MoonFox Analysis | Dungeon & Fighter Generates $137 million in first week - Can the youth touch help regain the glory of the original PC game?
On May 21, 2024, Dungeon & Fighter (DnF mobile) was launched, generating an estimated $137 million in revenue within its first week and projected to reach $412 million by the end of the first month. Despite a four-year delay, the game received high player interest during pre-registration and testing phases. Key promotional activities included engaging top streamers and releasing extensive promotional materials. The game replicates the original PC version's gameplay and economic systems, though some content lags behind its Korean server counterpart. User engagement metrics show high activity, with players logging in frequently. However, criticism exists regarding content modifications and delayed updates on the Chinese server.
- Dungeon & Fighter generated $137 million in its first week.
- The game is projected to reach $412 million in total revenue within the first month.
- High player interest with over 50 million pre-registrations.
- Daily average user logins exceeded 6 times per user.
- Content modifications faced heavy criticism from players.
- The Chinese server lags behind the Korean server in terms of updates.
- Players cannot trade directly, limiting economic system flexibility.
Insights
The stunning revenue figures of
Additionally, the game's ability to attract returning players from the original PC game underscores the loyalty and nostalgia value, which can be a significant driver for sustained revenue. However, reliance on a specific demographic could be a double-edged sword in the long run if the game fails to attract new, younger players.
Investors should keep an eye on player retention metrics and upcoming content releases to gauge the long-term viability. The potential for these revenues to translate into profits depends on Tencent's ability to manage development costs and marketing expenses effectively.
Dungeon & Fighter's strong start in the Chinese market, particularly after a four-year delay, is a testament to the game's enduring appeal and the effectiveness of Tencent's marketing strategy. The focus on returning players and the use of influential KOLs for promotion indicates a well-targeted approach. The game's performance implies that established IPs with a loyal fanbase can still generate substantial interest and revenue, even in a highly competitive market.
However, the disparity in content between the Chinese and Korean servers could be a potential drawback. Players may feel shortchanged if updates and new content are not timely and consistent, which could affect long-term engagement. The conservative promotion strategy also suggests a cautious approach, potentially missing opportunities to innovate in marketing tactics.
Overall, the game's early success may provide insights into the importance of balancing nostalgia with innovation in the gaming industry. Investors should consider how Tencent plans to keep the content fresh and engaging to ensure continued player interest and revenue growth.
The demographic data provided by MoonFox Data reveals a clear profile of Dungeon & Fighter's player base: predominantly male, aged 26-35 and likely to have disposable income. This demographic insight is important for understanding the game's potential revenue streams and marketing strategies. The emphasis on replicating the original PC game experience suggests a strategic focus on satisfying this core audience's preferences.
However, the heavy reliance on this specific demographic implies that any shifts in their engagement or spending patterns could significantly impact the game's performance. Additionally, the game's economic system, which restricts direct player-to-player trades and relies on a controlled auction house, could affect player satisfaction and long-term engagement. While this system ensures price stability, it may hinder a more dynamic and player-driven economy.
The key takeaway for investors is the importance of monitoring player feedback and Tencent's responsiveness to maintain high engagement levels. The game's ability to evolve and adapt to player needs will be critical for its sustained success.
About us: Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products. As its sub-brand, MoonFox Data is a leading expert in data insights and analysis services across all scenarios, aiming to help companies gain market insights and empower precise decision-making.
I. With a stable promotional strategy, Dungeon & Fighter starts with an understate approach
In early February 2024, Dungeon & Fighter received its license approval, and the anticipation of "launching within the year" increased the game's buzz. At the end of February, the official opened qualifications for access to the test server, revealing some game content and settings. In March, Xuxubaobao, a top streamer in
On April 22, the game officially announced its launch date for May 21. From this point onwards, the official began intensifying their marketing efforts. According to the data of DataEye, the daily release of promotional videos and images exceeded 2,300 pieces after the announcement. By the end of April, pre-registration numbers for the game had surpassed 50 million. In early May, Xuxu Baobao had a live voice chat with the game planners to discuss issues that players are concerned about, such as future character releases, enhancement limits, and free trading. On the whole, from February to early May, the official did not intervene much in game promotion and public perception, and more genuine complaints and doubts from players emerging gradually. However, the game's popularity and number of pre-registrations remained unaffected and continued to rise.
Proportion of Top 30 Creative Materials While Pre-launching Dungeon & Fighter
Creative Materials | Proportion (%) |
DNF classic settings (gameplay/content) | 40 % |
Emphasizing the launch date of the game | 23 % |
Equipment elements | 20 % |
The launch event | 10 % |
CG animation | 7 % |
Data source: DataEye |
Since May, the official promotional materials have been intensively released, with gameplay and launch date as the core selling points; in terms of format, KOLs oral broadcasts and influencer videos accounted for the highest proportion, making up nearly
Overall, Tencent's promotion and marketing strategy for Dungeon & Fighter can be seen as relatively conservative. They did not innovate extensively in terms of materials or promotional strategies, and their choice of KOLs, focused on Xuxu Baobao, reflects a stable approach. This indicates a preference for attracting "returning" players from the original PC game. Generally speaking, user growth aligns with official expectations. However, in the long term, gameplay and economic settings remain the core of DNF-like games, and DNF itself is no exception.
II. Content gameplay + economic system shapes the long-term viability of the game
In terms of gameplay, Dungeon & Fighter faithfully reproduces the storyline and mechanics of the original PC game, including the equipment system (Epic, Teranite, Terracotta Legacy, Enhancement), dress-up system (Abyss Sky advanced outfits, etc.), and level designs (Ruins, Wailing Caves, Imperial Trials, etc.), achieving a high degree of fidelity.
However, in terms of version settings, the Chinese server of DNF mobile still lags far behind the Korean server. For example, in terms of levels, the current maximum level in the Chinese server is 50, whereas the Korean server has already reached level 70; and in terms of storyline, the Korean server has progressed to Flame Buster Annactswell, while the Chinese server has yet to officially open the LOTUS Long Legs. At the same time, extensive modifications to game content involving violence and bloodshed have also faced heavy criticism from players.
Despite lagging behind in versions, the Chinese server has rarely disclosed the updates content and exact release date of the upcoming game, launching instances or new professions on a weekly basis. Firstly, the game updated the Abyss instance within the first week of its launch, meeting the needs of high-level players who quickly clear levels to obtain "endgame gear".
Average number of launches per user for Dungeon & Fighter from May 22 to Jun 6
Date | Number of launches per person |
2024/6/6 | 6.05 |
2024/6/5 | 6.51 |
2024/6/4 | 6.02 |
2024/6/3 | 5.24 |
2024/6/2 | 5.44 |
2024/6/1 | 5.51 |
2024/5/31 | 5.70 |
2024/5/30 | 5.90 |
2024/5/29 | 6.07 |
2024/5/28 | 5.52 |
2024/5/27 | 5.85 |
2024/5/26 | 5.00 |
2024/5/25 | 5.86 |
2024/5/24 | 5.31 |
2024/5/23 | 5.47 |
2024/5/22 | 5.64 |
Data source: MoonFox iApp; Data cycle: May 2024 to June 2024; The statistical results only contain application client data, excluding ecological UV data such as web pages, applets and Quick App. |
And then the Bermark Imperial Trials and the Clown instance were launched. After the release of these new instances, the average number of launches per user rapidly increased. According to MoonFox Data, the average daily launches per user for Dungeon & Fighter reached 6.02 times on June 4, and maintained at 6.51 times the following day, setting a short-term record high.
We believe that the long-term accumulation of gameplay and content is an advantage of Dungeon & Fighter compared to other products. For example, the upcoming release of the Sword Soul and Asura professions on June 17 has led many players to "cap their experience" at level 49 (at which point users can reselect their profession). After the release of these professions, metrics such as online users and playtime are expected to increase significantly. In the future, content updates will be key to ensuring the long-term viability of Dungeon & Fighter. At the same time, DNF-like games also rely heavily on a cyclical and sustainable economic system.
Dungeon & Fighter has established a relatively closed economic system. From cash points to Terra, the flow of player investments is almost entirely one-way. Players cannot trade directly with each other, and the auction house is the only option. In terms of players, the Terra system provides a path for "non-paying" players to exchange time for materials, trade materials for Terra, and use Terra to purchase equipment to enhance their attributes. Most items, except for rare and limited ones, can be purchased with Terra. This setup has established a user base of "grinding players", ensuring the game's user base and vitality; In the auction house setup, the official enforces average, minimum, and maximum prices for items, ensuring market price stability through strong intervention of the system.
Against this background, Dungeon & Fighter has developed a relatively stable and officially controllable economic system. Although players cannot trade freely, by earning Terra, more casual players can increase their Anti-Magic Power (i.e., combat power), enabling them to participate in high-level raids and monetize their efforts by leading raid groups.
III. The profile of "veteran players" is clear, and their gaming habits and needs will become more defined
From marketing to gameplay setting, stability has been the core strategy of Dungeon & Fighter since its launch. As an IP that has been launched as a PC game for 16 years and as a mobile game in the Korean server for 2 years, retaining the existing player base and ensuring long-term retention are critical for the sustained growth of Dungeon & Fighter.
Dungeon & Fighter User Age and Gender Distribution (May 2024)
Age | Proportion (%) | Gender | Proportion (%) |
15 years old or younger | 2 % | Male | 88 % |
16-25 years old | 34 % | Female | 12 % |
26-35 years old | 48 % | ||
36-45 years old | 12 % | ||
46 years old or older | 4 % |
Data source: MoonFox iApp; Data cycle: May 2024; The statistical results only contain application client data, excluding ecological UV data such as web pages, applets and Quick App. |
According to MoonFox Data, currently, over
In general, this player group is more sensitive to adjustments in game content and mechanics. Compared to graphics and new content releases, they are more concerned about whether the game experience can replicate the original PC game and whether the high difficulty of past maps can maintain the "strong social interaction" features (such as the COF index from those days). Currently, players' evaluations of the fidelity of Dungeon & Fighter to the original game is average. Topics such as "Abyss drop rates" and "raid equipment" generate more discussion.
We believe that Dungeon & Fighter is still in a period of rapid development, with the "60 version" window still open, and players are still showing a strong willingness to play. In the future, avoiding excessive "grind and spend" mechanics, providing more balanced and fair drop rates, and not deliberately prolonging the release intervals for new professions and content updates will be the foundation for the stable development of Dungeon & Fighter after the heat subsides. We look forward to the future development of the product and its potential to bring new growth to Tencent's gaming sector in their financial reports.
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SOURCE Aurora Mobile Ltd
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