KRAFTON's *Abyss of Dungeons*: Pioneering Mobile RPG Growth Through Genre Fusion and Data-Driven Innovation

Thailand's mobile gaming market, a $600 million revenue powerhouse in 2024 with a 10% year-over-year growth rate, is proving to be the ideal testing ground for KRAFTON's bold new strategy: a hybrid mobile RPG that merges battle royale, dungeon crawling, and loot-driven progression. The launch of Abyss of Dungeons (AoD) in Thailand signals a paradigm shift in how global studios approach regional expansion, leveraging localized engagement mechanics, scalable monetization, and KRAFTON's battle-tested expertise.

Thailand as the Gateway to Southeast Asia: A Strategic Masterstroke

Thailand's gaming market is uniquely positioned to fuel AoD's global ambitions. With 53.2% year-over-year growth in time spent gaming and a 75% adoption rate of digital wallets for in-app purchases, the region offers a high-engagement, payment-ready audience. KRAFTON's decision to localize AoD's mechanics—such as Thai-language support, region-specific events, and partnerships with local influencers—is already yielding results. Early data from Thailand's Q1 2025 mobile gaming surge, which generated $162 million in IAP revenue, suggests AoD could capture a significant slice of this market.

Crucially, Thailand's 97.8% reliance on imported titles (with local games declining by 43.6% in 2024) creates an opportunity for AoD to dominate through its unique genre fusion. By combining the chaotic thrill of battle royale with the tactical depth of dungeon crawling and loot RPG systems, AoD appeals to both casual and hardcore gamers—a dual audience that fuels long-term retention.

Monetization: Event-Driven Engagement and Retention-First Design

KRAFTON's playbook for AoD mirrors its success with PUBG Mobile: data-driven iteration and event-based monetization. The game's core loop—a mix of PvP arena battles, co-op dungeon runs, and customizable Soulstone progression—is designed to hook players through incremental achievements. Key monetization levers include:

1. Friend Invite Bonuses: Rewarding players for recruiting friends, capitalizing on Thailand's social-first gaming culture.
2. Casual Mode Subscriptions: Offering simplified gameplay tiers to attract non-competitive players, broadening the user base.
3. Dynamic Events: Seasonal loot drops and dungeon boss raids, which boost short-term spending while reinforcing community engagement.

The result? A model that balances high user retention (critical for recurring revenue) with episodic spikes in IAP activity. In Thailand, where 30% of female gamers (a key demographic) spend on in-game items—a figure double that of males—AoD's aesthetic and storytelling could further amplify this trend.

Competitive Edge: Genre Fusion and Scalable Global Rollout

AoD's genre-blending approach is its strongest differentiator. Unlike traditional RPGs or pure battle royales, it offers a “jack-of-all-trades” experience that caters to fragmented player preferences. KRAFTON's track record—PUBG Mobile remains a top earner in Southeast Asia with $360 million in regional revenue in 2024—provides credibility that AoD can replicate success through iterative updates and localized content.

The game's modular design allows KRAFTON to scale globally while adapting to regional tastes. For instance:
- Southeast Asia: Prioritize dungeon co-op modes to leverage Thailand's 50% esports participation rate.
- Japan/Korea: Introduce competitive PvP leagues to tap into their high-spend gamer bases.
- Global Markets: Use AI-driven procedural dungeons to reduce development costs while keeping content fresh.

Investment Thesis: Low Saturation, High Upside

The Southeast Asian mobile RPG market is ripe for disruption. With only 10% of Thailand's 71.6 million population actively engaged in mobile RPGs, there's vast untapped demand. KRAFTON's strategy—low-cost updates, hyper-localized events, and AI-optimized gameplay—positions AoD to capitalize on this whitespace.

Investors should note two catalysts:
1. Thailand's Proof of Concept: A strong Q2 2025 user acquisition rate (targeting 2 million DAUs by year-end) will validate AoD's scalability.
2. Global Rollout Momentum: Success in Thailand could accelerate launches in Indonesia, Vietnam, and beyond, where KRAFTON's existing PUBG Mobile audience already builds trust.

Risks and Considerations

• Regional Competition: Thailand's market is dominated by MOBA titles like Mobile Legends: Bang Bang (which accounted for 24% of SEA's mobile RPG revenue in 2024). AoD must differentiate through its RPG depth.
• Economic Volatility: Thailand's 3.0% GDP growth forecast in 2025 may limit discretionary spending. However, AoD's free-to-play model mitigates this risk.

Conclusion: A Blueprint for Mobile RPG Dominance

KRAFTON's Abyss of Dungeons is more than a game—it's a strategic blueprint for conquering fragmented markets through genre innovation and data-driven agility. By anchoring its rollout in Thailand, KRAFTON is not only capturing Southeast Asia's mobile RPG boom but also setting the stage for a global rollout with minimal saturation risks.

For investors, AoD represents a rare opportunity to bet on a high-margin, low-cost-to-serve model with clear growth trajectories. With KRAFTON's stock trading at a 15% discount to its 5-year average P/E ratio, the time to capitalize on this paradigm shift is now.

The next era of mobile gaming belongs to those who blend creativity with data—and KRAFTON is leading the charge.