Tencent accounts for over a third of all revenue in China’s online game market, which overall raked in 11.27 billion Chinese yuan ($1.78 billion) during the first quarter of 2012.

In fact, according to a new report from Analysys International, three companies account for 67 percent of the market: Tencent, Netease and SNDA.

This time period is particularly important in China, since Spring Festival (春節) is the country’s largest holiday and usually results in the year’s peak earnings, the research firm said.

Cross Fire (pictured) and Dungeons and the Warriors emerged as the top revenue-earners for Tencent in the first quarter, with League of Legends showing a surge in revenue that bodes well for future earnings.

Looking at Netease, World of Warcraft didn’t taper off much, despite earlier predictions. WoW and another venerable title, Fantasy Westward Journey, continue to perform well.

Dragon Nest is a main contributor to SNDA’s revenue, but that may change now that SNDA Online has ceased operations.

Related link:

Analysys International – official site