Mobile Gaming Market Outlook 2022

Dec, 2022 —
An Overview & Analysis of Industry Trends
Mobile Gaming
Market Outlook 2022

© 2022 Sensor Tower Inc. – All Rights Reserved
03 – Mobile Gaming Outlook
12 – Mobile Advertising Outlook
22 – Market Deep Dive: Card Battlers
31 – Market Deep Dive: MMORPGs
38 – Market Deep Dive: Real-Time Strategy
43 – Conclusion
2
Table of Contents

Mobile Gaming
Outlook

Mobile Game Adoption Remains Stable After a Jump in 2020
Worldwide quarterly downloads of mobile games on the App Store and Google Play
Mobile game downloads experienced big
gains starting in Q1 2020 at the beginning
of the pandemic. Between Q3 2019 and Q4
2020, global downloads registered double-
digit growth and are currently stable at
about the 14 billion mark.
Although mobile game adoption has slowed
since its peak in Q2 2020, it has remained
well above pre-pandemic levels.
4 © 2022 Sensor Tower Inc. – All Rights Reserved
0
2B
4B
6B
8B
10B
12B
14B
16B
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
App Store Google Play
-7%
+44%
+0%
-25%
0%
25%
50%
75%
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Casino
Sports & Racing
Casual
Games
Mid-Core
Quarterly worldwide genre download growth (indexed to Q1 2019) 11.9B 12.0B 11.6B 11.6B 11.8B 11.8B 11.5B 11.8B 12.4B 10.4B 8.8B 8.7B 8.2B 7.5B 2.0B 2.2B 2.0B 2.1B 2.1B 2.3B 2.1B 2.3B 2.7B 3.0B 2.3B 2.4B 2.2B 2.2B

Global Game Revenue Has Declined for the First Time
Worldwide quarterly consumer spending in mobile games on the App Store and Google Play
5 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$5B
$10B
$15B
$20B
$25B
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
App Store Google Play
+33%
-7%
+8%
Global mobile game revenue surged during
the start of the COVID-19 pandemic, seeing
its largest year-over-year growth in Q2 2020
at 33 percent. Player spending peaked in
Q1 2021 at $22.6 billion.
Mobile game revenue declined Y/Y for
the first time in history during Q1 2022.
Player spending declined 6 percent Y/Y to
$21.2 billion, primarily due to the high
base of comparison from the previous year.
Spending was still up nearly 20 percent
compared to Q1 2020. $7.4B $8.2B $8.6B $9.1B $8.9B $9.4B $8.5B $8.3B $8.1B $6.9B $6.5B $6.5B $6.0B $6.0B $12.7B $12.9B $12.8B $13.3B $12.7B $13.1B $12.3B $12.4B $12.0B $10.8B $9.9B $10.0B $9.1B $9.0B

Mid-Core Accounts for Only 14 Percent of Game Installs
Worldwide downloads by Game Class, Genre, and Sub-Genre in H1 2022
6 © 2022 Sensor Tower Inc. – All Rights Reserved
Downloads
Even though more than half of player
spending is concentrated in the Mid-Core
class, the vast majority of downloads are
from Casual games. Including Hypercasual,
this class accounts for 80 percent of
downloads. Mid-Core games account for
just 14 percent of worldwide installs.
The Shooter genre ranks as the most popular
among Mid-Core games. Action is the second
largest by downloads, accounting for
29 percent of Mid-Core installs in H1 2022. Racing 2% Sports 4% Casino 2% Geolocation AR 0.2% Tabletop 4% Lifestyle 9% Puzzle 10% Simulation 11% Arcade 12% Hypercasual 31% RPG 2% Strategy 4% Action 4% Shooter 4% Sports & Racing 6% Casino 2% Casual 78% Mid-core 14%

The Majority of Mobile Game Spending Is in Mid-Core Games
Worldwide revenue by Game Class, Genre, and Sub-Genre in H1 2022
7 © 2022 Sensor Tower Inc. – All Rights Reserved
Revenue
The Mid-Core class is a collection of
genres that appeal to a more dedicated
gaming audience. They typically require a
significant time investment by players, have
complex mechanics, and monetize through
in-app purchases. Mid-Core accounts for
60 percent of worldwide player spending.
RPG ranks as the No. 1 genre by player
spending, accounting for almost half of
the Mid-Core market.
Strategy ranks as the No. 2 genre by player
spending, accounting for 36 percent of the
Mid-Core market. Fighting 1% Open World Adventure 3% FPS / 3PS 1% Battle Royale 4% Tower Defense 1% Empire Simulation 1% Build & Battle 1% Card Battler 1% Real-Time Strategy 2% MOBA 5% 4X Strategy 11% Survival 1% Action RPG 1% Idle RPG 2% Turn-based RPG 3% Puzzle RPG 4% Squad RPG 8% MMORPG 9% Racing 1% Sports 3% Casino 10% Hypercasual 0.3% Arcade 1% Geolocation AR 2% Tabletop 2% Lifestyle 4% Simulation 6% Puzzle 12% Action 5% Shooter 6% Strategy 21% RPG 27% Sports & Racing 4% Casino 10% Casual 26% Mid-core 60%

The United States Is Still the Top Market by Consumer Spend
Top markets by mobile game spending, App Store and Google Play
8 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$1B
$2B
$3B
$4B
$5B
$6B
$7B
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
U.S. Japan China Mainland South Korea Taiwan
U.S.
-11% Y/Y
China
+4% Y/Y
Japan
-13% Y/Y
South Korea
-8% Y/Y
Taiwan
+4% Y/Y
Note:
China numbers only include the App Store as Google Play
is not available there.
The United States remains the top market
for mobile games, having outpaced Japan
in Q2 2019, and surpassed $6 billion in
revenue during Q1 2021.
U.S. player spending stayed above $6 billion
each quarter in 2021, but declined 11 percent
year-over-year during Q2 2022.
Japan, the second largest mobile games
market, saw revenue down Y/Y for the fourth
consecutive quarter in Q2 2022.
Taiwan, the fifth largest market, is still
growing. Revenue increased during Q2 2022
to nearly $650 million, up 4 percent Y/Y.

Taiwan Has Displaced Germany as the Fifth Largest Market
Top markets by Y/Y mobile game spending growth in H1 2022, App Store and Google Play
9 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$200M
$400M
$600M
$800M
$1.0B
$1.2B
$1.4B

Hong Kong

India

Brazil

Australia

Taiwan
H1 2021 H1 2022
Note:
Top growing countries are determined and
sorted by the difference in revenue in H1
2022 vs. H1 2021, not percentage growth.
+11%
+47%
+15%
+5%
+2%
Having experienced double-digit growth
between Q2 2018 and Q4 2021, Taiwan
displaced Germany as the fifth largest
mobile games market in the world.
Consumer spending in this country reached
$1.3 billion in H1 2022.
Four of the five top markets by player
spending growth are in APAC, exposing
how relevant the APAC region is for the
games industry. Brazil was the only
exception with 15 percent Y/Y growth. $1.30B $661M $294M $148M $582M $1.27B $632M $255M $101M $523M

Market Overview: Global Mobile Game Download Forecast
73 Billion
App Store + Google Play Downloads
By 2026
10 Billion
App Store Downloads
By 2026
63 Billion
Google Play Downloads
By 2026
Worldwide App Store and
Google Play Downloads
Worldwide App Store
Downloads
Worldwide Google Play
Downloads
10 © 2022 Sensor Tower Inc. – All Rights Reserved

0
20B
40B
60B
80B
2021 2022F 2023F 2024F 2025F 2026F
0
20B
40B
60B
80B
2021 2022F 2023F 2024F 2025F 2026F
+5.6% CAGR

0
20B
40B
60B
80B
2021 2022F 2023F 2024F 2025F 2026F
+2.3% CAGR
+6.1% CAGR 63B 60B 56B 53B 49B 47B 73B 70B 65B 62B 58B 56B 10B 10B 9B 9B 9B 9B

$0
$20B
$40B
$60B
$80B
$100B
$120B
2021 2022F 2023F 2024F 2025F 2026F
Market Overview: Global Mobile Game Spending Forecast
$117 Billion
App Store + Google Play Revenue
By 2026
$70 Billion
App Store Revenue
By 2026
$47 Billion
Google Play Revenue
By 2026
$0
$20B
$40B
$60B
$80B
$100B
$120B
2021 2022F 2023F 2024F 2025F 2026F
+5.6% CAGR

$0
$20B
$40B
$60B
$80B
$100B
$120B
2021 2022F 2023F 2024F 2025F 2026F
Worldwide App Store and
Google Play User Spending
Worldwide App Store
User Spending
Worldwide Google Play
User Spending
11 © 2022 Sensor Tower Inc. – All Rights Reserved
Note Regarding Revenue Estimates
We report gross revenue (including the cut for Apple or Google).
Android estimates do not include third-party stores.
+6.0% CAGR
+5.0% CAGR $47B $43B $40B $36B $33B $36B $117B $109B $102B $93B $86B $88B $70B $66B $62B $57B $53B $52B

Mobile Advertising
Outlook

ironSource .
Unity .
Vungle .
AppLovin .
Facebook .
Instagram .
AdMob .
YouTube .
Pinterest .
0% 20% 40% 60% 80% 100%
Games Other
Adcolony .
Vungle .
Chartboost .
Unity .
ironSource .
AppLovin .
AdMob .
Facebook .
Instagram .
YouTube .
Apple Search Ads .
Pinterest .
0% 20% 40% 60% 80% 100%
Games Other
Five Ad Networks Lead the Way by Game Share of Voice
U.S. share of voice for mobile games vs. non-game apps by ad network, year-to-date
13 © 2022 Sensor Tower Inc. – All Rights Reserved
A
A
iOS Android
On iOS, Five ad networks were primarily
focused on mobile games and had at least
90 percent of their share of voice (SOV)
come from games.
Another four networks had a more even split
between gaming and non-gaming. AdMob,
Facebook, Instagram, and YouTube had
between 40 and 60 percent SOV from games.
After the IDFA deprecation there was
considerable speculation about Apple Search
Ads. According to SensorTower’s share of
voice, the network does not seem to be a
great fit for games. 42.0% 43.7% 57.2% 60.0% 65.4% 73.1% 81.4% 90.9% 0.1% 15.7% 45.5% 48.8% 50.2% 53.0% 70.7% 92.1% 94.2% 96.0% 96.8% 97.5%

Game SOV Has Converged on Social Ad Networks
Quarterly U.S. iOS share of voice from mobile games by ad network, Q1 2019 to Q2 2022
14 © 2022 Sensor Tower Inc. – All Rights Reserved
0%
25%
50%
75%
100%
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Unity AppLovin Facebook Instagram YouTube Apple Search Ads
Unity
YouTube
Facebook
AppLovin
Instagram
Apple Search Ads
iOS
More than 90 percent of the impressions on
Unity’s Ad Network are from games. Popular
gaming-focused networks like Adcolony,
Vungle, and ironSource also consistently saw
more than 85 percent SOV from games.
AppLovin transitioned towards being much
more focused on game advertisements at
the start of 2019. This corresponded with its
investment in mobile game developers such
as PeopleFun, in addition to its own game
publishing wing, Lion Studios. AppLovin’s
SOV from games decreased around the time
that it acquired MoPub.
YouTube has seen SOV from games gradually
decline in recent years before an uptick in
starting in 2021.

Games Take Majority SOV on Facebook and Instagram
Quarterly U.S. Android share of voice from mobile games by ad network, Q1 2019 to Q2 2022
15 © 2022 Sensor Tower Inc. – All Rights Reserved
0%
25%
50%
75%
100%
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
ironSource Facebook AppLovin Instagram AdMob YouTube
ironSource
YouTube
Facebook
AppLovin
Instagram
AdMob
Android
Similar to what’s seen on iOS, AppLovin’s
share of voice from Google Play games has
decreased in recent quarters.
Share of Voice from mobile games increased
to more than 35 percent on YouTube in the
first two quarters of 2022.
Mobile game ad trends on Facebook and
Instagram mirrored each other over the past
two years, with games focusing a little more
on Facebook than Instagram.

16 © 2022 Sensor Tower Inc. – All Rights Reserved
YouTube .
Unity .
AdMob .
Facebook .
Instagram .
Vungle .
ironSource .
AppLovin .
Pinterest .
0% 5% 10% 15%
YouTube .
AdMob .
Unity .
ironSource .
Vungle .
AppLovin .
Facebook .
Instagram .
Apple Search Ads .
Pinterest .
0% 5% 10% 15%
Strategy Game Advertisers Trust YouTube
U.S. share of voice for Strategy games by ad network, year-to-date
A
A
iOS Android
While mobile games account for less than
50 percent of overall app SOV on YouTube,
Strategy games had nearly 15 percent of
YouTube’s SOV on iOS. Strategy games were
responsible for nearly a third of all game
SOV on the network.
AdMob and Unity were some other top ad
networks for Strategy games in H1 2022.
Note:
Strategy games are classified using Sensor Tower’s
Game Taxonomy 0.5% 1.7% 2.6% 4.2% 4.3% 4.7% 5.5% 7.4% 0.0% 1.3% 3.3% 3.3% 6.4% 8.2% 8.4% 8.7% 11.5% 14.9%

0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Strategy Game Ads on ironSource and AppLovin are on the Rise
U.S. iOS share of voice for Strategy games by ad network, Q2 2019 to Q2 2022
17 © 2022 Sensor Tower Inc. – All Rights Reserved
ironSource
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Vungle
A
AppLovin
Unity
YouTube AdMob
Strategy games have increased their Share
of Voice on YouTube and ironSource over
the past few years, while holding fairly
steady on AdMob.
AppLovin had historically focused on casual
game advertising, though its acquisition of
MoPub helped it diversify its offering.
AppLovin has seen a spike in Strategy
advertising following its acquisition of
MoPub in early 2022.
Note:
Strategy games are classified using Sensor Tower’s
Game Taxonomy

18 © 2022 Sensor Tower Inc. – All Rights Reserved
Vungle .
Facebook .
Instagram .
ironSource .
AdMob .
AppLovin .
YouTube .
Unity .
Pinterest .
0% 2% 4% 6% 8% 10%
YouTube .
AdMob .
Unity .
AppLovin .
Vungle .
ironSource .
Facebook .
Instagram .
Apple Search Ads .
Pinterest .
0% 2% 4% 6% 8% 10%
RPG Share of Voice Is Higher on iOS Across Networks
U.S. share of voice for RPGs by ad network, year-to-date
A
A
iOS Android
RPG titles in the U.S. had a similar
approach to advertising as Strategy
games, though RPG tended to have lower
Share of Voice across the board. YouTube
was the top network by RPG Share of Voice
at 8.2 percent.
RPGs had lower Share of Voice on Android
than on iOS across nearly all networks,
with Instagram as the only exception.
Note:
RPG titles are classified using Sensor Tower’s
Game Taxonomy 0.7% 0.8% 1.0% 1.3% 1.7% 2.0% 2.0% 2.6% 0.0% 0.7% 1.9% 2.1% 2.5% 3.1% 3.5% 3.6% 4.6% 8.2%

0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
RPG Share of Voice on YouTube Surpassed 10 Percent in Q2 2022
U.S. iOS share of voice for RPGs by ad network, Q2 2019 to Q2 2022
19 © 2022 Sensor Tower Inc. – All Rights Reserved
ironSource
0%
5%
10%
15%
Q2 2019 Q2 2020 Q2 2021 Q2 2022
Vungle
A
AppLovin
Unity
YouTube AdMob
Similar to Strategy games, RPGs have also
increased their Share of Voice on YouTube
each of the past two years. RPG SOV
surpassed 10 percent in Q2 2022.
AdMob was the only other network with at
least 5 percent SOV from RPGs in Q2 2022.
Note:
RPG titles are classified using Sensor Tower’s
Game Taxonomy

AdMob
MU Origin 3 Focused on Social Networks
MU Origin 3 U.S iOS Share of Voice
20 © 2022 Sensor Tower Inc. – All Rights Reserved
0%
1%
2%
YouTube
0%
1%
2%
5/16/22 5/22/22 5/28/22 6/3/22 6/9/22 6/15/22 6/21/22 6/27/22
0%
1%
2%
0%
1%
2%
0%
1%
2%
Facebook
Instagram
ironSource
0%
1%
2%
5/16/22 5/22/22 5/28/22 6/3/22 6/9/22 6/15/22 6/21/22 6/27/22
Vungle
MU Origin 3
OurPalm
MU Origin 3 has shifted UA strategies since its
launch earlier this year. In May, campaigns
began on networks including ironSource,
Vungle, AppLovin, and Unity.
By June, MU Origin 3 scaled back
advertising on these gaming-focused
networks and shifted to social ad networks
including YouTube and Facebook.

Unity AdMob
Vungle
A
AppLovin
Instagram
Ragnarok Origin
Gravity
21 © 2022 Sensor Tower Inc. – All Rights Reserved
0%
0.1%
0%
0.1%
4/1/22 4/12/22 4/23/22 5/4/22 5/15/22 5/26/22 6/6/22 6/17/22 6/28/22
0%
0.1%
0%
0.1%
0%
0.1%
Facebook
0%
0.1%
4/1/22 4/12/22 4/23/22 5/4/22 5/15/22 5/26/22 6/6/22 6/17/22 6/28/22
Ragnarok Origin’s Ad Push Boosted UA
Ragnarok Origin U.S iOS Share of Voice
In May 2022, Ragnarok Origin was the
No. 2 MMORPG by U.S. revenue. The
game increased advertising on Instagram,
Facebook, AppLovin, and Unity in late May
and saw a large download boost as a result.
Ragnarok Origin scaled back UA in June
and shifted most spend to social channels,
while continuing to advertise on AppLovin.
0
4K
8K
12K
3/28/22 4/11/22 4/25/22 5/9/22 5/23/22 6/6/22 6/20/22
Ragnarok Origin U.S. App Store Downloads

Market Deep Dive:
Card Battler

Card Battler Is Among the Fastest-Growing Sub-Genres
Top 10 game sub-genres by year-over-year revenue growth and decline in H1 2022
23 © 2022 Sensor Tower Inc. – All Rights Reserved
Open World Adventure
Real-Time Strategy
Card Battler
Tycoon / Cra!ing
Beat ’em Up
Idler
Other Match 3
Hypercasual – Arcade
Action Puzzle
Hidden Objects
Slots
Realistic Sports
Sandbox
Puzzle & Decorate
MMORPG
Geolocation AR
Turn-based RPG
4X Strategy
Squad RPG
Battle Royale
-$500M -$400M -$300M -$200M -$100M $0 $100M $200M
Casino Casual Mid-Core Sports & Racing
Fastest Declining
Fastest Growing
Mid-Core games saw very heterogeneous
performance during H1 2022. Some of the
Mid-Core sub-genres were the fastest
growing, while others actually saw the
largest declines.
Card Battler stands out as one of the top
five fastest growing sub-genres on mobile.

APAC Is the Largest Market for Card Battler Titles
Card Battler sub-genre revenue and download market share by country
24 © 2022 Sensor Tower Inc. – All Rights Reserved
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
REVENUE
DOWNLOADS
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
Japan China U.S. Other
Asia accounts for the vast majority of
mobile Card Battler revenue so far in 2022,
with Japan and China alone representing
62 percent of player spending.
China was the second largest market both
by player spending (27 percent) and
downloads (13 percent). Note that this also
only includes the App Store in China since
Google Play is not available there.
The market share for downloads in the U.S.
has remained stable around 15 percent
during the during the past four years.
Note:
Estimates include the App Store and Google Play. China only
includes the App Store since Google Play is not available there. 66% 59% 65% 59% 15% 13% 14% 15% 13% 25% 16% 19% 6% 3% 5% 7% 21% 22% 21% 21% 17% 19% 19% 16% 27% 37% 16% 14% 35% 22% 44% 49%

More than Half of Top U.S. Card Battler Titles Have a Season Pass
Top grossing Card Battler titles by U.S. player spending in H1 2022
25 © 2022 Sensor Tower Inc. – All Rights Reserved
Yu-Gi-Oh! Duel Links
WWE SuperCard
Magic: The Gathering
Mighty Party
Yu-Gi-Oh! Master Duel
Hearthstone
Topps Bunt
Animation Throwdown
Vanguard ZERO
Topps NHL Skate
$0 $2M $4M $6M $8M $10M $12M $14M
Starter Pack Loot Box Season Pass Subscription Live Ops
✔ ✔ ✖ ✔ ✔
✔ ✔ ✔ ✖ ✔
✔ ✔ ✔ ✖ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✖ ✔
✔ ✔ ✔ ✖ ✔
✔ ✔ ✖ ✖ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✖ ✔ ✔
✖ ✖ ✖ ✖ ✔
Season pass is a popular monetization
technique among the top performing card
battlers in the U.S., as six of the top 10
games utilize it to help drive engagement
through each season.
Additionally, all of the top 10 grossing card
battlers in the U.S. for the first half of 2022
utilize live ops among their monetization
mechanics, and all but one include a
starter pack. $1M $2M $4M $7M $8M $9M $10M $11M $12M $13M

Yu-Gi-Oh IP Tops the Card Battler Sub-Genre at Launch
Worldwide cumulative consumer spending for top mobile Card Battler titles in first three years
26 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$100M
$200M
$300M
$400M
$500M
Months Since Launch
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
Yu-Gi-Oh! Master Duel Yu-Gi-Oh! Duel Links Magic: TGA Hearthstone Legends of Runeterra
While the original Yu-Gi-Oh! Duel Link game
netted an impressive five month post-launch
total of more than $80 million, Yu-Gi-Oh!
Master Duel, the newest title in the series by
Konami, topped its predecessor by grossing
over $100 million just 5 months after release.
Yu-Gi-Oh! Master Duel, which was released
in January 2022, is a more complex Card
Battler and more faithful recreation of the
original physical card game.
Hearthstone and Magic the Gathering were
neck-and-neck five months after launch.
Legends of Runeterra fell behind the pack in
terms of monetizing its installed base.

27 © 2022 Sensor Tower Inc. – All Rights Reserved
Yu-Gi-Oh! Master Duel Sees Strong RPD at Launch
Worldwide Revenue Per Download for top mobile Card Battler titles in first three years
$0
$5
$10
$15
$20
Months Since Launch
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36
Yu-Gi-Oh! Master Duel Magic: TGA Yu-Gi-Oh! Duel Links Hearthstone Legends of Runeterra
The newest title in the series, Yu-Gi-Oh!
Master Duel, boasts the highest worldwide
revenue per download (RPD) out of the
cohort of top Card Battler games, with
more than double the RPD of the trailing
title, Magic: The Gathering Arena. The more
faithful adaptation of the original physical
Yu-Gi-Oh! card game was met with higher
willingness to pay by new and legacy players
of the series.
With the absence of a presence in China,
Legends of Runeterra failed to monetize as
effectively as other top Card Battler titles.

MTG Arena Appeals to Japanese IP to Double Down in APAC
Advertisements for the Hatsune Miku and WIT Studio promotional music videos
28 © 2022 Sensor Tower Inc. – All Rights Reserved
JAPANESE IP ADVERTISING GEO SPLIT: REVENUE
U.S.
Japan
Other
Magic: The Gathering Arena
Wizards of the Coast
In early February 2022, a collaboration was
announced between the Japanese virtual
idol Hatsune Miku and Magic: The
Gathering to promote its newest expansion,
Kamigawa: Neon Dynasty. While Hatsune
Miku doesn’t appear as a card in the
expansion, a full-length music video was
added to the Hatsune Miku YouTube channel.
MTG Arena also partnered with the Japanese
animation studio WIT Studio (Attack on
Titan) to create an animated music video
that has amassed close to 4 million views on
YouTube so far.
While Magic: The Gathering monetizes
primarily outside of Asia, its recent
collaboration with Hatsune Miku and WIT
Studio is an attempt to appeal to the
Japanese player base along with anime/
Vocaloid fans from other regions. 22% 16% 62%

$0
$20K
$40K
$60K
$80K
$100K
$120K
3/24/21 4/21/21 5/19/21 6/16/21 7/14/21 8/11/21 9/8/21 10/6/21 11/3/21 12/1/21 12/29/21 1/26/22 2/23/22 3/23/22 4/20/22 5/18/22 6/15/22 7/13/22
MTG’s Kamigawa Expansion Boosts Spend in Japan
Magic: The Gathering Arena daily consumer spending in Japan, App Store and Google Play
29 © 2022 Sensor Tower Inc. – All Rights Reserved
Kamigawa Release
IP collaboration expansion
release pushes daily revenue
in Japan to an all-time high.
KAMIGAWA: NEON DYNASTY
Kamigawa: Neon Dynasty is a world governed by
the ‘rule of cool.’ The latest card set on Magic: The
Gathering Arena is a neon-dripped futurescape
filled with epic scenery.
App Update Timeline: MTGA Version 2022.13.0
+
While only about 16 percent of Magic: The
Gathering’s total revenue comes from Japan,
the collaborations and promotional
campaigns with Japanese IP, animation
studios, and musicians appeared to resonate
in the region for the Kamigawa expansion,
leading to the highest single day revenue in
Japan for the game since launch.
The huge asian market for Card Battler
titles affects MTGA roadmap, releasing
Japanese IP collaborations.
Magic: The Gathering Arena
Wizards of the Coast

Wild Rift and Arcane Boost Runeterra Downloads
Legends of Runeterra monthly U.S. downloads, App Store and Google Play
30 © 2022 Sensor Tower Inc. – All Rights Reserved
0
20K
40K
60K
80K
100K
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
IP Synergy
Runeterra downloads
doubled when Wild
Rift launched.
Netflix Show
Arcane, based on League
of Legends, released on
Netflix prompting a 5x
download spike.
The launch of League of Legends: Wild Rift in
the U.S. not only brought an influx of players
to the game itself, but also carried over a
spike to Legends of Runeterra as well. During
the launch month of Wild Rift in March 2021,
Runeterra saw an 107 percent increase in
downloads compared to the previous month.
Runeterra also saw a very significant spike
in U.S. downloads following the release of
Riot’s animated series Arcane on Netflix in
November 2021. This contributed to the
second largest monthly spike in downloads
for Runeterra since launch.
Legends of Runeterra
Riot Games

Market Deep Dive:
MMORPG

MMORPG Is the No. 2 Sub-Genre for Player Spending
Worldwide revenue trends for top game sub-genres
32 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$500M
$1.0B
$1.5B
$2.0B
$2.5B
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
4X Strategy MMORPG Squad RPG Slots Battle Royale Puzzle RPG
MMORPG was the only genre to surpass $6
billion in global player spending in 2018. It
has managed to maintain solid growth into
2022 and now ranks as the No. 2 genre
behind 4X Strategy.
While the MMORPG sub-genre has seen
steady growth, some others, including 4X
Strategy, Squad RPG, and Slots, saw a more
significant boost in player spending at the
start of the pandemic. These sub-genres
have only managed to retain part of this
boost. as each has seen a year-over-year
decline in Q2 2022.

Asia Still Dominates the MMORPG Market
MMORPG revenue and download market share by country
33 © 2022 Sensor Tower Inc. – All Rights Reserved
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
REVENUE
DOWNLOADS
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
South Korea China Japan U.S. Other
MMORPGs have struggled to gain a foothold
in any markets outside Asia. South Korea,
China, and Japan combined for roughly 80
percent of all MMORPG revenue in H1 2022.
However, MMORPGs have shifted their
attention towards other markets for new user
acquisition. The U.S. accounted for nearly
10 percent of MMORPG installs in H1 2022,
up from 5 percent a year prior, largely
driven by the launch of Diablo Immortal.
The question now is whether U.S. players will
be willing to spend in MMORPGs like their
counterparts in Asia.
Note:
Estimates include the App Store and Google Play. China only
includes the App Store since Google Play is not available there. 50% 49% 43% 39% 9% 5% 5% 5% 4% 4% 4% 4% 30% 33% 39% 44% 7% 9% 9% 9% 17% 16% 14% 11% 4% 3% 3% 3% 10% 8% 9% 8% 34% 36% 39% 53% 36% 36% 34% 26%

Diablo Immortal Launch Leaves Other MMORPGs in the Dust
34 © 2022 Sensor Tower Inc. – All Rights Reserved
Top grossing MMORPG titles by U.S. player spending in H1 2022
Diablo Immortal
MapleStory M
Ragnarok Origin
Dragon Raja
MIR4
Old School RuneScape
Black Desert Mobile
Lineage2M
RuneScape
Fate of the Empress
$0 $5M $10M $15M $20M $25M
Starter Pack Loot Box Season Pass Subscription Live Ops
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✖ ✖ ✖ ✔ ✔
✖ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✖ ✔
✔ ✖ ✔ ✔ ✔
✖ ✔ ✖ ✖ ✔
Diablo Immortal has already surged
to unprecedented levels for a MMORPG in
the U.S. Despite not launching until early
June, Diablo Immortal led all MMORPG
by U.S. player spending in H1 2022 with
$22 million.
Only one other game, MapleStory M,
had more than $10 million in U.S. player
spending in H1 2022. This points to the
challenge that other MMORPGs have had
in the U.S. compared to top Asian markets.
The U.S. only accounted for 4 percent of
MMORPG player spending in H1 2022. $3M $4M $4M $5M $5M $5M $6M $9M $14M $22M

Diablo Immortal Is in Uncharted Territory in the U.S.
U.S. cumulative consumer spending for top MMORPG during launch period
35 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$5M
$10M
$15M
$20M
$25M
$30M
$35M
Weeks Since Launch
0 1 2 3 4 5 6 7 8 9 10
Diablo Immortal Dragon Raja Black Desert Mobile MIR4 Ragnarok Origin MapleStory M
Diablo Immortal has clear dominance in the
U.S. MMORPG market with more than $28
million in player spending in its first six
weeks. No other MMORPG had more than
$5 million that soon after launch.
Diablo Immortal is attempting to be the
first huge mobile MMORPG hit in the U.S. In
the first half of 2022, MMORPGs only
accounted for 3.2 percent of Mid-Core
revenue in the U.S., compared to 15.2
percent of Mid-Core revenue globally.

Diablo Immortal Trails Top Asian Titles in Their First Few Months
Worldwide cumulative consumer spending for top MMORPG during launch period
36 © 2022 Sensor Tower Inc. – All Rights Reserved
$0
$50M
$100M
$150M
$200M
$250M
$300M
$350M
Weeks Since Launch
0 1 2 3 4 5 6 7 8 9 10
LineageM Lineage2M Lineage W Tianya Mingyue Knife
Odin: Valhalla Rising Diablo Immortal Fantasy Westward Journey
Spending in NCSOFT’s Lineage franchise has
outpaced all other MMORPGs within the
first few months. LineageM, Lineage2M, and
Lineage W all managed to surpass $225
million in their first 10 weeks, with LineageM
reaching $300 million.
Despite Diablo Immortal’s massively
successful launch, the U.S. still appears to
lack the monetization potential of Asia for
MMORPGs. Diablo Immortal’s $70 million in
its first 6 weeks ranks behind the top Lineage
titles and Odin: Valhalla Rising.

Understanding Local Markets Is Still Key for RPG Developers
37 © 2022 Sensor Tower Inc. – All Rights Reserved
Top grossing RPG titles by worldwide player spending in June 2022
Fantasy Westward Journey
Fate/Grand Order
Diablo Immortal
Lineage M
Uma Musume Pretty Debry
Puzzles & Survival
Monster Strike
Puzzle & Dragons
Lineage W
Empires & Puzzles
$0 $10M $20M $30M $40M $50M $60M $70M
Publisher
Top Market by
Lifetime Revenue
99%
39%
81%
40%
87%
99%
41%
99%
97%
71%
NetEase
NCSOFT
Aniplex
Blizzard
NCSOFT
CyberAgent
37Games
GungHo
Zynga
Mixi
Top Games
Top RPGs come from publishers in their
local markets. For nine of the top 10 RPGs by
player spending, their top market matched
their publisher’s region of operation. Six of
these titles use an IP popular in their most
successful country, including the hugely
popular Lineage franchise and several anime
in Japan.
China, Japan, and South Korea provide a lot
of upside for RPGs. Titles including Fantasy
Westward Journey, Fate/Grand Order,
LineageM, and Uma Musume Pretty Derby
ranked among the top five in June 2022 with
at least 80 percent of their revenue coming
from just one market. $30M $40M $46M $48M $49M $52M $53M $54M $58M $61M

Market Deep Dive:
Real-Time Strategy

Real-Time Strategy Is a Top Growing Sub-Genre in the U.S.
Top 10 game sub-genres by year-over-year revenue growth and decline in H1 2022
39 © 2022 Sensor Tower Inc. – All Rights Reserved
Open World Adventure
Real-Time Strategy
Card Battler
Tycoon / Cra!ing
Beat ’em Up
Idler
Other Match 3
Hypercasual – Arcade
Action Puzzle
Hidden Objects
Slots
Realistic Sports
Sandbox
Puzzle & Decorate
MMORPG
Geolocation AR
Turn-based RPG
4X Strategy
Squad RPG
Battle Royale
-$500M -$400M -$300M -$200M -$100M $0 $100M $200M
Casino Casual Mid-Core Sports & Racing
Fastest Declining
Fastest Growing
Real-Time Strategy was the second
fastest growing sub-genre during H1
2022, with revenue increasing by more
than $145 million, mainly due to the
excellent performance of Clash Royale
from Supercell. The fastest growing
sub-genre was Open World Adventure,
with consumer spending increasing by
more than $150 million, driven by the
global scaling of Genshin Impact.
On the other hand, 4X Strategy was
among the fastest declining sub-genres
in H2 2022. Rise of Kingdoms and State
of Survival contributed to this decrease.

Teamfight Tactics’ Emergence in China Disrupted the Market
Real-Time Strategy revenue and download market share by country
40 © 2022 Sensor Tower Inc. – All Rights Reserved
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
REVENUE
DOWNLOADS
2019
2020
2021
H1 2022
0% 25% 50% 75% 100%
China U.S. Japan Other
Entering 2021, the U.S. had consistently
been the top market for Real-Time Strategy
games, largely driven by the success of
Clash Royale in the country. The U.S. led
the way with 27 percent of revenue and
10 percent of downloads in 2021.
This changed in H1 2022 with the rise of
Teamfight Tactics in China. 84 percent of
Teamfight Tactics revenue has been from
China, helping it surpass the U.S. in terms of
player spending.
Note:
Estimates include the App Store and Google Play. China only
includes the App Store since Google Play is not available there. 80% 79% 85% 80% 2% 3% 2% 3% 9% 10% 9% 9% 8% 8% 4% 7% 33% 37% 39% 39% 15% 21% 27% 29% 23% 27% 26% 25% 29% 15% 8% 7%

Clash Royale Is the Clear Standout in the U.S.
Top grossing Real-Time Strategy titles by U.S. player spending in H1 2022
41 © 2022 Sensor Tower Inc. – All Rights Reserved
Clash Royale
Art of War: Legions
The Battle Cats
Infinite Galaxy
Valor Legends
Empire Takeover
Island War
Might & Magic
Teamfight Tactics
South Park:
Phone Destroyer
$0 $25M $50M $75M $100M
Starter Pack Gacha Season Pass Subscription Live Ops
✔ ✖ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✖ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✖ ✔ ✖ ✖ ✔
✔ ✔ ✔ ✖ ✔
✖ ✔ ✖ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✖ ✔ ✖ ✔
$89M
Clash Royale from Supercell had nearly
$90 million in U.S. player spending in
H1 2022—no other title had more than
$10 million over that period. Clash Royale
has found considerable success using a
season pass and subscription.
Many of the top games come from publishers
located outside of the U.S. All of the top five
are from publishers based in Europe or Asia,
including Clash Royale (Finland), Art of War:
Legions (Hong Kong), The Battle Cats
(Japan), Infinite Galaxy (China), and Valor
Legends (Singapore).

Clash Royale Remains Unthroned in the Real-Time Strategy Space
Top grossing Real-Time Strategy games by worldwide player spending in H1 2022
42 © 2022 Sensor Tower Inc. – All Rights Reserved
Clash Royale
Teamfight Tactics
The Battle Cats
Return to the Empire
Art of War: Legions
Valor Legends
Infinite Galaxy
Castle and Dragon
Empire Takeover
LINE Rangers
$0 $50M $100M $150M $200M
Publisher
Supercell
Sky Dragon Games
Tencent
PONOS
Tencent
Fastone Games
Century Games
Asobism
LINE Corporation
Camel Games
Top Games
Top Market by
Lifetime Revenue
33%
52%
84%
70%
100%
37%
31%
35%
100%
54%
$199M
$138M
$58M
$38M
Clash Royale has established itself as the
clear leader in the Real-Time Strategy
sub-genre following its launch in 2016,
and continued to rank as the No. 1 revenue
generating title in the sub-genre in H1 2022,
grossing nearly $200 million.
A number of titles have tried to copy the
format that Clash Royale created on mobile—
a mobile-first, simplified, two-lane MOBA—
but high profile attempts such as Star Wars
Force Arena, Gears of War Pop, and Tom
Clancy’s Shadowbreak have all failed to build
a significant audience.
None of the top Real-Time Strategy titles
come from publishers based in the U.S.,
and Clash Royale is the only one from
a publisher based outside of Asia.

Conclusion

Executive Summary: Highlights
The mobile game market is correcting after
seeing a spike in revenue and downloads at the
start of the COVID-19 pandemic. Positive revenue
growth is projected to return in 2023, with total
consumer spending reaching $117 billion by 2026.
Diablo Immortal has seen unprecedented
success for an MMORPG in the U.S. and will look
to emulate the many hit titles in Asia that use
popular IP in the region. Eighty percent of MMORPG
revenue in H1 2022 was from China, South Korea,
or Japan, with just 4 percent from the U.S.
While less than 50 percent of YouTube’s Share of
Voice comes from games, the ad network is a
popular choice for the Strategy and RPG genres.
Top MMORPG titles used creatives that highlight
characters, gear, and snippets of gameplay.
Card Battlers still rely on IPs to boost adoption.
Magic: The Gathering Arena utilized Japanese IP to
boost adoption in the region. Marvel SNAP is also
expected to launch this year, carrying Disney’s
massively popular IP with it.
44 © 2022 Sensor Tower Inc. – All Rights Reserved

© 2022 Sensor Tower Inc. – All Rights Reserved 45 © 2022 Sensor Tower Inc. – All Rights Reserved
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