According to new data from Appfigures (via Bloomberg,) mobile game spending hit new highs in 2024, even though downloads and new game releases saw a steep decline.
Spending hits new highs, but fewer games break through
The report reveals that spending on mobile games rose 4% to $65.7 billion last year. However, just $3.9 billion of the total amount came from titles actually released in 2024.
While new games hit their first million in revenue faster than ever, taking 106 days on average (versus 194 days in 2023 and 273 in 2022), fewer games reached that milestone at all.
Another bright warning sign comes from the fact that just 399 titles cleared the $1 million bar in 2024, a steep drop in a year that also saw 43% fewer new mobile game launches.
Games like Honor of Kings, Peacekeeper Elite, and Monopoly Go! continued to dominate both revenue and engagement, with Tencent out-earning its nearest competitor, Scopely Inc., by a factor of four.
These results track with broader trends across the gaming industry. While that pressure has already driven sticker prices up on consoles, mobile developers are fighting to stay competitive by going all-in on IP collaborations and branded events.
As Appfigures notes, crossovers between mobile games and pop culture, from anime and comics to fashion and film, have become a “core strategy” for player acquisition and monetization. This is especially true for live services and multiplayer titles, where they not only drive engagement, but also spending.
U.S. players once again ranked among the most lucrative globally. Americans spent an average of $6.43 per downloaded mobile game across iOS and Android, more than four times the global average of $1.52. Both figures rose 11% year over year, suggesting that while there may be fewer new games to play, mobile users are more willing than ever to pay for the ones that stick.
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