SOCIAL NETWORK GAME DEVELOPMENT INDUSTRY 20 OCTOBER 2025_EN

RECENT NEWS

INDUSTRY NEWS

Pocket Gamer–General Intuition Raises $134m to Train AI Agents Using Gameplay Videos – 17/10/25

AI platform General Intuition has raised $134 million in seed funding to train artificial intelligence agents in spatial reasoning using video game clips. Khosla Ventures and General Catalyst led the seed round with participation from Raine. The company will use the funds to expand its team and develop an AI agent for real-world use, starting with games and rescue drones. ( https://www.pocketgamer.biz/general-intuition-raises-134m-to-train-ai-agents-using-gameplay-videos/ )

Gamesindustry.biz – 12 Welsh game studios secure $775,000 in funding to help develop "innovative games and immersive experiences" – 21/10/25

Twelve game studios in Wales have secured over £580,000 ($771,000) in funding to develop new games and immersive experiences for commercial release. Creative Wales’ Games Development Fund awarded between £10,000 ($13,300) to £50,000 ($66,500) per project to support new game concepts. The programme supports innovative game ideas with strong market plans, helping studios achieve sustainable growth and long-term success.   ( https://www.gamesindustry.biz/12-welsh-game-studios-secure-775000-in-funding-to-help-develop-innovative-games-and-immersive-experiences )

Pocket Gamer – Pax Animi Games Raises $250,000 to Expand Mobile Operations – 22/10/25

Istanbul-based mobile studio Pax Animi Games has secured $250,000 to scale its current titles. The studio will use the funds to scale its titles, enter new markets, and enhance its tech stack. The investment round was led by Turkish-based VC fund Entertech Birinci Girişim Sermayesi Yatırım Fonu and managed by Yapı Kredi Portföy Yönetimi A.Ş. in partnership with Entertech İstanbul Teknokent. ( https://www.pocketgamer.biz/istanbul-based-pax-animi-games-raises-250000-to-expand-mobile-operations/ )

COMPANY NEWS

Jam City – Jam City, Inc. Launches Disney Magic Match 3D Worldwide – 09/10/25

Leading mobile entertainment studio Jam City announced the worldwide launch of Disney Magic Match 3D, an enchanting new casual game developed in collaboration with Disney and Pixar Games. Now available for download on iOS and Android. ( https://www.jamcity.com/jam-city-inc-launches-disney-magic-match-3d-worldwide/ )

Pocket Gamer – Saudi Esports Federation Signs MoU with Riot Games to Boost Saudi Arabia’s Games and Esports Ecosystem– 20/10/25

The Saudi Esports Federation has signed an MoU with Riot Games to strengthen Saudi Arabia’s games and esports development. The partnership aims to empower young gamers, strengthen local communities, and expand opportunities for players, creators, and fans across the Kingdom and beyond. ( https://www.pocketgamer.biz/saudi-esports-federation-signs-mou-with-riot-games-to-boost-saudi-arabias-games-and-esports-ecosystem/ )

EA – EA SPORTS & NFL Expand Partnership to Power the Future of Interactive Football – 22/10/25

Electronic Arts, EA SPORTS™ and the National Football League announced an expanded, multi-year exclusive agreement to grow American football worldwide. Under the partnership, EA SPORTS and the NFL will continue to drive innovation and expansion of the celebrated Madden NFL franchise, which will continue as the exclusive action simulation game for NFL football. The partnership will also support new content and experiences in EA SPORTS™ College Football, as well as entirely new, large-scale interactive experiences for football fans, built around community, social connection, self-expression and gameplay. ( https://www.ea.com/news/ea-sports-nfl-expand-partnership )

INDUSTRY OVERVIEW

Introduction

Social network gaming refers to the activity of playing games on social media platforms, social networking sites, or within social media applications. The market has evolved, and social gaming is now moving away from desktop/PC to mobile phones. The unique characteristic of social games is its ability to play with connected friends and chat with other players.

The increasing penetration of internet-enabled smartphones is giving a major boost to the social gaming market. The ease of installation and accessibility of social games is a major advantage over traditional games. Also, with the majority of social games being free to play, users need not spend huge money on buying traditional gaming consoles.

Competition with friends and the ease of playing the game on the go are the topmost reasons for gamers to choose social gaming. With the population base accessing social media platforms on the rise, members are likely to find more of their friends online and engage/compete with them. Also, mobile gamers acquired through organic social channels or references have a higher retention rate of as much as 67%. This highlights the value of adding a social layer to apps and games.

More companies operating in the social gaming market are introducing several new games that can be accessed on the go in order to tap this opportunity.

Virtual goods, advertisements, and lead generation offers are the main revenue generation sources of the global social gaming market. Majority of social games follow free-to-play revenue model. In this model, the games are free to download and register and the publisher makes money by selling in-app virtual goods such as power-ups, virtual clothes, extra weaponry etc. The free-to-play model offers two main advantages.

First, it allows flexible price points for customers with different willingness to pay for additional content. The customers can spend exactly as much money as they wish, in contrast to retail games, which commonly have only one price point. Second, it enables a wider range of player segments to access the game.

Social network games are comparatively less challenging than console games and as such they employ different strategies to keep user engaged. The games assign specific goals for users to achieve. As they advance in the game, the goals become more challenging and time-consuming. They also provide frequent feedback on their performance. Every action will translate towards a certain goal that will be used to attain higher gaming capital. Besides this, players are encouraged to earn badges, trophies and accolades which can be shared with connected friends.

Social games are a great way to get acquainted with more people with similar interests and keep in touch with friends. The games not only provide fun and entertainment, but also pave the way to play with more players, invite friends, share rankings on social media etc. The leader board is an important feature of social games which ranks players on their game scores and is a great way to keep the competitive spirit flowing within the friend circle.

Without a doubt, the social gaming market offers huge potential not only for developers but also for organizations looking to reach millions of users to promote their products. Social games are proving to be a great marketing and promotion tools for organizations.

Market Scope

The overall mobile gaming market is experiencing solid growth and is set to become the most preferred choice among gamers worldwide. Consequently, social network gaming, a subset of the broader mobile gaming industry, is set to grow as well. The developers are increasingly getting more focused on developing mobile gaming apps which are free to download, easy to install and embedded with social elements such as inviting friends to play, sharing scores, chat with other players, linking to Facebook account for sharing for scores/screenshots.

The market for social network game is increasing and is likely to continue to grow robustly amid rising internet penetration, higher number of smartphones and increasing user base on social medial platforms. According to reports, Google is planning to launch a social gaming startup under the name “Arcade”. It will be focused on mobile gaming with friends.

Big companies such as Apple and Google have jumped in the mobile game space. Google has launched its instant game service Stadia while Apple launched Apple Arcade, a game subscription service that target platforms like mobile and desktops.

Google has partnered with Electronic Arts to bring marquee games such as Star Wars: Jedi Fallen Order, FIFA and Madden NFL to the Stadia platform. Stadia has also signed up big-name developers such as Konami, Harmonix, and Supermassive to bring exclusive games to the platform.

Another large player in Disney has entered the social gaming space with the acquisition of third largest social gaming publisher Playdom in a deal worth $763 million. In total, Playdom has 42 million active players a month, mainly on Facebook.

Amazon has entered the gaming market with the launch of a cloud gaming platform called Luna as a competitor to Google Stadia and Microsoft xCloud. The service was launched in September 2020.

Newzoo research suggests that the engagement with social games will continue even beyond the pandemic. Newzoo in its recent survey noted that gaming is the most popular leisure activity for American under the age of 50. According to research by the Entertainment Software Association, the US gained 13 million gamers of all ages during the pandemic. Newzoo believes that the social aspects of the games will be even more vital going forward.

The global mobile games market generated $6.6 billion from player spending across the App Store and Google Play in September 2025, a 8% month-on-month decrease, according to Sensor Tower. The United States was the leading market for mobile game revenue globally in September 2025, generating $2.1 billion, which represents 32% of total worldwide revenue. This was followed by China at 15.3% share and Japan at 12% share. For Q2 2025, the global mobile games market generated $19.8 billion from player spending across the App Store and Google Play, according to Sensor Tower. The most profitable genre among games in Q2 2025 was strategy with $4.75 billion (+23% YOY). This was followed by RPGs with $3.62 billion (down 12% YOY) and puzzles with $3.48 billion (up 13% YOY).

The mobile gaming sector is forecast to grow over the long term. Sensor Tower estimates $70 billion of App Store revenue and $47 billion in Google Play revenue by 2026.

As a further validation of the increasing popularity of mobile games, the entire sector is seeing consistent M&A and VC funding activity. Gaming M&A activity increased to 50 deals in Q3’25, the highest count in four quarters. Notable transactions included Aonic’s $250 million acquisition of Prime Insights, KRAFTON’s $96 million purchase of Eleventh Hour Games and DoubleDown’s $76 million deal for WHOW Games.

Private funding was steady in Q3 2025, with 115 privtate financing rounds recorded, according to data from Drake Star. Notable funding rounds in Q3 included - In August 2025, Appcharge, a direct-to-consumer (DTC) monetization / payments platform for mobile game publishers, raised $58 million in a Series B round. The same month India-based gaming company SuperGaming secured $15 million in fresh funding from existing investors. While the funding rounds may be modest, the market projections continue to present a bullish case for the sector. Earlier in Q2 2025, the VC funding in gaming decreased by 47% quarter-on-quarter to $193 million across 60 deals, according to data from Konvoy Ventures. According to Aream and Co’s Video Game Market Update Report, M&A activity was strong in Q2 2025 reaching $6.2 billion led by Scopely’s $3.5 billion acquisition of Niantic’s licensed game portfolio which includes Pokémon Go, Monster Hunter Now and Pikmin Bloom.

An emerging trend has been the use of generative AI in game development. Many studios are already using AI tools. The use of generative AI tools will continue to ramp up to improve efficiencies in the coming years, according to Newzoo.

Mobile Gaming Exceeds PC Gaming Revenues

Newzoo noted that the worldwide gaming market will generate $188.9 billion in 2025, up 3.4% YOY. Of which, $103.1 billion of spending is expected to take place on mobile & tablets, while $45.9 billion is expected on console and $39.9 billion on PC. Mobile gaming is expected to account for more than half of the global games market. The market is expected to surpass $200 billion by 2027, growing at a CAGR of 3.3% during 2024-2027. The growth is expected through increased player bases, higher unit pricing, and ongoing engagement from Gen Z and Gen Alpha.

Figure 1: Global Games Market

Source: Newzoo [1]

China - An Important Online Social Games Market

China has the highest number of mobile gamers in the world and most of them play social games. China now has more gamers than the entire populations of the US, Japan, Germany, France and the UK combined. The number of gamers are estimated at 665 million, according to China Audio-video and Digital Publishing Association.

China has witnessed a tremendous rise in mobile game spending over the last few years and is among top three countries for iPhone, iPad and Android investments for video games. People like to play their favorite social games on mobile devices due to the ease of carrying them and being able to play from anywhere. The pandemic has been one of the reasons for a strong show by domestic gaming development companies.

China’s regulatory scrutiny on approving new game licenses seems to be returning back to normal. The National Press and Publication Administration approved 156 games in September 2025, lower than the 173 games approved in August 2025. This includes 145 domestic games and 11 foreign titles. Among the list of domestic titles that received approval included the games from Tencent, NetEase, miHoYo, Alibaba, and Giant Interactive. This marks the total game approvals for the first nine months of 2025 at 1,275 games (1,119 domestic and 80 foreign titles). The National Press and Publication Administration approved 1,416 games in 2024, compared to 1,075 games in 2023.

In July 2025, the Shanghai Government released a new policy document that is likely to accelerate foreign game approvals in China. The new document titled ‘Measures to Promote the High-Quality Development of the Software and Information Services Industry’ outlines that games developed by foreign companies in Shanghai may be treated as domestic titles for regulatory purposes. This shift may significantly shorten the approval timeline for foreign games entering the Chinese market.

The video gaming sales in China grew 7.5% year-over-year to 325.8 billion yuan (US$44.8 billion) in 2024, according to data from the China Audio-Video and Digital Publishing Association. Mobile games accounted for 73% of the total at 238.2 billion yuan. The total gamers in the country increased by 0.94% to 674 million in 2024.

Figure 2: Chinese Mobile Gaming Market Growing Robustly

Source: Newzoo [2]

Consolidation in the Games Industry

Gaming mergers and acquisitions (M&A) were strong during H1 2025. A total of $12.8 billion were spent across 137 deals made during the first half of 2025, according to data from Konvoy Ventures. The two largest deals of H1 2025 were - Scopely’s $3.5 billion acquisition of Niantic’s gaming division, and Modern Times Group’s $620 million acquisition of Plarium.

Cloud Gaming – New Big Trend

Cloud gaming market is expected to grow more than three times over the next three years, according to Newzoo. The firm expects the cloud gaming market revenue to generate $2.4 billion in 2022 and reach $8.2 billion by 2025. Newzoo predicts that 31.7 million consumers will be paying to use cloud gaming services in 2022, which is forecast to reach 86.9 million by the end of 2025.

Geographically, Asia Pacific is expected to account for the largest consumer spending at 36.5% of the total, followed by Europe at 30% and North America at 27%. Cloud gaming’s serviceable obtainable market (SOM) is growing and is expected to reach 464.9 million people by 2025 (compared to 220.2 million in 2022).

By 2025, Niko Partners estimates there could be 500 million cloud gaming users in Asia. In another estimate, Frost and Sullivan projects cloud gaming users to reach 349 million by 2025, compared to 60.6 million in 2021, implying a CAGR of 69%. In North America alone, cloud gaming subscribers are estimated to touch 99 million by 2031, according to Ericsson.

One of the key factors driving growth in cloud gaming is the launch of cloud-based platforms from the likes of Google, Microsoft, Apple and Amazon. Several other major game companies including EA, Epic Games and Ubisoft have already embraced cloud gaming platforms complementing their existing platforms.

Google Stadia which launched in November 2019 announced that it will shut down the service from January 2023. Stadias’ exit gives more space to its competitors mainly Microsoft, Sony, Amazon, and Nvidia.

Microsoft launched its cloud gaming service, xCloud on 15 September 2020. The service allows one to stream games on Xbox, thereby allowing users to play games from a variety of other devices. Further, Microsoft nearly 100 titles are available on its platform xCloud. The recent (January 2022) $69 billion acquisition of Activision Blizzard by Microsoft will further strengthen its hold in the cloud gaming market.

Netflix has indicated that it is building a cloud gaming platform, promising to deliver its titles across an array of connected devices. While none of the companies involved in cloud gaming have been able to make a big dent in the market, nevertheless the opportunity remains large.

Samsung has launched its mobile cloud gaming platform for Galaxy devices in North America. The platform was initially launched as an open beta in the previous year. Samsung announced that it would enable users to access Android-native games without the necessity of downloading them. Samsung noted that by removing the need for installation, it can lower costs for publishers and enhance accessibility for gamers, allowing them to click on an advertisement and begin playing almost instantly. Furthermore, the company has pledged to introduce additional innovations in mobile gaming starting in 2025.

In February 2025, Dubai-based blockchain start-up The Game Company has raised $10 million for its cloud gaming platform. The platform will allow players access games like Call of Duty, Fortnite, and Rocket League on various devices without specific hardware or software.

Growing Penetration of Internet and Smartphones

The development of the social gaming industry is significantly aided by, and dependent on, the level of internet usage, as well as the availability of fast internet services. User numbers continued to rise over the last 12 months, boosting the adoption of new services.

According to data from Meltwater and We are Social, the total number of active internet users globally stood at ~5.65 billion as of July 2025, representing nearly 68.7% of the world’s population. Of this, the majority were mobile internet users at ~5.41 billion, ~95.9% of total internet users. Smartphone penetration continues to pick up as well, with the number of smartphone internet users at ~5.3 billion as of July 2025.

According to Statista, China had 912 million smartphone users, which account for 19% of all the smartphone users in the world. India had the second most smartphone users, although less than half as many as China. Newzoo estimates further growth in the usage of smartphones over the next few years. The number of smartphone users will exceed 4 billion by 2023 and mobile game revenues will finally cross the $100-billion mark, according to Newzoo.

The amount of time spent on mobile devices, especially smartphones, is increasing which should benefit the social gaming industry. According to eMarketer’s, Americans are already spending more time on mobile devices than they do in front of the TV.

Sensor Tower estimates that the consumer spending on mobile games will reach $116.8 billion in 2026. Of which, App store will see spending of nearly $70 billion while Google Play will see a spending of $46.8 billion. On Google Play, mobile games will also see a downward trend over the next five years; however, it will maintain its majority revenue share with 65% in 2026. On Apple’s App Store mobile games will represent 43% of revenue share by 2026.

5G – The Next Big Catalyst for Mobile Gaming

According to the CEO of game developer Zynga, 5G could be the next big catalyst for the mobile gaming growth globally. A number of telecom providers have already announced big plans for 5G. According to Wells Fargo, the potential for 5G in gaming in undeniable, though it still needs infrastructure and investment before more significant developments can kick in. The organization 5G Americas reports that 5G connections reached about 2.25 billion worldwide by the end of 2024. According to the Ericsson Mobility Report, global 5G subscriptions reached 2.3 billion by end-2024, representing ~27 % penetration.

Rapid 5G implementation in countries such as China, Japan, South Korea and the US should drive the growth of mobile gaming. ABI Research estimates that 5G will contribute US$1.9 billion of cloud gaming revenue by 2024, accounting for 42% of the total. In the US, all three major operators (AT&T, T-Mobile, Verizon) have entered into partnership with cloud gaming companies such as PlayGiga, Hatch, and Microsoft Xbox Game Pass to test and develop services.

Increasing Regulatory Oversight

The mobile game industry is facing higher regulatory oversight in the way it monetizes its games. The one particular aspect that is under scrutiny is the use of loot boxes. A loot box is an in-game purchase which offers players a chance of getting something worth to improve their game experience or chances of winning. The loot box could range from items such as extra power, ability, weapons, vehicles among many other things.

The actual probability of a player’s loot box containing anything of value is not known and hence policy makers akin it to gambling. In 2019, a US senator introduced a bill designed to ban loot boxes and pay-to-win monetization mechanics in games played by children. The Swedish Consumer Agency has been ordered by the country’s government to review consumer protection measures against elements such as loot boxes found in games. Germany also published a draft for a new law aimed at protecting children/minors from certain mobile monetization practices in games.

In March 2020, an Australian parliamentary committee recommended restrictions on loot boxes. Specifically, the committee is looking at options for restricting access to loot boxes and other gambling elements in computer and video games to adults aged 18 years or over. Following this, in September 2020, the UK government launched a call for evidence on the impact of loot boxes in video games, to examine concerns they may encourage or lead to problem gambling. Loot boxes has raised concerns they could encourage gambling-like behavior, particularly among young people.

Applications

Social Gaming as a Marketing Tool : Social gaming is used by corporations to build brand awareness and engagement. This could be done by incorporating brand advertisements or selling branded items (virtual goods) within the social game. For instance, movie makers have used these games to promote their movies in the past. The movie trailer link is integrated in the social game and on when clicked a pop-up windows displays the trailer along with few simple questions. The answers to which could reward a player with free virtual goods. Further, companies can use these to push discounts, offers and new product launches in a very cost-efficient way.

Most social games are free to play, thereby reaching a more widespread user base. While, traditional gaming platforms are costly, players have to purchase the console, buy or upgrade games, thereby limiting their reach.

Mobile analytics firm AppsFlyer estimates that mobile game marketers will spend $48.5 billion globally by 2022, versus ~$22 billion spent in 2019. This increase will be primarily driven by Asian-Pacific markets led by China, Japan and Korea.

Lead Generation : Another application for the social games is in the area of lead generation. The companies will associate with any existing social game and entice players to sign up for their goods or services and in exchange, players will receive virtual gifts or advance forward in the game as a reward. During the course of the game, the user would be prompted with a screen that asks for important information. Once submitted, the compiled leads are then used for follow-up marketing, newsletter updates, research studies etc.

Learning and Development : The gamification has immense potential in learning and development and is likely to pick up with more and more organizations using it for training, education and skill development. It makes learning experience fun, interactive, intuitive and highly effective.

Challenges

Monetization : The primary challenge for social games remains the monetization aspect. It is difficult to add display ads in the games if it does not add too much value or have high relevancy to the player, as players are more interested in playing rather than clicking on ads. Too much of irrelevant ads can be annoying and distracting for the players, leading to low popularity of the game.

High competition : The mobile gaming industry is highly fragmented with thousands of gaming apps available for a user. There is low barrier to entry for launching a mobile game, unlike traditional PC/console game which requires high capital expenditure.

Regulatory restrictions : With increasing global political rhetoric around nationalism, social network game developers are also facing regulatory overhang. For instance, developers seeking to publish their games in China have to deal with an extra layer of complexity. The State Administration of Press, Publications, Radio, Film, and Television (SAPPRFT) has levelled many restrictions on foreign companies publishing online content in China.

LEADING COMPANIES

Arkadium Inc

Arkadium develops, publishes and distributes online, casual, social and mobile games. The company also develops and produces interactive, revenue-generating content for many publishing organizations such as Microsoft, Washington Post, CNN, Comcast and others. The company provides a variety of content to its users such as interactive virtualizations called factives to games to quizzes and more.

Arkadium is the number one online gaming destination for players 35 and up, a demographic that represents 41% of all game players. From January 2019 to December 2021, Arkadium has shown 164% growth in network with over 15 million players per month.

The company has a range of products:

• InHabit: It delivers relevant interactive visualization called factives to articles which helps in enhancing one’s editorial factually and functionally. It also helps in increasing user interactions and session duration. InHabit pulls millions of data points from thousands of verified sources. InHabit’s AI helps to instantly create an infinite number of premium factives according to one’s editorial set content parameters.
• Arena: The Arena includes fun, interactive content including games, quizzes, polls and more to retain customers on the websites. According to the company, users spend approximately 15 minutes engaging with Arena-based content and about 85% are retained every month, out of which 30% users share the content on social media platforms.
• Licensing: The company has a library of over 300 premium, cross-platform licensing games which are used by the world’s leading publishers and brands to engage with its visitors and build loyalty and revenues. The licensing games are fully customized with the brands web, mobile and app platforms. The sharing of scores by more than 30% of the customers across social media helps in building new traffic and loyalty for the brands and publishers.

For users the company offers 50+ free online games to choose from such as Solitaire, bridge, Mahjongg Dimensions, crosswords, Chess etc.

Figure 3: Bridge Figure 4: Mahjongg Dimensions

Source: Company data [3] Source: Company data [4]

Arkadium introduced Arkadium for Developers, a new robust program where third-party game developers can submit their titles to Arkadium’s distribution network. Arkadium aims to launch 30 new games through the platform.

Recent Development

On 18 September 2025, Arkadium unveiled new games including, Tiles Game Explorer, Waffle Daily Word Puzzle, Candy Luck Slots, Unblock Evolution, LA Times Sunday Crossword, Ancestral Lines: Family Tree Logic Puzzle and many more.

On 17 March 2025, Arkadium announced launch of new subscription service Arkadium Plus, starting 20 March 2025.

CyberAgent (TSE: 4751)

CyberAgent is an internet services company which operates mainly through five segments: Media Business, Internet Advertising Business, Game Business, Investment Development Business and Other Businesses.

The company’s game business was started in 2009 and operates through its 13 subsidiaries which are specialized in game production and developing smartphone games. The company offers 8 major titles along with several other smartphone games. The subsidiaries include Cygames, Sumzap, GCREST, Applibot to name a few. The company games include Pocoron Dungeons, Boy Friend, Tenka Touitsu Chronicle, Granblue Fantasy, My Princess is Cutest etc.

CA GameFi, Inc., a blockchain game business subsidiary of CyberAgent, plans and develops both original titles and those based on IPs of other companies targeting Asia, the US, and the rest of the world.

Recent Development

On 29 September 2025, Applibot, Inc., a subsidiary of CyberAgent announced global launch of “Hello Kitty Merch Match”, a 3D puzzle game, available in 144 countries and regions worldwide.

On 3 July 2025, CyberAgent announced launch of an ambitious new anime project titled ”Project M”. The company released a teaser visual, planned to also be showcased at Anime Expo 2025. Rest of the details regarding project will be shared soon.

On 25 June 2025, CyberAgent announced strategic marketing partnership with KANA, a leading French manga publisher to strengthen the expansion of CyberAgent-produced anime titles in the French market.

On 22 May 2025, Applibot, Inc., a CyberAgent subsidiary, announced launch of the smartphone game “Hello Kitty Merch Match”, a simple, accessible 3D puzzle game, this summer in 144 countries and regions.

Latest Quarterly Results

For the first nine months of 2025 (ending 30 June 2025), sales were ¥631.9 billion, up 5.8% YOY, due to strong Media & IP and Game business. Revenue for the company’s games business was down 7.1% YOY to ¥140.36 billion, due to the slowdown of a newly released title, despite successful performance by some new games. The company now expects revenue to reach ¥850 billion in fiscal 2025, up 6.1% YOY. Year to date the company released six new games in FY 2025 and Hello Kitty Merch Match is scheduled for release this year and two more scheduled for 2026 release.

Figure 5: Boy Friend Figure 6: Granblue Fantasy

Source: Company data [5] Source: Company data [6]

Latest Key Financial Data

(In millions of Yen)	Nine Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	September 30, 2023	September 30, 2024
Revenue	597,485	631,993	720,207	802,996
Operating Income	34,833	48,798	24,557	41,843
Net Income	14,726	24,103	5,332	16,246
Total Assets	496,756	530,931	477,826	520,417
Total Equity	245,049	273,654	231,911	254,235

Figure 7: LTM Price Performance vs. NIKKEI Index

Source: MarketWatch [7]

DeNA (TSE: 2432)

DeNA develops and operates a broad range of mobile and online services such as games, e-commerce and entertainment content distribution. The company was formed in 1999 as a small startup with the launch of online auction services. Since then the company has evolved and expanded into various other businesses such as online shopping, mobile auctions, mobile advertising, and mobile social media. The company commenced its mobile games business in 2009 with the launch of Kaito Royale on Mobage, its social game platform.

DeNA gaming portfolio is as follows:

• Mobile Games: The company offers a variety of free-to-play mobile apps and browser games.
• Mobage: Mobage is DeNA’s social game platform in Japan which provides a wide variety of free-to-play mobile games to its users. The platform also offers variety of other features such as social networking and virtual currencies.
• Yahoo! Mobage: Through Yahoo! Japan web portal one can access Yahoo! Mobage which offers a variety of social games for PC browsers.
• AndApp: This platform allows users to play mobile game apps on PC browsers under the same user account.

The company is working towards strengthening its Game business earning base. It announced a mid-term strategy for its games pipeline which aims to develop new titles for global audiences rather than local Japanese market.

The Pokémon Trading Card Game Pocket, which was released in 150 countries and regions has achieved 100 million downloads worldwide (in February 2025). The game reported an average MAU of 51 million for Q4 2025. 60% of the virtual currency consumption is from international users. With this major hit DeNA also plans to pay a special dividend in addition to the regular one.

DeNA aims to achieve increase in profit every year for the next 3 years and commit to 15.0 billion yen in non-GAAP operating profit for FY2026. The company is focused on establishing structural strengths in each business to achieve continued growth beyond FY2026.

Latest Quarter Results

For the first quarter of 2025 (ended 30 June 2025), the company reported revenue of ¥41.7 billion, up 23% YOY. Its gaming business accounted for revenue of ¥18.1 billion, an increase of 62% YOY, and segment profit was ¥10.1 billion. DeNA plans to launch two new titles from Q2 onwards for FY2025, with details to be announced later. The Company expects 2025 revenue to be between ¥146 - ¥154 billion.

Latest Key Financial Data

(In millions of ¥)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	March 31, 2024	March 31, 2025
Revenue	33,982	41,727	136,733	163,997
Operating Income	1,917	13,800	(28,270)	28,973
Net Income	2,846	11,076	(30,187)	22,966
Total Assets	333,435	409,236	335,708	394,188
Total Equity	222,912	278,875	220,025	252,875

Figure 8: LTM Price Performance vs. NIKKEI Index

Source: MarketWatch [8]

Electronic Arts (Nasdaq: EA)

Electronic Arts is a leading global interactive entertainment software company. The company develops games and services for a variety of platforms including consoles, PCs, mobile phones and tablets. Customers can purchase the company’s console games and services through third-party storefronts such as Sony’s PlayStation Store and Microsoft’s Xbox stores.

The company also has established brands that are either wholly owned (such as Battlefield, Need for Speed, The Sims and Plant vs Zombies) or licensed from others (such as FIFA, Madden NFL, Star Wars). The company has more than 300 million registered players around the world.

As on August 2024, EA anticheat has prevented nearly five million attempts (and counting!) to cheat in EA anticheat-protected games. This has led to over twenty million PC players enjoying fair play in more than one and a half billion PC gaming sessions. The company plan to add more titles in FY25 in response to player excitement with the technology.

Recent Developments

On 22 October 2025, EA, EA SPORTS™, and the NFL signed a new multi-year deal to expand American football globally. The partnership will continue the Madden NFL franchise as the exclusive NFL simulation game, support new content in EA SPORTS™ College Football, and create new large-scale interactive experiences focused on community, social connection, and gameplay.

On 10 October 2025, EA announced launch of Battlefiled 6, shooter game, providing warfare experience to players. It is available on PlayStation®5, Xbox Series X|S, and PC (Steam™, EA App, Epic Games Store).

On 29 September 2025, EA announced it has been acquired by PIF, Silver Lake, and Affinity Partners, for $55 billion in an all-cash transaction. The acquisition will help EA to accelerate innovation and growth to build the future of entertainment. The transaction is expected to close in Q1 FY27. Upon completion of the transaction, EA will remain headquartered in Redwood City, California and continue to be led by Andrew Wilson as CEO.

On 16 September 2025, EA and Full Circle’s skate., released Early Access of free to play skateboarding game on PlayStation® 5, Xbox Series X|S, PlayStation® 4, Xbox One, PC via Steam, Epic Games Store and EA App.

On 12 September 2025, EA launched EA SPORTS™ NHL® 26 worldwide on PlayStation®5 and Xbox Series X|S, inviting players and hockey fans to join the game ahead of NHL 2025-26 season.

On 10 July 2025, EA announced worldwide launch of College Football 26 on PlayStation®5 and Xbox Series X|S, offering most realistic and engaging college football experience.

On 30 May 2025, EA announced launch of F1 ® 25 , an official game of the 2025 FIA Formula One World Championship™, available on PlayStation®5, Xbox Series X|S, and PC.

On 29 May 2025, EA and EA Sports released official trailer and game details of EA SPORTS™ College Football 26 . The game delivers more than 2,700 new plays, with thousands of real college athletes, and authentic coaching styles from more than 300 coaches.

On 19 April 2025, EA in collaboration with Respawn Entertainment and Lucasfilm Games, revealed Star Wars Zero Company ™ , a single-player turn-based tactics game developed by Bit Reactor.

Latest Quarterly Results

EA delivered a strong start to FY 2026, with net bookings of $1.298 billion exceeding guidance and net revenue of $1.671 billion, up 1% YoY. Net income dipped to $201 million (EPS: $0.79), reflecting softer margins amid rising costs. Operating cash flow was modest at $17 million, though trailing twelve-month free cash flow remained robust at about $1.75 billion. Return of capital was active, with $375 million in share buybacks and a $0.19 dividend declared.

Latest Key Financial Data

(In millions of US$)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	March 31, 2024	March 31, 2025
Revenue	1,660	1,671	7,562	7,463
Operating Income	364	271	1,518	1,520
Net Income	280	201	1,273	1,121
Total Assets	12,708	11,699	13,420	12,368
Total Equity	7,400	6,082	7,513	6,386

Figure 9: LTM Price Performance vs. SPX 500

Source: Nasdaq [9]

Game Insight

Game Insight is the world’s leading innovator of mobile and social games. The portfolio includes games on Android, iOS, social, Web, and HTML 5. The company has also established partnership with the world’s largest entertainment and technology companies such as Disney and Microsoft.

The company was the first to develop games on themes of hidden objects and tycoon for social media and mobile platforms. The company has since evolved itself in the areas of action, strategy and 3D gaming. The company has a portfolio of variety of games like Guns of Boom, The Tribez, Survival Arena, Moana Island Life, Mystery Manor, Airport City etc. to name a few.

• The Tribez: The Tribez is an adventure game which includes secrets, mysteries and hours of exploration in the beautiful and unknown world.
• Airport City: The game is all about building your own airport and operating as a pilot, flight attendant and even air traffic controller.
• 2020: My Country: This is the follow up to the successful city-building strategy game, My Country. The game is all about building and managing a futuristic metropolis city.
• Guns of Boom: The game is all about grabbing a gun and filling once pocket with armor and grenades and going into action. The game is generally played as a team.

Figure 10: The Tribez Figure 11: Guns of Boom

Source: Company data [10] Source: Company data [11]

Figure 12: Airport City Figure 13: 2020: My Country

Source: Company data [12] Source: Company data [13]

Gameloft (acquired by Vivendi)

Gameloft develops downloadable video games for mobile phones, touch tablets, set-top boxes and smart TVs worldwide. The company was a pioneer in the world of develops games for Java and Brew enabled handsets. The company then created mobile console games such as Prince of Persia and Tom Clancy’s Splinter Cell. Gameloft was acquired by Vivendi in June 2016.

Presently, the company sees an average of 1.5 million daily downloads across its entire library. Gameloft has about 80 million monthly active users. The games are developed in-house and the company has the largest development and creation team in the digital games industry with 4,600 developers. The company has 19 studios across America, Europe and Asia and has 190 games that are compatible with more than 10,000 different smartphone/tablet models in 11 different languages.

Gameloft has a long history in working with hundreds of operators and OEMs, with its own white label platform. Gameloft has teamed up with telecom firm MTN to bring a new subscription platform named MTN Arcade to South Africa. It will include variety of premium titles such as Asphalt Nitro, Nova Legacy, Pac-Man, and Sonic Runners Adventure.

Recent Developments

On 20 May 2025, Gameloft in partnership with Illumination and Universal Products & Experiences announced that its mobile game, Minion Rush , has reached over 1.2 billion downloads and has been updated to provide players best experience till date.

On 13 March 2025, Gameloft announced partnerships with LEGO Group, bringing selected number of new and upcoming LEGO Technic vehicles into their hit racing title Asphalt Legends Unite .

Latest Quarterly Result

For the first nine months of 2025, Gameloft's revenues were €210 million, up 5.2% YOY, showcasing good performance. Revenue includes €93 million for the PC/console segment and €101 million for the Mobile segment. Disney Dreamlight Valley, Asphalt Legends, Disney Magic Kingdoms, March of Empires, and Disney Speedstorm were the five best-selling games for the first nine months of 2025 and represented 58% of Gameloft’s total revenues. Gameloft is successfully pursuing its transformation strategy, its PC/console revenues for the first nine months of 2025 increased by 16.5%.

Figure 14: Asphalt Streetstorm Figure 15: Gangster New Orleans

Source: Company data [14] Source: Company data [15]

GameSalad

The company was founded in August 2007 and is a leading mobile game development platform. GameSalad Creator platform allows game developers to rapidly design, publish and distribute games for iOS, Android and HTML5 software. More than 900,000 million users across 189 countries have used GameSalad creator.

The users of the game development platform have created more than 180,000 original titles across mobile and web platforms, including three #1 iOS games and more than seventy-five Top 100 Games in Apples US App Store. The company has helped in building a variety of arcade games (like ePig Dash, Stunt Squirrels, Ninja Tap to name a few) and feature games (like Code Black, Roll Turtle, Maze of Karradesh to name a few).

Figure 16: Code Black Figure 17: Roll Turtle

Source: Company data [16] Source: Company data [17]

Com2uS Holdings (Kosdaq: A063080)

Com2uS develops and publishes mobile games in South Korea and Internationally. Com2uS is known for revolutionizing the sector with its original and innovative mobile games along with the unparalleled expertise in advanced mobile technology. The company has developed a variety of games such as Knight Slinger, War of Crown, MLB Perfect Inning Live, Devilian, ArcheAge Begins etc.

Com2uS Holdings revealed that it had signed a deal with Terraform Labs to build a blockchain ecosystem for its titles. Going forward, the company will develop and publish games with NFT and play to earn features.

In February 2025, the company had secured publishing agreements for three multi platform games (Guidus Zero, Fatal Claw and Lone Chef), aiming to reach a total of ten by the end of the year. Com2uS Holdings plans to establish as a key player in the global MMO game market with the global release of 'Zenonia Global' and the launch of 'Ares: Rise of Guardians' in Taiwan/Hong Kong/Macau in H2 2025.

Starting with Ares in the second half of 2025, the company plans to release three global titles in the puzzle and Metroidvania genre - Color Sweeper, Fatal Claw, and Pow Pop Match. Ares is expected to be launched in Taiwan, Hong Kong, and Macau in Q3 2025, with global expansion in 2026. Fatal Claw is set to debut at Steam Next Fest in October 2025, it is company’s first full-scale title developed for the Steam platform, with early access scheduled for November. In the first half of 2026, three additional titles spanning puzzle, collection RPG, and cozy genres are scheduled for release.

Figure 18 : Lineups for 2025 and 2026

Source: Company Data [18]

Latest Quarter Results

For the second quarter of 2025 (ended 30 June 2025), the company reported sales of KRW27.3 billion, down 28% YOY, and up 12.4% QOQ, due to deconsolidation of affiliates. The company reported operating loss of KRW2.2 billion, and net loss of KRW6.1 billion. The game revenue increased QoQ thanks to Soul Strike steady performance and the full-quarter contribution of Spirit Tales.

Figure 19: ArcheAge Begins Figure 20: MLB Perfect Inning Live

Source: Company data [19] Source: Company data [20]

Latest Key Financial Data

(In millions of KRW)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	December 31, 2023	December 31, 2024
Revenue	37,937	27,332	153,100	149,300
Operating Income	(3,963)	(2,199)	(3,400)	(48,100)
Net Income	(6,096)	(6,122)	(14,400)	(42,500)
Total Assets	620,888	519,759	596,634	545,782
Total Equity	268,886	206,105	274,368	212,130

Figure 21: LTM Price Performance vs. KOSPI Composite Index

Source: MarketWatch [21]

Gree Holding Inc (TSE: 3632)

Gree is a technology company engaged in games, media, advertisement and investment businesses in Japan and internationally. The company offers a variety of mobile games vis App Store and Google Play Store. The company launched Tsuri-Sta, the world’s first mobile social game in 2007. Since then, Gree has developed a rich portfolio of original games. The company currently develops games from its Japan and North American studios.

Recent Development

On 26 March 2025, Gree’s subsidiary, WFS Co., Ltd. announced release of a new app game "Puella Magi Madoka Magica Magia Exedra" which is developed and operated by WFS's game brand "Pokelabo" and co-developed by f4samurai Inc.

Latest Quarterly Result

For the full year 2025, Gree Inc. reported net sales ¥57.1 billion (down 7% YOY), operating profit of ¥4.86 billion and net profit of ¥1.19 billion. Net sales for the game business was ¥36.9 billion, down 14.0% YOY. Three consecutive blockbuster releases in Q3 underscored Gree’s strong execution, with new titles achieving a high hit rate. The company also advanced its development pipeline, particularly around major IP-driven projects, reinforcing confidence in its ability to sustain momentum.

Latest Key Financial Data

(In millions of Yen)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	June 30, 2023	June 30, 2024
Revenue	14,110	13,975	75,440	61,309
Operating Income	1,427	1,153	12,498	5,981
Net Income	1,429	294	13,086	4,630
Total Assets	128,788	132,897	124,806	128,788
Total Equity	95,529	93,646	90,319	94,946

Figure 22: LTM Price Performance vs. NIKKEI Index

Source: MarketWatch [22]

NHN (KOSE: A181710)

NHN develops online and mobile games in South Korea. The company is also in a variety of other businesses apart from developing games such as Payment portal, Shopping portals, Cultural Entertainment, IT Solutions, Advertisement Solution, O2O and many other businesses.

The company operates its online gaming business through it portal, hangame.com, and mobile and PC games through toast.com. The company’s game portfolio consists of variety of games such as Hangame New Matgo, Hangame Poker, Friends POP, Wooparoo Pang, Kingdom Story etc.

Recent Development

On 26 September 2025, NHN launched new mobile web board game, “Hangame Hold'em”, featuring a Korean-style five-person Hold'em system.

On 15 September 2025, NHN announced official title of its new puzzle game, previously known as "Project STAR," is "Oshi no Ko Puzzle Star". It is based on the popular IP of the Japanese anime "Oshi no Ko" and is scheduled for global release in 2026.

On 7 July 2025, NHN released a teaser video of its new collective RPG 'Abyssia', which is scheduled to be released first in Japan this summer.

Latest Quarter Results

For Q2 2025, NHN Corp’s gaming business generated revenue of KRW120.2 billion, up 26% YOY, driven by strong performance in its Japan operations and steady contributions from existing titles. Total revenue for the quarter was KRW604.9 billion, up 0.9% YOY, while operating profit declined 23% YOY on margin pressure. Net income attributable to shareholders rose 48% YOY to KRW9.05 billion. NHN continues to emphasize expanding its gaming pipeline, with six new titles slated for release in 2025 and three more in 2026, positioning the segment as a key driver of future growth.

Latest Key Financial Data

(In millions of KRW)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	December 31, 2023	December 31, 2024
Revenue	599,404	604,887	2,269,677	2,456,108
Operating Income	28,477	21,922	55,523	(32,620)
Net Income	6,099	9,050	(8,965)	(185,237)
Total Assets	3,362,460	2,976,881	3,449,677	3,204,989
Total Equity	1,950,924	1,735,035	1,989,792	1,775,644

Figure 23: LTM Price Performance vs. KOSPI Composite Index

Source: MarketWatch [23]

Kabam (acquired by NetMarble)

Kabam is a leading developer of AAA console quality games for mobile devices. The company’s business model allows players to access games free of cost. The players have to pay for premium content in the game to enhance their gaming experience. On average a Kabam player plays approximately two hours per day. Kabam was acquired by NetMarble in February 2017. Just prior to acquisition, Kabam spun-off its 2 studios and few assets into a new company, Aftershock, which was acquired by FoxNext.

The company has partnered with some of the leading Hollywood studio’s such as Disney and Universal. The games include some of the most recognized brands of the world and have access to some iconic franchises including Marvel, Transformers and Fast and Furious.

Some of the games are:

• Angel Alliance: It is a strategy-based action/adventure game set in the world of heroes, magic and angels.
• Dragon of Atlantis: The game is based in the lost world of Atlantis. Four tribes fight against each other to save themselves. To expand the empire and conquer the enemy one has to use mysterious powers.
• Edgeworld: Set in the future year 2711, the game requires player to safeguard a plant from hostile attacks. The player acts as a commander to build base, assemble an army, and battle for resources, alien artifacts, and planetary dominance.
• The Godfather: The game goes back in 1935 where five biggest crime families are at war. The game continues until one of the five families gains power to rule the New York City.

Figure 24: The Godfather Figure 25: Angel Alliance

Source: Company data [24] Source: Company data [25]

King Digital Entertainment (acquired by Activision Blizzard Inc.)

King is a leading interactive entertainment company which develops and publishes digital games on multiple platforms globally. The currently portfolio comprises more than 200 fun titles and other offer games which are enjoyed around the world. In February 2016, Activision Blizzard Inc acquired the company. It currently operates as an independent unit of Activision Blizzard.

King franchise of games includes Candy Crush, Farm Heroes, Pet Rescue and Bubble Witch. At the end of second quarter of 2020, the company had 271 million monthly active users across its web, social and mobile platforms. The company works on the free-to-pay revenue model, where users can download the game and play free of cost. The revenues are generated via in-app sale of virtual goods.

WHO and the UK government partnered with King Digital to join forces in fight with Covid19 by showing “Stay at Home” message in its popular game Candy Crush Saga. The company has game studios based in Stockholm, Malmo, London, Barcelona, Berlin and Seattle, along with offices in San Francisco, Los Angeles, New York, Chicago, Malta, Tokyo and Bucharest.

Recent Development

On 21 May 2025, King announced appointment of Todd Green as its new President effective June 1, 2025. He would be taking over from Tjodolf Sommestad and brings immense experience including 12 years working with King in various leadership roles.

Figure 26: Paradise Bay Figure 27: Shuffle Cats

Source: Company data [26] Source: Company data [27]

Playphone (acquired by GungHo Online Entertainment America)

Playphone operates mobile game stores worldwide. The company’s vision is to become #1 game store for emerging markets. The game store is developed according to the region in which it operates, infused with local culture and preferred regional payment methods. These stores operate in regions of Southeast Asia, North America, Latin America and Europe.

The company’s gaming platform allows gamers to discover, download, play and share games with their friends. The company also offers game developers a single integrated SDK to publish and monetize games across the globe. Playphone was acquired by GungHo Online Entertainment America in October 2014.

Pretty Simple

Founded in 2010 and based in Paris, Pretty Simple develops and publishes casual games over social and mobile platforms. The company publishes free-to-play games, which are played by more than 35 million players every month.

The portfolio comprises of games such as Criminal Case, Magical Ride, and My Shops. Criminal Case was launched on Facebook in 2012 and the mobile version of the game was launched in 2014. Since its mobile launch, it has remained among the top 400 grossing games in the US iOS charts.

Figure 28: Game Portfolio

Source: Company data [28]

Moatable Inc. (Earlier RenRen Inc) (NYSE: MTBL)

Moatable Inc operates a social networking service (SNS) and internet financing business in China. The company’s SNS platform helps users to communicate and connect with each other. The users can also share photos, access mobile live steaming and access the social games on the platform. The company also provides auto financing through its internet financial business.

Recent Development

On 3 October 2025, Moatable announced final result of its fixed price tender offer and has accepted the purchase of 85,065,660 Class A Ordinary Shares, for an aggregate cost of approximately $5,671,044, excluding all fees and expenses relating to the Tender Offer.

On 3 September 2025, Moatable announced that it has commenced a tender offer to purchase up to 5,000,000 American depositary shares of the company, at a price of $3.00 per ADS. The offer will expire on 30 September 2025.

On 5 March 2025, Moatable’s Board of Directors declared a special cash dividend US$0.01346 per ordinary share, or US$0.6057 per ADS, to be paid on or about 27 March 2025.

Latest Quarterly Results

For the second quarter of 2025 (ended 30 June 2025), Moatable’s revenue increased 26% to $19.3 million. The company reported operational gain of $0.4 million for the period, compared to a loss of $0.8 million in Q2 2024. Moatable recorded total cash & cash equivalents and restricted cash of $22.1 million as of the end of Q2 2025.

Latest Key Financial Data

(In millions of US$)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	December 31, 2023	December 31, 2024
Revenue	15.3	19.3	52.0	63.4
Operating Income	(0.8)	0.4	(11.8)	(2.9)
Net Income	(0.5)	0.5	(11.0)	(2.5)
Total Assets	68.1	59.3	69.7	69.5
Total Equity	47.2	33.8	45.7	44.8

Figure 29: LTM Price Performance vs. SPX 500

Source: Nasdaq [29]

Jam City (formally known as SGN Games)

Jam City develops and publishes mobile games. The company operates in its Los-Angeles based mobile studio and has developed 6 of the Top 100 highest grossing games across Google Play and Apple App Store. The company’s games have been downloaded more than 800 million times since its formation. The games are regularly played monthly by more than 50 million people of which at least 50% reside outside the United States.

The company has developed a variety of games and its portfolio of hit gaming apps comprises Cookie Jam,Panda Pop, Juice Jam, The Book of Life: Sugar Smash, Genies and Gems.

Jam City launched a new division specializing in in blockchain games and also revealed its first Web3-exclusive game, Champions: Ascension where players can earn cryptocurrency. The move echoes the moves of other companies such as Ubisoft, Com2Us, and Zynga have made recently as companies start to embrace Web 3.

Recent Development

On 9 October 2025, Jam City announced launch of “Disney Magic Match 3D”, a new casual 3D puzzle game developed in partnership with Disney and Pixar Games, available on iOS and Android.

On 10 September 2025, Jam City launched WikiGameJam, from October 3rd to 5th, a hackathon uniting developers, designers, and Wikipedia enthusiasts to create original games inspired by and powered through the online encyclopedia.

On 3 July 2025, Jam City announced opening of its new HQ, designed to support its people and culture and help create captivating, polished, and dynamic games for players.

Figure 30: Cookie Jam Figure 31: Family Guy – The Quest for Stuff

Source: Company data [30] Source: Company data [31]

Supercell Oy

Supercell is a developer of mobile games. The company’s games are available on both Apple iOS and Google android operating systems. The company develops games which are available for tablets and smartphones. The portfolio comprises variety of games such as Clash of Clans, Hay Day, Clash Royale and Boom Beach. It has around 100 million daily active users. The company has 4.2 billion unique players as of May 2020.

The company continues to invest in gaming startups and studios. In September 2020, Supercell invested $17.6 million in game company Metacore. This will help team Metacore to hire more talent.

• Clash Royale: It is a real time multiplayer combat strategy game. The game is about creating strategy to defeat enemy kings and princesses. Supercell uses machine learning to handle aspects of game’s monetization. For year to date 2015, the game generated revenue of $145 million.
• Hay Day: helps to get back to nature and experience the life of a farmer. The game is all about living a farm life, planting crops and taking care of animals.
• Boom Beach: It is a combat strategy game involving war fights with enemies. Boom Beach saw a revenue increase in March 2020 driven by COVID-19.
• Clash of Clans: The game is based on the theme of developing one’s own village, building an army and defeating the opponents. For year to date 2015, the game generated revenue of $170 million.
• Squad Busters: It is a multiplayer action game, where players build up a strong squad and compete with other squads to grab the most gems with characters from Clash of Clans, Brawl Stars, Hay Day, Clash Royale, and Boom Beach.

2024 was the best year for Supercell ever. Supercell’s revenue increased by 77% to €2.8 billion (before deferral) compared to last year, due to revenue growth achieved in all games in comparison to previous year. The company achieved over 300 million monthly players across its portfolio. First game released in over 5 years, Squad Busters, generated more than 100 million dollars during its first 7 months in 2024 and won Apple Game of the Year Award.

Recent Developments

On 21 August 2025 Supercell announced global roll out of global pricing across more than 100 countries for Clash of Clans. Offering all in-app purchase prices and the Supercell Store for Clash of Clans to be aligned with the local cost of goods and services in players’ countries.

On 17 August 2025, Supercell appointed Drussila Hollanda as its first-ever Head of New Games, a role the company described as ‘very hard to fill’ and long overdue. The hire also marks Hollanda’s return to Supercell, where she previously served as the second game lead on Hay Day . In her new position, she will join the leadership team and report directly to CEO Ilkka Paananen.

On 20 May 2025, Supercell Oy announced CLASH is coming on Netflix as a new animated series and is currently in pre-production.

Figure 32: Clash of Clans Figure 33: Hay Day

Source: Company data [32] Source: Company data [33]

Figure 34: Boom Beach Figure 35: Clash Royale

Source: Company data [34] Source: Company data [35]

The9 Limited (Nasdaq: NCTY)

The9 Limited is a developer of online games and operates in China. The company also operates in the segment of mobile advertising and mobile app education. The company offers multiplayer online (MMO) games, mobile games and TV games. NCTY has developed proprietary games, including Song of Knights, and several proprietary mobile games and a web game are in the pipeline. The company also operates Cross Fire 2 in China through an exclusive license with Qihoo 360.

The company signed an exclusive agreement with Alibaba games to publish its proprietary CrossFire brand new shooting mobile game in China.

Recent Development

On 19 September 2025, The9 announced signing agreement to acquire a 51% stake in a new joint venture with ZhongShun, for two mobile games: Glory All Stars (RMB 2 billion in revenue) and Ultraman: Hero Beyond Time , a new action RPG based on the Ultraman IP.

On 8 September 2025 The9 announced its Web3.5 GameFi platform, the9bit has surpassed 2 million users since its August 2025 launch, fueled largely by its strong appeal among Southeast Asian gamers.

Latest Quarterly Results

The9 Limited reported net revenues of CNY 110.74 million for the year ended 31 December 2024, compared to CNY 168.32 million a year ago, revenue was CNY 111.71 million compared to CNY 174.05 million a year ago. The company’s net loss in 2024 was CNY 73.42 million, compared to the net income of CNY 20 million in 2023.

Figure 36: LTM Price Performance vs. SPX 500

Source: Nasdaq [36]

Ubisoft (ENXTPA: UBI)

Ubisoft Entertainment is a leading producer, publisher and distributor of video games for consoles, PC, smartphones and tablets. Ubisoft is a pioneer in creating original franchises. With Assassin’s Creed, Watch Dogs and Tom Clancy’s The Division, Ubisoft claims three of the four most successful new brand launches in the history of video gaming.

The company has various offices and studios around the world for developing and publishing games. The company entered the mobile gaming business with the acquisition of mobile game publisher, Ketchapp, and the mobile game, Growtopia. The company has various games in its portfolio such as Assassins Creed Origins, Far Cry 5, The Crew 2, Skull and Bones, Beyond good and Evil 2.

The company’s CEO Yves Guillemot stated that Ubisoft is aiming to reach 2.5 billion players in the next five years and ~5 billion players in the next ten years.

The company is experimenting with technologies such as blockchain to power its games. It plans to reward gamers with a special currency that can be traded for cryptocurrency, thereby paving way for a potential new monetization method. The company is part of Blockchain Game Alliance group that aims to democratize blockchain within the gaming industry.

The company says it partnered with Google to launch UPlay Plus on Google Stadia. Ubisoft already has four games available on Stadia: Assassin's Creed Odyssey, Ghost Recon Breakpoint, Trials Rising and Just Dance. Besides Stadia, Ubisoft also has presence on other cloud-gaming platforms including GeForce Now, Project xCloud.

Ubisoft announced the creation of a dedicated subsidiary based on its Assassin’s Creed®, Far Cry®, and Tom Clancy’s Rainbow Six® brands, which is valued around €4bn. Tencent has made a €1.2bn ($1.25bn; £1bn) in this and will own about a quarter of the new business. In parallel to the creation of this new entity, Ubisoft will focus on nurturing the development of iconic franchises including Tom Clancy’s Ghost Recon® and The Division®.

Assassin’s Creed Shadows was launched on March 20, delivering the second-highest Day 1 sales revenue in franchise history. It is the first game built on Ubisoft’s upgraded Anvil engine, offering enhanced visuals, physics, and interactivity for deeper immersion. The game is expected to significantly contribute to Ubisoft’s FY2025-26.

In March, Ubisoft announced a new subsidiary aimed at accelerating the growth of three flagship franchises—Assassin’s Creed, Rainbow Six, and Far Cry, which are well positioned in high-growth areas like Open World and LiveOps, supported by a strong five-year roadmap. Tencent will invest €1.16bn in a primary issuance by the New Subsidiary, acquiring an approximate 25% economic interest. At closing, at least €500m will be upstreamed to Ubisoft, ensuring sufficient working capital needs of the New Subsidiary.

The upcoming 2025 Ubisoft games are as follows. Anno 117: Pax Romana (Platforms: PC, Xbox Series X, PS5, Release date: 13 November 2025), Assassin's Creed Jade (Platforms: iOS, Android Release Date: TBC 2025), Tom Clancy's The Division Resurgence (Platforms: Apple, Android, Release date: TBC 2025). Future line up includes Prince of Persia: The Sands of Time Remake (2026), Assassin's Creed Codename Hexe, Beyond Good and Evil 2, Project U, Splinter Cell remake and Tom Clancy's The Division 3.

Recent Developments

On 1 October 2025, Ubisoft launched Vantage Studios, along with two co-CEO’s Charlie Guillemot and Christophe Derennes, who will lead the newly created "creative house". It will be responsible for some of Ubisoft's largest franchises: Assassin's Creed, Far Cry, and Rainbow Six. and will work on development and expansion of these brands.

On 26 August 2025, Ubisoft announced agreement with Atari, where Atari has acquired all intellectual property rights for five acclaimed Ubisoft titles including Cold Fear (2005), I Am Alive (2012), Child of Eden (2011), Grow Home (2015), and Grow Up (2016). Atari will reintroduce them on new platforms with updated formats, new content, and extended distribution channels.

Latest Quarterly Result

Ubisoft reported sales of €1,899.2 million for the fiscal year 2024-25, down 17.5% YOY. Net bookings totaled €1,846.4 million, down 20.5% YOY, slightly below objective, mainly reflecting lower than expected partnerships, notably due to a timing impact. Sales for the fourth quarter of 2024-25 stood at €909.2 million, up 5.9% YOY and net bookings totaled €902.3 million, up 3.4% YOY. Net bookings for the first quarter of 2025-26 are expected to come in at around €310 million and for the year the company expects stable net bookings.

For the first quarter of 2025 – 26, Ubisoft reported sales of €310.8 million, down 3.9% YOY. Net bookings stood at €281.6 million, below the target, down 2.9% YOY. For the second quarter Ubisoft expects net bookings to come in at around €450 million. Expected growth vs. Q1 is driven by strategic B2B partnerships, including new ones, growing Rainbow Six Siege X contribution and material TV Series milestone-based revenues.

Latest Key Financial Data

(In millions of EUR)	Fiscal Year Ending
	March 31, 2024	March 31, 2025
Revenue	2,300	1,899
Operating Income	313	(83)
Net Income	(59)	(64)
Total Assets	5,121	4,699
Total Equity	1,879	1,797

Figure 37: LTM Price Performance vs. EURO STOXX 50 Index

Source: MarketWatch [37]

Playtika (Nasdaq: PLKT)

Playtika specializes in the development and publication of social games. Founded in 2010, the company currently has 19 offices. It boasts of a monthly active user base of ~30 million and has more than 3,500 employees. It is credited as the pioneer of free-to-play games on social networks and mobile platforms. It is the creator of some of the most well-known games such as Bingo Blitz, Caesars Slots, and Poker Heat.

While the company is headquartered in Israel, it is controlled by a group of Chinese investors. The company raised $1.88 billion via an IPO in 2021.

According to App Annie, Solitaire Grand Harvest is the highest-grossing Solitaire game in the U.S. based on in-app purchases, from January – December 2024.

Recent Developments

On 12 May 2025, Slotomania introduced its latest casino-floor slot, Wheel of Fortune Lucky Coins On Stage , an all-new 5-reel, 40-payline free-to-play slot game based on IGT's casino floor game.

On 17 April 2025, SuperPlay in partnership with Disney Games announced launch of a new free-to-play solitaire game, Disney Solitaire , available now for Android and iOS devices.

Recent Quarter Results

The company reported Q225 revenue decrease of 1.4% QOQ and increase of 11.0% YOY to $696.0 million. Net income was $33.2 million in Q225, down 61.7% YOY but up 8.5% QOQ. Average daily paying users of 378K decreased 3.1% QOQ but were up 26.8% YOY. And average payer conversion was at 4.3%, up from 3.7% in Q2 2024 and flat compared to Q125. For FY25, Playtika expects revenue to be in the range of $2.70 - $2.75 billion and adjusted EBITDA to be between $715-$740 million.

Playtika’s Board of Directors declared a cash dividend of $0.10 per share, payable on 10 October 2025 to stockholders of record as of the close of business on 26 September 2025.

Figure 38: Game Portfolio

Source: Company data [38]

Zynga (Acquired by Take-Two Interactive)

Zynga is a leading developer, marketer and operator of social games played on the Internet, social networking sites such as Facebook and mobile platforms such as iOS and android. The company was founded in 2007 and since then more than one billion people have played games such as Farmville, Zynga Poker and World With Friends.

Zynga is working to create new franchises to attract gamers. As part of this plan, the company launched Harry Potter: Puzzles and Spells in a select few markets. Besides this, Puzzle Combat and FarmVille 3 are two other new games, currently in testing phase in select markets.

Zynga has taken aim at the implementation of season passes into their titles. Zynga has implemented a ‘battle pass’ system into 13 of its games. The subscription approach to their games has been successful. These passes grant players access to premium content that would usually be locked behind in-game progression.

Recent Developments

On 15 August 2025 - Zynga and a global leader in interactive entertainment, announced Zynga Poker, free-to-play poker games, is now available to play on Steam with full cross play functionality.

On 3 June 2025, Zynga announced closing down Torchlight III developer Echtra Games four years after acquiring the studio. This decision is part of strategic realignment of company’s resources and priorities.

Take-Two Interactive Software, Inc. (Nasdaq: TTWO)

Headquartered in New York, Take-Two Interactive Software Inc. is a leading game publisher. It develops and publishes games through labels Rockstar Games, 2K, and Private Division, as well as Social Point. The games are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms and cloud streaming services.

Rockstar Games : The games published under this label are internally developed. Some games published by the label include Grand Theft Auto, Max Payne, Midnight Club, Red Dead Redemption.

2K : label has published a variety of games across a range of genres including shooter, action, role-playing, strategy, sports and family/casual entertainment.

Private Division : brings titles from top independent developers to market.

Social Point : develops and publishes popular free-to-play mobile games. Games under this label include Dragon City, Monster Legends.

Recent Developments

On 12 September 2025, 2K and Gearbox Software announced that Borderlands®4 , the next in Borderlands franchise looter-shooter game, is now available worldwide for PlayStation®5 (PS5®), Xbox Series X|S, and PC through Steam and the Epic Games Store.

On 8 August 2025, 2K and Hangar 13 announced latest game from Mafia franchise, Mafia: The Old Country , now available worldwide for PlayStation®5 (PS5®), Xbox Series X|S, and PC via Steam.

On 16 June 2025, 2K and Gearbox Software announced the availability of Borderlands® 4 for pre-order. Borderlands 4 offers three editions of the game: Standard Edition, Deluxe Edition, and Super Deluxe Edition.

On 3 March 2025, Rockstar Games announced the acquisition of Video Games Deluxe, the Sydney-based development studio for an undisclosed amount. The studio will be renamed Rockstar Australia.

Latest Quarter Results

For Q1 FY 2026 (quarter ended June 30, 2025), Take‑Two Interactive delivered GAAP net revenue of US$1.504 billion. Net Bookings rose 17% year-over-year to US$1.423 billion, powered by strong performance from mobile titles and flagship franchises like NBA 2K and Grand Theft Auto. The company posted a GAAP net loss of US$11.9 million, or about $0.07 per share. Take‑Two raised its full-year outlook, now expecting Net Bookings of US$6.05–6.15 billion and GAAP net revenue of US$6.10–6.20 billion, reflecting confidence in its upcoming slate of titles including Mafia: The Old Country, Borderlands 4, and Grand Theft Auto VI.

Figure 39: Dragon City Figure 40: World Chef

Source: Company data [39] Source: Company data [40]

Latest Key Financial Data

(In millions of US$)	Three Month Ending		Fiscal Year Ending
	June 30, 2024	June 30, 2025	March 31, 2024	March 31, 2025
Revenue	1,338	1,504	5,350	5,633
Operating Income	(185)	22	(3,590)	(4,391)
Net Income	(262)	(12)	(3,744)	(4,478)
Total Assets	9,181	9,684	12,217	9,180
Total Equity	2,138	3,481	5,667	2,137

Figure 41: LTM Price Performance vs. SPX 500

Source: Nasdaq [41]

KEY REFERENCES

Newzoo

Newzoo is a leading provider of market intelligence covering global games, esports and mobile markets.

https://www.newzoo.com/

Facebook IQ

Facebook IQ offers insights, studies and research using people, advertising and industry trends coming from Facebook, Instagram, Messenger and other social medial platforms.

https://www.facebook.com/iq

International Game Developers Association (IGDA)

The International Game Developers Association (IGDA) is the largest non-profit membership organization in the world serving all individuals who create games.

https://www.igda.org

European Games Developer Federation (EGDF)

The European Games Developer Federation represents games studios based in Austria, Belgium, Croatia, Denmark, Finland, France, Germany, Norway, Poland, Spain, Sweden, Turkey and the United Kingdom.

http://www.egdf.eu/

comScore Inc

comScore, Inc (NASDAQ: SCOR) is the cross-platform measurement company that precisely measures audiences, brands and consumer behavior everywhere.

http://www.comscore.com/

Mobile Marketing Association (MMA)

MMA is a leading non-profit organization which aims to promote marketing through mobile, thereby driving business growth. http://www.weforum.org

Statista Inc

Statista is one of the leading statistics companies on the internet. Statista provides users with quantitative data, statistics and related information across various industries.

https://www.statista.com

Computer Games Association (CGA)

Founded in 2005, the Computer Games Association, is a professional international trade organization providing support for those involved in creating electronic games for the mass market consumer.

http://www.cga.global/

GMGC

As the fastest growing and largest game event in China, the GMGC Beijing is the international platform for sharing industry trends and ideas in the ever-evolving game industry.

http://en.gmgcongress.com/

Sensor Tower

Sensor Tower provides data and analytics platform to gain insights into mobile iOS and Google Play app stores. http://sensortower.com/

ACQ_REF: GS/2061/20251020/34

ACQ_COMPANIES: 187261, 114441, 114423, 62773, 187262, 124608, 187263, 180707, 118580, 127402, 187264, 187265, 180335, 124355, 187266, 187267, 187268, 132014, 187269, 91266, 111116, 94301, 137661

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