Why it matters: Tencent’s self-reported success at generating revenue from “evergreen games” suggests sustained player engagement but also reflects a reliance on existing titles, with few new original IPs. Tencent is adept at acquiring games and adapting them to mobile, but its development of original titles has yet to produce standout examples. Details: In 2024, Tencent’s online gaming revenue grew 9.9% year-on-year to RMB 197.7 billion ($27.34 billion), according to the annual report. Domestic gaming market revenue grew 10% year-on-year to RMB 139.7 billion ($19.32 billion), while international market revenue rose 9% year-on-year to RMB 58 billion ($8.02 billion). These games cover a variety of genres, including shooting, multiplayer online battle arena (MOBA), role-playing, card strategy, female-targeted romance, and casual games.