This morning, nearly a hundred representatives from global professional institutions, investment organizations, independent directors, and members of the management team gathered to witness the culmination of years of dedication by Winking Studios on the Singapore Exchange. Winking Studios is honored to be the first gaming-related company listed on the Singapore Exchange.
Based on the independent research report conducted by the renowned market research institution China Insights Consultancy, Winking Studios currently holds the position of the third-largest game art outsourcing services provider in Asia1 and the fourth-largest globally1. Headquartered in Singapore, Winking Studios has seven studios across Nanjing, Shanghai, and Taipei, boasting a global workforce exceeding 700 professionals. Over the years, the company has forged collaboration with 19 of the top 25 global game development companies, accumulating extensive development experience, ranging from art outsourcing to full-cycle development projects across various platforms, including consoles, personal computers, and mobile devices.
Winking Studios recognizes the strong global reputation of Singapore’s robust financial governance system. Listing in Singapore provides an excellent platform to foster trust across diverse geopolitical regions and build long-lasting partnerships. With its headquarters in Singapore, Winking Studios intends to leverage the country’s international market standing to extend its presence in the Asian market, including Southeast Asia. This includes the establishment or acquisition of additional game art outsourcing and development studios. As a Singapore-listed entity, the company aims for the successful execution of these strategic objectives.
According to the report provided by China Insights Consultancy, the acceptance and normalization of gaming as a lifestyle have contributed to the long-term development of the global gaming industry with the number of gamers increasing from 2.2 billion in 2017 to 3.2 billion in 2022 and is projected to reach 4.4 billion by 2027. This has also resulted in game development companies increasing their expenditure on game art outsourcing to meet the higher requirements demanded by gamers in respect of game graphics. Global gaming industry revenue is expected to increase at a compound annual growth rate (“CAGR”) of 8.9% between 2022 and 2027 to reach US$317.6 billion by 2027. Over 2017 to 2022, the global game art outsourcing market expanded at a CAGR of 17.4% and is estimated to arrive at US$6.3 billion by 2027.
Chairman and Chief Executive Officer, Johnny Jan, expressed: “Winking Studios’ proven capabilities and close partnerships with established game developers and gaming platforms put our Group in a favorable position to capitalize on these trends. We intend to use the IPO proceeds on strategies to further strengthen our competitive edge and secure our leading market position for game art outsourcing.”
1 According to the report provided by the market research institution China Insights Consultancy, based on the calculation of global game art outsourcing revenue for the year 2022.
