Although the launch of the mobile game "Dungeon & Fighter: Origins" brought a brief frenzy to the Tencent game market, the hidden concerns and challenges behind it cannot be ignored. This highly anticipated mobile game based on a super IP generated $140 million in revenue in its first week, seemingly injecting a shot in the arm for Tencent's gaming anxiety. However, upon closer inspection, its glossy exterior hides numerous crises.

Tencent Games' revenue performance in recent years has been disappointing. While old games like "Honor of Kings" and "Game for Peace" still maintain a certain market position, their growth potential is showing signs of fatigue. According to financial reports, Tencent's total game revenue in the first quarter of 2024 reached 48.1 billion yuan, a slight year-on-year increase, while game revenue in the domestic market fell 2% year-on-year. This indicates that Tencent Games is facing unprecedented growth pressure, and relying solely on old games is no longer sustainable.

Amidst fierce market competition, Tencent has continuously launched new games, but only a handful have truly become hits. Compared to NetEase's "Ni Shui Han" mobile game, "Egg Party," and miHoYo's "Genshin Impact" and "Honkai: Star Rail," Tencent's new games have performed poorly in the market. This raises questions about whether Tencent Games has lost its innovative vitality and the keenness to capture market trends.

Although "Dungeon & Fighter: Origins" successfully attracted a large number of players, its game quality has been widely criticized. Issues such as inability to log in normally, disappearing game items, and frequent disconnections in team play have severely impacted players' gaming experience. Although the official team has apologized and fixed these issues urgently, they undoubtedly had a negative impact on Tencent Games' brand image.

In the rapidly changing game market, innovation is key to maintaining competitiveness. However, Tencent Games has struggled with innovation. Whether it's gameplay or content innovation, Tencent has failed to provide players with enough surprises. This leaves Tencent struggling when facing new-generation game companies like miHoYo.

Tencent Games also faces issues with player interaction. Although Tencent Games attempted to strengthen connections with players through more direct interactions at the SPARK2024 Tencent Games Conference, this was clearly not enough. In daily operations, Tencent Games often ignores player feedback and suggestions, leading to declining player loyalty and satisfaction.

In summary, while Tencent Games has achieved remarkable success, it also faces many hidden concerns and challenges. Addressing these difficulties to achieve sustainable and healthy development is a serious issue for Tencent Games to consider and resolve. In future development, Tencent Games must prioritize innovation, improve game quality, and strengthen interactions and communication with players to win more support and trust from players and maintain its position in the game market.