Voodoo: Size, Valuation, Revenue & Games

Key insights

7 takeaways

01
Voodoo generated €623 million in total revenue in 2024, with in-app purchases (IAP) contributing $94 million of that total.
02
The company is actively transitioning from a hyper-casual model to a hybrid-casual strategy, aiming for deeper player engagement and higher monetization per title.
03
IAP revenue has grown significantly, rising from $15.5 million in 2022 to $94 million in 2024, though advertising remains the primary revenue driver at approximately 85% of total earnings.
04
Voodoo acquired the social app BeReal in 2024 for €500 million, signaling a strategic shift toward becoming a broader entertainment and social media company.
05
The company maintains a valuation of approximately €1.7 billion, supported by major investments from Goldman Sachs, Tencent, and Groupe Bruxelles Lambert (GBL).
06
Voodoo employs roughly 750 people across a global network of offices, including headquarters in Paris and additional locations in Berlin, Istanbul, Montreal, and Asia.
07
The company leverages its massive historical download volume to fuel cross-promotion, allowing it to market new titles directly to its existing user base.

Summary

Voodoo is a prominent Paris-based mobile game developer and publisher that has achieved significant global scale since its founding in 2013. The company is recognized for its foundational role in popularizing the hyper-casual genre, characterized by simple, addictive mechanics and massive download volumes. With over 8.6 billion lifetime downloads, Voodoo has evolved its business model to include hybrid-casual titles, which integrate deeper progression systems and monetization features to improve long-term player engagement.

The company maintains a robust global presence with approximately 750 employees across offices in Europe, North America, and Asia. Its financial growth has been supported by strategic investments from firms such as Goldman Sachs, Tencent, and Groupe Bruxelles Lambert, with valuations reaching approximately €1.7 billion by 2021. Voodoo’s revenue streams are diversified; while advertising remains the primary source of income, in-app purchase revenue has grown significantly, rising from $15.5 million in 2022 to $94 million in 2024. Total company revenue reached €623 million in 2024.

Voodoo’s operational success relies on a rigorous methodology of rapid prototyping and data-driven user acquisition. By testing hundreds of game concepts annually against strict retention and cost-per-install benchmarks, the company efficiently scales high-performing titles. This strategy is complemented by an extensive publishing ecosystem, with roughly 75% of its releases originating from over 2,000 external partner studios.

Looking forward, Voodoo is positioning itself as a broader entertainment company. This transition is evidenced by the 2024 acquisition of the social app BeReal for €500 million, signaling a strategic expansion into non-gaming consumer applications. By leveraging its expertise in user acquisition and live operations, the company aims to build a sustainable, diversified portfolio that balances its legacy in mobile gaming with new opportunities in social engagement.