Core Insights - Despite a decline in global mobile game downloads and new game releases, player spending is projected to grow by 4% in 2024, indicating increasing market concentration with a few leading products dominating the landscape [1][7] - The speed at which new hit games achieve $1 million in revenue has reached a historical record, taking only 106 days to surpass this threshold [1] - The number of new games achieving $1 million in revenue has decreased significantly, with only 399 games reaching this milestone in 2024, a 43% drop from the previous year [3] - The gaming industry is facing challenges in sustainable profitability, with many companies forced to cut projects and lay off staff due to high development and customer acquisition costs [7] - Tencent's mobile game revenue in 2024 is four times that of its nearest competitor, Scopely, with its titles "Honor of Kings" and "PUBG Mobile" ranking in the global top four for revenue [7] - In 2024, new games contributed less than $4 billion to the total revenue of $65.7 billion, with 80% of new hit games coming from Chinese developers [8] - The U.S. players lead globally in download spending at $6.43 per download, which is 4.2 times the global average of $1.52, reflecting strong consumer potential in developed markets [8] - The mobile gaming market is experiencing two paradoxes: the lifecycle of older products is extending, while the window for new games to break through is significantly shortening [12]