Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The mobile gaming market is experiencing a slowdown in growth, with revenue growth rate dropping from +3.2% to +0.7% and download growth rate decreasing from +6.0% to +4.1% [20][31] - Revenue remains concentrated in mid-core and legacy games, with mid-core games accounting for 65% of top products, and games launched between 2015 and 2020 contributing nearly half of the total high revenue [21][35] - The average number of live operations activities has increased from 73 to 89 per month, showing a stable growth trend throughout the year [22][40] - New activity launches peak in spring, with March and April seeing the highest number of new activities per project [23] - Competitive growth is driven by win streak rewards and social win streaks, both showing growth rates exceeding 50% [24] - Broader gameplay mechanisms are breaking into the casual category, with card collection, expeditions, and album gameplay expanding into mid-core and hybrid casual areas [25] - Collection-based gameplay mechanisms dominate live operations, appearing in nearly 80% of games analyzed [26] - Overall growth in live operations is not driven by holiday events, despite seasonal peaks in holiday activities [27] Summary by Sections Global LiveOps Trends - The mobile gaming market is showing signs of slowing growth, with revenue growth rates declining significantly [20][31] - Mid-core games dominate revenue generation, with a substantial portion coming from older titles [21][35] - Live operations activities are increasing in frequency, indicating a trend towards more frequent engagement strategies [22][40] Annual Trends - The download and revenue trends from 2022 to 2025 indicate a gradual slowdown in growth rates across the mobile gaming sector [31][32] - The top games in the global market are primarily from mid-core and casual segments, with a notable contribution from legacy titles [35][37] Gameplay Mechanisms - The report highlights the rise of collection-based gameplay mechanisms, which are becoming increasingly prevalent in live operations [26][52] - Competitive mechanisms such as win streak rewards are gaining traction, reflecting a shift in player engagement strategies [24][57] - New gameplay types are being tested more frequently, particularly in the casual gaming segment, with a focus on monetization [109][130]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The mobile gaming market is experiencing a slowdown in growth, with revenue growth rate dropping from +3.2% to +0.7% and download growth rate decreasing from +6.0% to +4.1% [20][32] - Revenue remains concentrated in mid-core and legacy games, with mid-core games accounting for 65% of top products, and games launched between 2015 and 2020 contributing nearly half of the total high revenue [21][38] - The average number of live operations activities has increased from 73 to 89 per month, showing a stable growth trend throughout the year [22][41] - New activity launches peak in spring, with March and April seeing the highest number of new activities per project [23] - Competitive growth is driven by win streak rewards and social win streaks, both of which have seen growth rates exceeding 50% [24] - Broader gameplay mechanisms are breaking into the casual category, with card collecting, expeditions, and album gameplay expanding into mid-core and hybrid casual areas [25] - Collecting-based gameplay mechanisms dominate live operations, appearing in nearly 80% of games analyzed [27] - Overall growth in live operations is not driven by holiday events, despite seasonal peaks in holiday activities [28] Summary by Sections Global LiveOps Trends - The mobile gaming market is showing signs of slowing growth, with revenue growth dropping significantly [20][32] - Mid-core games dominate revenue, with a significant portion coming from older titles [21][38] - Live operations activities are increasing in frequency, indicating a trend towards more frequent engagement [22][41] Annual Trends - Download and revenue trends from 2022 to 2025 indicate a gradual slowdown in growth rates [30][32] - The top games in the global market are primarily in mid-core and casual segments, with a notable contribution from legacy games [36][38] Gameplay Mechanisms - The report highlights the rise of collecting mechanisms in live operations, which are prevalent in a majority of games [27] - New gameplay types are being introduced, particularly in the casual segment, with a focus on win streaks and social interactions [24][25] User Engagement and Monetization - Most live operations activities are targeted at hardcore and paying players, with a focus on competitive formats [65][66] - The use of leaderboard and activity points is prevalent in monetization strategies, reflecting a trend towards engaging paying users [67][68]

Investment Rating - The report indicates a positive outlook for the mobile gaming industry, suggesting potential growth opportunities despite recent challenges [5][12]. Core Insights - The mobile gaming industry has faced significant challenges over the past 18 months, including a decrease in mergers and acquisitions and difficulties in securing investments. However, there are signs of recovery in various verticals, particularly in innovative areas like hybrid casual gaming and generative AI [5][12]. - The global gaming market is projected to reach $240 billion in 2024 and $269 billion in 2025, with mobile gaming expected to account for half of the total revenue [16][20]. - The report highlights the importance of collaboration with growth partners to effectively launch marketing campaigns and gather necessary data for feedback loops [9][12]. Market Performance - In 2023, mobile game installations decreased by 2%, and sessions dropped by 7%. However, there was a 7% year-over-year increase in installations in Q4 2023, with expectations for continued growth into 2024 [13][49]. - Latin America was the only region to show year-over-year growth in 2023, with installations increasing by 7% and sessions by 1% [13][64]. - The report notes that the average first-day retention rate for global gaming applications decreased from 29% in 2022 to 28.3% in 2023, with hybrid casual games performing better than the global average [100][101]. Growth Opportunities - The report emphasizes the potential for mobile game developers to leverage next-generation technologies, AI, and personalization to expand into new channels and platforms [12][20]. - 61% of game developers have started using AI to create elements within games, and 87% believe it will dominate the industry in the next decade [22][23]. - The report identifies that the highest growth rates in game installations were seen in racing (61%), simulation (53%), and arcade games (38%) [48][64]. Advertising and Marketing Insights - The report discusses the significance of optimizing App Tracking Transparency (ATT) consent rates for effective app marketing on iOS, especially with the upcoming privacy changes on Android [30][31]. - The average cost per thousand impressions (CPM) in the U.S. is the highest globally at $15.86, indicating a competitive advertising landscape [52][141]. - The report highlights the effectiveness of Connected TV (CTV) advertising as a growing channel for user acquisition, with significant improvements in return on ad spend (ROAS) reported by companies utilizing this strategy [102][105].