date	Sales Revenue (USD 100 Million)	YoY Growth Rate
2018	95.9
2019	116.0	21.0 %
2020	154.5	33.2 %
2021	180.1	16.6 %
2022	173.5	-3.7 %
2023	163.7	-5.6 %
2024	185.6	13.4 %

Data Source: Game Publishing Working Committee of the China Audio-Video and Digital Publishing Association (hereinafter referred to as "Game Publishing Working Committee")

Data Cycle: 2018 - 2024

First, the downward trend in game exports has been halted, and the scale of exports is on the rise once again. According to data from the Game Publishing Working Committee, as of December 13, 2024, China's self-developed games have generated global sales revenue exceeding USD 18.56 billion, reflecting a year-on-year growth of 13.4% and nearing 2021 levels. The rise of console gaming has played a significant role in this resurgence. As reported by VGinsights, Black Myth: Wukong has sold over 22.4 million copies on the Steam platform, generating more than USD 1.1 billion in total revenue by December 10, 2024. Looking ahead, with additional content updates for Black Myth: Wukong expected to launch, its DLC sales are anticipated to perform strongly. Moreover, the increasing use of AI tools to enhance production efficiency, combined with the growing interest of global players in traditional Chinese culture, suggests that more game companies are likely to invest in AAA game productions. This trend could pave the way for console games to serve as new breakthrough points for Chinese game exports.

Top 10 Markets for Global Game Launches in November 2024
Date	Number of Games Launched
United States	2804.0
Hong Kong, China	2183.0
Taiwan, China	2143.0
Singapore	2053.0
Italy	1938.0
Thailand	1935.0
France	1929.0
Germany	1918.0
Indonesia	1905.0
Philippines	1876.0

Data Source: ADX

Data Cycle: November 2024

Second, mobile games continue to be the primary focus of game exports, with a significant expansion of mid-to-light mobile titles in global markets in 2024. From a user acquisition perspective, ultra-casual games have now surpassed strategy games to become the second-largest genre in terms of global launches. Titles like Whiteout Survival, which has dominated revenue charts for several months, and Capybara Go, a light idle RPG and Roguelike hybrid released in October, exemplify the success of the ultra-casual and gameplay fusion model across multiple markets. This genre still presents vast development potential, and competition among game companies is expected to intensify as they vie for market share in this lucrative segment.

• Short Dramas: Dominance of Top Platforms, with Middle-Tier New Platforms Rapidly Emerging 

Overall, in 2024, the short drama global market remains dominated by leading platforms, with relatively consistent strategies. However, focusing on the middle-tier platforms, a growing number of new players are emerging, accelerating their expansion into emerging markets.

January - November 2024 Download Trend Comparison for Top 3 Short Drama Platforms (Unit: Million Times)
Month/Year	ReelShort	DramaBox	ShortMax
Jan-24	5.8	1.6	3.0
Feb-24	4.0	2.6	2.6
Mar-24	4.3	4.3	6.3
Apr-24	2.7	6.2	5.5
May-24	2.2	5.5	5.6
Jun-24	3.2	7.4	4.5
Jul-24	6.0	8.7	7.8
Aug-24	7.5	8.9	8.6
Sep-24	5.9	7.4	11.2
Oct-24	6.4	11.4	10.1
Nov-24	5.9	15.2	7.8

Data Source: MoonFox iApp

Data Cycle: January - November 2024

ReelShort, DramaBox, and ShortMax continue to be the top three platforms for short drama global expansion, collectively accounting for 60-70% of the industry's download and revenue shares. According to MoonFox Data, as of November 2024, these platforms achieved a total download volume of 28.889 million, with annual downloads projected to reach 230 million. DramaBox, in particular, has seen a significant rise in downloads, surpassing 15 million in November alone, reflecting a month-on-month increase of 33.3%. Supported by Dianzhong Tech, DramaBox has direct access to short drama resources from domestic platforms like Hema Theater and Fanhua Theater, solidifying its position as the leading platform for Chinese dramas subtitled for global audiences.

While the market share for these leading platforms remains stable, competition among mid- and lower-tier short drama platforms is intensifying, with several "dark horses" emerging. For example, StardustTV, launched in July, exceeded RMB 20 million in global revenue and surpassed 3.4 million downloads within just three months. Other platforms like AltaTV, EaShort, and NetShort have also experienced exponential growth in downloads during Q4. The mid- and lower-tier players are quickly cycling through the market, often acquiring users through short-term user acquisition campaigns and the release of standout titles. Moving forward, demand for short drama content from users in emerging markets is expected to rise, providing development opportunities for mid- and lower-tier platforms targeting niche markets and specific demographics. The market landscape is anticipated to undergo significant changes over the next 1-3 years.

• E-commerce: Temu Faces Growth Bottlenecks Amid Stricter Local Regulations

According to data from the General Administration of Customs, in the first three quarters of 2024, China's cross-border e-commerce import and export total reached RMB 1.88 trillion, representing a YoY increase of 11.5%. The total for the year is expected to continue growing at a high rate. Among the leading global shopping platforms, the share of Chinese sellers on Amazon in 2024 has grown to 50%, an increase of about 5 percentage points compared to the beginning of the year. More products and sellers are continuously entering the global market, and Chinese manufacturing still holds significant global influence.

January - November 2024 Download Trend Comparison for Top 2 E-commerce Platforms (Unit: Million Times)
Month/Year	Temu	SHEIN
Jan-24	47.0	18.7
Feb-24	29.2	18.7
Mar-24	41.4	26.1
Apr-24	45.9	23.8
May-24	51.2	23.6
Jun-24	51.2	21.4
Jul-24	59.6	21.3
Aug-24	54.8	19.3
Sep-24	46.8	18.5
Oct-24	49.2	16.2
Nov-24	38.5	14.3

Data Source: MoonFox iApp

Data Cycle: January - November 2024

At the platform level, Temu and SHEIN remain the two leading e-commerce platforms for China's global expansion. According to MoonFox Data, from January to November 2024, Temu and SHEIN recorded download volumes of 515 million and 221 million, respectively, showing slight year-on-year growth. The trend for the year indicated increased downloads during the shopping season, but a decline was observed toward the end of the year, with Temu experiencing the most significant drop.

After entering the U.S. market at the end of 2022 and rapidly expanding its market share, as well as entering the Mexican market in mid-2023, both regions consistently contributed over 50% to Temu's market share. However, with the U.S. market now fully developed, user downloads began to decline, prompting Temu to shift its focus to Brazil. By July 2024, Temu achieved over 7.63 million downloads in Brazil, more than double that of Mexico.

Despite these efforts, e-commerce platforms like Temu have slowed their expansion in global markets due to geopolitical issues, local policy adjustments, and exchange rate fluctuations. For instance, Brazil's recent adjustment to its small import goods tax law means that some low-priced items will no longer be exempt from import taxes. In the long run, e-commerce platforms face developmental bottlenecks, and the market share of third-party managed models is expected to decline, with the "individual sellers + independent sites" model emerging as the mainstream trend.

Automobiles:  New Energy Brands Continue Global Expansion, BYD Demonstrates Strong Performance

Entering 2024, China's automotive industry continues to experience strong momentum in global expansion, with the acceleration of new energy brands and the rapid shift in global demand presenting significant opportunities for domestic car manufacturers. Export sales have steadily increased.

	Global Sales of Chinese Autonomous Automobile Manufacturers in Certain Regions (2020 - October 2024)
Month/Year	Sales Volume (Unit: 10,000)	YoY Growth Rate
2020	39.0
2021	75.8	94.4 %
2022	106.3	40.2 %
2023	187.0	75.9 %
January - October 2024	216.3	46.0 %

Data Source: WeChat Public Account of Cui Dongshu

Data Cycle: 2020 - October 2024

From January to October 2024, sales of Chinese car manufacturers in select global regions reached 2.16 million units, reflecting a remarkable 46% year-on-year increase and already surpassing total sales for 2023. New energy vehicles (NEVs) have emerged as a key driver for domestic brands looking to expand internationally. During this period, global sales of Chinese brands' NEVs totaled 418,900 units, accounting for nearly 20% of total sales, with BYD and SAIC Group each selling over 100,000 units and together contributing nearly 65% of total NEV sales.

BYD has established itself as the undisputed leader in the export of new energy vehicles. Brazil stands out as the primary contributor to BYD's sales, with 58,400 units sold from January to October 2024, representing about 35% of its overall sales. Official reports indicate that BYD's new car sales in Brazil alone reached 12,300 units in November, positioning the company to potentially set a new annual sales record.

Looking ahead, markets such as Russia and Mexico are expected to remain key destinations for China's vehicle exports. Additionally, emerging markets like Brazil and Saudi Arabia are experiencing accelerated sales growth, while countries like the Philippines and Turkey are showing year-on-year increases in market share. NEVs continue to present substantial opportunities for expansion in global markets.

Rankings: E-commerce and Short Drama Platforms Lead, Generative AI Emerges as a Top Performer

In addition to the industries mentioned above, sectors such as generative AI, entertainment and social networking, books and comics are also key areas for Chinese enterprises' global expansion, with many products achieving success in leading foreign markets.

Download Rankings of Chinese Global Apps in the U.S. Market (November 2024)
App Name	Industry Category	Downloads
Temu	E-commerce	3,466,795
Tiktok	Short Videos	3,360,081
CapCut	Video Editing	1,983,939
SHEIN	E-commerce	1,961,565
AliExpress	E-commerce	1,392,185
Whiteout Survival	Games	1,369,925
Dramabox	Short Dramas	1,308,715
ReelShort	Short Dramas	1,147,590
Gauth	Generative AI	1,085,040

Data Source: MoonFox iApp

Data Cycle: November 2024

In the U.S. market, data from MoonFox reveals that the top apps in November 2024 all surpassed 1 million downloads, with e-commerce, gaming, and short drama remaining the dominant industries. Notably, Gauth entered the top ranks with a monthly download volume of 1.085 million, while the "Generative AI + Education" sector is rapidly gaining traction in global markets.

Overall, 2024 is poised to be a pivotal year for Chinese enterprises seeking to expand internationally, signaling a turning point and the beginning of a new cycle across various industries. Moving forward, short dramas and generative AI are expected to be popular areas for growth, with more platforms and applications targeting niche markets and sectors anticipated to emerge.

• Our Information:

Website: https://www.moonfox.cn/
Contact number: 400-888-0936

• Contact us:

Name: Felix
Title: Director of Sales, Industry Insight Division
Tel: +86 -13366276383
Email: zhouzt@jiguang.cn
Address: 608/F, Tower B, Wintrust Center, No. 1 Xidawang Road, Chaoyang District, Beijing, China

Name: Janette Zhou
Title: Marketing Manager
Tel: +86-13928239332
Email: zhouxt@jiguang,cn
Address: 608/F, Tower B, Wintrust Center, No. 1 Xidawang Road, Chaoyang District, Beijing, China

View original content:https://www.prnewswire.com/news-releases/moonfox-analysis--global-expansion-industry-review-key-features-and-new-changes-in-2024-302339260.html

SOURCE Aurora Mobile Ltd

FAQ

What was JG's gaming revenue growth in 2024?

Aurora Mobile reported that China's self-developed games achieved 13.4% YoY growth, reaching USD 18.56 billion in global sales revenue in 2024.

How many downloads did Temu and SHEIN achieve in 2024?

From January to November 2024, Temu recorded 515 million downloads while SHEIN achieved 221 million downloads.

What was the automotive export performance for Chinese manufacturers in 2024?

Chinese automotive manufacturers achieved global sales of 2.16 million units from January to October 2024, showing a 46% year-on-year increase.

What are the challenges facing Temu's global expansion in 2024?

Temu faced growth bottlenecks due to geopolitical issues, local policy adjustments, exchange rate fluctuations, and market saturation in the U.S., leading to declining downloads.