China's Tencent Holdings ADR TCEHY is reportedly developing a mobile version of the popular action role-playing game Elden Ring by FromSoftware, in a bid to revitalize its gaming portfolio.
However, since acquiring licensing rights in 2022 and establishing a team for the project, "progress has been slow," sources told Reuters.
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Despite Elden Ring being a premium game with a fixed price, Tencent aims to convert it into a free-to-play model like Genshin Impact, though this approach conflicts with the game's original design.
The game, co-created by George R. R. Martin and Hidetaka Miyazaki, garnered significant success, selling 20 million copies in its first year and attracting high-profile fans like Elon Musk.
Tencent's previous attempts to adapt console games for mobile, such as a project based on the Nier franchise, faced obstacles related to monetization concerns, leading to its cancellation in December.
Tencent's gaming division faces challenges amid market saturation and regulatory hurdles in China. The company's chairman has expressed concerns about its gaming business's vulnerability.
Although past successes like "PUBG Mobile" continue to generate revenue, recent releases have failed to meet expectations.
Meanwhile, fans eagerly await the release of the anticipated Elden Ring DLC, Shadow of the Erdtree.
Changes to the backend of Elden Ring's Steam entry have fueled speculation, but both the developer, FromSoftware, and the publisher, Bandai Namco Holdings Inc NCBDF, have chosen to remain tight-lipped on the matter for now.
Image credits: Sergei Elagin on Shutterstock.
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