NetEase's eight-year-old game is still releasing new content

The gaming industry often falls into a common misconception: that acquiring new users is more important than retaining them, and that expansion is easier than maintaining what you’ve built.

However, over the past two years, as the traffic boom has plateaued and user acquisition costs have skyrocketed, an increasing number of companies have come to realize that protecting their existing user base may be more practical than blindly chasing the next big hit.

If we were to compile a list of the “evergreen” titles in the mobile gaming market over the past two years, NetEase’s *Identity V* would undoubtedly be a name that cannot be overlooked.After setting a new record for DAU in 2025, the game was still singled out by NetEase in its Q1 2026 earnings report for “maintaining a steady growth momentum.” This long-running asymmetric competitive title, now in its eighth year, continues to display a vitality that intrigues the industry, having successfully minimized the tension between user acquisition and retention—and the resulting volatility—within *Identity V*.

After eight years of operation, the game has not only maintained its popularity but actually seen it grow. Perhaps the key to unlocking the secret behind this long-term success lies in *Identity V*’s PVE mode—a feature that might seem like a “side project.”

Back on May 5, *Identity V* dropped a major announcement: a brand-new entertainment mode called “Page Turner” is coming soon. During the recently concluded preview livestream, the developers officially announced that the mode will launch on June 18.While new content is typically released in July or August, Identity V has chosen to bring this update to players earlier this year, actively responding to their anticipation.

As a brand-new mode centered around “treasure hunting,” “Page-Added Notes” builds upon clues from the main storyline—such as Orpheus’s novel *The Woman of Misfortune*—to delve deeper into the plot. Many casual players consider it the perfect “retirement spot” within the estate.

In fact, over the past eight years, the player base of *Identity V* has long since expanded beyond just “competitive players.” Within this vast community, everyone finds their own unique enjoyment:Some prefer to grow as they delve deeper into the main storyline; others are passionate about showing off their skills in ranked matches; still others are drawn in by the characters’ stories; and some simply want to “retire peacefully” in the game when they’re tired of playing. Those casual competitive players—who rarely speak up, don’t play ranked matches, yet remain highly engaged—also need a content gateway tailored to their needs.While this segment may seem niche, it is precisely the key challenge for any game aiming for long-term operation and sustained high DAU: how to meet player needs across all dimensions and keep them engaged within the game’s ecosystem for the long haul.

Not long ago, Game Teahouse was invited to get an early hands-on with “Page-Turning Notes.” In this treasure-hunting adventure—the first of its kind at the estate—we not only experienced the pure joy of gameplay free from numerical mechanics, but also enjoyed the classic game of strategic maneuvering within the slightly eerie, suspenseful castle.

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A Treasure Hunt at the Manor

“Page Addition Notes” supports teams of 1 to 4 players. Different team sizes and class compositions give rise to entirely different strategic approaches, and also allow skilled players to develop distinct class compositions tailored to solo and team play.

When you enter the “Page Notes” setup interface, the most obvious change is the removal of character restrictions. Players selecting the Survivor role can freely choose any character and enter the game wearing that character’s outfit.Here, you are no longer restricted by a character’s role or skills. This design is extremely player-friendly for casual gamers and “cosmetics enthusiasts”: you can enter the game stress-free with your favorite character and your most beloved outfit, without worrying about whether the character’s strength can keep up with the current ranked environment.

(The in-game screenshots in this article are from the test server and do not represent the final release.)

What truly sets the experience apart is the choice of class. In the current online gameplay, Survivors have two classes to choose from: “Sage” and “Protagonist.”The “Sage” class is geared toward information gathering, allowing players to obtain more details about treasures and related buffs, while the “Protagonist” class focuses more on exploration efficiency; the two have different priorities. More new classes will be added after the game’s official launch.

(Skills of the Professional Sage and the Protagonist)

(After using the “Enlightenment” skill, the Sage can follow the guidance to find the nearest treasure chest.)

In in-game combat, although Survivor characters no longer possess their original skills, players can still utilize classic interactive mechanics—such as “smashing boards to distract monsters”—to apply familiar gameplay instincts within the new PVE environments.At the same time, various weapon modules—such as shotguns, flamethrowers, and melee weapons—have replaced the original character skills, becoming the survivors’ sole means of attack. Additionally, the latest elements from the “The Lost Tomb” collaboration will be incorporated into the “Page-Added Notes.”

It’s worth noting that when facing “Anomalies” (monsters), simply having a weapon doesn’t mean you can mindlessly overwhelm them with firepower.Many monsters possess unique mechanics (such as charges, aggro, and teleportation), requiring players to carefully consider their combat strategies and positioning to skillfully navigate these threats. This design provides players with greater room for tactical maneuvering and strategic planning, seamlessly extending the strategic depth of classic competitive modes into the PVE experience.

(Encounter with a monster)

Defeating monsters is just the first step; the core motivation behind “fight, loot, and retreat” is ultimately to “find good loot and get it out safely.”

Like all entertainment modes in *Identity V*, “The Page-Turning Chronicles” continues the game’s fair and player-friendly philosophy of not selling in-game stats: whether you’re a Survivor or a Hunter, you have the same number of inventory slots, ensuring everyone starts on an equal footing.By completing seasonal missions, players can also obtain items similar to “Safety Boxes,” ensuring that rare supplies collected during a match won’t be dropped upon elimination.This significantly enhances the gameplay experience and minimizes in-game losses for players; weapon skins can be customized through refinement to create unique looks, and the refinement items required can be obtained for free by playing the new mode.

(Search for the Treasure Chest)

In “Page Notes,” the loot scattered throughout the ancient castle is referred to as “Verses.” After successfully evacuating, you can keep them permanently, display them in special furniture at your home, or unlock exclusive emotes.

Among the various types of artifacts, the rarest—the “Cursed Sapphire Necklace”—can take on over a hundred different forms. After obtaining it and successfully retreating, players can have it appraised for free outside the game—the results for the three categories—chain material, fire and brilliance, and gem clarity—are revealed in sequence:The bronze-colored chain reveals a crisp metallic sheen, while its fire refracts a rare spectrum of colors as it turns. Finally, a spirit bird circles in, announcing that the piece in your hands may be one in a million.

This identification mechanism adds a “loot box”-style element of suspense to every successful extraction, and the quest to collect different combinations of the rarest runes has become a key motivator for players to return to the game time and again. As seasons update, similar multi-form, multi-combination runes will continue to be added, providing a never-ending stream of goals for collectors.

According to a developer present at the event, the full version of “Page-Added Notes” will retain the two-faction gameplay, and both single-player and co-op modes for the Hunter are currently in development. Although the Hunter mode won’t be released until a later date, it has certainly given players plenty to look forward to.

(Screenshot from the Overseer test)

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as far as the eye can see

Stepping back from the gameplay perspective, “Page-Added Notes” is not merely an isolated gameplay update, but rather a proactive adjustment to the user base that *Identity V* has made as it enters its eighth year.

As a PVE-focused “treasure hunting” mode, its core audience is precisely those “casual players” who aren’t keen on competitive ranked matches but have a particular fondness for the game’s art and world-building.”But I just don’t like playing ranked matches!” Comments like this have been heard to varying degrees in the player communities of various competitive games. Compared to high-intensity competition, these players are looking for a low-pressure, more laid-back way to enjoy the game.

The introduction of “Page-Added Notes” allows this group of players to avoid the oppressive pursuit of the Regulators and instead collaborate with teammates to loot treasures and evacuate. This low-threshold, highly collaborative PVE gameplay reduces competitive pressure while effectively extending the user lifecycle.It perfectly complements the previous “Imitator Mode,” together forming an ecosystem of “social entertainment + PVE exploration.” This approach cleverly retains these casual players within the game’s user base, preventing them from drifting to other games due to a lack of casual gameplay options.

Unlike the current trend toward hardcore, high-intensity “search-fight-escape” games—a saturated market—”Page Notes” translates the core mechanics of this genre into a language familiar to estate-based players.The roles and cosmetic assets of Survivors and Hunters are directly reused, and interactive mechanics such as flipping panels and restraining opponents are naturally preserved. The game’s gothic-mystery art style stands out distinctly within the genre, eliminating the need for players to learn an entirely new system.

This low cold-start cost, which is based on existing intellectual property, is an advantage that is difficult for entirely new products to replicate.

It is worth noting that “Page Notes” also breaks down the barriers between the game’s long-established narrative assets and gameplay mechanics. The first chapter, “The Maiden of Doom,” brings to life the novel-inspired clues from the main storyline involving Orpheus, allowing players to return to the scene of the crime and uncover unsolved mysteries.To combat the aesthetic fatigue that often arises from PVE gameplay, the team has adopted a seasonal update cycle, with plans to continuously introduce new maps, monster mechanics, and collectibles. This dual-engine approach of “story + gameplay” not only enhances the playability of the narrative but also provides a solid foundation for retaining players over the long term.

This brand-new setting, which is low-fatigue and highly immersive, offers long-time players—who have stayed loyal out of love for the characters and the game’s world—a fresh reason to stick around.This not only extends the active lifespan of individual users but also elevates Identity V’s signature appeal from mere competitive mechanics to a deeper emotional bond with players—one that is far more difficult to replicate directly.

Looking at the entire lifecycle of the *Identity V* IP, “The Imitator,” launched two years ago, attracted casual competitive players with its social gameplay similar to *Mafia*. Now, “Page’s Notes” has opened a new gateway for PVE users who prefer exploration and collecting.Each of these three modes targets distinct user demographics, forming a complementary structure that collectively weaves a retention network capable of retaining all types of players. In the future, this network will undoubtedly become even tighter and broader, striving to accommodate every player who loves the Manor.

Conclusion

From its early days as a pioneer in asymmetrical multiplayer gaming to its current status as a multifaceted IP spanning tournaments, storylines, merchandise, and diverse entertainment experiences, *Identity V*’s most valuable asset is actually its loyal user base—those who have chosen to stay with the game over the long term.

Among the more than 400 million registered users worldwide, it is the veteran players who have quietly stood by the game all along who form the estate’s most solid foundation.”Page-by-Page Notes” actually showcases the more mature value of Identity V in its long-term operation: rather than piling up quantitative metrics, the team prefers to delve deeper into the emotional and narrative depth of the IP, using small yet refined qualitative changes to touch players’ hearts.

“Identity V” doesn’t attempt to revolutionize the genre, nor does it blindly follow the trend of hardcore loot-based games; instead, it chooses to create a comfortable haven for the players it knows best.

At a time when the industry is widely concerned about customer acquisition costs and user churn, protecting your existing user base is sometimes more important than blindly expanding. Players don’t stay because of the appeal of certain rewards; rather, it’s because the game consistently gives them new reasons to keep coming back.