Changyou

Changyou originated as the online games business unit within Sohu.com Inc. in 2003, before being formally established as a stand-alone entity in 2007. The company's strategic carve-out was spearheaded by Sohu's founder, Charles Zhang, a prominent figure in China's internet industry, and Tao Wang, who was instrumental in building the gaming business and later became Changyou's CEO. This move culminated in a successful initial public offering on the NASDAQ in April 2009. A significant milestone occurred in April 2020 when Sohu took Changyou private, delisting it from NASDAQ and making it a wholly-owned subsidiary.

The company operates within China's expansive online gaming market, targeting players of massively multiplayer online role-playing games (MMORPGs) and, more recently, mobile and casual games. Changyou's business model is centered on a free-to-play structure, generating revenue primarily through the sale of in-game virtual goods and items. The firm develops games in-house and also licenses titles from other studios. In addition to its game portfolio, Changyou owns and operates the 17173.com website, a major game information portal in China, which serves as another key component of its business.

Changyou's portfolio is anchored by its flagship PC game, "Tian Long Ba Bu" (TLBB), also known as "Dragon Oath," launched in 2007. Based on a famous martial arts novel, TLBB became one of China's most popular MMORPGs, boasting a massive registered user base. The enduring success of this franchise led to the development of mobile versions, including "Legacy TLBB Mobile" and "TLBB Honor," which have successfully attracted both new and returning players. The company's proprietary technology platform, featuring 2.5D and 3D graphics engines and robust anti-cheating technologies, underpins its game development and operations. While historically focused on PC MMORPGs, Changyou has strategically shifted towards mobile game development, supported by significant investment programs to acquire and market new titles.

Keywords: online games, MMORPG, mobile gaming, game developer, free-to-play, virtual goods, Tian Long Ba Bu, 17173.com, PC games, Sohu