APAC Mobile Game Market Insights 2024

The 2024 mobile game market analysis for the Asia-Pacific (APAC) region highlights a modest industry revival during the first four months of the year, characterized by shifting genre preferences and the emergence of breakout titles. Covering major markets including China, Japan, South Korea, and Southeast Asia, the analysis focuses on in-app purchase (IAP) revenue and download trends. The findings are derived from proprietary platform data, excluding advertising revenue and third-party Android channels in China.

In China, Tencent’s portfolio remains dominant, with titles like Honor of Kings and CrossFire driving significant revenue growth. The arcade genre also saw a notable uptick, bolstered by the performance of NetEase’s Eggy Party and the launch of Tencent’s Yuan Meng Star. Meanwhile, Japan experienced a 6% increase in downloads and a 2% rise in revenue, largely attributed to the popularity of strategy and puzzle games such as Last War: Survival Game and Royal Match. In Southeast Asia, Free Fire maintained its leadership in the shooter category, while Mobile Legends: Bang Bang continued to command the top-grossing position.

A central finding is the exceptional performance of the idle RPG Legend of Mushroom, which achieved $270 million in global IAP revenue by April 2024. Despite a broader decline in the RPG sector, the title captured the top revenue and download spots in South Korea and Japan, with those two markets accounting for nearly 70% of its total earnings. The game’s success is attributed to its accessible idle mechanics, localized marketing, and broad appeal to both core and casual demographics. Overall, the data suggests that while traditional RPGs face headwinds, titles that successfully blend casual aesthetics with engaging, rewarding gameplay are effectively capturing market share across the APAC region.