Game consoles were once banned in China. Now Chinese developers want a slice of the $49 billion pie

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Game consoles were once banned in China. Now Chinese developers want a slice of the $49 billion pie
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China's independent developers and major companies like Tencent and NetEase are eyeing the burgeoning console market after Beijing lifted a 14-year ban in 2014.

, poured their efforts into making hit titles for those platforms during the more than a decade-long ban.

"For the global market, the console is huge — roughly like 30% revenue. But in China, it's only 1% and so there's a huge potential opportunity for the console game developer inside China," Frank Mingbo Li, the founder of Studio Surgical Scalpels, a Tencent-backed game studio, told CNBC. Globally, the console market is expected to rake in revenue of $49.2 billion, accounting for 28% of the worldwide games market, according to market research firm Newzoo."Despite consoles being banned between 2000 and 2014, we are seeing high demand for consoles in China, and there is an even larger market for console outside the country," Daniel Ahmad, senior analyst at Niko Partners, told CNBC.

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