Which Mobile Games Make the Most Money?

Moloco has published its latest analysis of mobile gaming performance, highlighting platform-level trends and user behavior. The findings are based on data from the top-100 gaming advertisers on Moloco and offer a perspective that sometimes differs from broader industry reports. The analysis tracked four billion installs, 65 million purchase events, and $8 billion in in-app purchase (IAP) revenue over a 24-month period, with these top-100 publishers collectively accounting for around 50 percent of global IAP revenue.

Mobile Game Revenue Distribution

The United States continues to dominate global IAP revenue, contributing 45 percent of the total. Tier-1 countries, which include Japan, South Korea, and Germany, account for 32 percent of the global IAP market. Emerging markets such as India, Brazil, and Mexico represent a smaller share of three percent, reflecting a high volume of downloads but comparatively low numbers of paying users and lower average revenue per paying user (ARPPU). The remaining regions collectively contribute 19 percent of the market.

Trends in Mobile Game Downloads

iOS downloads among the top-100 gaming advertisers on Moloco grew six percent year-over-year (YoY). Emerging markets showed the strongest growth at 26 percent, followed by RoW countries at seven percent and the United States at five percent. Tier-1 countries recorded minimal growth of 0.2 percent YoY, indicating a plateau in these mature markets.

On Android, the overall trend was a decline of two percent, largely driven by emerging markets, which fell eight percent. Tier-1 countries on Android grew by eight percent, while the United States increased by three percent YoY. These figures differ from general industry trends, highlighting the distinct dynamics of advertisers using Moloco’s platform.

Which Mobile Games Make the Most Money?

User Spending and Monetization

Moloco’s analysis showed mixed trends in user monetization. Day-7 ARPPU fell three percent YoY in 2024, whereas day-30 ARPPU increased three percent and day-90 ARPPU rose six percent. Sensor Tower data indicates that midcore games remain the largest IAP segment, generating $45.9 billion in 2024 with a slight increase of 0.2 percent YoY.

Casual games experienced more significant growth, reaching $32.4 billion, an increase of six percent, while hybrid-casual games grew rapidly to $3.1 billion, up 37 percent YoY. Revenue growth was driven by both new launches such as Last War Survival, Mushroom Legend, Pokemon TCG, and Love and Deepspace, and established titles including Monopoly Go, Whiteout Survival, Brawl Stars, Dungeon & Fighter, Royal Match, and Roblox.

Which Mobile Games Make the Most Money?

Paying User Behavior

The number of paying iOS users grew 13 percent in 2024, outpacing Android, which recorded only a 0.3 percent increase YoY. The growth in iOS paying users was largely driven by the United States, which grew 11 percent, and RoW countries, which increased by 19 percent. Emerging markets saw a 39 percent growth in paying users, although their contribution to revenue remains small. In terms of revenue, iOS continued to outperform Android, growing by 10 percent in 2024, while Android revenue declined by two percent.

Which Mobile Games Make the Most Money?

High-spending users, often referred to as “whales,” represent a significant portion of revenue. In the United States, the top five percent of iOS users generate 20 percent of the gaming IAP market despite representing only 0.02 percent of total installs. Globally, the top five percent of players account for 48 percent of IAP revenue, the top ten percent contribute 64 percent, and the top 25 percent account for 77 percent. The share of whales has been increasing in emerging markets, rising 12 percent YoY, and in RoW regions, growing five percent YoY.

User Acquisition and Competition

Competition for user acquisition intensified in 2024. On Android, median winning bids increased by 32 percent in Tier-1 countries and by 47 percent in RoW regions. On iOS, overall competition slightly eased, but bids targeting the top five percent of US payers rose between 80 and 140 percent. In response to rising competition, advertisers have shifted budgets to high-potential markets, including Poland, France, Greece, South Africa, and Hong Kong, based on ARPPU-to-cost-per-payer (CPP) ratios.

Which Mobile Games Make the Most Money?

Marketing Strategies of Leading Advertisers

Moloco’s analysis of the top five advertisers on its platform revealed that these companies achieve higher day-7 retention rates, with improvements of up to 20 percent compared to other advertisers. Their users tend to spend 22 percent more and complete 10 percent more repeat purchases.

These top advertisers also allocate more resources to international markets, investing 20 percent more outside the United States and 34 percent more in RoW countries. They spend 19 percent more on ROAS-optimized campaigns and are three times more active in re-engagement initiatives, often focusing on relaunching games to retain user engagement. Additionally, they invest over five times more in campaigns utilizing Playable creatives, a strategy designed to increase interactive user engagement.

Which Mobile Games Make the Most Money?

Final Thoughts

Moloco’s 2025 mobile gaming insights show continued growth in iOS revenue and user spending, with high-spending users playing a critical role in overall revenue. Emerging markets demonstrate strong engagement in downloads and paying user growth, although revenue contribution remains limited. Top advertisers are increasingly relying on strategic investments across regions and innovative marketing campaigns to enhance retention and maximize in-app revenue. These findings provide a detailed overview of mobile gaming trends, user behavior, and competitive strategies in the current market. Here is the list of all games mentioned: