TENCENT(HK:00700) 3 6 Ke·2025-12-16 00:20Core Insights - The recent DNF carnival highlighted the evolution of IP (Intellectual Property) in the gaming industry, emphasizing a shift from a focus on broad entertainment to a more integrated ecosystem approach [1][6] - The value of IP in gaming has been redefined, moving from attracting new users to enhancing the experience for existing players [6][8] Group 1: Historical Context - Ten years ago, the typical use of IP in gaming was heavily influenced by the mobile gaming boom, with significant financial investments in IP adaptations, such as the 8.1 million yuan acquisition of the adaptation rights for the novel "Unbeaten Throne" [3] - Companies like Blueport aimed to create a comprehensive cultural ecosystem around IP, leveraging brand influence and fan engagement to drive monetization [3][4] - Successful products like "I Am MT" demonstrated the potential of IP-driven mobile games, leading to a trend where games were adapted into various media formats [4] Group 2: Current Trends - In the past year, there has been a resurgence of interest in IP within the gaming sector, with a focus on its impact on existing user engagement rather than merely attracting new users [5][6] - The DNF IP is now being showcased through a matrix of products, allowing for deeper storytelling and user engagement within the gaming experience [6][8] - Collaborations with other IPs, such as the partnership between "Tide Watcher" and "Game of Thrones," illustrate the trend of enriching game narratives and enhancing player immersion [7] Group 3: Market Dynamics - The gaming market has reached a saturation point, making it increasingly costly to acquire new users, prompting a strategic shift towards retaining existing players through enhanced IP services [8][9] - The focus on deepening the service aspect of IP reflects a broader industry trend towards optimizing existing player experiences rather than solely expanding user bases [8][9]