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User Acquisition

Hyper-Casual Benchmark Report Q3 2022

The hyper-casual gaming landscape continues to evolve as developers navigate shifting attribution models and monetization strategies. Analysis of the sector reveals that advertising remains the primary revenue driver, with a heavy reliance on high-volume user acquisition and optimized ad mediation. Data from 2021 and 2022 indicates that the top-performing ad networks for hyper-casual titles are those capable of delivering massive scale at low costs per install, while simultaneously providing robust monetization tools to capture value from short-lived player lifecycles. Geographic trends show a significant concentration of activity in established markets, though emerging regions are increasingly contributing to the global install base. The industry segments covered include both Android and iOS platforms, with a specific focus on how privacy changes have impacted attribution and marketing efficiency. Statistics suggest that while the cost of acquiring users has fluctuated, the most successful publishers are those utilizing sophisticated data analytics to balance spend across a diverse range of ad networks. Methodological insights derived from industry benchmarks highlight the importance of real-time data processing and cross-platform tracking. By examining the performance of the top ten ad networks, it becomes clear that market leadership is defined by the ability to integrate seamlessly with attribution partners. The findings conclude that the hyper-casual market remains resilient, provided that developers adapt to the technical requirements of modern mobile advertising and maintain a rigorous focus on retention metrics and effective ad placement strategies.

market-analysis monetization user-acquisition+3

TenjinSept 2022

Report

Store Intelligence Data Digest: Q1 2022

Global app downloads reached 36.9 billion in the first quarter of 2022, representing a 1.4% year-over-year increase. This period marked a significant milestone for TikTok, which surpassed 3.5 billion all-time downloads to become the top global app, while Meta reclaimed its position as the leading publisher for the first time in two years. Although Google Play growth began to flatten as pandemic-era surges subsided, the mobile gaming sector showed signs of recovery with total downloads reaching 14.34 billion across both major storefronts. India remained the largest market for total downloads, while Vietnam and Pakistan emerged as high-growth regions with year-over-year increases exceeding 20%. Market dynamics were heavily influenced by viral trends and macroeconomic shifts. The "Wordle" phenomenon revitalized the word game sub-genre, driving a 74% quarter-over-quarter increase in U.S. downloads and prompting major publishers like AppLovin and Rovio to acquire similar titles. Simultaneously, high inflation and rising fuel costs triggered a 1,500% spike in demand for gas-tracking apps like GasBuddy in the United States. In the entertainment sector, the U.S. video streaming market continued to fragment; the market share of the top three apps plummeted from 80% in 2019 to just 37% as newer platforms like HBO Max and Disney+ gained traction through major content releases and live sports. The competitive landscape remains dominated by established giants, yet regional variations persist. While Meta and Google maintained a stronghold in Western markets, shopping apps like Shopee saw massive adoption in Asia, where Google Play shopping installs surged by 63%. In the gaming sector, Garena Free Fire maintained its global lead, particularly in Asia, while Subway Surfers experienced a notable 45% growth resurgence in Europe. These findings illustrate a maturing global app economy where growth is increasingly driven by specific regional demands, viral social trends, and shifting consumer priorities in response to economic pressures.

market-analysis global mobile+1

Sensor TowerApr 2022

Report

Modern Mobile Consumer 2022: App Discovery Report

The Modern Mobile Consumer 2022: App Discovery Report examines the evolving journey of mobile users from initial app discovery to daily usage and long-term engagement. The primary thesis suggests that the traditional distinction between gamers and non-gamers is increasingly obsolete, as consumer behaviors and attitudes toward advertising are remarkably consistent across different app categories. Findings indicate that mobile gaming has become a universal hobby, with 60% of non-gaming app users playing mobile games daily, tying with social media for the top usage category. Data highlights the dominance of in-app advertising as a discovery tool, with 70% of gaming audiences and 78% of a control group reporting they have downloaded apps after seeing mobile advertisements. While most users maintain over 20 apps on their devices, the majority only engage with five to ten apps daily. To break into this limited rotation, the research suggests that video ads, app store promotions, and interactive formats are the most effective. Furthermore, rewarded ads—traditionally associated with gaming—show broad appeal, with 33% of non-gaming audiences paying more attention to ads that offer in-app incentives. The research methodology involved a large-scale survey of 30,457 respondents conducted in April and May 2022. The sample included 18,894 consumers from gaming apps and 11,563 from non-gaming apps within the ironSource network, supplemented by a 500-person third-party control group to eliminate bias. All participants were verified adults aged 18 or older. The geographic scope is global, focusing on the broader mobile app economy. Conclusions emphasize that successful user acquisition strategies must prioritize interest-based relevance, humor, and rewarded engagement to capture the attention of the modern mobile consumer.

user-acquisition monetization in-game-advertising+3

ironSourceJan 2022

Whitepaper

Mobile Game Advertising Ultimate Guide: 2022

The global mobile gaming landscape in 2022 reflects a period of stabilization and strategic evolution following the rapid growth seen in previous years. Market analysis indicates a significant shift in advertiser behavior, with a 17.5% year-over-year increase in the total number of mobile game advertisers, reaching approximately 160,000 globally. However, while the volume of advertisers has grown, the average duration of creative materials has shortened, suggesting a more competitive and fast-paced environment where user attention is increasingly difficult to capture. Casual games continue to dominate the market in terms of sheer volume, accounting for nearly 30% of all active advertisers, while hard-core genres like RPGs and SLGs maintain the highest average advertising spend per user due to their high lifetime value. Geographically, North America remains the most expensive region for user acquisition, with average Cost Per Click (CPC) and Cost Per Mille (CPM) rates significantly outstripping those in Southeast Asia and Latin America. Despite these costs, North America and Europe provide the highest return on ad spend for mid-core and hard-core titles. Emerging markets, particularly in Southeast Asia, show the highest growth potential for casual and hyper-casual titles, driven by increasing smartphone penetration and a massive influx of new mobile gamers. Data collected from over 80 global advertising platforms reveals that video ads remain the most effective format, representing over 70% of total creative output, though playable ads are seeing increased adoption for their superior conversion rates in the puzzle and simulation categories. Creative strategies have pivoted toward "misleading" or "minigame" style advertisements to lower acquisition costs, alongside a rising trend in high-quality 3D cinematic trailers for high-budget titles. Successful campaigns increasingly rely on localized content that respects cultural nuances, particularly in the East Asian markets of Japan and South Korea. The integration of live-action influencers and user-generated content styles has also proven effective in building trust and authenticity. Ultimately, the industry is moving toward a data-driven creative approach where rapid iteration and multi-platform testing are essential for maintaining visibility in a saturated digital marketplace.

advertising market-analysis user-acquisition+1

SocialPetaJan 2022

Report

Mobile App Trends 2022

The mobile app industry experienced a period of robust expansion throughout 2021, characterized by $170 billion in consumer spending and $288 billion in advertising expenditures. Despite the implementation of Apple’s App Tracking Transparency framework, the sector demonstrated unexpected resilience as global opt-in rates reached 25%, significantly outperforming initial industry forecasts. This growth was distributed across several key verticals, with fintech and gaming leading the surge in installs at 35% and 32% respectively, while e-commerce maintained steady upward momentum with a 12% increase in downloads. Fintech emerged as a primary driver of engagement, particularly within the asset management and cryptocurrency subverticals. While traditional banking and payment apps maintained the highest share of installs, crypto apps achieved record session lengths exceeding 15 minutes. This heightened engagement occurred alongside a sharp rise in acquisition costs, with effective cost-per-install (eCPI) for fintech apps more than tripling. Consequently, developers are increasingly pivoting toward subscription-based models to ensure long-term profitability and offset the rising price of user acquisition. The e-commerce and gaming sectors mirrored this trend of higher costs paired with increased user value. Although e-commerce retention rates saw a slight decline, total in-app revenue jumped by 46%, driven by longer session durations in marketplace apps. Similarly, the gaming industry saw hyper-casual titles dominate download volumes while adventure and strategy games secured deeper engagement. Across all sectors, the transition toward higher-quality user bases is evident; while it is becoming more expensive to acquire users, those who remain are spending more time and money within apps, making retention and lifetime value the critical metrics for sustained success in a maturing mobile market.

market-analysis user-acquisition retention+2

AdjustJan 2022

Report

Store Intelligence Data Digest: Q2 2022

The global mobile application market experienced a pivotal transition in the second quarter of 2022, characterized by a 2.5% year-over-year decline in total downloads to 35 billion. While Google Play maintained the largest volume with 27.2 billion installs, the most significant development occurred within the United States, where consumer spending on non-gaming applications surpassed gaming revenue on the App Store for the first time. This shift was fueled by a 40% compound annual growth rate in subscriptions, with non-game subscription revenue soaring 129% above 2019 levels. This trend underscores a fundamental change in consumer behavior as 400 non-game titles generated over $1 million in quarterly revenue, signaling a maturation of the subscription economy. The gaming landscape remained highly competitive, led by the resurgence of Subway Surfers, which achieved its best performance since 2014 with over 80 million downloads. While Garena Free Fire continued its dominance on Google Play, particularly in Asia, the quarter was defined by the successful entry of mid-core titles like Apex Legends Mobile and Diablo Immortal. Regional growth was most pronounced in Indonesia, which surpassed 2 billion quarterly downloads for the first time, while the U.S. market saw a resurgence in travel and ticketing sectors as consumers returned to pre-pandemic activities. Publisher dynamics remained concentrated among established giants, with Meta and Google maintaining their global leadership. Meta saw an 11% year-over-year increase in downloads, driven by its ownership of four of the top five most-installed apps worldwide. The industry also witnessed significant consolidation and strategic shifts, notably Take-Two Interactive’s rise to the top of the U.S. gaming market following its acquisition of Zynga, and Miniclip’s acquisition of the Subway Surfers franchise. These movements, combined with the rising influence of domestic publishers in China and the U.S., illustrate a market balancing global scale with localized dominance.

market-analysis global mobile+1

Sensor TowerJan 2022

Report

Mobile App Trends 2022: A Global Benchmark of App Performance

The global mobile ecosystem experienced significant expansion throughout 2021 and into 2022, characterized by record-breaking consumer spending of $170 billion and a projected ad spend of $336 billion. Despite initial concerns regarding privacy changes following the release of iOS 14.5, the industry demonstrated remarkable resilience as App Tracking Transparency opt-in rates reached 25% globally, far exceeding early market expectations. This growth was distributed across key verticals including fintech, e-commerce, and gaming, with mobile e-commerce sales alone reaching $3.56 trillion. The fintech sector emerged as a primary driver of engagement, with installs and sessions rising by 34% and 53% respectively. While traditional banking and payment apps maintain the highest market share, cryptocurrency and stock trading platforms saw the most intense user activity, with session lengths nearly doubling. However, this heightened interest triggered a sharp increase in acquisition costs, with fintech eCPIs rising from $1.05 to $3.40 over the course of a year. Similarly, e-commerce apps saw a 46% surge in in-app revenue despite rising costs and declining retention, signaling a shift where users are spending more money and time per session even as new user acquisition becomes more expensive. Mobile gaming remains the dominant force in the app economy, accounting for 52% of total consumer spend. Global game installs grew by 32%, led by the hyper-casual subvertical, though action and adventure titles commanded the highest levels of engagement and session frequency. While Day 30 retention rates for games nearly doubled to 9%, the industry faces a growing divide between high-volume downloads and long-term stickiness. As user acquisition costs continue to climb across all regions—particularly in LATAM and EMEA—the focus for developers has shifted from pure volume to maximizing lifetime value and implementing sophisticated re-engagement strategies to sustain growth in an increasingly competitive landscape.

market-analysis global user-acquisition+2

AppLovinJan 2022

Report

Mobile Ad Creative Index: 2022

The 2022 Mobile Ad Creative Index analyzes performance trends and benchmarks across four major mobile app verticals: gaming, e-commerce, entertainment, and finance. The report focuses on the strategic importance of ad creative excellence in a privacy-first landscape following Apple’s IDFA changes. It evaluates five primary ad formats—banners, interstitials, playables, native, and video—across both iOS and Android platforms. The findings are based on a massive dataset spanning January 1, 2021, to January 1, 2022, encompassing 805 billion impressions, 12.6 billion clicks, and 200 million installs. Data points indicate that while Android remains more cost-effective, with iOS costs often doubling those of Android for the same formats, specific creative types offer distinct advantages. In gaming, playable ads provide the lowest cost-per-install (CPI) at $1.98, though banner ads deliver the highest return on ad spend (ROAS), reaching nearly 22% by day 30. In the e-commerce and finance sectors, banner ads emerge as the most value-driven format, offering the lowest CPIs and high install-to-action rates. A significant portion of the analysis, supported by GameRefinery and VisualMind technology, examines player motivations. Despite the potential of tailoring creative to specific psychological drivers like "thinking and solving" or "excitement and thrill," the data reveals a massive gap in execution: only 4% of casual game video ads and less than 1% of midcore ads successfully tap into these motivations. The conclusion emphasizes that future performance marketing success depends on "hyper-localization," interactive elements like gamification for non-gaming brands, and iterative creative testing to combat ad fatigue.

advertising in-game-advertising user-acquisition+2

LiftoffJan 2022

Report

The African Mobile Apps Landscape (2021)

The African mobile app market experienced a period of rapid acceleration between Q1 2020 and Q1 2021, driven by a young, mobile-first population and the unique conditions of the COVID-19 pandemic. Analysis of 6,000 apps and 2 billion installs across South Africa, Nigeria, and Kenya reveals that overall app installs grew by 41% during this period. Nigeria led this growth with a 43% increase, while South Africa saw the most immediate surge in downloads following strict lockdown measures. The gaming sector proved particularly resilient, with installs jumping 50% in Q2 2020 as consumers sought home entertainment. This trend extended to monetization, as in-app advertising revenue surged by 167% between Q2 2020 and Q1 2021. Furthermore, in-app purchasing revenue peaked in Q3 2020, accounting for one-third of the year's total revenue. While Android remains the dominant platform with a 54% increase in non-organic installs, iOS also showed growth despite a 21% rise in cost-per-install. Several structural trends define the current landscape, including the rise of fintech apps addressing the needs of unbanked populations and the emergence of super apps that consolidate multiple services to overcome device storage limitations. Despite this progress, challenges remain regarding connectivity, as mobile internet adoption in Sub-Saharan Africa stands at 26%, well below the global average. To succeed, marketers are encouraged to move toward a multi-moment maturity model by integrating durable measurement foundations, focusing on high-value user acquisition, and utilizing remarketing strategies to drive long-term engagement.

market-analysis marketing user-acquisition+2

AppsFlyerJan 2021

Report

Mobile Game Store Asset Optimization Trends 2021

Strategic store asset optimization is a critical driver for increasing conversion rates and reducing user acquisition costs in the mobile gaming industry. Analysis of top-performing publishers reveals that the most successful entities treat app icons, screenshots, and product pages as dynamic marketing tools rather than static assets. This approach is particularly relevant following the release of iOS 15 in late 2021, which introduced Custom Product Pages and Product Page Optimization. These features allow developers to create up to 35 unique landing pages and conduct native A/B testing for up to 90 days, enabling highly targeted campaigns for specific audiences and influencers. Data from major titles illustrates several dominant trends in asset management. Seasonal updates are a primary strategy; for instance, Golf Clash implemented 17 icon changes between 2017 and 2021 to reflect holidays like Halloween and St. Patrick’s Day. Other publishers, such as King and Garena, prioritize brand identity by integrating corporate logos across their entire portfolios to leverage existing brand equity. Furthermore, "forever franchises" like Animal Crossing: Pocket Camp use icon updates to signal anniversaries and live operations events, driving re-engagement among lapsed players. A significant shift in the industry involves the alignment of store assets with high-performing ad creatives. Publishers like Playrix and Nexters successfully utilized "Pull the Pin" advertisements—which often differ from core gameplay—to lower costs per install. To minimize friction and improve conversion, these companies updated their App Store screenshots and icons to match the ad content. While such experimentation was historically more prevalent on Google Play due to its long-standing A/B testing tools, the new iOS 15 capabilities are expected to catalyze similar data-driven optimization strategies across the Apple ecosystem. This analysis utilizes Sensor Tower’s proprietary intelligence platforms to track these trends across global markets and major gaming segments.

app-store-optimization market-analysis user-acquisition+2

Sensor TowerJan 2021

Report

Post-IDFA Mobile Game Advertising Costs: Casual vs Core

The analysis quantifies how Apple’s post‑IDFA privacy updates have reshaped user‑acquisition economics for mobile games, contrasting casual titles with core experiences. By aggregating 13.5 billion programmatic ad impressions from iOS and Android between January 1 2021 and September 30 2021, the study tracks cost‑per‑install (CPI) trends across three intervals—pre‑iOS 14.5, during the iOS 14.5‑14.6 rollout, and post‑iOS 14.6—using Moloco’s proprietary game taxonomy to separate titles into casual and core categories. Casual games experienced a sharp decline in iOS CPI, falling 38 % after the iOS 14.6 release, while Android CPI for the same segment rose modestly by 16 %. In contrast, core games saw iOS CPI surge 78 % and Android CPI increase 36 % over the same period, reflecting intensified competition for a shrinking pool of high‑value, trackable users. The narrowing of the historical iOS‑Android CPI gap for casual titles indicates that Android installs now command comparable monetary value, whereas iOS remains the premium channel for core audiences due to higher in‑app‑purchase conversion rates. Methodologically, the research averages weekly CPI data across the defined date ranges, applying a taxonomy that classifies games by genre and engagement depth, with subcategories overlapping between casual and core groups. Findings suggest that the divergent CPI trajectories are driven by user churn characteristics and lifetime‑value differentials rather than seasonal factors. Strategic recommendations emphasize diversifying media spend, allocating budget to campaigns optimized for return‑on‑ad‑spend, and leveraging machine‑learning‑based bidding to mitigate volatility. These practices aim to preserve profitability amid the evolving privacy‑driven market dynamics for both casual and core mobile game publishers.

advertising user-acquisition market-analysis+2

MolocoJan 2021

Report

Casual Gaming Apps Report: The State of Play in 2021

The casual gaming sector experienced significant growth and volatility between March 2020 and February 2021, driven largely by shifting consumer habits during the COVID-19 pandemic. While mobile gaming spend surged to nearly triple that of PC and console platforms, the market became increasingly competitive. Analysis of 246 million installs across 416 apps reveals that while the audience for casual titles is massive, the cost to acquire these users has risen sharply. The average cost-per-install (CPI) for casual games increased by 45.2% year-over-year to $1.96, while return-on-ad-spend (ROAS) saw a corresponding decline, dropping 7.5 percentage points to 29.6% by Day 30. Market dynamics vary significantly by sub-genre and platform. Lifestyle games emerged as the most expensive to acquire at $2.57 per install but offered the highest engagement, yielding a Day 7 ROAS of 22.5%, which far outperforms Puzzle and Simulation categories. Platform trends indicate a strategic shift toward Android, where CPIs surged by 120% as marketers prepared for privacy changes on iOS. Despite this, iOS remains the more expensive platform, with an average CPI of $4.30 compared to $1.15 on Android. Geographically, North America remains the most expensive region for user acquisition, while APAC and EMEA offer more cost-effective opportunities. Countries such as France, Germany, and South Korea are highlighted as high-performance markets with relatively low CPIs and strong ROAS. To combat rising costs and diminishing returns, the findings suggest a heavy reliance on creative experimentation, particularly through playable ads, which saw a 113% increase in usage. The data indicates that success in the current landscape requires balancing localized strategies with high-engagement ad formats to convert increasingly distracted global audiences.

market-analysis global mobile+2

LiftoffJan 2021

Report

Mobile Games in 2021: The Most Notable Trends and Releases

The mobile gaming landscape in 2021 was defined by a significant shift toward cross-platform integration and the continued dominance of the hypercasual genre. As hardware capabilities improved, major publishers increasingly focused on bringing high-fidelity experiences to mobile devices, narrowing the technical gap between handheld and console gaming. This transition was marked by the successful launch of several high-profile intellectual properties that utilized sophisticated monetization models, such as battle passes and limited-time events, to maintain high player retention rates throughout the year. Market data indicates that global consumer spending on mobile games reached record highs, driven largely by the Asia-Pacific region and a surge in social-competitive titles. The industry saw a marked increase in the popularity of "meta-layers" within casual games, where developers integrated RPG elements or narrative progression into traditional puzzle mechanics to deepen engagement. Furthermore, the implementation of new privacy regulations regarding data tracking forced a strategic pivot in user acquisition, leading many studios to prioritize organic brand building and community management over traditional targeted advertising. Technological advancements in cloud gaming and 5G connectivity also began to influence development cycles, allowing for more complex multiplayer interactions and reduced latency. While the hypercasual segment remained the leader in total downloads, the mid-core and hardcore segments saw the most substantial growth in revenue per user. By the end of the year, the industry had solidified its position as the primary driver of the global games market, characterized by a diverse ecosystem that balanced accessible, short-session gameplay with deep, immersive experiences designed for long-term monetization.

market-analysis monetization user-acquisition

AppMagicJan 2021

Report

Mobile Game Video Ads Analysis: Optimal Video Lengths and End Cards

This analysis examines the relationship between video ad length, end card formats, and campaign performance across five major mobile gaming genres: Hyper-Casual, RPG, Strategy, Puzzle, and Social Casino. By evaluating 3.7 billion in-app video ad impressions and subsequent installs via the Vungle platform, the study establishes creative benchmarks using a proprietary Power Index to measure efficacy. The findings suggest that as the industry moves toward a post-IDFA environment with limited user-level data, marketers must prioritize creative optimization and mass-appeal strategies to drive engagement. The data reveals distinct audience preferences for each genre. Social Casino players favor efficiency, responding best to 10-second ads paired with standard static end cards. Puzzle and Strategy games both see peak performance when utilizing app store end cards that provide a direct path to download, though their optimal video lengths differ at 22 seconds and 33 seconds, respectively. Conversely, genres with deeper gameplay loops require more extensive creative storytelling. Hyper-Casual games perform best with 37-second ads and video end cards, while RPGs benefit from the longest engagement times, peaking at 46 seconds with looping video end cards to showcase aesthetic and narrative depth. The scope of the research covers a global audience of over one billion unique devices, focusing on the structural elements of ad creatives rather than specific visual content. The methodology filters out low-performing impressions to ensure the Power Index accurately reflects the most successful format pairings. Ultimately, the findings conclude that aligning ad duration and post-roll interactive elements with genre-specific player expectations is essential for maximizing return on ad spend in an increasingly competitive mobile marketplace.

market-analysis in-game-advertising user-acquisition+2

LiftoffJan 2021

Report

Mobile Gaming Apps Report: 2019 User Acquisition Trends & Benchmarks

The 2019 mobile gaming landscape is defined by a period of unprecedented consumer spending, with gaming apps accounting for 74% of total app store revenue. While the market continues to expand, user acquisition costs have escalated, reaching an average of $35.42 to acquire a single paying user. This environment necessitates a strategic approach to platform and regional selection, as Android currently offers a more cost-effective reach than iOS. Seasonal trends also play a critical role in performance, with the third quarter emerging as a peak period for high conversion rates and optimized acquisition costs. Geographically, the market presents a stark contrast between established and emerging territories. North America, Japan, and South Korea remain the most expensive regions for acquisition but continue to lead in long-term retention and in-app purchase revenue. Conversely, Russia, Brazil, and the broader EMEA region offer high-value opportunities characterized by lower registration costs and strong initial conversion rates. While these emerging markets provide a lower barrier to entry, they often struggle with deep-funnel engagement and monetization compared to the high-yield but competitive Asian and North American markets. Genre-specific data reveals that Social Casino and Hyper Casual games are the primary drivers of early engagement, with Social Casino apps achieving a category-leading 14.3% install-to-purchase conversion rate despite high acquisition costs. Hyper Casual games have solidified their position through ad-supported models and high Day 1 retention, effectively targeting non-traditional gamers in markets like Colombia and Turkey. Meanwhile, Midcore and Strategy titles demonstrate the greatest potential for long-term revenue and sustained engagement, particularly within the EMEA region, where they outperform North American benchmarks in conversion efficiency.

user-acquisition retention monetization+2

NewzooJan 2019

Financial

Financial Results for the Third Quarter of the Fiscal Year Ending on June 30, 2011

This financial report details the performance of GREE, Inc. for the third quarter of the fiscal year ending June 30, 2011. The primary thesis centers on the company’s successful transition into the smartphone market and its aggressive international expansion strategy. During this period, the company solidified its position as Japan’s leading social networking service (SNS), surpassing 25 million members. Financial results show significant growth, with net sales reaching 16,372 million yen, a 77% increase year-over-year, and operating profit rising 56% to 8,199 million yen. The company maintained a high operating profit margin of 50%, driven by the monetization of original games and the expansion of the GREE Platform. The scope of the report covers domestic operations in Japan and initial global forays during the January to March 2011 period. Data indicates that while the Tohoku Region Pacific Coast Earthquake caused a momentary dip in user activity, the overall impact on performance was minimal. Demographic data reveals a balanced user base, with 48% of members aged 30 and above, a segment noted for higher average monthly payments. The methodology for these findings relies on consolidated financial statements, which were introduced for the first time this quarter, alongside internal user registration and engagement metrics. Strategic conclusions emphasize a shift toward a global "ecosystem" reaching over 800 million users through alliances and acquisitions. Key developments include the acquisition of OpenFeint, which provides a 75 million user base primarily in North America, and a strategic alliance with Tencent in China. To support this growth, GREE established subsidiaries in North America and opened offices in Beijing, Singapore, and London. Future strategies focus on multi-OS compatibility for smartphones, diversifying payment methods, and enhancing the GREE Ad Program to support partner monetization. The report also highlights ongoing commitments to platform safety through 24-hour monitoring and age-restricted functionality.

market-analysis monetization user-acquisition+2

GREEMay 2011

Report

Summary of Main Supplementary Explanations Questions and Answers: FY2025 Second Quarter GREE Results Briefing

The briefing outlines GREE’s performance and strategic outlook for FY2025 Q2, focusing on game releases, existing title dynamics, and the VTuber business. Pre‑registration for “Puella Magi Madoka Magica Magia Exedra” surpassed 500,000 by January 31, exceeding expectations and reinforcing confidence in the IP’s strong fan base. The company maintains an annual release cadence for new titles, but schedules are determined independently per project; delays in one title do not cascade to others. Existing flagship games such as *Heaven Burns Red* and *That Time I Got Reincarnated as a Slime: ISEKAI Memories* have experienced a deceleration in decline rates after three years, indicating sustained player engagement. In the VTuber segment, sales growth is driven by talent merchandise, live music events, and seasonal participation in Winter Comiket. Revenue has turned profitable as variable costs align with sales, while one‑time expenses—primarily 3D model production for new and returning talents—have increased quarterly, contributing to larger losses. Management anticipates that expanding the talent roster will stabilize one‑time costs and enhance profitability. Looking ahead, GREE projects monthly profitability in FY2026 with annual VTuber sales near ¥3.0 billion, followed by accelerated growth targets. The briefing underscores a balanced approach to new title development, sustained performance of legacy games, and a focused strategy for scaling the VTuber business while managing cost structures.

market-analysis game-publishing user-acquisition+2

GREE

Report

Q4 2025 Investor Presentation

The Q4 2025 investor presentation details a period of record financial performance for the company, characterized by significant revenue growth and successful strategic integration. The primary thesis centers on the company’s transformative year, highlighted by the successful consolidation of Plarium and a shift toward a midcore gaming focus. For the fourth quarter of 2025, the company achieved net sales of SEK 3,123 million, representing an 8% organic growth rate and a 108% increase in constant currency year-over-year. Adjusted EBITDA reached SEK 717 million, maintaining a 23% margin, while unlevered free cash flow totaled SEK 878 million with a 66% conversion rate. The scope of the report covers the global gaming operations of the company throughout the 2025 fiscal year, with specific emphasis on the fourth quarter. Key operational findings indicate that user acquisition (UA) spending rose to 38% of revenue in Q4, a 98% year-over-year increase in constant currency, largely driven by the integration of Plarium and the scaling of casual and racing franchises. Revenue streams showed a notable shift, with direct-to-consumer contributions rising 600 basis points to 32% of the total. Franchise performance was bolstered by strong results in the racing and word game segments, which saw year-over-year growth of 43% and 28%, respectively. Methodologically, the financial data is presented on a reported basis, with constant currency adjustments applied to isolate organic growth trends. The report incorporates full-year 2025 figures and highlights the impact of the Plarium acquisition, which was integrated into the group starting in February 2025. Looking ahead, the company concludes the period with a stable leverage ratio and a new organizational structure, positioning itself for continued midcore expansion and the potential public offering of its PlaySimple division.

market-analysis monetization user-acquisition+5

Modern Times Group

Report

Summary of main questions and answers at the FY2019 Second Quarter GREE results briefing held on February 4, 2019 PDF

The briefing focused on the performance and strategic outlook of GREE’s flagship title “Another Eden” following its overseas launch on January 29, 2019. Early sales data indicate a strong start abroad, with overseas user numbers already surpassing domestic figures. The company attributes this success to effective advance marketing and anticipates that limited overseas development costs—primarily translation—will translate into significant profit contributions. Marketing hypotheses for each target region were validated by current sales trends, confirming that the user profiles initially targeted align with actual players. In addressing future profitability, GREE disclosed a planned divestiture of unprofitable titles. The company estimates that this will reduce third‑quarter sales by several hundred million yen but will have a negligible impact on operating income, as overseas gains from “Another Eden” are expected to offset declines in existing titles. Concurrently, investment in new game development will increase, particularly during later production phases when outsourced labor and content creation intensify. Advertising spend is projected to remain flat domestically while allocating several hundred million yen for overseas promotion of “Another Eden.” A one‑time accounting adjustment in the first quarter, where variable costs were misclassified as overseas rather than domestic, was corrected in the second quarter. GREE clarified that this revision is isolated and will not recur. Overall, the briefing outlined a strategy of leveraging overseas market penetration to drive profitability while managing development and marketing expenditures in alignment with projected sales trajectories.

market-analysis game-publishing marketing+4

GREE

Report

Q3 2025 Investor Presentation

The third quarter of 2025 reflects a period of robust financial performance and strategic expansion for the organization, characterized by significant organic growth and the successful integration of recent acquisitions. The company reported net sales of SEK 2,987 million, representing a 126% increase in constant currency compared to the previous year. This growth was underpinned by a 15% organic growth rate, driven primarily by strong performance in key franchises, including PlaySimple and Warhammer 40,000: Tacticus, alongside effective live-ops execution for RAID: Shadow Legends. Profitability remained strong, with an adjusted EBITDA of SEK 675 million, resulting in a 23% margin. The company demonstrated healthy cash generation, achieving a 60% unlevered cash conversion rate during the quarter. User acquisition (UA) investment intensified significantly, with a 37% year-over-year increase in spending for original studios and a 120% increase for the total group in constant currencies, reflecting a strategic focus on scaling both midcore and casual gaming segments. The scope of these results encompasses the company’s global gaming operations, with data presented in Swedish Krona and adjusted for constant currency impacts. The financial reporting reflects the consolidation of Plarium, which has been a primary driver of revenue growth throughout the year. Based on these results, the company has raised its full-year 2025 outlook, now targeting organic growth of 7% to 9% and total reported revenue between SEK 11.4 billion and 11.7 billion. The organization remains well-positioned to maintain its current trajectory, supported by disciplined financial leverage and continued investment in high-performing game titles.

market-analysis monetization user-acquisition+3

Modern Times Group