DnF Mobile hits $500 million in revenue in China, with analysts expecting it gross $2 billion in 2024

Dungeon & Fighter Mobile remains the chart-topping game in China. The latest analyst estimates reveal another major milestone for Tencent’s new hit.

At the end of June, Sensor Tower reported that DnF Mobile generated $270 million in player spending on iOS in its first month. This data didn’t include revenue from third-party Android stores, so here is a slight correction.

According to new estimates from market research firm Niko Partners, Dungeon & Fighter Mobile has already grossed over $500 million on iOS and Android in China. Analysts didn’t disclose how revenue is split between platforms, but noted that “the title has become the most successful new mobile game launch of all time.”

Niko Partners expects DnF Mobile to gross over $2 billion by the end of 2024.

Dungeon & Fighter Mobile also remained the highest-grossing mobile game in the country even after the launch of miHoYo’s new title Zenless Zone Zero, Bloomberg reported today. According to Sensor Tower, ZZZ reached $3.4 million in player spending on iOS in China on July 4, while Dungeon & Fighter Mobile brought in $8.5 million.

Sensor Tower data also shows that Zenless Zone Zero’s first-day spending hit $5.9 million on iOS and Android globally. This is in line with what we reported last week, with AppMagic estimating the game’s day one revenue at $3.7 million. The difference in calculations occurs because AppMagic tracks revenue from in-app purchases (reduced by platform fees and inclusive taxes), not player spending.

“DnF Mobile’s momentum is still going strong, but it’s worth noting that ZZZ is a global, cross-platform play,” Niko Partners analyst Zeng Xiaofeng told Bloomberg.

2024 will be a strong year for the Chinese games market as competition among local companies heats up. In addition to new games from Tencent and miHoYo, NetEasee is expected to launch the mobile version of its popular battle royale Naraka: Bladepoint on July 25.

Dungeon & Fighter Mobile is a result of a partnership between Tencent and South Korean publisher Nexon, the original developer and owner of the franchise. The financial terms of their agreement is undisclosed, so it is unclear the cut that each company has.

The game’s approval in China and its successful launch also had a positive impact on Tencent’s position on the stock exchange. The company’s shares have soared 28% since the beginning of 2024, adding around $91 billion in market value.