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The Top 50 Mobile Game Makers of 2022

The movers and the shakers of the last 12 months
The Top 50 Mobile Game Makers of 2022

The celebrated Top 50 Mobile Game Makers list is back for another year. One that will long
be remembered for massive mergers and acquisitions in a time dominated not only by advertising changes, but also emerging technologies.

We’re lucky to be part of the biggest and fastest-moving entertainment sector in the world. Mobile gaming continues to be a centre of innovation that always pulls the rest of the gaming industry forward into new territories. It’s here that different play styles and monetisation methods first find their feet - and it’s here they grow and expand once established. It's much bigger than that too, it's here that literal nations place their investments and it's here that advertising, user acquisition and all forms of other industries forge themselves in the burning heat.

While 2022 has been a year dominated by consolidations, with many of last year’s Top 50 directly involved in a merger or acquisition, whittling down the headcount of mobile game studios, it’s also been a year of dynamic changes. App Stores are diversifying further, with XD’s Tap Tap expanding its market share, subscription services like Apple Arcade entering into new phases of existence and Netflix entering the market. All of this while international companies (or, indeed, countries) seek to reinvent the internet and the way we store, move and own data.

We’ve looked at a whole string of factors while compiling this year’s Top 50, from innovation, through use of IP, those big deals, financial success, cultural impact and more. We’ve brought together what we feel is the best representation of the companies that are leading the conversation about mobile games right now. We’re proud to welcome so many new companies to the Top 50 Mobile Game Makers this year – and can’t wait to see the waves they create in the coming years.

#50: Kwalee


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Kwalee »

The British hypercasual mobile developer and publisher has had quite a year, from breathing new life into abandoned projects like Build Your Vehicle to international growth.

Kwalee has greatly expanded its presence and fostered new talent, opening its fourth international office in Lisbon, Portugal whilst welcoming former King/Wargaming executive Callum Godfrey onboard to lead its casual games division.

Having taken home awards including Pocket Gamer’s own Best Publisher 2022, Kwalee has seen further successes with Draw It becoming the company’s most downloaded game with over 100 million downloads. This has enabled Kwalee’s game portfolio to exceed 800 million downloads.


  • Draw It
  • Rocket Sky!
  • Bake It

#49: Trailmix Games

Trailmix Games

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Trailmix Games »

Founded in 2017, Trailmix was created with a goal to make a positive impact on the lives of its players through a combination of rich storytelling, diverse characters and accessible gameplay. The company received a $4.2 million dollar investment from Supercell in 2018, before going on to release their debut game, Love and Pies, in September 2021.

This year, Trailmix formalised its partnership with Supercell, which acquired a majority stake in the company with a $60 million investment, giving the UK developer access to greater funds and support while still maintaining its company values and identity. The latter is especially important for the company, which prides itself on a positive and inclusive work culture.


  • Love & Pies

#48: Ustwo games

Ustwo games

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Ustwo games »

In a year of astronomical acquisitions and flagship PC/console franchises making their home on mobile, ustwo games has been quietly escalating its activities with a selection of new hires ahead of the reveal of Desta: The Memories Between, a Netflix Games exclusive that will also see subsequent console and PC releases.

At this year's Mobile Game Awards, we named ustwo games COO Daniel Gray a Mobile Legend for his contributions to the mobile gaming landscape.


  • Monument Valley
  • Alba: A Wildlife Adventure
  • Assemble With Care
  • Desta: The Memories Between

#47: Nazara


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Nazara »

India’s Nazara Games has a diversified portfolio that extends from mobile gaming and early learning apps all the way to adtech and esports.

The company has solidified these positions thanks to acquiring a majority stake in adtech firm Datawrkz, as well as investing $2.5 million in Bitkraft Ventures - a VC firm specialising in esports and gaming.

The majority of Nazara’s games are free-to-play, but that hasn’t stopped it from teaming up with Vodafone Idea on subscription service Vi Games, offering Indian gamers more than 1,200 titles.

With the Indian gaming scene expected to exceed $5 billion by 2025, we expect to see Nazara Games at the forefront covering all aspects of this market.


  • World Cricket Championship 3
  • Chhota Bheem

#46: Gameloft


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Gameloft »

Gameloft has been a dominant mobile gaming force for over 20 years thanks to innovative gameplay, brand integration and adoption of the latest technologies.

As the company continues to expand its original IP portfolio with the likes of Idle Siege (which has reached over one million downloads) and Heroes of the Dark, Gameloft is still catering to Lego fans with Apple Arcade exclusive Lego Star Wars: Castaways. The developer has also entered the lucrative health market by integrating Apple Watch functionality into The Oregon Trail.

This year’s opening of Gameloft Paris added the 18th studio to its roster, whilst a collaboration with India’s Nodwin Gaming will diversify its presence into esports, utilising the Asphalt racing franchise.


  • Idle Siege
  • The Oregon Trail
  • Lego Star Wars: Castaways

#45: Aristocrat Leisure

Aristocrat Leisure

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Aristocrat Leisure »

At the end of 2021, Aristocrat Leisure decided to double down on its $1.8 billion mobile games division with a rebrand to Pixel United, encompassing Plarium, Big Fish, Product Madness and more.

It was undoubtedly the right move though, as companies that breach the billion-dollar mark are astounding rarities. But individual titles that do so are true golden geese, and Plarium’s Raid: Shadow Legends recently crossed the $1 billion lifetime revenue landmark in July this year.

But the company is also committed to translating this into positive action, with an in-game charity promotion in MechArena, pledging a $10,000 donation for every mech destroyed, coalescing into a $100,000 donation to accessibility charity AbleGamers.


  • Raid: Shadow Legends
  • Dollar Storm
  • EverMerge
  • Lightning Link



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NCSoft has enjoyed a lot of success, with three individual titles in the Lineage series earning more than a billion dollars apiece.

Lineage M - originally released in 1998 - celebrated $3.5 billion lifetime consumer spend in December last year, before the company released the mobile edition of Lineage 2 in the West, plus the latest game in the series, Lineage W, in East Asian territories.

Lineage W was released on PC and mobile devices, when the game remained at the top spot on the Korean Google Play charts for a month after release, earning an estimated $166 billion
in that time.

With $12.1 million of revenue every day for four days immediately after release, Lineage W has been the company’s most successful launch to date.


  • Lineage 2M
  • Lineage W

#43: Animoca Brands

Animoca Brands

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Animoca Brands »

Animoca Brands is perhaps best known for The Sandbox, which has become a big name in the metaverse.

Key investments by companies such as Com2uS, acquisitions of developers like Eden Games and partnerships with companies like Square Enix has furthered the company’s growth, allowing it to reach a $5 billion valuation in March. That’s a sharp increase on the $2 billion valuation in October 2021.

In less than a year, Animoca Brands has become a leader in the metaverse. Having invested in companies Like Tiny Rebel Games and Ignite Tournaments, it also works with brands like Gucci and The Walking Dead.

Animoca Brands is helping to cement the metaverse as an emerging concept within the games space, but in the economy as a whole.


  • The Sandbox
  • Benji Bananas
  • Power Rangers: Battle for the Grid

#42: Ten Square Games

Ten Square Games

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Ten Square Games »

The Polish developer celebrated its 10th anniversary last year and, despite profits initially falling four per cent in Q2 2021, has seen a great year overall.

Ten Square expanded into China and - fuelled largely by the success of Fishing Clash - saw an 11 per cent quarter-on-quarter increase in installs. In March, the company invested $3.5 million in developer Gamesture in exchange for a 24.8 per cent stake.

The company also took part in the Green Game Jam, partnering with Ecosia to plant 30,000 trees in the Amazon. A further collaboration for World Environment Day later last year saw an additional 30,000 trees planted, furthering the company’s goal to educate players around the world on environmental matters.


  • Fishing Clash

#41: Spyke Games

Spyke Games

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Spyke Games »

Turkey’s Spyke Games exploded onto the mobile gaming scene at the beginning of the year, thanks to a colossal $55 million seed funding round.

Founded by five gaming veterans – four of whom came from Peak Games, including CEO Rina Onur Sirinoglu – the successful round of investment has enabled Spyke Games to expand to 30 staff with plans to increase that number to more than 80.

The company’s first title is Royal Riches, a casual F2P puzzler with a heavy social element. Collaborating with friends gains players more slot spins to increase their loot and expand their town. With such extensive backing amidst an exciting Turkish gaming market, Spyke Games is one to watch.


  • Royal Riches

#40: FunPlus


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FunPlus »

With core titles like State of Survival, which surpassed 100M downloads, King of Avalon celebrating its sixth anniversary and enjoying the Frost & Flame expansion, plus Guns of Glory solidering on, FunPlus has focused largely on building its platform for the future.

Despite a staff count already exceeding 2,000 globally, it continues to hire and appoint aggressively across all its studios, with notable additions included DeNa and DICE veteran Ben Cousins, InnoGames’ Frauke Grabbow, Alba Rodriguez Embid from Socialpoint, Jeremy Horn from Jam City and more.

The company also launched new match-3 RPG Call of Antia and has been involved in a number of notable cross-media collaborations with its titles, including The Walking Dead and Batman.


  • State of Survival
  • Guns of Glory
  • King of Avalon

#39: Playrix


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Playrix »

As the creators of numerous successful games including Township and Homescapes, Playrix has been gradually adjusting its structure to support these stratospheric successes, including launching a new remote studio with Daily Magic to operate as co-developer of Homescapes and investing in publisher AppQuantum for an undisclosed amount.

As Playrix wrestles with managing its split Russian and Ukrainian teams - to conflicted results - with deep disputes between employees, all its Ukraine-based employees were placed on paid leave.

With Gardenscapes breaching the $3 billion in lifetime player spending landmark late last year, the popularity of its games show no signs of waning.


  • Township
  • Homescapes
  • Gardenscapes
  • Fishdom

#38: Com2uS


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Com2uS »

The South Korean company has seen massive success with the Summoners War series, with the first earning over a billion dollars within three years.

The company has released dozens of games - primarily for mobile - and now encompasses seven studios between South Korea and Germany, with two new studios – alim and FunFlow – opening last year.

Changing its name to Com2uS Holdings in December, the company shifted its focus to blockchain and NFT projects, investing in Anicoma brands and The Sandbox.

The company is working on a blockchain economy with Terraform labs for the upcoming Summoner’s War: Chronicles and Chromatic Souls: AFK Raids, as well as issuing its own cryptocurrency, C2X.


  • Summoners War: Sky Arena
  • NBA NOW 2022

#37: Moon Active

Moon Active

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Moon Active »

When Israel-based Moon Active completed its $300 million funding round last November, the developer behind casual single-player game Coin Master was valued at a cool $5 billion. The firm has since expanded its headcount of 1,300 personnel with a further 400 employees.

Coin Master first launched in 2015 as a game synthesising PVP battles, collectables, randomness and accessibility – proving all the more successful for it.

Data analysts Sensor Tower ranked Coin Master in fourth place for earnings from Google Play and the App Store combined, only behind the heavy hitters of PUBG Mobile, Genshin Impact and Honor of Kings. It was also one of only eight titles that made over $1 billion in 2021, securing the game a place on this year’s Top 50.


  • Coin Master

#36: AppLovin


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AppLovin »

Synergising adtech with mobile game developers, AppLovin and its subsidiaries now have a mobile games portfolio of more than 200 games.

Oftentimes, AppLovin’s acquisition strategy has focused more on identifying key titles to boost its platform rather than on buying game developers and this has continued to prove true in the past year.

Towards the end of last year, AppLovin announced plans to purchase MoPub from Twitter for $1 billion in cash – a deal which was completed in January 2022.

Wordle! - we refer here to Steven Cravotta’s version and not Josh Wardle’s recent breakaway hit, just to make the discinction clear - was also acquired by AppLovin early in Q2 this year. And take a look at entry 11 on this list for some stop-the-press news...


  • Final Fantasy XV: A New Empire
  • Matchington Mansions
  • Wordscapes
  • Project Makeover

#35: Netmarble


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Netmarble »

South Korean giant Netmarble has made a big commitment to the blockchain space this year, revealing back in January that it had 20 games preparing to launch with blockchain tech featuring in 70 per cent of those titles.

Anyone that might look to protest blockchain content in general based on environmental grounds should first acknowledge the firm’s ambitions to reduce its CO2 emissions by 5,300 tonnes annually.

Netmarble released the RPG Seven Knights 2 in this past year and also sold Iron Throne: The Firstborn to Stillfront. Revenue earned by Netmarble in the year 2021 reached a massive $2.12 billion, with Kabam’s Marvel Contest of Champions alone accounting for 12 per cent of Q4 revenue.


  • Marvel Future Revolution
  • Ni No Kuni: Cross Worlds
  • Seven Knights 2

#34: Krafton


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Krafton »

Since the release of Krafton’s big new entry into the celebrated battle royale title PlayerUnknown Battlegrounds, PUBG: New State, the South Korean company has seen massive success with record-high revenues for the company.

The title surpassed 20 million downloads in its first five days alone, before going on to account for 75 per cent of Kraton’s revenue in Q1 this year, bringing in over $300 million during this period.

In addition to creating hit games, Krafton has been busy investing and acquiring this year. Equity investments coming to a total $6.7 million were made in Seoul Auction Blue and its subsidiary Xbyblue to create and sell NFT avatars. Krafton also acquired Smash Legends dev 5minlab for a total of £19.9M.


  • Battlegrounds Mobile: India
  • PUBG: New State

#33: Kabam


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Kabam »

Vancouver-based publisher Kabam has had a rollercoaster year, waving goodbye to old projects and welcoming new IPs, as well as merging with parent company Netmarble’s US studio to create a more single-minded, mobile-focused entity.

The studio shuttered the Multiplayer Online Battle Arena (MOBA), Marvel Realm of Champions in early 2022 - a little over a year since its release, with little explanation as to the reasons behind this decision. Kabam has since bounced back with action RPG Disney Mirrorverse, whilst its RPG Shop Titans has celebrated three years and expanded beyond mobile to the Epic Games Store.

Continuing to secure top brands like Disney and Marvel makes Kabam an enticing developer to follow.


  • Disney Mirrorverse
  • Marvel: Contest of Champions
  • Transformers: Forged to Fight

#32: WeMade


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WeMade »

WeMade makes its first entry into this list since 2014 for one big reason: its emerging presence (and initial success) on the blockchain gaming market with its Wemix platform.

Wemix is the only blockchain gaming platform with a complete set of coin, NFT, and DeFi, and aims to service 100 games by the end of 2022, and brought Bless Unleashed onto its platform earlier this year as part of this strategy.

In June, WeMade entered into the stablecoin game with its own WEMIX$ (Wemix Dollar) backed by USDC and fiat currency. And the same month, the company also released its latest game, MIR M: Vanguard and Vagabond, in South Korea, with a worldwide release to follow later this year.


  • Bless Unleashed
  • Riders of Icarus

#31: Nintendo


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Nintendo »

Last year may have seen Nintendo’s discontinuation of Dr Mario World and Dragalia Lost - as well as a 5.2 per cent decline in its mobile revenue - but to suggest that Nintendo’s mobile experiment was a failure would be to disregard the tremendous strides it has made with its most popular titles.

Mario Kart Tour and Animal Crossing: Pocket Camp both exceeded lifetime revenue of $280 million, but the jewel in the crown is Fire Emblem Heroes, which accounts for 54.5 per cent of the company’s mobile revenue.

In June, Fire Emblem Heroes breached the $1 billion landmark - despite trailing in fourth place in terms of downloads - with 17.8 million installs, proving that Nintendo can not just find an audience, but one that will readily pay.


  • Fire Emblem Heroes
  • Animal Crossing: Pocket Camp
  • Mario Kart Tour

#30: Lilith Games

Lilith Games

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Lilith Games »

A revenue goliath, Lilith Games has no shortage of globally successful titles. From idle RPG AFK Arena to 4X strategy game Rise of Kingdoms, Lilith has smashed the $1 billion revenue milestone with multiple titles.

In fact, Rise of Kingdoms alone surpassed $2 billion in lifetime revenue in July 2022.

The latest string to Lilith’s bow is Dislyte, released worldwide in May of this year. It hastily overtook three team-battler RPG games within its first week – Square Enix’s Echoes of Mana among them – with revenue that exceeded $3 million and asserted itself as a midcore leader.


  • Dislyte
  • Rise of Kingdoms
  • Warpath

#29: Jam City

Jam City

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Jam City »

Whilst continuing to build on its core foundations of own-IP franchises such as Cookie Jam and World War Doh, plus branded partner titles (like Harry Potter: Hogwarts Mystery and Family Guy: The Quest for Stuff), this year saw Jam City launch a division to specialise in blockchain games, along with its first web3-exclusive game, Champions: Ascension.

The game features “high-fidelity” NFTs with Prime Eternals intended to provide extra value for players, but like all in this emerging space will likely require time to reveal its full potential.

The company also acquired Jurassic World: Alive creator Ludia for $165 million, to boost branded games and AR potential. It also made several key hires and promotions to its executive team, broadening its F2P and P2E portfolios with former Disney, King, and Playtika execs.


  • Cookie Jam
  • Disney Emoji Blitz
  • Champions: Ascension
  • Harry Potter: Hogwarts Mystery
  • Jurassic World: Alive

#28: Modern Times Group (MTG)

Modern Times Group (MTG)

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Modern Times Group (MTG) »

Originally a Swedish media outfit focused on esports, Modern Times Group (MTG) properly entered the gaming space in 2016 via its investment in InnoGames.

Now a fully-fledged part of the industry, MTG reported significant year-on-year growth of 61 per cent in its Q3 2021 earnings, with sales reaching roughly $170 million. Gaming revenue comprised 75 per cent of this, with the remainder accounted by esports.

Since then, company changes have seen Daniel Frechen appointed as head of M&A and strategy to diversify MTG’s portfolio, and MTG announced its selling of ESL Gaming to Savvy Gaming Group for $1.05 billion.


  • Bloons TD 6
  • F1 Clash
  • Word Trip

#27: Devsisters


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Devsisters »

DevSisters owes much of its success to the Cookie Run series, which has been a consistent presence within the mobile games space since the release of the first game in 2013. To date, Cookie Run has been downloaded more than 87 million times.

The latest game in the franchise, Cookie Run: Kingdom, shifted the gameplay from an endless runner to an action RPG. It has since become the most successful game in the franchise, taking home the coveted Pocket Gamer People’s Choice award at the 2022 Mobile Game Awards, alongside a nomination for Game of the Year.

The company has continued to go from strength to strength, recently announcing that it’ll be introducing the Disney universe into the world of Cookie Run: Kingdom, marking the biggest in a string of collaborations that has also included Sega’s Sonic franchise.


  • Cookie Run: Kingdom
  • Cookie Run: Ovenbreak
  • Cookie Run: Puzzle World

#26: Netflix


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Netflix »

Let’s be real: 15 million downloads across its mobile suite is a modest success. But the gravity of Netflix’s entry into the games industry is undeniable.

From its acquisitions of Next Games, Boss Fight Entertainment, and Night School, to the two-pronged strategy of attracting esteemed indie developers, including Ojiro Fumoto and Subset Games, plus using authoritative Netflix franchises such as Stranger Things and
The Queen’s Gambit, Netflix is not entering mobile half-heartedly.

Netflix enters Q3 2022 with a quieter slate than it started the year, but with key hires from former Microsoft, Scopely, EA, Ubisoft, Riot, Relic, and Jam City execs among others tells us the best is yet to come.


  • Stranger Things: Puzzle Tales
  • Into the Breach
  • Poinpy

#25: Rovio


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Rovio »

At the start of 2022, Rovio made its return to the gameplay formula that first slingshot the series into stardom with Angry Birds Journey, a compelling return that helped its portfolio hit the milestone of five billion lifetime downloads this spring, and hit a 26 per cent revenue increase in Q1.

But it is Rovio’s future direction that compels its position in the Top 50. Following the success of its first acquisition in hypercasual publisher Ruby Games in August 2021, Rovio is committing to a strategy of scale: both in further acquisitions, as well as exploring new genres (Small Town Murders and Dark Fire Heroes) and creating annual major releases – with one Angry Birds Journey-equivalent as a “starting point”.


  • Angry Birds Journey
  • Angry Birds Dream Blast
  • Small Town Murders
  • DarkFire Heroes
  • Hunter Assasin 2

#24: Wildlife Studios

Wildlife Studios

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Wildlife Studios »

Brazil-based Wildlife Studios has cemented itself as not only the biggest mobile games business in the region, but a challenger on a global scale. Whether that’s through affiliate studios such as Playabit or its latest studio, Moon Tavern Games, founded by Star Wars: Galaxy of Heroes and Words with Friends veterans Justin Jones and Marta Velasco.

Like others in the mobile field, Wildlife Studios is entering the web3 gaming space that’s attracted so much attention in 2022. Flagship title Castle Crush has been adapted to the Avalanche blockchain, turning its cards into NFTs so that players can trade and sell them, boosting its community economy further.


  • Castle Crush
  • Tennis Clash
  • Sky Warriors

#23: Stillfront Group

Stillfront Group

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Stillfront Group »

Following a successful 2021, which saw revenue increase by 37 per cent to over $586 million, Stillfront Group has been a shining example of mobile’s importance to the gaming space with almost 80 per cent of its Q2 2022 revenue coming from mobile games.

With this, Stillfront has made several high-profile additions, including Huawei’s Alexandre Salem and Disney and Blizzard veteran Amy Lee.

And on a wider scale, its acquisitions have included Jawaker, 6Waves, and the game Iron Throne: The Firstborn from Netmarble (boosting the company’s presence in MENA and Asian markets). Goodgame Studios and Candywriter, both part of the Stillfront gaming outfit, have also launched a German version of the text-based simulation game BitLife.


  • BitLife
  • Empire: Four Kingdoms
  • Hollywood Story
  • War Commander

#22: Tripledot Studios

Tripledot Studios

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Tripledot Studios »

London-based casual mobile developer Tripledot Studios secured a $1.4 billion valuation in the first quarter of 2021, after another huge year in which the company tripled its revenue!

Since then, it has acquired mobile game livestream platform Live Play Mobile.

In FEBE’s The Growth 100, an annual list of the highest growing companies in the UK, Tripledot Studios ranked third this year and was the sole mobile app developer on the list.

The studio’s games – which include multiple versions of Solitaire and Sudoku – already attract over 35 million daily players.


  • Merge Party
  • Solitaire
  • Sudoku

#21: Embracer Group

Embracer Group

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Embracer Group »

It’s been another year of relentless acquisitions for Embracer Group, noteworthy even in a period of overwhelming M&A, snapping up Gearbox, Saber Interactive, Asmodee, Square Enix Montréal and Crystal Dynamics among others.

Predominantly organised through the German publisher Deca Games, Embracer owns developers in mobile ranging from midcore specialists Handy Games to hypercasual experts CrazyLabs.

Having spent $3 billion on Asmodee and agreeing to acquire Square Enix Montréal, Eidos and Crystal Dynamics, along with all related IP, Embracer notably took a little investment itself, with a $1 billion stake (roughly 8% of shares) being secured by Saudi Arabian Savvy Group. We sense the M&A trail has not ended yet!


  • Kingdoms of Heckfire
  • ASMR Slicing
  • Killer Sudoku

#20: Scopely


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Scopely »

Having enjoyed a top 10 placement over the last couple of years, Scopely’s rise may have levelled off a little but its ambitions for mobile and the growing medium of web3 certainly haven’t.

The studio has seen the release of another strategy title in the form of Kingdom Maker, taking players to medieval times to build, unsurprisingly, their own kingdom. When not releasing new games, Scopely has been on an investment and acquisition rampage, investing $20 million+ in Burlingame Studios and acquiring GSN Games for $1 billion - which was the biggest closed games deal of 2021.

With web3 gaming beginning to take hold, Scopely’s investment in Animoca, IndiGG, and Polygon could see it well positioned as blockchain games become more prominent.


  • Kingdom Maker
  • Marvel Strike Force
  • Scrabble GO

#19: CyberAgent


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CyberAgent »

A year on from Uma Musume: Pretty Derby’s launch in Japan, which was largely responsible for CyberAgent’s re-entrance into the 2021 list, the title has effectively achieved unicorn status. At $965 million in sales by February 2022, it’s almost certain to be through one billion by the time you read this list.

Whilst the revenues in Japan are impressive, the apparent ability to break out and succeed in other markets (topping the South Korean App Store and Google Play charts and making an estimated $2.3 million within the first 24 hours) point to an even bigger future. Combined with a promising slate of new releases, including Final Fantasy VII Ever Crisis and Tokyo Revengers Puzz-reve, this ensures Cyberagent hold a prominent position even despite a decline in FY22 games revenue.


  • Uma Musume: Pretty Derby
  • Granblue Fantasy
  • Shadowverse

#18: Space Ape Games

Space Ape Games

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Space Ape Games »

Despite being a 10-year-old business, with a CV including the likes of Samurai Seige and Rival Kingdoms, Space Apevfeels like one of the freshest companies in the gaming space.

Last year’s Beatstar reached the number one downloads list in more than 20 countries and scooped awards aplenty, whilst continuing to tread new ground for both gaming and music. “Don’t You Worry”, a new single by Black Eyed Peas, Shakira and David Guetta, pre-released as an early exclusive in the mobile game.

Alongside Beatstar’s success, Space Ape Games is bringing the second soft launch of Boom Beach: Frontlines to 20 countries and exceeded one million pre-registrations within 48 hours, plus there are two further games due to launch this year. It is little wonder that Supercell furthered its investment in the UK developer by $37M, following a $56.6M investment in 2017.


  • Beatstar
  • Boom Beach: Frontlines
  • Transformers: Earth Wars

#17: ByteDance


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ByteDance »

While Bytedance is best known for TikTok, the Chinese company has been making a series of investments beyond its video-sharing behemoth, especially in the games and entertainment space.

These have included acquiring Pico Interactive, the Chinese VR headset manufacturer, for $775 million and Moonton – the studio behind mobile MOBA Mobile Legends: Bang Bang (MLBB), a top-five grossing game in Southeast Asia - for $4 billion, their largest cheque to date.

As Bytedance’s own Ohayoo continues to produce hypercasual titles – over 150 and counting - and their ad network Pangle assists monetisation, Moonton’s focus will remain squarely with its Mobile Legends franchise, a series that looks set to continue dominance in SEA and beyond as well as become a player in the esports market.


  • Mobile Legends: Bang Bang
  • Mobile Legends: Adventure

#16: Dream Games

Dream Games

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Dream Games »

A relative newcomer on the scene, Dream Games was founded in 2019, yet in just three years reached a valuation of $2.75 billion dollars - although, to be fair, the founding team had pedigree, coming from senior roles at fellow Istanbul unicorn Peak games.

The main engine for this incredible growth has been polished match-3 title Royal Match, enjoying around 50 million downloads to generate over $500M in consumer spend.

Indeed, in Q2 2022, Royal Match was the fourth highest revenue generating game on either the App Store or Google Play, at $119.8 million, proving the confidence – and financial backing – was justified.

There remains the distinct possibility that Royal Match could climb several spaces in the highest revenue list too, as the game led the match-3 genre in player retention in December 2021. We expect great things.


  • Royal Match

#15: Hoyoverse


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Hoyoverse »

Genshin Impact surpassed the $3 billion mobile revenue landmark in May 2022. We know that sentence simultaneously raised eyebrows but surprised no one: the game’s success has been meteoric, with a cunning cross-platform approach, bringing gacha to a compelling open-world.
But miHoYo hasn’t rested on its laurels, being the sole mobile representative at this year’s Summer Game Fest, revealing new title Zenless Zone Zero, likely being developed with miHoYo’s new Montréal studio, and revealing Singapore as the home of HoYoverse, its metaverse division.
Notably its not keeping all its eggs in the mobile game basket: a $65 million investment in Energy Singularity’s Tokamak research saw it also nod towards the creation of small-scale fusion reactors by 2024 - maybe it’s all part of a plan to keep future Genshin players powered up?


  • Genshin Impact
  • Honkai Star Rail
  • Zenless Zone Zero

#14: Niantic


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Niantic »

Still best known for its popular 2016 title Pokémon GO, Niantic is one of the driving forces behind augmented reality video game development, most recently releasing Pikmin Bloom in collaboration with Nintendo.

Despite a string of less successful follow-up projects, including Harry Potter: Wizards Unite and most recently the cancelled Transformers: Heavy Metal project, Niantic has stuck resolutely with mobile AR gaming, with plans to not only release its own new IP, virtual pet game Peridot, but also encourage others to experiment with geo-location gameplay via the Lightship platform. Major brand partnerships continue regardless, with the latest endorsement coming from the National Basketball Association with the officially licensed AR title NBA All-World.


  • Pokémon GO
  • Pikmin Bloom
  • NBA All-World
  • Ingress

#13: Roblox


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Roblox »

Despite being knocked from its previous top 10 perch, Roblox remains a gaming giant and has enjoyed continuing growth thanks to its army of community creators and the metaverse buzz that has gripped many throughout the last 12 months.

Valued at $4 billion in 2021, Roblox IPO skyrocketed closer to $45 billion and beyond, putting it (at least temporarily) above the likes of Ubisoft, Square Enix, and even EA.

Revenues remain strong, seeing a 107 per cent increase to $1.9 billion in 2021 over the previous year, ensuring creators are earning more than ever; Roblox paid $525 million to them last year.
Roblox also remains a leading pioneer of the metaverse, bringing in partnerships with Spotify, McLaren, the Brit Awards, Gucci, and countless others.


  • Roblox

#12: Voodoo


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Voodoo »

One of the key instigators of the hypercasual gaming revolution, Voodoo has amassed more than six billion downloads across a varied portfolio of games more than 200 strong. The sheer volume of titles proved sufficient to make the claim that in February 2022 they became the top mobile publisher in the world based on downloads.

Voodoo also became the third-largest global company in terms of app installs – of any company, not just among mobile publishers – this year, ahead of Tencent, TikTok, and even Microsoft.

Elsewhere, a partnership with Facebook Gaming has seen numerous titles launch on that platform, whilst Voodoo had 10 studios working on blockchain games or features last December, with the aim of adding another 20 studios focusing on the space by the end of 2022.


  • Cube Surfer
  • Helix Jump
  • Crowd City

#11: Unity


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Unity »

In an exception to our usual rules we’ve included a company that isn’t a game-maker quite yet, but is integral to parts of the market and has huge potential to cause disruption.

Recently, a deal between Unity and ironSource was announced, which would combine them and bring all the tools, ads, data and publishing under the Supersonic brand. However, the whole thing was blown open by an offer from AppLovin to merge into an even bigger platform. Unity stated it’d consider it at the same time as revealing quarterly results.

Back in 2021 Unity acquired Weta Digital for $1.6B, seemingly indicative of ambitions as a cross-media creation engine. And it’s been working to facilitate game distribution to non-endemic app stores, and support web3 tech. Whatever shape Unity takes, it’s clear it will play a huge role in shaping the games industry.


  • Bridge Race

#10: Tilting Point

Tilting Point

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Tilting Point »

Tilting Point has enjoyed a year of success on multiple fronts. Having raised $235 million in July 2021 to accelerate its acquisition strategy, the company duly set the money to work securing publishing rights to Hidden Hotel: Miami Mystery, as well as Budge Studios, and a majority stake in South Korean studio AN Games (creators of ASTROKINGS).

The company also saw dividends from its partnership with Carry1st and in particular the release of Spongebob: Krusty Cook-off. By releasing in 54 countries throughout Africa, the world’s fastest-growing market in terms of download growth, whilst also bringing the game to China thanks to a partnership with Huya, it surpassed 50 million downloads and became the company’s most successful title to date, delivering over 42 per cent of revenue.

Tilting Point also found time to team up with Gear Inc on a branded M&M’s game, launch Big Brother: The Game 2, based on the worldwide reality show, with spectators watching players compete for the chance to win a cash prize up to $1 million.

And it joined the growing phalanx of games companies exploring the blockchain and web3 space. Aided by partnerships with Polygon and Stardust, Tilting Point co-CEO Samir Agili outlined plans to release ten web3 titles over the next two years, including adapting existing titles ASTROKINGS, The Walking Dead: Casino Slots, and Chess Universe.

Obviously, the web3 landscape remains deeply malleable, so it’s too early to see if Tilting Point’s strategy will pay off here, but the pragmatism on display across the business (which also saw the announcement of a cross-platform publishing strategy in January), looks set to keep them battling above their weight for some time to come.


  • Spongebob: Krusty Cook-Off
  • Star Trek Timelines
  • Warhammer Chaos and Conquest

#9: Sea Group

Sea Group

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Sea Group »

It has been a tumultuous year since our last Top 50 for Garena, Sea’s Singaporean developer arm. Free Fire remains an irresistible force though, and the 2021 release of Free Fire Max, a graphical update of the flagship title, was one element leading to a dramatic escalation in engagement. revealed demand overshadowed both PUBG Mobile and Call of Duty: Mobile by year end.

This renewed growth, however, also saw escalating legal action from competitors, with PUBG developer Krafton filing a suit against Garena (and Apple and Google for featuring Free Fire in their respective app stores). Of course this sort of inter-company litigation is not especially new - in 2018, Krafton launched similar suits against NetEase and Epic Games - or necessarily problematic. Yet the banning of Free Fire: Illuminate in India threatened to inflict considerably more damage: India houses Garena Free Fire’s biggest player base. Remarkably the enhanced version Free Fire Max, though removed from the Indian iOS App Store, remains available on Google Play, helping to ensure it still ranked as the most downloaded game globally in Q1 (according to Sensor Tower) and only saw a modest 5% y-o-y decline in users.

This could mean some Indian Free Fire fans were unable to join Garena’s first dive into the metaverse, featuring the galactically popular band BTS in an in-game event. This followed partnerships with McLaren, Cristiano Ronaldo, and Netflix show Money Heist, underlining some bold mainstream marketing.

Garena was also flashing the cash on the M&A circuit, with investments in studios including midcore developer Kazoo Games and Playwind Games. And why not: Free Fire was one of eight games that grossed over $1 billion in 2021 – just slipping into the rankings behind Candy Crush Saga.


  • Garena Free Fire
  • Garena Speed Drifters

#8: Tencent


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Tencent »

Tencent, with its multiple investments and subsiduaries, is almost certainly the world’s highest-grossing gaming company - at least until a post-acquisition Microsoft/Activision Blizzard appears! It is undeniably responsible for the highest-grossing mobile game to date, the goliath Honor of Kings which has generated close to $15 billion at time of press.

This year saw further success from avenues Including the fellow long-standing franchise PUBG. Tencent also expanded its portfolio with two new games based on some of the most enduring franchises in the world: Pokémon Unite and Digimon: New Century, earning success by leveraging the popularity of both IPs.

The company also continued to expand, opening several new studios and making key acquisitions such as Sumo Games. All of these factors contributed to a 10 per cent revenue increase in 2021, bringing the total revenue to almost $33 billion.

Ironically, the company’s continued success comes in spite of China clamping down on the games industry. As a result of restrictions, the company shut down access to overseas games for its users earlier this year, and closed its mobile games portal WeGame, leading to a 51 per cent y-o-y decrease in net revenue. Tencent also saw its stock fall 10 per cent in August 2021, with Honor of Kings cited as one reason for China’s crackdown on gaming among minors.

Rumours have been circling about Tencent entering the hardware space with XR ambitions, including the formation of an official extended reality unit.

Tencent also announced that Honor of Kings will be released worldwide later this year – given that the game has already experienced such massive success despite its exclusivity to China, we could see the game reach even greater heights – and Tencent see its success continue throughout the next year.


  • PUBG Mobile
  • Honor of Kings
  • QQ Speed Mobile

#7: Miniclip


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Miniclip »

Although unlikely to be on quite the scale of Take-Two and Zynga, the acquisition of SYBO by Miniclip (price undisclosed) has reverberated throughout the industry and is undoubtedly one of the most intriguing of 2022 thus far, uniting as it does two casual gaming powerhouses into a combined force that could be even more formidable.

SYBO’s Subway Surfers, the most downloaded game in the history of the mobile games industry, is the obvious bedrock for the acquisition, with the title showing no sign of stopping despite reaching its tenth anniversary. The game continues to top download charts in both major app stores and wth the Apple Arcade exclusive Subway Surfers Tag released in July and another title in soft launch, SYBO has shown both its resilience and potential.

Miniclip has a deeper and more diverse portfolio. Whilst its origins, some 21 years back, were squarely in casual browser games (where the company grew a formidable portfolio of 450 titles by 2009), the mobile app opportunity was to prove transformative - and attract the investment of Tencent - to the point that Mincilip has exceeded four billion downloads across its suite of mobile titles by March 2022.

Of these 8 Ball Pool rolls in around 25 per cent, but in truth every casual game genre is represented from and HeadBall 2 to Mini Football and Sniper Strike.

The acquisition of SYBO is just the latest step in new CEO Saad Choudri’s vision, following acquisitions of studios such as Game Basics, Eight Pixels Square, Green Horse Games and Supersonic Software plus the opening of a shiny new office in Lisbon.


  • Subway Surfers
  • Raft Wars
  • 8 Ball Pool

#6: Take-Two Interactive

Take-Two Interactive

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The gravity of Take-Two’s $12.7 billion acquisition of Zynga cannot be overstated. It is the second-largest acquisition in the history of the games industry – only subsequently overshadowed by Microsoft and Activision Blizzard’s goliath partnership. And it’s a firm commitment from Take-Two on the incredible significance of mobile.

Zynga isn’t a Supercell or a Rovio. Its milestone successes haven’t been locked in a single domineering franchise, but decentralised across a multitude of bespoke IPs, including Farmville and Words with Friends, as well as brand partnerships like Harry Potter: Puzzle & Spells.

Zynga’s own acquisition spend skyrocketed in Q1 2022, with the completed acquisitions of Small Giant, hypercasual specialist Rollic, and NanoTribe. The strategy is paying off: Zynga continues to reap the rewards of its early commitment to Turkey, with several of its subsidiaries within Fast 100 Turkey’s highest earning internet companies list.

Zynga has also appointed its first vice president of blockchain gaming, Matt Wolf, who will look to integrating NFTs into the existing portfolio, as well as developing original games with blockchain as the backbone. It’s early days, but Zynga’s enterprising spirit and ability to pivot is worth acknowledging. And whilst Zynga has bade farewell to engimatic president Bernard Kim, it retains an experienced management team led by veteran CEO Frank Gibeau.

None of this is to downplay Take-Two’s commitment to mobile. While it has yet to really breakthrough with its biggest franchises on mobile, Rock Star’s premium catalogue, led by Grand Theft Auto, continues to chip in cash, NBA2K22 Arcade Edition has been one of the most successful titles on Apple Arcade, and downloads of NBA 2K Mobile have increased 25 per cent over 2021. And Take-Two has repeated its commitment to bring 20 new titles to mobile within the next three years. If it can deliver on this promise and Zynga continues its trajectory, that $12.7B could look like small change!


  • Empires & Puzzles
  • FarmVille 3
  • Words with Friends
  • Harry Potter: Puzzles & Spells
  • Zynga Poker

#5: Riot Games

Riot Games

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Two words: Wild Rift. Following its official release in October 2021, the League of Legends mobile title has already exceeded $500 million in lifetime revenue, and it’s easy to see why. Translating the MOBA – a genre built on intensely complex variables that have players swearing they take considerable years to learn, let alone master – to the small screen in such a persuasive, compelling way was an achievement nothing short of miraculous.

The players and platforms clearly agree: Wild Rift was not only the second-fastest growing mobile MOBA to reach the $150 million revenue landmark, following Tencent’s astronomic success Honor of Kings, but also scooped victory in Apple App Store Awards, taking iPhone Game of the Year.

This is only the start of Riot Games’ mobile commitment, with plans to expand its publishing operations in the Asia Pacific region to include Japan and India – specifically with a mind to focus on regions with a strong appetite for mobile gaming.

The path hasn’t been entirely smooth of course, like others in the industry, Riot Games has struggled with some toxic cultural issues - having recently settled a long-running gender discrimination lawsuit to the tune of $100 million - but it does appear progress is being made.

Riot Games is also partnering with Amazon Web Services to further its esport content through the cloud: AI, machine learning, and deep learning will be used to further its esport broadcasts. Sounds a little portentious, but this is the calibre of commitment Riot is making to supporting Wild Rift.

It took League of Legends over 11 years to reach $1.75 billion. We don’t expect the samer for Wild Rift, with a cannonball pace out of the starting gate, things are looking immensely promising.


  • League of Legends: Wild Rift
  • Legends of Runeterra
  • Teamfight Tactics

#4: Supercell


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This year marks the 10th anniversary of Supercell’s runaway hit Clash of Clans and despite unicorn status for stablemates Hay Day, Boom Beach and Brawl Stars, it is the Clash franchise (with sister-title Clash Royale) that continues to define the firm.

The ongoing success of these two titles points both to the quality of this franchise and innovation of Live Ops teams, and to the massive challenge in establishing new mobile games at scale. Recent releases Clash Quest and Clash Mini, as well as new ideas such as Everdale, have struggled to (yet) gain similar traction.

Yet Supercell isn’t ranked fourth purely on the calibre of its historic titles, its amazing profit-to-personnel count, or its new techniques to expand the portfolio. These days it also scores points for the role played in shepherding the games industry into something greater. Consider its considerable investments, which include UK developers Space Ape Games (investments totalling $93.6 million) and Trailmix ($64.2 million), lending start-up support to exciting mobile titles Beatstar and Love & Pies. Also see its support for the likes of UGC specialists HypeHype (formerly known as Frogmind) and Merge Mansion creators Metacore (formerly Apple Watch specialists Everywear).

Notably Supercell also broke new ground with more radical investments in 2022: firstly, in its first web3 project with Oxalis Games, and in Channel37, a PC-exclusive studio, revealing its diverse and enterprising direction.

In addition to celebrating a 45 per cent increase in y-o-y revenue in 2021, reaching $2.24 billion, CEO Ilkka Paananen’s blog outlined a commitment to his teams’ wellbeing, even admitting fault in the wake of burnout partly caused by an intense “small cell” structure. Along with removing its games from app stores in Russia in response to the invasion of Ukraine, Supercell is committing to enabling the mobile games industry to flourish - both financially and ethically.


  • Clash of Clans
  • Hay Day
  • Clash Royale
  • Brawl Stars
  • Boom Beach

#3: Electronic Arts

Electronic Arts

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Electronic Arts »

It’s hardly news that EA has enjoyed a stellar year. The company’s Q4 2022 (somewhat confusingly ending March) was its biggest ever, with $7.5 billion of net bookings representing a 20% y-o-y increase. The less well-worn story though is the part which mobile plays within these numbers.

FIFA Mobile enjoyed its biggest ever quarter in Q4 (an 80% year-on-year increase), then beat its own record again adding another 10% in Q1 23. Meanwhile mobile revenues grew 82% overall in the same period from $172M to $313M as part of the dominant “live services” segment which makes up the lion’s share of revenues.

Considering the relatively recent acquisitions of Playdemic’s Golf Clash and Glu’s portfolio of titles alongside its own extensive catalogue of sports titles (Madden, F1, FIFA) and franchises like The Sims, Need for Speed and Star Wars Galaxy of Heroes (which breached the 100 million downloads mark towards the end of 2021), this mobile strength is hardly a new pheonomenon. Yet the commitment to, and early promise of, fresh titles such as Apex Legends Mobile, is the most heartening factor and a guarantee of this high position.

The sheer quality in EA’s translation of Apex Legends to mobile demands acknowledgement.
It is, perhaps, one of the most persuasive examples of the battle royale format on mobile, featuring all of the elegant design choices of its PC/console origins with a convincing touchscreen interpretation. is not alone in this view either: Apex Legends Mobile was the most downloaded game in 60 countries on the day of release, with player spend reaching $4.8 million within its first week through cosmetics and battle passes.

If upcoming titles such as Lord of the Rings: Heroes of Middle-earth, which entered soft launch in late July 2022, can tread a similar path then EA could well continue to proclaim to its Top 50 Rivals “you shall not pass!” for some time to come...



  • Apex Legends Mobile
  • Star Wars: Galaxy of Heroes
  • The Lord of the Rings: Heroes of Middle-earth
  • Golf Clash
  • FIFA Mobile

#2: Activision Blizzard

Activision Blizzard

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Activision Blizzard’s significant placement in the Top 50 is, like the company itself, a team effort. While the overall multi-platform business may have reported a $500 million decline in net revenue and seen core franchises in the console and PC division somewhat stagnate, the mobile side of the business went from strength to strength.

Naturally King led the charge here, with net bookings increasing eight per cent year-on-year and Candy Crush showing franchises like Call of Duty and Overwatch how to remain dominant, leading the US app stores of top grossing games, some 10 years after launch.

Indeed in Activision’s latest results “mobile and ancillary” (which includes Blizzard’s suite of mobile titles, like Hearthstone), generated more revenue than PC and console games combined and proved twice as profitable, as well as more engaging too, with MAUs for King titles (250 million) comfortably beating out Activision (100) and Blizzard (22) combined.

Yet whilst King is a huge part of the headlines, the wider ActiBlizz element is not without its victories – not only in its success in translating the Diablo franchise to mobile (but we’ll let NetEase take the lead there), but also in unveiling Warcraft Arclight Rumble, an auto-battler looking to chart a different course to monetisation with an old-fashioned appreciation for its source material, as well as looking to bring the successful Call of Duty battle royale, Warzone, to mobile.

Add to this a wealth of supporting franchises including Hearthstone, Call of Duty, Crash Bandicoot, Bubble Witch Saga and Pet Rescue Saga plus plenty of IP still in the locker and it becomes clear why the company deserves its high rank.

With the Microsoft acquisition of the firm likely to complete by the end of 2022, the company may look very different next year. Yet the progressive switch to a more mobile-centric focus in recent years has clearly been a prescient and profitable one.


  • Diablo Immortal
  • Warcraft Arclight Rumble
  • Hearthstone
  • Candy Crush Saga
  • Pet Rescue Saga
  • Call of Duty Mobile

#1: NetEase


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NetEase has long been a figurehead in the mobile space and a regular fixture in the Top 50, but even by its own standards the last 12 months have been pretty spectacular with the portable platform representing almost $10B of the firm’s $13.75B turnover. This financial success was underpinned by some huge brand partnerships, starting with the Lord of the Rings: Rise to War launch in Q3 last year, followed by Harry Potter: Magic Awakened, which launched at number one in iOS downloads and revenue charts in October (the first non-Tencent game to do that since 2016), surpassing $228M revenue in just two months en route to becoming the most successful mobile game in China of 2021.

Given the above, it was little wonder that the company was subsequently chosen as Activision Blizzard’s development partner for the mobile debut of their premium franchises in the shape of dungeon-crawler Diablo and FPS Destiny.

It is NetEase’s central role in developing Diablo Immortal that really affirms its position atop our Top 50 list. There has been some criticism of the monetisation methods and the game fell foul of lootbox legislation in the Netherlands and Belgium, but this hardly dented the financial performance, with the game boasting 10 million downloads and earning $49 million within its first month alone - and that’s without the Chinese market where the launch had been postponed.

There can be no argument with the company’s success in taking a core Western franchise (whose identity was deeply entrenched in PC culture) and translating it to mobile. Meanwhile the firm has established a new Seattle-based studio, Jar of Sparks, headed by former Halo Infinite head of design, Jerry Hook. By establishing enduring franchises, regularly updating titles such as Dead by Daylight and Rules of Survival, and having plenty of upcoming games, NetEase looks in prime position to continue being a mobile leader for some time to come.


  • Diablo Immortal
  • Creative Destruction
  • Knives Out Rules of Survival
  • Marvel Super War
  • Dead By Daylight
  • Harry Potter: Magic Awakened