Public Mobile Gaming Publishers: Resilience & Adaptation in a Shifting Landscape

Public Mobile Gaming
Publishers:
Resilience & Adaptation
in a Shifting Landscape
#9 FEATURE BY

After years of rapid expansion and pandemic -driven surge, fueled by acquisitions and increased user acquisition spending, mobile
publishers encountered tougher conditions in the post -IDFA era, marked by slowing revenue growth and declining organic performan ce.
2 FEATURE BY GDEV
Note: Avg. quarter exchange rate applied;
GDEV financials for 2024 based on Noble broker estimates.
ANNUAL REPORTED REVENUE, $M

IDFA changes, declining post -pandemic player engagement, and a saturated mobile gaming market have driven significant shifts in
performance marketing and UA budgets. In 2024, some publishers are starting to see the first signs of a gradual recovery.
3 FEATURE BY GDEV
Note: Avg. quarter exchange rate applied;
GDEV financials for 2024 based on Noble broker estimates
ANNUAL USER ACQUISITION EXPENSES, $M

4 FEATURE BY GDEV
Note: Avg. quarter exchange rate applied;
AEBITDA = adjusted EBITDA minus CapEx;
GDEV financials for 2024 based on Noble broker estimates.
ANNUAL ADJUSTED EBITDA MINUS CAPITALIZED DEVELOPMENT COSTS, $M
Weaker returns from UA campaigns combined with rising OpEx have pushed many publishers into lower profitability, squeezing EB ITD A
margins. As a response, publishers have shifted their focus back toward profitability over the past 18 months.

The industry has moved beyond pure UA scaling, shifting its focus toward player retention and LTV growth, with each company
taking its own approach.
5 FEATURE BY GDEV
Note: Avg. quarter exchange rate applied.
AVERAGE ANNUAL REPORTED DAILY ACTIVE USERS, M

The shift to the post -IDFA era brought a sharp decline in mobile gaming valuations, with mobile publishers’ market caps dropping by
more than half since January 2022.
6 FEATURE BY GDEV
MKT CAP CHANGE MAR’25 VS. JAN’24, % AGGREGATE MARKET CAP JAN’22 —FEB’25, $B
Source: Yahoo Finance

PPS CHANGE MAR’25 VS. JAN’24
7 FEATURE BY GDEV
INDEX SHARE PRICE VS. S&P 500 JAN’22 —FEB’25, %
Source: Yahoo Finance
Most mobile gaming stocks have yet to recover to their 2022 levels, with one exception — MTG. Its disciplined M&A strategy
and operational efficiency drove 9% organic growth in Q4’24, earning investor confidence and leading to a 50%+ price gain