ReportSensor Tower
Souls‑likes: From Niche to Mainstay
1 Jan 202529 pages~20 min full read
The souls-like genre has shifted from indie-dominated to AAA-led, with AAA and AA publishers now accounting for over 70% of estimated units sold on Steam.
Chinese gamers represent approximately 47% of the global souls-like audience, significantly outpacing the United States at 15% and Germany at 5%.
APAC developers have surged to control roughly 80% of the genre's development share as of 2025, building on a foundation established by Japanese studios.
Top-performing titles demonstrate massive commercial scale, led by Black Myth: Wukong (20 million units), Elden Ring (15.6 million), and Monster Hunter World (13 million).
The market composition has inverted since 2017, when AA titles comprised 90% of releases; by 2023, AAA output had risen to account for nearly two-thirds of the market.
The genre's long-term viability is underpinned by high-budget investments and a consistent player demand for challenging, skill-based design.
The analysis charts the evolution of the souls‑like subgenre from a niche curiosity to a mainstream pillar of the video‑game market, emphasizing the decisive role of APAC developers and Chinese players in shaping its commercial trajectory. By tracking titles released between January 2015 and early 2025, the study demonstrates that while indie studios supplied the bulk of new releases, AAA and AA publishers now dominate revenue, accounting for over 70 % of estimated units sold on Steam.
Sales data reveal a rapid escalation in both volume and concentration. Black Myth: Wukong leads with roughly 20 million units, followed by Elden Ring at 15.6 million, Monster Hunter World at 13 million, Dark Souls III at 9.1 million, and Hades with 8.4 million YTD. The shift in publisher composition is evident: AA releases peaked at 90 % of titles in 2017 but fell to around 30 % by 2023, while AAA output rose to nearly two‑thirds of the market, reflecting a transition from experimental indie projects to large‑scale investments.
Geographically, APAC’s influence surged, reaching roughly 80 % of development share by 2025, with Japan providing a historic foundation and China and Korea expanding both creation and consumption. Chinese gamers now represent close to half of the global souls‑like audience (≈47 %), eclipsing the United States (≈15 %) and Germany (≈5 %). This demographic weight makes success in China a critical determinant for high‑budget releases.
Methodologically, the findings rely on Video Game Insights’ estimations derived from Steam tagging, publisher classification, and sales‑estimation algorithms applied to all souls‑like titles launched from 2015 onward across Steam, PlayStation and Xbox platforms. The overarching conclusion is that the genre’s challenging, skill‑based design continues to attract investment and player engagement, with APAC innovation and the Chinese market ensuring its long‑term viability as a global mainstay.
