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Cover of Global Mobile Games in September 2022
Article

Global Mobile Games in September 2022

The September 2022 snapshot of the global mobile gaming market highlights a mix of established franchises and fresh releases driving revenue, downloads, and advertising activity.

  • Survivor.io became the top-grossing mobile title in September 2022, generating over $30 million by pairing casual roguelike mechanics with a heavy top-up system and 163 daily ad creatives.
  • Advertising volume reached significant scale, with Android leader 英雄戰紀 deploying 7,400 creatives and iOS leader 1945-Airplane Shooting Games utilizing 2,500 deduplicated creatives.
  • New releases and spin-offs demonstrated strong market entry, such as the Ragnarok Online spin-off 愛如初見, which earned over $16 million on iOS following a celebrity-backed launch.
SocialPetaOct 2022
Cover of Is X-Hero Mobile’s Latest Top Grossing Anti-Hero? - The Metacast by Naavik
82 min
Naavik82 min

Is X-Hero Mobile’s Latest Top Grossing Anti-Hero? - The Metacast by Naavik

The mobile gaming landscape is currently defined by a strategic pivot toward hybrid-casual models and aggressive user acquisition tactics designed to navigate the constraints of a post-IDFA environment.

  • Mobile developers are increasingly using 'bait-and-switch' hyper-casual mini-games, such as X-Hero’s 'Save the Doge' mechanic, to lower customer acquisition costs in a post-IDFA environment.
  • While hyper-casual onboarding tactics successfully drive high initial click-through rates and scale, these titles frequently struggle to match the long-term retention rates of traditional mid-core genre leaders.
  • The industry is shifting toward hybrid-casual models that combine accessible arcade gameplay with deep meta-progression to combat rising acquisition costs and diversify revenue beyond pure advertising.
NaavikSep 2022
Cover of Devolver Digital H1 2022 Financial Results
Article

Devolver Digital H1 2022 Financial Results

Devolver Digital’s financial results for the first half of 2022 reflect a period of revenue growth tempered by a significant shift in net profitability.

  • Devolver Digital reported $53 million in H1 2022 revenue, a 14% year-over-year increase, but swung to a $16.6 million net loss compared to a $79.5 million profit in H1 2021.
  • The company’s back catalogue remains the primary revenue driver, accounting for 64% of total earnings, led by ongoing sales of titles like Inscryption, which has sold 1.46 million units since October 2021.
  • Cult of the Lamb exceeded full-year expectations by selling one million units in its first nine days, though the publisher noted that high royalty payments from this success may impact profit margins.
Game World ObserverSep 2022
Cover of Two & a Half Gamers Session #33: The UA (R)evolution
Article

Two & a Half Gamers Session #33: The UA (R)evolution

The mobile gaming industry is increasingly defined by the strategic use of misleading marketing, specifically through the implementation of fake ads and deceptive core gameplay representations.

  • Mobile developers are increasingly using misleading marketing and fake gameplay ads as a primary strategy to lower cost-per-install (CPI) metrics.
  • Marketing creatives are now decoupled from actual game mechanics, allowing developers to prioritize performance-driven metrics over product fidelity.
  • These deceptive tactics are highly effective for scaling in saturated markets, often sustaining high revenue streams for years without requiring changes to the core game architecture.
Brutally HonestSep 2022
Financial report1 page

GDev Form 20-F: FY2021

Nexters Inc., a Cyprus-based mobile gaming developer listed on the Nasdaq as GDEV, presents its 2021 fiscal year performance and operational outlook in this annual report.

  • Nexters Inc. is a top-five independent game developer in Europe, managing a portfolio of five mobile, web, and social games across casual, strategy, RPG, and FPS genres.
  • The company generates revenue through in-app purchases and advertising, with growth driven by a strategy of acquiring midcore gaming studios, including the recent addition of Cubic Games’ Pixel Gun 3D.
  • Business operations are subject to seasonal fluctuations, characterized by lower marketing efficiency in Q4 due to retail competition and decreased user retention during summer months.
GDevApr 2022
Article

Why Dread Hunger Got so Big; What Steam Tags Are Hot?

This analysis examines the factors driving success for specific PC and console titles while providing a broader overview of current market trends on Steam and major console storefronts.

  • The Chinese market is a primary driver for multiplayer viral growth, evidenced by Dread Hunger, where 68% of lifetime reviews are in Chinese and concurrent users surged from 4,200 to over 62,400 following its 1.0 release.
  • High-budget titles face significant launch risks; Babylon’s Fall peaked at only 1,100 concurrent users due to technical issues and poor business decisions.
  • Steam 'Hype' scores—a metric combining wishlist rankings, followers, and forum traffic—are effective predictors of launch success for titles like Hero’s Hour and ELEX II.
GameDiscoverCoMar 2022
Cover of Deconstructing Thetan Arena - the game that combines F2P and P2E
63 min
Deconstructor of Fun63 min

Deconstructing Thetan Arena - the game that combines F2P and P2E

Thetan Arena serves as a critical case study for revitalizing underperforming free-to-play titles by integrating blockchain-based play-to-earn mechanics.

  • Thetan Arena achieved 10 million downloads in two months by repurposing the codebase of the struggling game Hero Strike, which had only reached four million downloads over three years.
  • Blockchain integration served as a powerful marketing catalyst for user acquisition, particularly in competitive markets like Brazil and the Philippines.
  • The game's economic model faces sustainability issues due to inflationary pressure, as it relies on new capital inflows to subsidize the earnings of early adopters.
Deconstructor of FunFeb 2022
Cover of Nippon Ichi Software: Q2 Financial Report, 2021
Financial report23 pages

Nippon Ichi Software: Q2 Financial Report, 2021

Nippon Ichi Software’s financial report for the second quarter of the fiscal year ending March 31, 2022, details a period of significant growth driven by strong performance in the domestic and international gaming markets.

  • Nippon Ichi Software reported a 71.9% year-over-year increase in net sales to 3.6 billion yen for the six-month period ending September 30, 2021.
  • Operating profit surged by 185.8% to 1.29 billion yen, while net income attributable to owners of the parent company grew by 247.2% to 871.7 million yen.
  • Growth was driven by the release of five console titles, including 'Tantei Bokumetsu' and 'The Cruel King and the Great Hero', alongside five smartphone applications and international localization efforts.
Nippon Ichi SoftwareNov 2021
Cover of Nippon Ichi Software Q2 FY2022 Financial Results
Financial report11 pages

Nippon Ichi Software Q2 FY2022 Financial Results

Nippon Ichi Software’s financial results for the second quarter of the fiscal year ending March 2022 demonstrate significant growth across all primary profit metrics.

  • Nippon Ichi Software reported a 247.2% year-over-year increase in net income to 871 million yen for Q2 FY2022.
  • Operating profit grew by 185.8% to 1.28 billion yen, while net sales rose 71.9% to 3.6 billion yen compared to the same period in the previous fiscal year.
  • The company’s strong financial performance was driven by the release of five packaged software titles, including 'Tantei Bokumetsu' and 'The Cruel King and the Great Hero', and five smartphone applications.
Nippon Ichi SoftwareNov 2021
Article

Why Is Poppy Playtime Doing So Well?

This analysis explores the sudden commercial success of the indie horror title Poppy Playtime and provides a broader examination of current sales trends across Steam, PlayStation, and Nintendo Switch platforms.

  • Poppy Playtime’s commercial success is driven by content creator virality and the 'creepypasta' subgenre, resulting in an initial two-week sales volume of approximately 75,000 to 100,000 copies.
  • Poppy Playtime demonstrated an unconventional growth trajectory on Steam, increasing from 24 reviews on its launch day to over 160 daily reviews just two weeks later.
  • Subscription services significantly influence console charts, as demonstrated by Hell Let Loose reaching the top spot on PlayStation due to its inclusion in the PlayStation Plus service.
GameDiscoverCoOct 2021
Cover of TWIG 148: China curbs playtime + Nexters SPACs at $1.9B + Playtika acquires Reworks for $400M cash
15 min
Deconstructor of Fun15 min

TWIG 148: China curbs playtime + Nexters SPACs at $1.9B + Playtika acquires Reworks for $400M cash

The gaming industry is currently navigating significant regulatory shifts in China, where new government mandates restrict individuals under the age of 18 to three hours of video game playtime per week.

  • New Chinese regulations restrict minors to three hours of gaming per week, limited to one hour daily between 8:00 p.m. and 9:00 p.m. on Fridays, weekends, and holidays, forcing Chinese developers to pivot toward Western markets.
  • Playtika acquired an 80% stake in Reworks for $400 million in cash, with an option to purchase the remainder for up to $200 million to compete in the design entertainment app market.
  • Mobile developer Nexters went public via SPAC at a $1.9 billion valuation, aiming to consolidate the Eastern European and Russian markets despite concerns over its reliance on the $20 million monthly revenue generated by Hero Wars.
Deconstructor of FunSep 2021
Cover of Nippon Ichi Software Q1 2022 Financial Results
Financial report10 pages

Nippon Ichi Software Q1 2022 Financial Results

Nippon Ichi Software’s financial results for the first quarter of the fiscal year ending March 2022 demonstrate significant growth across all primary performance metrics.

  • Nippon Ichi Software reported significant Q1 2022 growth, with net sales rising 93.3% to 2.057 billion yen and net income surging 547.1% to 493 million yen year-over-year.
  • Operating profit increased by 353.6% to 729 million yen, while ordinary profit grew by 360.3% to 725 million yen compared to the same period in the previous fiscal year.
  • Revenue growth was primarily driven by the release of packaged titles Tantei Bokumetsu and The Cruel King and the Great Hero, alongside two smartphone applications and the indie title Maiden & Spell.
Nippon Ichi SoftwareAug 2021