Financial Reports·Updated Apr 8, 2026 by Sensor Tower
Report · January 1, 2024
Published by Sensor Tower
In Q4 2024 global in‑app purchase revenue reached a record $39.4 billion, up 13.5% year‑over‑year, with non‑game apps now nearly matching game revenue at $19.2 billion versus $20.2 billion. iOS dominates the market, generating roughly 70% of IAP revenue ($30 billion) and outpacing Google Play’s growth (15.4% versus 9.7%). Overall app downloads remained flat at about 34 billion, while non‑game downloads increased and game downloads stabilized after a pandemic peak. Strategy titles emerged as the most lucrative segment, generating over $4.8 billion in IAP revenue—a 80% quarter‑over‑quarter lift that offset an 11% year‑over‑year decline in RPGs. Strategy games also accounted for six of the top ten download growth drivers, with a 26% year‑over‑quarter increase. In contrast, RPG revenue fell 29% globally, though regional pivots in Korea—where strategy and puzzle games grew 55% and 14%, respectively—helped mitigate the loss. Puzzle titles also contributed to overall download growth. TikTok (including Douyin) led non‑game app monetization, delivering $6 billion in IAP revenue for the year—more than double any other app or game. Advertising spending in the United States reached $34 billion in Q4, with social media platforms capturing 77% of the spend; TikTok experienced the fastest year‑over‑year growth at 22%. Amazon drove U.S. digital ad spend growth, supporting campaigns for Audible, Prime Video and Amazon Music, while other major advertisers such as Verizon, Liberty Mutual, Coca‑Cola, Microsoft, Epic Games, Target and Walmart increased spend—particularly on gaming and social platforms. Retail‑media impressions hit a record 80 billion, up 4% year‑over‑year, with Walmart and Target dominating the top ten categories and Best Buy‑Samsung and Chewy‑Nestlé emerging as the most viewed co‑branded pairs. Collectively, these findings illustrate a strategic shift toward strategy titles, the continued dominance of TikTok in app monetization, and an outsized role for social media advertising and retail‑media partnerships during the holiday peak. The data cover global markets with a focus on U.S., Korean, and broader digital advertising trends for the fourth quarter of 2024.
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Sensor Tower | Our Customers Top publishers trust Sensor Tower insights to grow their business oogc EA DISNEY allazon ZROVIO DOORDASH Walmart ELEVEN Microsoft SEGA SONY fetch Pizza @ Meta Gett ByteDanc REWARDS 6NRA CVS BD Note:Top publishers by app store revenue|Source:Sensor Tower
Table of Contents Mobile App Market Mobile Market Overview 5 Top Markets 11 Top Categories 16 Top Apps 21 Top Mobile Games 24 Digital Advertising Market Digital Advertising Overview 27 Retail Media Advertising Snapshot 35
About this Data: Mobile App Methodology Sensor Tower’s Insights team compiled the download and in-app purchase (IAP) revenue estimates provided in this report using the Sensor Tower Mobile App Insights platform. Figures cited in this report reflect App Store and Google Play download and IAP revenue E estimates for October 1, 2024 through December 31, 2024. Download estimates presented are on a per-user basis, meaning that only one download per Apple or Google account is counted towards the total. Downloads of the same app by the same user to multiple devices, updates,or re-installs of the same app by the same user are not counted towards the total. Android app install and IAP revenue estimates represent downloads and revenue from the Google Play Store only. Sensor Tower does not provide download estimates for thirdparty Android stores. IAP revenue estimates are gross — inclusive of any percent taken by the app stores.
IAP Revenue Reaches Quarterly Worldwide In-App Purchase Revenue Between Q4 2023 - Q4 2024 Record High in Q4 2024 at iOS and Google Play Nearly $40 Billion Overall Apps Games Global in-app purchase (IAP) revenue from one-time 50 B purchases, subscriptions, and paid apps reached 39.4 +13.5% billion across iOS and Google Play in Q4 2024. Revenue $45 B vs.Q42023 growth has only accelerated in recent quarters, with IAP revenue climbing 13.5% year-over-year (YoY). In 40 B 36.4 B 38.3 B 39.4 B total, global IAP revenue reached 150 billion in 2024, 35 B 34.7 B 36.0 B a 12.5% YoY increase. $30 B Apps continue to drive the majority of the growth. IAP revenue in non-games climbed 28.2% YoY to 19.2 25 B +1% billion. App revenue is quickly approaching that from games, only trailing by 1 billion in Q4 2024 (compared 20 B to a nearly 5 billion gap in Q4 2023). 15 B 2B Mobile game revenue has started to stabilize after $10 B several turbulent years. Mobile game IAP revenue across iOS and Google Play saw modest growth in Q4 $5 B 2024 to reach $20.2 billion. 0 Source:Sensor Tower 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 Brazil Note:iOS and Google Play combined.iOS only for China.Revenue is gross—inclusive 6 of any percent taken by the app stores. Note: iOS and Google Play combined. iOS only for China. Excludes third-party Android.
Revenue Opportunities Worldwide In-App Purchase Revenue in Q4 2024 Abound Across iOS and iOS Google Play Google Play Games Non-Games Games Non-Games iOS remained the top platform for IAP monetization 30 B 27.5 B 30 B with 27.5 billion in Q4 2024 compared to just shy of (+15.4%) 12 billion on Google Play. iOS accounted for nearly 25 B $25 B 70% of IAP revenue between the two platforms, though it's worth noting that Google Play is not available in China (the second largest market on iOS). 20 B 20 B While revenue growth was strong across platforms in Q4 2024, iOS also outperformed Google Play by IAP revenue growth (+15.4% YoY for iOS vs. +9.7% for 15 B 15 B +1% 11.9 B $14.3114.31B Google Play). However, Google Play had higher growth $ B 11.2611.26B among non-games (+32 % YoY on Google Play vs. +27 % 10 B B $10 B (+9.7%) on iOS) suggesting that the platform still has plenty of 2B untapped potential. Games had better fortunes on $ $3.693.69B B $ $4.864.86B iOS, achieving 5% YoY growth compared to a 1.6% B decline on Google Play. 5 B 5 B $ $12.5312.53B B $ $13.1513.15B B $ $7.197.19B B $ $7.087.08B 0 0 B Source:Sensor Tower 2023 Q4 2024 Q4 India 2023 Q4 2024 Q4 Brazil Note:iOS and Google Play combined.iOS only for China.Revenue is gross—inclusive 6 of any percent taken by the app stores. Note: iOS and Google Play combined. iOS only for China. Excludes third-party Android.
The 2026 State of Gaming analysis demonstrates a shifting landscape in which mobile gaming remains the largest driver of downloads—approximately 50 billion in 2025—but its growth rate is slowing. Revenue, however, continues to climb as monetization models mature and lifetime value deepens, especially within hybrid‑casual titles that now generate the most incremental income. In contrast, PC and console platforms experience record revenue growth, with Steam’s premium segment up 32 % and blockbuster releases such as Battlefield 6 capturing significant market share from incumbents. Shooter downloads on these platforms have plateaued, suggesting new titles are primarily cannibalizing existing audiences rather than expanding the category. Genre‑specific dynamics reveal that strategy games are the only mobile genre to grow in downloads, driven by 4X titles from Eastern developers. Action and shooter games dominate PC/console gains, while hyper‑casual remains the largest download engine but shows a notable lift in time spent, particularly in Tier 2 markets. Casual titles face declining day‑7 retention, indicating a stickiness challenge that could erode long‑term player value. Live‑ops and acquisition strategies have evolved toward retention‑focused events, multi‑tier season passes, and expedition‑style rewards. These mechanisms now represent the most reliable revenue drivers across competitive genres such as RPG, action, and simulation. Advertising spend remains concentrated on social channels—YouTube, Facebook/Instagram—and high‑attention formats like video, playable, and rewarded ads. Battlefield 6’s pre‑launch spend surpassed Call of Duty titles, leveraging Facebook, Reddit, and desktop display, while its post‑launch strategy pivoted to YouTube with cinematic, celebrity‑hook creatives. Geographically, the U.S. market shows a skew toward lifestyle and puzzle categories despite lower IAP shares, whereas casino titles exhibit higher spend‑to‑revenue efficiency. Overall, the industry is moving from acquisition toward deeper monetization per user, with indie shooters and simulation titles gaining traction amid intense competition in the shooter segment.
The interim filing presents the fourth‑quarter 2025 financial results for a midcore‑casual gaming group, emphasizing a record‑setting revenue run and the successful execution of a transformation agenda that includes the integration of the Plarium acquisition and the rollout of a new district structure in early 2026. Revenue reached SEK 3,123 million, reflecting 108 % organic growth year‑on‑year and a 25 % increase on a constant‑currency basis, while adjusted EBITDA rose to SEK 717 million, delivering a 23 % margin that matches the full‑year figure. Unlevered free cash flow amounted to SEK 878 million, with a cash‑conversion rate of 66 % and a leverage ratio of five times EBITDA, underscoring robust liquidity and disciplined capital management. User‑acquisition spending accelerated, representing 38 % of quarterly revenue—up from 37 % in the prior quarter—and grew 76 % on a reported basis, driven by heightened investment in original studios, new casual titles, and the racing franchise. The direct‑to‑consumer channel expanded by 600 basis points to 32 % of total revenue, reflecting a strategic shift toward higher‑margin in‑app purchases. Across the fiscal year, the company posted a 9 % organic revenue increase, with word‑games, racing, and RAID franchises delivering the strongest quarter‑end performance. Operating cash flow for the quarter stood at SEK 840 million, while adjusted net income was SEK 1,390 million, translating to an adjusted EPS of SEK 11.33. The financial outcomes exceed guidance and position the firm to meet its medium‑term outlook, with a pre‑IPO study for PlaySimple concluded and the midcore transformation progressing as planned.
A well‑designed in‑game offer system is presented as the most potent driver of lifetime value and average revenue per paying user. By integrating a limited set of synergistic offer types—login bonuses, triggered prompts, endless streams, “1 + X” bundles, battle‑passes, stamp‑cards, and curated bundles—and optimizing their frequency, timing, pricing, segmentation, and economic balance, developers can achieve conversion rates as high as ninety‑six percent on login offers and lift repeat‑purchase value by roughly twenty percent through endless offers. Conversion is shown to be a function of repeated exposure rather than a single impression; players typically require about seven viewings before taking action. The most effective moments to surface offers are at login, during “out‑of‑currency” events, after level failures, or in high‑momentum gameplay phases. A dynamic, tiered pricing ladder that escalates after each purchase and regresses after periods of inactivity—exemplified by a seven‑tier structure ranging from under one dollar to ninety‑nine dollars—enables precise alignment with player spend propensity while avoiding both under‑monetization of high‑potential users and alienation of low‑spenders. Segmentation must extend beyond basic recency and frequency metrics to incorporate geographic tier, acquisition source quality, and player progression. Lower‑tier regions demand adjusted price ladders and reduced offer frequency, whereas high‑quality acquisition channels justify more complex bundles. Early‑game players respond best to inexpensive, simple offers, while mid‑ and late‑game users can be presented with higher‑value packages. Anchoring the entire shop around a stable, low‑priced entry pack establishes a reference point that shapes perceived value across all offers. Collectively, these principles apply to mobile and casual games operating globally, reflecting current industry practices and data from recent case studies. Implementing the outlined framework promises measurable improvements in monetization efficiency, player satisfaction, and overall revenue performance.
Mobile gaming has become the dominant engine of the global video‑game market, now accounting for more than half of total industry revenue and projected to exceed $126 billion in 2025, with an overall forecast of $150 billion for the segment. The surge is driven by unprecedented user engagement—4.2 trillion hours of app usage in 2024—and a rapid shift toward direct‑to‑consumer (D2C) commerce following the April 2025 court order in Epic Games v. Apple, which obliges iOS platforms to permit external web‑shops and allows developers to retain up to 95 % of transaction value. Early adopters report revenue recoveries measured in millions and a 60 % increase in user engagement for high‑volume titles. Regulatory reforms across the EU, United States, Japan, South Korea and China are dismantling traditional app‑store monopolies, mandating alternative storefronts, transparent odds disclosure and the elimination of hidden fees. Despite tighter oversight, the mobile ecosystem remains robust, with the United States generating roughly $52 billion in in‑app‑purchase sales, while emerging markets in Latin America, Southeast Asia and Saudi Arabia expand the geographic footprint. Hybrid monetisation—combining in‑app purchases, advertising and subscriptions—is employed by 72 % of developers and now represents about three‑quarters of mobile revenue; live‑ops‑driven hybrid‑casual titles are delivering a 30 % year‑over