這是我的第 13 或 14 次東京電玩展參展觀察。在今年的 影片中，我提出「東京電玩展正在成為中韓等亞洲廠商面向世界市場的跳板展示地」
而將近二十年前這個角色是由台北電玩展擔任的，當然台北電玩展作為日本廠商宣布遊戲中文化，以臺灣市場作為風向球測水溫地，進軍亞洲市場的跳板，而現在，東京電玩展變成中韓遊戲進軍世界的測試地。
事實上，在今年換到的名片中，最意外的是英國寶可夢的代表。在聊天中他也同意了我上面的論點，他們因為許多大人的問題不方便去中國，所以「藉由來日本看中國的遊戲」，這使得整個亞洲的遊戲產業的典範轉移清晰可見，詳細請參考這次的散步影片。
Tokyo Game Show 2025: A Marketplace in Transition
It’s that time of year again for the Tokyo Game Show (TGS)! I believe this is my 13th or 14th time attending.
My perspective on the event has evolved over the years, a topic I covered in last year’s video review. My first visit was as an excited Ph.D. student, thrilled to finally be at the heart of the gaming world. Later, I attended as an editor for an online media outlet I founded, which, unfortunately, folded shortly after.
Subsequently, during my tenure teaching at universities like National Yang Ming Chiao Tung and National Tsing Hua, I established an academic program and what is now the “International ACG Culture and Technology Symposium.” During this period, I visited TGS as a scholar, observing the event through a completely different lens.
In recent years, as my company U-ACG has expanded overseas with a focus on industry research and IP investment valuation, my viewpoint has shifted to that of a businessman and researcher. This evolution of roles drastically changes one’s perception of the event (though perhaps the appreciation for show floor cosplayers remains constant).
Furthermore, the Asian and global game markets have been undergoing a paradigm shift for over a decade, profoundly altering both the content and the nature of the exhibition itself. This is why I once again found myself on an early Shinkansen train to the venue.
The Shifting Landscape: From Japanese Hub to Global Springboard
The massive banners at the entrance immediately declared this year’s theme: the dominance of overseas titles. This year, prime advertising space was occupied by NetEase’s Project Mugen and Perfect World’s NTE (Neverness to Everness). TGS has become the premier battleground for Chinese and Korean anime-style games, from past highlights like miHoYo’s titles and Wuthering Waves to this year’s lineup featuring Arknights: Endfield, and others. It’s an undeniable fact that over half the games at TGS are now from overseas—a scenario unimaginable a decade ago.
Moreover, several major Chinese developers chose TGS for the global debut and first public demos of their games, rather than a domestic event. This signals a clear trend: TGS is evolving into the optimal springboard for Asian games to reach the global market, a role the Taipei Game Show arguably held ten years prior.
Another easily overlooked fact is the layout of the show floor. Nearly all major Japanese publishers’ booths were clustered together. This is a stark contrast to the past, where these giants stood apart in different halls like rival kings on separate mountains.
Now, their former territories are occupied by Chinese and Korean games, as well as booths for handhelds, PCs, esports, and cloud service providers. The Japanese publishers, it seems, are huddling together for warmth. While exceptions exist, a review of the floor plans from the last decade reveals a clear correlation between this intentional (or unintentional) layout and prevailing industry trends.
Key Booth Highlights
Square Enix: This was their most lackluster year in recent memory. With no new titles to show, the booth was dedicated to remakes and existing games: Dragon Quest III HD-2D Remake, the Switch version of Final Fantasy VII Rebirth, a Final Fantasy Tactics remaster, and Final Fantasy XIV. The experience was reduced to photo opportunities with displays. The official handbook was similarly disappointing, filled almost entirely with advertisements.
Hypergryph: The Arknights: Endfield booth was a major highlight among the Chinese exhibitors. Scheduled for a 2026 release, the game blends strategy-action with large-scale base management—a relatively unique combination in the current mobile game market. The booth was impressively designed to resemble an industrial整備 facility. The gameplay, which requires players to manage spatial layouts, resources, and efficiency similar to SimCity but within an open-world exploration framework, was previously showcased during Apple’s iPhone 17 launch event to demonstrate the device’s performance.
Atlus / Sega: The Atlus booth featured a festival-style shooting gallery where every participant received a prize, regardless of their score. At the main Sega booth, an event was held to celebrate the launch of Sonic Rumble (released today, Sep 26). Producers and representatives from other IPs, including Pac-Man and Mega Man, were also in attendance. The booth also featured a demo for what appears to be a Like a Dragon: Kiwami 3 and a new side story, Like a Dragon Gaiden: Dark Ties, starring Yoshitaka Mine.
Smilegate (Korea): The company was heavily promoting MIRESI: The Unseen Future. The character design may seem familiar, and for good reason: the game is developed by team Control9, formed by former developers of Goddess of Victory: Nikke, with character designs by the same artist, Hyung-tae Kim.
Century Games: This Singapore/Japan-based company had a large presence. Their titles, such as Whiteout Survival and KingShot, have a distinctly Western style and gameplay loop.
Many may not realize that its parent company is Beijing-based DianDian Interactive, representing another successful model for Chinese companies targeting the global market, frequently ranking in the top three for overseas revenue.
Konami: Their main showcase included Momotaro Dentetsu World, the Silent Hill 2 remake and Silent Hill f, and a new Suikoden title, StarLeap. Silent Hill f, developed by the Hong Kong/Taiwan-based NeoBards Entertainment, also launched today (Sep 26).
The game shifts the setting from a fictional American town to rural Japan, evoking a Fatal Frame series atmosphere. This change is fitting, as the story reportedly deals with themes of misogyny and abuse, which aligns with a 1960s Japanese setting. As a long-time fan, I was glad to see the Suikoden IP revived, but I remain concerned about it being a mobile-focused title.
PlayStation: Since its corporate restructuring into a US-based entity, the massive presence of showgirls and cosplayers has vanished. I almost missed a new fighting stick they had on display. Of the 14 titles available for demo, you could gauge player anticipation by which demo tickets ran out first—namely, Ghost of Yotei (the sequel to Ghost of Tsushima), Resident Evil 9, and Onimusha.
As PlayStation celebrates its 30th anniversary, I recall buying my first console as a college freshman. Though I rarely play console games now, my collection of over thirty PlayStation systems is a testament to my youth. Time truly flies.
Electronic Arts (EA): EA’s Battlefield 6, slated for an October release, was on display, with producer Byron Beede making a special appearance. It’s worth noting that the last time Battlefield was at TGS was a decade ago. I suspect they withdrew because the FPS genre struggled in Japan. Their return likely signifies a new strategy: TGS is no longer just for the Japanese market, but a gateway to the broader Asian player base.
Hardware Zone: The hardware section was extensive. I believe portable, play-anywhere handhelds are the future of gaming. Following the success of the Steam Deck, major manufacturers are investing in Windows-based handhelds. Furthermore, advancements in compatibility layers like Wine and emulators like Winlator have made running Steam games on Android handhelds increasingly viable. Ayaneo, a leading Chinese handheld manufacturer, was showcasing its dual-screen Pocket DS and models from its sub-brand.
Tencent: Their title Chasing Kaleidorider enters the competitive “anime-style game” market. Its main appeal is a blend of motorcycle combat against monsters and a dating sim system. A live event allowed attendees to participate in a simulated date with a cosplayer portraying the game’s blonde tsundere character.
NetEase: Their Wuxia open-world game, Justice Online, should be familiar to many. They arrived with an impressive entourage of over 20 Chinese cosplayers, and their stage was one of the most elaborate at the entire show. However, the Wuxia genre continues to face a high barrier to entry in the Japanese and Western markets.
Capcom: The main attractions were, unsurprisingly, Resident Evil 9: Requiem and the revival of Onimusha. Both titles seem to embrace a theme of “returning to roots” and “reinterpretation.” Resident Evil brings players back to Raccoon City thirty years later, while Onimusha shifts the focus from Samanosuke Akechi to Miyamoto Musashi. I am highly anticipating both for 2026, provided there are no delays. I am also personally looking forward to PRAGMATA.
Studiobside (Korea): Their new game, Star Savior, made its global debut at TGS. It appears to be a turn-based gacha RPG in the vein of Honkai: Star Rail. On a side note, I noticed one of their cosplayers nearly trip before going on stage due to her incredibly high heels.
NetEase (Project Mugen): The game had its first public demo at TGS, accompanied by a bombshell announcement: it will not feature a character gacha system; all characters can be obtained for free. After a long period of silence, this major reveal at TGS has reignited interest.
SHIFT UP: The Goddess of Victory: Nikke booth was, without a doubt, one of the most popular at the show. The game is unabashedly dedicated to fan service (and I mean that as a compliment). The highly popular “live 10-pull gacha” event, featuring real-life models, made a triumphant return.
Conclusion: A New Role in a New Era
With the demise of E3, developers and publishers have increasingly shifted to online showcases for announcements and sales. As I mentioned earlier, TGS appears to be transforming into a global stage for Asian game companies.
This observation is reinforced by the latest annual report from CESA. The report concludes that the global game market has grown by nearly 50% in four years, with Asia accounting for the largest share of that growth. The core concern for Japan is its increasing marginalization, in terms of both market share and profitability, within this booming Asian market.
One prevailing theory suggests that the Japanese game industry struggles to move on from the glory days of home consoles. This is analogous to the rise of webtoons; it wasn’t a lack of talented manga artists in Japan that allowed Korea to dominate the format, but rather a reluctance to embrace and create for a new form of media consumption.
See you next year!
東京ゲームショウ2025：転換期の市場
年に一度の東京ゲームショウ（TGS）の季節がやってきました。参加するのは、おそらく13回目か14回目になるかと思います。
このイベントに対する私の視点は年々変化してきました。その経緯は昨年のレポート動画でも触れましたが、初めて参加したのは博士課程の学生だった頃で、ただ「ついにこの場所に来た」という興奮と感動でいっぱいでした。
その後、個人で立ち上げたウェブメディアの編集者として取材に来ましたが、そのメディアはあっけなく閉鎖してしまいました。次に交通大学や清華大学などで教鞭を執り、学術プログラムと現在の「ACG文化と技術に関する国際シンポジウム」を創設してからは、学者としてTGSを視察するようになり、プレイヤー時代とは全く異なる角度から物事を見るようになりました。
ここ数年、私の会社U-ACGが海外展開を進め、主に産業リサーチやIP投資評価を業務とするようになってからは、ビジネスマンと研究者という視点でTGＳを観察しています。このように立場が変わると、物事の見え方も著しく変化します（唯一変わらないのは、コンパニオンやコスプレイヤーに注目することかもしれませんが）。
さらに、この十数年でアジア、ひいては世界のゲーム市場はパラダイムシフトの段階に入り、展示内容そのもの、そして展示会自体も大きな変化に直面しています。だからこそ、今年も早朝の新幹線で会場へと向かったのです。
変わりゆく勢力図：日本のハブから世界への登竜門へ
会場入口の巨大な看板や設営は、今年のテーマを明確に示していました。それは海外タイトルの圧倒的な存在感です。今年のメインを飾ったのはNetEase（網易）の『無限大（Project Mugen）』とPerfect World（完美世界）の『NTE（Neverness to Everness）』でした。
TGSは近年、miHoYoの作品や『鳴潮（Wuthering Waves）』に始まり、今年は『アークナイツ：エンドフィールド（Arknights: Endfield）』などが登場し、中国・韓国の二次元ゲームが注目を競い合う戦場と化しています。TGSに出展されるゲームの半数以上が海外製であるという事実は、十数年前には想像もつかない光景です。
さらに、いくつかの中国大手デベロッパーは、自国ではなくTGSをグローバル向け情報の初公開や試遊の場として選んでいます。これは、TGSがアジアのゲームにとって世界市場への最適な登竜門になりつつあるという、明白な事実を示しています。その役割は、10年前は台北ゲームショウが担っていました。
もう一つ見過ごされがちな事実は、今年、日本の大手パブリッシャーのブースがほぼ一箇所に集中していたことです。かつて大手各社が「王は王と見えず」とばかりに、それぞれ別のホールで覇を競っていたのとは対照的です。
今やその場所は中国・韓国のゲームや、携帯機、PC、eスポーツ、クラウドサービスのメーカーに占められ、日本のゲームメーカーはまるで寄り添って暖め合っているかのようでした。もちろん例外はありますが、ここ10年の会場マップを研究すれば、こうした意図的か偶然か分からない配置と、業界のトレンドとの間には顕著な関連性が見て取れるでしょう。
E3の終了に伴い、ゲーム会社は情報公開や販売をオンラインへと移行させています。前述の通り、東京ゲームショウはアジアのゲームメーカーにとって、世界に向けた発表の場へと変貌を遂げつつあるようです。
この見方は、CESAが発表した最新の年次報告書によっても裏付けられています。報告書によれば、世界のゲーム市場は4年間で50%近く成長し、その成長の大部分はアジアが占めています。
一方、日本の核心的な懸念は、「巨大に成長するアジア市場の中で、日本の市場シェアと収益性が周縁化しつつある」ことです。一説には、日本のゲーム産業はかつての家庭用ゲーム機の栄光から抜け出せずにいる、と指摘されています。それは、韓国でウェブトゥーンが生まれた状況と似ています。日本に漫画家がいなかったのではなく、新しい読書形式を認め、創作することに消極的だったのです。
それでは、また来年お会いしましょう。
