Only 2,500 of 190,000 mobile games released in 2025 surpassed 500,000 downloads

• IAP revenue per install among US users increased 126% between 2021 and 2025.
• Whale-Driven titles saw ARPPU rise 250% between month one and the end of the first year.
• Only 13% of eventual whales in Whale-Driven titles made their first purchase during launch month.

Out of 190,000 new mobile games released in 2025, only 2,500 surpassed 500,000 downloads in their first year.

That’s according to a new report from Moloco, which analysed 55 new mobile game launches representing more than $1.5 billion in IAP revenue across 20 million-plus payers.

The report found that new releases are reaching major revenue milestones faster, with the average time to reach $20 million in IAP and subscription revenue falling 21% between 2022 and 2025. 

Moloco noted that breakthroughs increasingly rely on paid acquisition and longer-term monetisation strategies. IAP revenue per install among US users also increased 126% between 2021 and 2025.

Despite fewer titles breaking through, new launches have maintained their overall share of gaming IAP revenue, with the strongest performers generating revenue faster and extracting more value from each user.

Longer runway

Moloco also found that monetisation continues to develop throughout a game's first year. For Whale-Driven titles, average revenue per paying user was 250% higher at the end of the first year than in month one, while Volume-Driven titles saw a 25% increase.

By month 10, whales, defined as the top 5% of payers, accounted for 81% of revenue for Whale-Driven titles and 54% for Volume-Driven games.

Only 15% of eventual whales in Whale-Driven titles made their first purchase during the launch month, suggesting that sustained user acquisition is important for capturing high-value players.

Breakout titles also took a different approach to UA and creative. Of seven breakout launches identified by Moloco, 94% of launch-month UA spend used ROAS objectives, compared with 65% for the rest.

Breakout titles used an average of 93 distinct creatives, compared with 37 for other launches, while 47% of their creatives were introduced during months seven to 11, compared with 27% for the rest.

You can access the full report here.