As explained by the data firm, the ongoing pandemic saw millions of people worldwide turn to mobile games as a form of entertainment.
Therefore, companies within the entertainment space are keener to see their IPs make the leap to mobile, with developers being more than happy to oblige.
"Publishers can lean on IP-based games to generate hype and attention for their mobile games, especially if there is something else going on within a franchise," reads the report.
Through data provided by Newzoo partner Apptopia, it was found that the No.1 IP-based mobile game franchises in the world, by revenue, is Journey to the West.
The majority of its revenue, 99 per cent, came from China, however.
Between January 1st 2015, and March 15th 2021, Journey to the West mobile titles generated $5.4 billion in revenue.
Meanwhile, Marvel has proven to be the second most lucrative IP, having generated $2.2 billion, while Onmyoji sits at third with $1.1 billion in revenue.
Star Wars and Three Kingdoms close out the top five IP-based mobile games franchises with $1 billion in earnings each.
As for downloads, based on a film, TV, toys or book IP, Despicable Me made the top of the list.
It was followed by Marvel, Strawberry Shortcake, Transformers and Disney. However, the data only included original Disney IPs and not its extended universe.
Party in the USA
When looking at the US specifically, based on 230 titles, Marvel proved to be the most lucrative IP in the mobile games market, having grossed $175 million in 2020.
Second place went to the Dragon Ball franchise, while Star Wars proved popular at No.3. They generated $113.9 million and $107.7 million, respectively.
Game of Thrones and classic Disney IPs closed out the top five with $85.2 million and $54.2 million, respectively.
Of those top five IPs, three are owned by Disney – Marvel, Star Wars and the classic IP.
"In the East and West alike, we expect to see even more entertainment-based IP games coming to mobile," reads the report.
"The reverse is also true: entertainment companies are utilizing game IP for film and TV.
"The Last of Us, Castlevania, Fallout, Dota 2, Borderlands, and AFK Arena are just a few examples of game IP coming to other mediums."
Earlier this year, Newzoo revealed what five mobile games trends should be kept an eye on in 2021.