(Yicai Global) June 16 -- With revenue on iOS alone, 'King of Glory,' a mobile game developed by China's internet giant Tencent Holdings Ltd. [HKG:0700], overtook 'Monster Strike' to become the world's highest-grossing mobile game, according to a global list of mobile games for May 2017, released by online data analytics firm App Annie.
'King of Glory' became the world's top grossing iOS mobile game in March for the first time. With a penetration rate of 38 percent among 530 million mobile game players in China, it took in nearly CNY2 billion (USD294 million) in January to February this year, estimates show.
'King of Glory' helped boost Tencent's share of the Chinese mobile game market to a record high, insiders say. Tencent's mobile game revenue increased 57.3 percent annually to CNY12.9 billion in the first quarter, accounting for 46.9 percent of the Chinese mobile game market. The mobile-game research and development market is a duopoly, with game developers each have a market share of less than 10 percent, except for NetEase Inc. [NASDAQ:NTES] and Tencent.