Sensor Tower 发布的 2026 年移动游戏变现趋势洞察报告，通过剖析 2025 年全球头部手游变现机制，预判 2026 年行业发展趋势，拆解了不同品类手游的变 现策略逻辑，并结合经典案例给出商业化参考，为厂商平衡收入增长与用户体验提供方向。报告统计收入为 App Store 和 Google Play 的 IAP 预估值，不含 广告、第三方平台等收入。 2026 年全球手游变现呈现头部效应持续强化的特征，2025 年全球 TOP100 手游收入逼近 466 亿美元，占全球手游总收入 57%，预计 2026 年这一数字将升至 530 亿美元，占比近 58%。头部手游普遍采用 "货币包 + 活动 + 宝箱 + 通行证 + 订阅 + 抽卡" 全维度变现组合，83% 的 TOP100 手游搭配 5-7 种变现机制实 现收入最大化，货币包、运营活动、新手礼包成为标配，通行证渗透率达 75%，是稳定收入核心来源，抽卡则在 RPG、SLG 等品类表现强势。 不同品类手游变现策略分化显著，中重度手游变现机制多元，涵盖订阅、抽卡等，极少采用广告；混合休闲手游融合中重度变现机制与广告变现；休闲手游 以广告、货币包为主 ...

Core Viewpoint - Playtika Holding Corp. is set to release its financial results for Q4 2025 on February 26, 2026, before U.S. markets open, followed by a conference call to discuss the results [1]. Company Overview - Playtika is a leader in mobile gaming entertainment and technology, with a diverse portfolio of game titles [3]. - Founded in 2010, Playtika was one of the pioneers in offering free-to-play social games on social networks and mobile platforms [3]. - The company is headquartered in Herzliya, Israel, and aims to entertain the world through various gaming experiences [3]. - Playtika has a global presence with employees across multiple offices [3]. Conference Call Details - The conference call to discuss the financial results will take place at 5:30 AM Pacific Time / 8:30 AM Eastern Time on the same day as the earnings release [1]. - A live webcast of the conference call and related earnings materials will be accessible on Playtika's Investor Relations website [2].

黑猫大数据中心联合黑猫投诉 【下载黑猫投诉客户端】平台发布《黑猫投诉2025年度游戏领域投诉数 据报告》，通过投诉数据盘点2025年行业趋势、行业热点问题等，通过投诉数据变化情况回顾行业消费 趋势。 2025年黑猫投诉平台游戏领域（含账号交易）投诉量超过13.5万件，同比2024年增长35%。从投诉趋势 看，游戏领域投诉量受集体投诉影响明显，2025年出现多起集体投诉；另外寒暑假期间投诉量也会有所 上涨，多与未成年人游戏内充值退款有关。 游戏投诉典型问题 寒暑假期间，大量未成年人游玩游戏并进行充值，导致未成年退款投诉数量急剧上升，使得未成年退款 成为了这一时期的主要投诉焦点。此外，随着游戏行业的快速发展，账号租借与买卖行为日益普遍，然 而这一过程中却暴露出诸多漏洞，诸如账号被找回、租借账号被用于非法行为（如使用外挂）等问题层 出不穷。与此同时，游戏厂商频繁出现游戏虚假宣传以及忽视玩家合理诉求的情况，引发玩家大规模的 集体投诉，尤其集中在手机游戏领域。 未成年退款问题占比超五成 从投诉问题分布来看，未成年退款问题占总投诉的一半以上，反映出游戏厂商在未成年人保护机制上存 在漏洞，同时也凸显出家长在孩子网络活动及消 ...

Core Insights - The Chinese mobile gaming industry is experiencing significant growth in research and development (R&D) investments, with the top 20 companies projected to invest over 99 billion yuan in 2024, marking an 8.8% year-on-year increase [1] - The domestic revenue from self-developed games is expected to exceed 260 billion yuan in 2024, reflecting a 1.7% increase compared to the previous year [4] - The overseas revenue from self-developed games is anticipated to surpass 18.5 billion USD in 2024, showing a 13.39% year-on-year growth [6] R&D Investments - The total R&D investment by the top 20 mobile gaming companies in China is projected to reach 99.02 billion yuan in 2024, with a continuous increase from 2017 to 2024 [1] - The number of R&D personnel in these companies has shown a declining trend, with a total of 15,721 employees in 2024, down by 1.66% year-on-year [3] - The median percentage of R&D personnel in the top 20 companies is 47.24% in 2024, which is a decrease of 5.97 percentage points from the previous year [3] Domestic Revenue - The actual sales revenue from self-developed games in the domestic market is projected to be 260.736 billion yuan in 2024, reflecting a 1.7% increase year-on-year [4] - The growth in domestic revenue is attributed to the expanding and maturing domestic gaming market, with companies focusing on self-developed games to capture market opportunities [4] Overseas Revenue - The overseas revenue from self-developed games is expected to reach 18.557 billion USD in 2024, marking a 13.39% increase compared to the previous year [6] - The overseas revenue has consistently exceeded 100 billion yuan for five consecutive years, driven by advancements in cloud gaming and AI technologies [6] - The primary markets for overseas revenue are the United States, Japan, and South Korea, contributing 31.06%, 17.32%, and 8.89% respectively to the total overseas income [8]

Core Insights - The global mobile gaming market has demonstrated remarkable resilience and maturity, successfully returning to a growth trajectory after the pandemic-driven surge and subsequent market adjustment [1] - By 2025, in-app purchase revenue is expected to reach $82 billion, with 135 mobile games projected to generate over $100 million each, totaling $50.8 billion [1] - Strategy games are leading in revenue generation, expected to attract nearly $15 billion, highlighting their high-paying player base and long lifecycle [1] - Puzzle games show significant commercial potential due to their broad user base and stable conversion rates, emphasizing the importance of refined operations [1] Market Trends - The global mobile game download volume has stabilized at over 5 billion downloads per year, indicating a structural maturity in the market [1] - Publishers are focusing on refined operations to extend game lifecycles and enhance user quality and lifetime value [1] Leading Titles - The survival strategy games "Last War: Survival" and "Whiteout Survival" are projected to dominate the global mobile game revenue rankings, with expected annual revenues of $2.4 billion and $2.2 billion respectively [7] - These titles exemplify the leading advantages of the strategy genre in driving high-paying players and long-term value [7]

Core Insights - Netflix is making significant moves to strengthen its position in the competitive streaming landscape, including a major acquisition deal valued at $82.7 billion for Warner Bros. film and television studios, HBO, and HBO Max [6][7] - The stock has seen a decline of nearly 30% from its all-time high, presenting a potential buying opportunity for long-term investors [2] - Netflix's content portfolio includes popular titles and is expanding into new media formats, which could enhance its market position [4][5] Content Expansion - Netflix has developed a strong portfolio of intellectual property, including hit shows like Stranger Things and Bridgerton [4] - The company is diversifying its offerings by introducing mobile games, live sports, and exclusive video podcasts [5] Acquisition Details - The acquisition of Warner Bros. Discovery is expected to significantly enhance Netflix's content library, including franchises like Game of Thrones and Harry Potter [6][7] - The deal will primarily be funded through debt, potentially increasing Netflix's total debt to $77 billion, which could impact its financial flexibility [9][10] Financial Performance - Netflix generates over $0.20 of free cash flow for every dollar of revenue, with a total of $9 billion in free cash flow over the past year [8][11] - Analysts project an annualized earnings growth of 24% for Netflix, indicating strong long-term growth potential [13] Market Position - With 300 million paid subscribers, Netflix has a substantial market presence and opportunities for further expansion, particularly in regions with increasing internet access [13] - The stock is currently trading at 37 times its full-year earnings estimates, reflecting its growth outlook despite being considered not cheap [14]

Core Insights - In October 2025, a total of 32 Chinese companies ranked among the top 100 global mobile game publishers, generating a combined revenue of $2.01 billion, which accounted for 35.6% of the total revenue of the top 100 publishers globally [1] Group 1 - The presence of 32 Chinese companies in the global mobile game publisher revenue ranking highlights the significant market share held by these firms [1] - The total revenue generated by these Chinese companies indicates a strong performance in the mobile gaming sector, contributing over $2 billion [1] - The 35.6% share of the total revenue from the top 100 publishers underscores the competitive position of Chinese firms in the global market [1]

Core Insights - Playtika Holding (PLTK) reported quarterly earnings of $0.18 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, and up from $0.11 per share a year ago, representing an earnings surprise of +5.88% [1] - The company generated revenues of $674.6 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.59% and increasing from $620.8 million year-over-year [2] - Playtika's stock has underperformed, losing about 46% since the beginning of the year, while the S&P 500 has gained 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $668.67 million, and for the current fiscal year, it is $0.53 on revenues of $2.74 billion [7] - The estimate revisions trend for Playtika was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Gaming industry, to which Playtika belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - GDEV Inc., another company in the same industry, is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year decline of -46.8% [9]

Business Performance & User Engagement - The company achieved over $10 billion in lifetime revenue [3] - The company has 500 million+ daily active users touching its games in the last 12 months [3] - 75% of Star Trek Fleet Command players engage with the game every single day [14] Competitive Landscape & Innovation - The company welcomes competition as it fuels innovation and exceeding expectations [1] - The company focuses on a community-first approach, creating highly social, engaging experiences [1][2][5] - The gaming space is fast moving and evolves quickly, requiring constant awareness of where players are engaging with IP [12] Strategic Outlook & Partnerships - The company is open to discussions with Electronic Arts (EA) regarding potential cooperation post EA's take-private deal [7] - The company is developing cross-platform content across platforms [9] - The company aims to serve its community where they want to engage with content, across different mediums [5][6][9] Global Reach & Market Dynamics - The company emphasizes the global appeal of games, transcending geographies and cultures [10][11]

Core Insights - The Chinese gaming industry has experienced significant revenue growth from 140.7 billion to 325.7 billion from 2015 to 2025, driven by mobile gaming expansion, overseas market exploration, and the cultural and commercial value of classic IPs [1] Group 1: Buy Volume Strategy - "Buy volume" has become a core skill for most Chinese game developers over the past decade, evolving from reliance on app stores to a more strategic approach due to the rise of social media and short video platforms [2][4] - The early gaming market relied heavily on channel resources, with a focus on "channel supremacy," which limited developers' autonomy and profitability [3] - As the market matured, the focus shifted to direct user advertising and building independent marketing strategies to compete with app store channels [3][4] Group 2: Overseas Market Challenges - Chinese game companies are increasingly investing in overseas markets, but many domestic buy volume strategies have not translated well internationally due to market fragmentation and differing attribution mechanisms [5][6] - The reliance on device parameters for user tracking in China contrasts with the standardized advertising identifiers used in overseas markets, complicating the effectiveness of traditional strategies [6] - Localizing marketing strategies and forming local teams have become essential for adapting to diverse overseas markets [7] Group 3: Privacy Compliance and Data Sharing - Stricter privacy regulations, such as GDPR and Apple's ATT, have significantly impacted the advertising industry, reducing the traceability of ad campaigns and the precision of audience targeting [11][12] - The industry is moving towards broader cooperation and data sharing among platforms, service providers, and advertisers to enhance targeting precision within compliance frameworks [12] - The need for a balance between privacy protection and effective advertising strategies is becoming a consensus in the industry [12] Group 4: Cost Trends and Advertising Strategies - Despite fluctuations in the gaming market, global buy volume costs are on a steady rise, with the top 100 mobile games in China projected to spend nearly 10 billion in buy volume by mid-2024 [13] - The marginal effectiveness of traditional buy volume strategies is declining, prompting a shift towards a balanced approach between brand and performance advertising [13][14] - The introduction of AI in advertising is seen as a key direction for enhancing efficiency and effectiveness in user acquisition [15][16]