MTG revenue doubles to $304m in Q2 2025 following Plarium deal
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Jul 22, 2025 | other | Modern Times Group (MTG) | $304m Q2 revenue |
- Plarium accounted for nearly half of MTG’s revenue following its consolidation.
- Top three titles including RAID: Shadow Legends, Forge of Empires, and Warhammer 40,000: Tacticus drove 50% of revenue growth.
- Racing and Word games posted strong gains, while Tower Defense dropped 25%.
Swedish digital entertainment company Modern Times Group saw revenue grow by 103% year-over-year to reach SEK 2,911 million ($304m) in Q2 2025 thanks to the close of the Plarium acquisition.
According to the firm’s latest financials, the RAID: Shadow Legends developer contributed 49% of total sales for the quarter. The $620m deal for Plarium closed in February 2025.
Overall, MTG also reported growth in adjusted EBITDA of 50% to SEK 640m ($66.8m).
Top performers
The group’s top three games - RAID: Shadow Legends, Forge of Empires, and Warhammer 40,000: Tacticus - accounted for 50% of revenue, up from 38% a year earlier.
Mobile games made up 70% of total revenue, down from 76% the year prior. Meanwhile direct-to-consumer sales, including browser, rose to 24% (up from 19%), reflecting the growing impact of Plarium and the Tacticus web store.
Moreover, MTG’s total daily active users increased by 55% Y/Y in Q2 2025, driven largely by new players in the Word Games franchise and the consolidation of Plarium. Average revenue per daily active user (ARPDAU) also increased 13% quarter-over-quarter.
Notable yearly growth was seen in racing (+11%) and word games (+7%), while Tower Defense saw a significant decline of 25%.
User acquisition spending rose to SEK 1,054m ($110m), up from SEK 470m ($49m), marking a 124% Y/Y increase.
M&A opportunities and debt reduction
MTG president and CEO Maria Redin said the company is looking at new potential M&A deals, as well as investing in AI initiatives to fuel future growth.
“Our strategic focus in Q2 has therefore been on the rapid but thorough evaluation of our capabilities, tech stacks and toolkits across the group, which began in Q1 following closing Plarium transaction," said Modern Times Group President and CEO Maria Redin.
“We have now finished the first phase of this assessment and are working on our gameplan for evolving our operating model and creating a scalable shared platform. We have also begun to implement select initiatives across the group."
She added: “We also maintain our focus on finding the right balance between investing in organic growth, including maintaining a solid pipeline of new games in development and early scaling, AI initiatives and in potential M&A opportunities.
“All of this needs to be balanced with reducing our debt to enhance our balance sheet and optionality - all with the aim of creating value for our shareholders."
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