Home   >   News

Generating +$50M/month, is Puzzle & Dragons the most lucrative mobile game in the world?

Publisher Gungho now worth more than GREE
Generating +$50M/month, is Puzzle & Dragons the most lucrative mobile game in the world?

As figures from Distimo pointed out, while Supercell is the top grossing developer on iOS, Japanese outfit Gungho Online (3765:JP) is the top grossing developer on Google Play.

Indeed, according to the company's financial report for 2012, it's highly likely that its iOS and Android game Puzzle & Dragons is by far the most lucrative mobile game in the world, at present.

Boom times

Translated by Tokyo-based consultant Serkan Toto from the original Japanese, Gungho Online's annual sales in 2012 apparently grew 169 percent year-on-year to around $280 million.

Operating profits were up 690 percent to $99 million.

Another financial report details that the company's revenue in January alone was around $92 million

Estimates of success

Gungho Online doesn't detail the reason for this incredible success.

As well as Puzzle & Dragons, it operates PC game Ragnarok in Japan, and also includes developers such as Game Arts, Acquire and Gravity, not to mention US subsidiary GungHo Online Entertainment America within its operations.

However, looking at various sources, Toto reckons Puzzle & Dragons - which is available in English app stores, but generates 99 percent of its revenue in Japan - could be making between $54 to $76 million per month.

He also points out that it doesn't use any of the popular Japanese social networks such as Line, Mobage or GREE.

In contrast, EA said it made $23 million in three months from The Simpson: Tapped Out, which was then the world's top grossing iOS game, since knocked off that top spot by Supercell's Clash of Clans.

The result is Gungho Online is worth (at time of writing) $2.9 billion in terms of its market capitalisation, more than Zynga ($2.5 billion) and GREE ($2.8 billion), although DeNA remains well ahead with a valuation of $3.8 billion.

[source: Serkan Toto]