RAID: Shadow Legends
10 documents in the library are about RAID: Shadow Legends, from writers such as Modern Times Group, GameRefinery and Game World Observer, the newest from 2026. Each has a summary and key insights with the page they come from.
Battle your way through a visually-stunning realistic fantasy RPG with hundreds of Champions from 16 playable factions. To save the world of Teleria, you will recruit its most legendary warriors from the forces of Light and Darkness. You must train them to fight together, mold them into living weapons, and assemble the greatest raiding party ever seen.
- Released
- Jul 29, 2018
- Developer
- Plarium Games
- Genres
- Role-playing (RPG), Strategy, Turn-based strategy (TBS)
- Platforms
- Android, PC (Microsoft Windows), iOS
- Links
- Official site, Wikipedia
Game data from IGDB.com
Key figures
MTG reported Q2 2026 net sales of SEK 2,965 million, reflecting a 5% year-over-year organic revenue increase driven by RAID: Shadow Legends and the PlaySimple portfolio.
Modern Times Group, 2026 · Q2 and H1 2026 Performance Report, p. 2
RAID: Shadow Legends has generated approximately $1.2 billion in total lifetime revenue since its 2018 launch, with 61% of earnings originating from the United States.
Udonis, 2025 · RAID: Shadow Legends: Revenue, Player Count & More
The $659 million acquisition of Plarium Global Ltd significantly expanded MTG's mid-core mobile gaming portfolio, with RAID: Shadow Legends and Warhammer 40,000: Tacticus serving as primary revenue drivers.
Modern Times Group, 2025 · Q3 2025 Interim Report: Modern Times Group MTG AB, p. 23
Plarium’s flagship RPG, RAID: Shadow Legends, serves as the core asset, having generated $2.3 billion in lifetime revenue.
Modern Times Group, 2024 · MTG Acquires Plarium: Investor Presentation, p. 12
Documents about RAID: Shadow Legends
Q2 and H1 2026 Performance Report
The Q2 and H1 2026 performance report for MTG highlights a period of stable organic growth and strong operational efficiency.
- MTG reported Q2 2026 net sales of SEK 2,965 million, reflecting a 5% year-over-year organic revenue increase driven by RAID: Shadow Legends and the PlaySimple portfolio.
- The Casual segment is the primary growth engine, achieving 29% organic growth and SEK 736 million in revenue, compared to 1% organic growth and SEK 2,230 million in the Midcore segment.
- User acquisition (UA) spend reached SEK 1,163 million, representing 39% of total revenue and a 15% year-over-year increase in constant currency to support titles like Crossword Go and Tile Match.
MTG Q1 2026 Investor Presentation
MTG’s Q1 2026 investor presentation outlines a period of strong financial performance, characterized by organic growth and improved profitability across its gaming portfolio.
- MTG reported Q1 2026 net sales of SEK 3,159 million, representing 14% year-over-year pro forma growth and marking the company's sixth consecutive quarter of organic growth.
- Adjusted EBITDA reached SEK 802 million with a 25% margin, while the company maintained an unlevered free cash flow conversion rate of 78% over the last twelve months.
- The Casual District segment achieved 29% organic year-over-year growth, driven by the scaling of new titles like Crossword Go and Tile Match, while the Midcore District grew 10% pro forma.
Q3 2025 Interim Report: Modern Times Group MTG AB
Modern Times Group achieved robust financial results in the third quarter of 2025, characterized by 15% organic growth and a 23% adjusted EBITDA margin.
- MTG achieved 15% organic growth and SEK 2,987 million in net sales during Q3 2025, marking a 126% increase in constant currency.
- The $659 million acquisition of Plarium Global Ltd significantly expanded MTG's mid-core mobile gaming portfolio, with RAID: Shadow Legends and Warhammer 40,000: Tacticus serving as primary revenue drivers.
- The company reported an adjusted EBITDA of SEK 675 million for the quarter, representing a 23% adjusted EBITDA margin.
RAID: Shadow Legends: Revenue, Player Count & More
RAID: Shadow Legends serves as a primary case study for the efficacy of aggressive, scale-first user acquisition strategies within the mid-core mobile RPG sector.
- RAID: Shadow Legends has generated approximately $1.2 billion in total lifetime revenue since its 2018 launch, with 61% of earnings originating from the United States.
- The game currently maintains an active player base of approximately 1.2 million monthly active users (MAU) and 300,000 daily active users (DAU) as of 2025.
- Monthly revenue for the title currently ranges between $11 million and $13 million, reflecting a gradual downward trend from its peak performance.
Annual and Sustainability Report 2024
Modern Times Group (MTG) concluded the 2024 fiscal year as a focused European mobile gaming entity, reporting net sales of SEK 6,015 million, representing a 3% currency-adjusted growth.
- MTG finalized the acquisition of Plarium Global Ltd in early 2025, significantly scaling its mid-core gaming capabilities and adding the flagship title RAID: Shadow Legends to its portfolio.
- The company reported 2024 net sales of SEK 6,015 million, reflecting 3% currency-adjusted growth, alongside an adjusted EBITDA of SEK 1,666 million and a net loss of SEK 210 million.
- MTG maintains a strong financial position with SEK 3,543 million in cash and equivalents and zero utilized external debt, supporting a strategy of active share buybacks and evergreen franchise investment.
MTG Acquires Plarium: Investor Presentation
Modern Times Group is acquiring mobile game developer Plarium for $620 million, a strategic move designed to establish the combined entity as a top-10 mobile gaming developer in the Western market.
- Modern Times Group is acquiring mobile developer Plarium for $620 million, with the transaction expected to close in Q1 2025.
- The deal is valued at an enterprise value to adjusted EBITDA multiple of less than 4.5x and is projected to double the company's adjusted EBITDA and free cash flow.
- Plarium’s flagship RPG, RAID: Shadow Legends, serves as the core asset, having generated $2.3 billion in lifetime revenue.
Analyst Bulletin: Mobile Game Market Review January 2023
The January 2023 mobile game market review identifies emerging trends in monetization and game design across major global markets, specifically the United States, China, and Japan.
- Mobile game publishers are increasingly adopting out-of-app monetization to bypass platform fees, exemplified by RAID: Shadow Legends introducing a loyalty point system that rewards players for purchases made via its PC/Mac client.
- Battle pass innovation is a primary 2023 trend, with titles like Mobile Legends: Bang Bang, Gossip Harbor, and Free Fire implementing new or updated battle pass structures to drive engagement.
- Eggy Party has emerged as a top-three grossing game in the Chinese iOS market, demonstrating the continued commercial viability of Fall Guys-style clones.
RAID: Shadow Legends Becomes New Dollar Unicorn on Mobile Games Landscape
The mobile role-playing game RAID: Shadow Legends has reached a significant financial milestone, surpassing $1 billion in lifetime revenue.
- RAID: Shadow Legends has surpassed $1 billion in lifetime revenue within three years of its 2019 global launch.
- The game generated approximately $155 million in the first half of 2022, ranking as the 12th highest-grossing mobile RPG globally.
- Within the squad RPG subgenre, the title currently holds the position of the second-highest revenue generator.
The Israeli Mobile Game Market Report (2022)
The Israeli mobile game market reached approximately $9 billion in 2021, driven by more than 200 companies and 14,000 employees.
- The Israeli mobile game market reached approximately $9 billion in 2021, supported by over 200 companies and 14,000 employees.
- Flagship titles demonstrate massive scale: Coin Master generated $1.3 billion in 2021 with 2,500 daily creatives, while RAID: Shadow Legends surpassed $700 million in revenue and 50 million downloads.
- Casual, puzzle, and hyper-casual games now account for one-third of global mobile game advertising spend, bolstered by pandemic-era growth in user acquisition.
RAID: Shadow Legends – A Player Perspective
This analysis examines the core monetization and engagement mechanics of the mobile turn-based RPG RAID: Shadow Legends from a player’s perspective.
- Player progression in RAID: Shadow Legends is fundamentally gated by energy, which is required for all grinding activities and must be frequently replenished via gems or limited-time IAP offers.
- The game utilizes a multi-battle mechanic that allows up to 30 automated runs per day, with optional paid packages available to increase this capacity to 100 runs, further accelerating energy consumption.
- Champion power is driven by a complex upgrade loop involving rank-ups (requiring champion sacrifices or 'chickens'), ascension via affinity-specific potions, and the application of stat-boosting glyphs and masteries.