Puzzle & Dragons dev GungHo Online's market cap overtakes GREE, Zynga and DeNA
It's already being claimed that the release is currently the most lucrative mobile game in the world, generating well in excess of $50 million a month and making GungHo the top grossing developer on Google Play.
Since Puzzle & Dragons' launch in February 2012, GungHo's value on the Osaka Securities Exchange has soared, overtaking the likes of Zynga and GREE in recent weeks.
Now, as a result, the Tokyo-based developer is worth even more than DeNA, which has a market cap of roughly $4 billion.
But whereas DeNA's valuation is based on its Mobage platform and a sizeable portfolio of games, GungHo's massive market cap seems to be based almost entirely on the success of a single title Puzzle & Dragons.
Educated estimates suggest that the title generates significantly more revenue each month than western success stories such as Clash of Clans or The Simpsons: Tapped Out.
Tokyo-based social gaming consultant Dr Serkan Toto, for instance, believes Puzzle & Dragons generates somewhere between $54-75 million each month a level of success he attributes to potent social hooks and canny use of television advertising.
But despite Toto's appreciation for Puzzle & Dragons' gameplay, he doesn't agree with the high valuations for its developer.
"I am very cautious when it comes to using big words, but this is insanity," said Toto in a post on his professional site. "GungHo's growth has one main and one only driver, namely Puzzle & Dragons."
[source: Serkan Toto]