[KAVE=Choi Jae-hyuk] It may be hard for Korean gamers to realise that one of the hottest names in the gaming industry in the first half of 2024 is 'Dungeon Fighter Mobile (hereafter DNF Mobile)', not in the United States, but in China. However, DNF Mobile, which started local service in China on May 21, quickly reached the top of the Chinese Apple App Store sales within hours of its launch and has maintained its position at the top ever since, rapidly emerging as Tencent's new cash cow. In just over a week since its launch, it has been downloaded over 2.4 million times and has generated over $40 million in revenue from Apple devices alone.
PC DNF, Now a 'National Game', Built on 15 Years of Trust in China
The PC version of DNF, known as 'Dungeon Fighter Online', has become a generational experience in China. Since Tencent began publishing it in 2008, despite its relatively old format of 2D side-scrolling action, the game has consistently remained among the top earners in the Chinese online gaming market. 'Dungeon Fighter Online' is considered one of the highest-grossing PC games globally, with a significant portion of its revenue reportedly coming from China.
For Chinese users, DNF is not just a simple action game; it is a symbol of the internet café culture that spanned from the late 2000s to the 2010s. Memories of sitting in PC bangs with friends during university or high school, forming parties and running dungeons, and the habit of participating in raids late at night even after becoming office workers have been ingrained. Over the years, a trust has been built that it is a game worth spending money on and can be played for a long time.
The game structure also aligns perfectly with the Chinese market. The fast-paced combo action, the thrill of repetitive farming and rare item drops, and the diversity of builds from dozens of classes create a strong sense of reward for those who delve deeper. Additionally, the 2D pixel graphics and anime-style character design appeal widely to East Asian users familiar with Japanese RPGs. The explosive skill effects and impact unique to DNF provide an addictive satisfaction for gamers in China who are obsessed with the feeling of '爽'.
Throughout this long period, updates and events have been continuous, and Tencent has integrated DNF into a massive community hub through its platforms like QQ and WeChat. Thus, the combination of 'trust in the IP' and 'the platform's reach' has established DNF as a brand with a very thick fan base in China.
Mobile Version After 7 Years of Waiting, 'Waiting Premium' Explodes
In fact, the launch of DNF Mobile in China was planned to happen much earlier. Nexon and Tencent have been developing the mobile version of DNF for nearly seven years, but the launch was delayed several times due to the Chinese government's game regulations and the suspension of game license issuance. In the meantime, 'DNF Mobile' or 'DNF Origin' started service in Korea and some other countries first, and Chinese users expressed their disappointment by watching gameplay videos on YouTube and streaming, wondering 'when will it come to us?'
Ironically, this delay has heightened expectations. Among Chinese DNF users, a consensus emerged that it was a game that 'must be tried when it eventually comes out', and every time launch rumors surfaced, they became a hot topic in gaming communities and on Weibo. It can be said that, like a blockbuster movie that is released after much anticipation, the brand recognition was already established before the launch.
On top of this 'waiting premium', Tencent's marketing machine was added. Banner ads decorating the main screens of the Chinese Apple App Store and various Android markets, pre-experience broadcasts by famous streamers and influencers, and hashtag challenges on Weibo and Douyin (the Chinese version of TikTok) packaged the launch of DNF Mobile as a 'national event'. As a result, the game topped the sales chart on the first day of its launch in the Chinese App Store and later ranked second in sales among all apps worldwide, excluding TikTok.
Arcade in Hand: Action Design Tailored for Mobile
Simply having a famous IP is not enough to dominate China's cold mobile market. The second reason for DNF Mobile's popularity is that it has redesigned the 'feel' to suit the mobile environment while maintaining the core of the PC game.
First, the control scheme has been simplified for mobile. It consists of a virtual pad and a few skill buttons, but differentiated play is still possible depending on skill combinations and timing. Even without pressing many buttons, the screen showcases flashy combos, aerials, and down attacks in succession. Unlike the PC days, where you had to input difficult combos continuously on a keyboard to show off your 'veteran' skills, the mobile version allows players to feel satisfied with their performance.
The content structure has also been divided into short and impactful segments to match mobile play patterns. Dungeons that can be completed in 2-3 minutes, daily and weekly missions that can be tackled during commutes, and automatic movement and some auto-battle options provide a sense of being able to play DNF 'anytime, anywhere'. At the same time, key boss battles, PvP, and higher-level dungeons still require manual control and skill, preserving the pride of heavy users.
The graphics are not a 'completely new game' but rather a 'high-resolution version of the DNF from memory'. While maintaining the original pixel feel, effects and animations have been refined with a modern touch, providing nostalgia and familiarity for long-time fans while offering a style that is not outdated for new users. It also caters to the 'coolness' and 'face' that Chinese users value.
BM Precisely Targeting Chinese Spending Sensibilities
The core of the Chinese mobile game market is the cold 'BM (monetization model)'. No matter how fun a game is, if the spending structure is unappealing, players will quickly leave, and conversely, even a weak IP can rise to the top if it effectively stimulates spending motivation. DNF Mobile shows a relatively seasoned balance in this regard.
Chinese users have already experienced numerous 'gacha' games. What matters to them is both how quickly they can become strong by spending money and whether the game is still enjoyable without spending. DNF Mobile focuses its basic structure on equipment farming, material collection, and enhancement, while placing monetization points on costumes, packages, and convenience items. Naturally, spending a lot of money accelerates growth and makes access to top-tier content easier, but it also leaves room for enjoying dungeon and party content with moderate spending.
In particular, for 'whale users' who have enjoyed PC DNF for a long time, spending itself operates as a form of fandom activity. Users who have purchased numerous paid items on PC over the years naturally continue the trend of raising their favourite classes and characters on mobile, equipping them and buying skins. The loyalty to the IP significantly offsets the friction of the BM.
As a result, estimates suggest that DNF Mobile recorded user spending of 120-150 million yuan (approximately 20 billion KRW) within a week of its launch, and analyses indicate that it aims for a billing amount of 3 billion yuan (approximately 550 billion KRW) per month. Korean media has even estimated that the iOS revenue in China alone reached about 485 billion KRW over six weeks. These figures indicate that this is not just a 'flashy hit', but that both Tencent and Nexon have sufficient incentives to manage it as a strategic title.
The Compatibility of Chinese Gamers' Sentiment and the 'DNF Universe'
There are aspects that cannot be explained solely by IP, BM, and control feel. The position of DNF in China transcends being just a game; it is also connected to nostalgia for 'growth narratives'. Choosing a character and endlessly running dungeons and raids to equip gear, and the experience of playing together in the same guild for years overlaps with the youth of the '80s and '90s generation in China, who have lived through rapid urbanization and competitive society.
This generation has now become 30-40 years old, gained economic power, and become the core target for spending on mobile games. For them, DNF Mobile offers the sentiment of “carrying the game they used to play on their smartphones”. The image of lying in bed after putting their children to sleep, raising their old classes again, or chatting with old guild friends on the subway during their commute is a typical way the brand transcends generations.
Another important point is the long-term trend of the Chinese gaming market. In recent years, large open-world RPGs like 'Genshin Impact' and 'Honkai: Star Rail' have emerged, but these games tend to target relatively younger audiences and core animation fans. In contrast, DNF offers relatively short play sessions, simple controls, and clear growth objectives, making it a better fit for 30-40 year old users who are 'short on time but were once hardcore gamers'. This generation has significant purchasing power in China and is a loyal customer base that supports long-term live services.
For Tencent, DNF Mobile is a major hit after a long drought. With existing flagship titles like 'Honor of Kings' and 'Peacekeeper Elite' experiencing stagnation or slowdown in revenue, there has been a continuous analysis indicating the need for a new flagship title. The success of DNF Mobile plays a significant role in reinforcing Tencent's presence as 'China's number one mobile game publisher' once again.
When considering future competitiveness, this structure is also important. Tencent is a player that holds all the game distribution infrastructure, marketing resources, streaming platforms, and messengers in China. DNF Mobile is the IP positioned at the very centre of this ecosystem. There is great potential for expanding the IP through raid content from large streamers, esports-style competitive events, offline fan meetings and merchandise, and collaborations with animations and webtoons. It is not just a structure that ends with a single game, but a platform that can be used to expand the 'DNF Universe' more broadly within China.
Of course, there are also risks. The Chinese government's game regulations could be strengthened again at any time, and external variables such as restrictions on gaming time for minors and changes in new license issuance policies always exist. Given the nature of the mobile game market, there is also a possibility that it could end up as a 'flash hit' with rapidly declining revenue after initial success. Domestic Chinese game companies will also likely increase their competition with subsequent action RPGs.
Moreover, if the monetization structure becomes more aggressive over time, the initial goodwill could turn into fatigue over “another money-grabbing game”. The balance controversies and inflation issues experienced in PC DNF could also resurface in mobile. The content differences between the mobile and PC versions and the debate over 'which one is the real main game' will also be challenges to address during the long-term service process.
Nevertheless, the competitiveness of DNF Mobile lies beyond short-term revenue indicators. Above all, the trust built over 15 years in the DNF IP, and the memories and emotions of Chinese users who still support that trust are the greatest assets. When combined with Tencent's publishing capabilities, the action and growth structures redesigned for mobile, and the already confirmed revenue scale, DNF Mobile is more likely to be a title that will maintain its position in the upper ranks of the Chinese mobile market for several years rather than a fleeting trend.
Ultimately, the key lies in 'how long can we continue to build fun and meaning around this IP'. Based on the trajectory so far, the story of DNF in China seems to be closer to a new season opening rather than an ending.
