ChangYou
- Company typePrivate
- Founded2007
- HeadquartersShijingshan, China
- Headcount1,001–5,000
- GTM typeB2C
- OfferingSoftware
ChangYou firmographics
Firmographics- Name
- ChangYou
- Legal name
- 畅游
- Website
- https://changyou.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
ChangYou industry classification
Industry- Product category
- Online Gaming
- NAICS
- Software Publishers (5132)
- SIC
- Services-Miscellaneous Amusement & Recreation (7990)
- akta.pro primary industry
- Mobile Game Publishing & App Game Stores (BPAMAKAB)
Keywords
Where ChangYou is headquartered
LocationHeadquarters
- HQ city
- Shijingshan
- HQ country
- China
- HQ region
- Asia
Offices1 record
Markets served
ChangYou business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Online Game Revenues: Revenue from online gaming operations including virtual currency sales, in-game item purchases, and game subscriptions. ChangYou generated $236.8M in operating profit in 2025 and $125M in Q1 2026. The free-to-play model with in-game purchases and virtual currency is the primary revenue driver.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
ChangYou product offering
Product offeringCore offering
ChangYou is a Chinese online game developer and publisher that creates and operates massively multiplayer online role-playing games (MMORPGs) and casual online games for the Chinese market. The company develops, self-publishes, and monetizes a portfolio of PC and mobile games on a free-to-play basis, with revenue generated from in-game virtual currency and item purchases. Its flagship offerings center on the Tian Long Ba Bu wuxia franchise, alongside the Blade & Sword series, The Deer and the Cauldron, and Water Margin Q Legend.
Product overview
ChangYou is a Chinese online game developer and operator offering a portfolio of PC and mobile games centered on the wuxia (martial arts) genre. The core offerings include the flagship Tian Long Ba Bu franchise spanning multiple iterations (New Tian Long Ba Bu, Classic servers, Return), the Blade & Sword series (Blade & Sword Online PC, Blade & Sword Hero, Blade & Sword Fate mobile), Water Margin Q Legend as a turn-based casual RPG, The Deer and the Cauldron MMO with seven professions, and mobile titles like Tian Long 3D and Journey to the West: Drawing the West. Games span PC and mobile platforms with role-playing, turn-based, and action combat gameplay styles.
Differentiator
Problem solved
Functional benefit
Brands
- 天龙八部·归来 (Tian Long Ba Bu: Return): MMORPG featuring the classic Tian Long Ba Bu IP with a 'relaxed' gameplay core targeting 'retirement' style gaming.
- 新天龙八部 (New Tianlong Babe)
- 怀旧天龙 (Nostalgic Tianlong Babe)
- 刀剑online (Blade and Sword Online)
- 鹿鼎记 (Dukes of the Three Kingdoms)
- 水浒Q传 (Water Margin Q Chuan)
- 天龙3D (Tianlong 3D)
Products and services
- Tian Long Ba Bu: Return (天龙八部·归来) A wuxia MMORPG that serves as the authentic successor to the classic Tian Long Ba Bu title, featuring a 'relaxed' gameplay approach as a 'classic retirement' game, targeting nostalgic Chinese MMORPG players.
- New Tian Long Ba Bu (新天龙八部) A long-running 3D wuxia MMORPG celebrated for its 19-year anniversary, featuring PvP battlegrounds and guild competitions for Chinese online gamers.
- Tian Long Ba Bu Classic (天龙八部怀旧) A nostalgic server version of the classic Tian Long Ba Bu MMO featuring the 'New Mu Rong' faction and competitive tournament system, aimed at veteran players.
- Blade & Sword Online (刀剑online) A PC action combat MMO featuring the Warrior class with tank and damage dealer specializations, dual skill trees, and four playable professions (Mage, Ranger, Guardian, Warrior).
- The Deer and the Cauldron (鹿鼎记) A large-scale MMO featuring seven professions (Gunner, Warrior, Swordmaster, Pharmacist, Scholar, Hermit, Nameless) with cross-server PvP and extensive character progression systems.
- Water Margin Q Legend (水浒Q传) A 2D cute pastel-colored turn-based RPG featuring fifteen classes, cross-server PvP modes, guild systems, and casual competitive gameplay.
- Tian Long 3D (天龙3D) A 3D wuxia mobile MMORPG featuring large-scale faction wars and PvP battle content.
- Journey to the West: Drawing the West (西游：笔绘西行) A mobile game featuring characters from the Journey to the West mythology, with 2D anime-style aesthetics.
- Blade & Sword Fate (刀剑斗神传) A mobile action combat game set in the Blade & Sword universe.
Quantifiable outcome
- Online game revenues grew 6% year-over-year in Q1 2026 to $125M
- +2 more outcomes
Companies that use ChangYou
Customer profileSegments1 record
Ideal customer profiles1 record
ChangYou technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
ChangYou partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Sohu.com Limited (NASDAQ: SOHU)coreChangYou is a wholly-owned gaming subsidiary of Sohu.com Limited. Sohu serves as the parent company and primary platform for ChangYou's game distribution in China. ChangYou's online game segment generated $236.8M in operating profit in 2025, effectively subsidizing Sohu's loss-making media segment. Sohu holds $830.7M in cash and short-term investments against $358M in liabilities.
Scale indicators4 records
Recent moves7 records
Expansion highlights4 records
ChangYou competitors and assessment
Company assessmentBroad incumbents
- Tencent Games: World's largest gaming company by revenue, publishing Honor of Kings, PUBG Mobile, and League of Legends. Broad incumbent that competes with ChangYou across MMO, mobile, and PC categories in China, with vastly larger R&D and marketing budgets.
- Blizzard Entertainment: Global MMO leader with World of Warcraft and Diablo series; the TLBB combat system is explicitly inspired by WoW class/skill-tree design. International incumbent whose PC MMO products are referenced as a design benchmark by ChangYou's own portfolio.
Emerging players
- miHoYo (HoYoverse): Privately-held Chinese game developer behind Genshin Impact and Honkai: Star Rail, now a global mobile-AAA leader. Emerging player that competes for the same Chinese gamer time and spend with mobile-first, cross-platform experiences, displacing legacy MMO engagement.
- Wargaming: Developer of World of Tanks and World of Warships, with strong free-to-play MMO heritage and Asia-Pacific presence. Comparable business model (F2P + virtual goods) and a similar portfolio approach to long-running competitive online games.
Direct peers
- Giant Network Group: Chinese online game developer known for the Zhuxian and League of Angels franchises, with operations in China and overseas. Direct peer in the Chinese MMO and web/mobile hybrid game category, similar size and target demographic.
- NetEase: Major Chinese online game developer and publisher (NASDAQ: NTES) operating MMO and mobile titles including Fantasy Westward Journey, Onmyoji, and Marvel Rivals. Direct competitor for Chinese gamer wallet share with overlapping MMORPG heritage and significantly larger scale.
- Kingsoft (Seasun Games): Hong Kong-listed Chinese software and gaming company (HKEX: 3888) operating the Seasun Games division with the JX Online wuxia MMO franchise. Direct peer competing in Chinese wuxia MMOs with comparable heritage and target audience.
- Perfect World: Chinese MMO and online game developer (NASDAQ: PWRD) with franchises including Perfect World MMO and Dota 2 China operations. Closest direct peer in scale and category, competing in Chinese fantasy/wuxia-flavored MMORPGs.
- Shanda Games: Historic Chinese MMO developer behind The Legend of Mir and Dragon Nest, now a private company. Direct peer in the Chinese MMO category with established franchise IP and overlapping target demographics.
Regional players
- Nexon: Japanese-Korean free-to-play online game publisher (NASDAQ: NXON) with franchises including MapleStory and Dungeon Fighter Online. Regional peer with comparable F2P MMO and virtual goods model, primarily serving different Asian markets but operating with similar monetization mechanics.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights5 records
Customer concentration
ChangYou social profiles
Digital presenceChangYou financial estimates
Financial estimateRevenue estimate
Valuation estimate
ChangYou leadership team
Management profileNumber of profiles
Profiles2 records
ChangYou funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ChangYou M&A and investment
M&A and investmentM&A3 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ChangYou
What does ChangYou do?
ChangYou is a Chinese online game developer and publisher that creates and operates massively multiplayer online role-playing games (MMORPGs) and casual online games for the Chinese market. The company develops, self-publishes, and monetizes a portfolio of PC and mobile games on a free-to-play basis, with revenue generated from in-game virtual currency and item purchases. Its flagship offerings center on the Tian Long Ba Bu wuxia franchise, alongside the Blade & Sword series, The Deer and the Cauldron, and Water Margin Q Legend.
Is ChangYou a public or private company?
ChangYou is a private company. It is classified as corporate owned and is currently operating.
When was ChangYou founded?
ChangYou was founded in 2007. It employs 1,001 to 5,000 people.
Where is ChangYou based?
ChangYou is headquartered in Shijingshan, China, in the Asia region.
How does ChangYou make money?
One revenue line is on record: online Game Revenues.
Who are ChangYou's main competitors?
Broad incumbents on record are Tencent Games and Blizzard Entertainment. Emerging players are miHoYo (HoYoverse) and Wargaming. Direct peers are Giant Network Group, NetEase, Kingsoft (Seasun Games), Perfect World and Shanda Games. Nexon is listed as a regional player.
Does ChangYou have an API?
No public API is recorded for ChangYou.
What industry is ChangYou in?
ChangYou's product category is Online Gaming. Its primary akta.pro industry code is BPAMAKAB, Mobile Game Publishing & App Game Stores. Its NAICS code is 5132 and its SIC code is 7990.