Chinese gaming market reached $297.9 mln in 2004

According to a report by IDC China and China Game Publishers' Association, China's online gaming market revenue reached $297.9 mln in 2004, an increase of 47.9% over the previous year. The year was characterized by a lack of innovative products, forcing both game operators and vendors to seek new avenues for growth as competition increases. IDC expects mainland China's online gaming market to show steady growth over the next five years with a relatively high compound annual growth rate (CAGR) of 34.7%.