July 2026
Largest Gaming - Mobile Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Tencent, NetEase, Sea, Electronic Arts and Roblox.
 | Tencent is the world's largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat-China's super-app with roughly 1.3 billion users-embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu. | $59 | -16% | $528B | $520B | 4.7x | 9.9x | ||
| Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence. | $26 | +1% | $84B | $61B | 3.7x | 10.9x | ||
 | Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power. | $111 | -29% | $68B | $61B | 2.7x | 20.4x | ||
 | Electronic Arts is one of the largest global developers and publishers of video games. Its most important franchises are the Madden NFL and FC soccer games, which it releases annually. In 2024, it also relaunched its American college football game. Other major franchises include Apex Legends, Battlefield, and The Sims. Typically, about three quarters of the firm’s sales are from in-game spending, with the remainder coming from initial game sales. | $206 | +35% | $52B | $50B | 6.3x | 18.7x | ||
| Roblox operates a free-to-play online video game platform with nearly 150 million daily active users. This platform has spawned a virtual universe and a Roblox economy based on the Robux currency. The platform houses millions of games from a wide range of creators—spanning from young gamers themselves to professional development studios. Roblox offers creators the tools, publishing abilities, and platform for their games, enabling anyone to create a game. Creators earn money when gamers make optional in-game purchases within their games and by offering space for real-world advertising, and Roblox earns revenue primarily by taking a cut of these earnings. | $55 | -60% | $40B | $38B | 5.6x | 22.1x | ||
 | Konami is a Japanese video game and entertainment company best known for its eFootball, Yu-Gi-Oh!, Powerful Pro Baseball, and Metal Gear franchises. It operates four business divisions—digital entertainment, amusement, gaming and systems, and sports. Overseas sales account for the majority of the company’s revenue. | $115 | -11% | $16B | $14B | 4.4x | 12.5x | ||
| Nexon is a South Korean online game developer and publisher, founded in 1994 in Korea by Kim Jung-ju. In 2005, the company moved its headquarters to Tokyo, Japan, and has operations in Korea, the US, Taiwan, and Thailand. The company’s most notable franchises are MapleStory, Dungeon & Fighter, Sudden Attack, and KartRider. Nexon has been the publisher for EA’s FC Online game franchise in Korea and Japan since 2013. Nexon acquired an independent game developer, Embark Studios AB, located in Stockholm, Sweden, in 2019. | $14 | -19% | $11B | $8.3B | 2.7x | 8.9x | ||
| Kunlun Tech Co Ltd engages in the development and distribution of online games in China. It also operates software application stores. The company develops and distributes web games, social games, mobile games, and software applications. Geographically, the company distributes its products in domestic and overseas markets. | $7 | +40% | $9.4B | $9B | 7.5x | (47.7x) | ||
| Giant Network Group Co Ltd is engaged in Internet culture and entertainment business, research and development and operation of Internet games, and other Internet business. | $4 | +26% | $8.3B | $7.3B | 9.8x | 23.7x | ||
| Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing site. Founded in 2009, it first focused on long-form content centered around anime, comics, and gaming, catering primarily to Gen Z users. Over time, the platform has broadened its content offerings to include a wider range of interests, successfully attracting a more diverse audience beyond the Gen Z demographic. | $18 | -22% | $7.4B | $5.3B | 1.2x | 8.9x | ||
 | Krafton Inc is a South Korea-based game developer and publisher engaged in creating and distributing PC, mobile, and console games. Its activities also extend to game software services, mobile app development, video content production, and related investment and consulting work. The company manages multiple studios, including PUBG Studio, Bluehole, RisingWings, Striking Distance Studios, Dreamotion, and Unknown Worlds, and is known for titles such as PUBG: Battlegrounds, New State Mobile, BGMI, Defense Derby, The Callisto Protocol, Ronin: The Last Samurai, Road to Valor, Moonbreaker, and Subnautica. | $159 | -28% | $7.2B | $5.3B | 2.3x | 6.5x | ||
 | International Games System Co Ltd plans, designs, researches, develops, manufactures, markets, and services commercial electronic arcade games, related software and hardware products, online games and mobile games. It offers arcade game, online game, mobile game, simulator machine games and online games. All the business activity is operated through Taiwan. There are two segments namely: Arcade game division, which derives maximum revenue and Online game division. | $23 | -6% | $6.5B | $6B | 8.6x | 14.4x | ||
| 37 Interactive Entertainment Network Technology Group Co Ltd is involved in the interactive entertainment business, mainly focused on the research, development, publishing, and operation of mobile games and browser games, while arranging the pan-entertainment business, including film and TV, animation, and music. Its operating segments include the Mobile Gaming business and the Web Game business. | $3 | +17% | $6.2B | $5.7B | 2.4x | 10.9x | ||
| Talkweb Information System Co Ltd is a provider of software and hardware integrated products and solutions in China. It offers software cloud services, intelligent computing, Hongmeng ecology, and mobile games. The company provides services to approx. 31 provincial-level administrative regions across the country and more than 10 overseas countries. It focuses on key areas and industries such as digital government, intelligent manufacturing, intelligent transportation, intelligent education, and intelligent parks. | $5 | +0% | $6B | $5.8B | 12.5x | 204.0x | ||
| Square Enix is a Japanese video game publisher and entertainment company that was formed in 2003 through the merger between Square and Enix. The company is best known for its role-playing game franchises such as Final Fantasy, Dragon Quest, Kingdom Hearts, and Nier. The company also operates publishing, merchandise, and amusement businesses. | $16 | -26% | $5.7B | $4B | 2.1x | 10.1x | ||
| Kingnet Network Co Ltd is a Chinese-based online game company. The company's main business covers research and development as well as the operation and publishing of quality entertainment content, including mobile games, web games, and PC games. It also engages in the operation of web game platforms and mobile app distribution platforms. | $2 | -7% | $5.3B | $4.7B | ||||
| Kingsoft Corp Ltd is a Chinese software and Internet services company. The company's operating segment includes entertainment software and others and office software and services. It generates maximum revenue from the entertainment software and others segment. The entertainment software and others segment is engaged in the research and development of games, and the provision of online games, mobile games and casual game services. Geographically, it derives a majority of revenue from Mainland China, and also has its presence in Hong Kong, and Other Countries. | $3 | -33% | $4.2B | $319M | ||||
| G-bits Network Technology (Xiamen) Co Ltd develops video games and other multiplayer online games. It offers client, Web, mobile, and VR games. Geographically, it operates through the region of China. | $53 | +7% | $3.8B | $3B | ||||
| JOYY Inc is a technology company. The Company operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company operates through two segments: BIGO and All other. The BIGO segment consists of several social entertainment platforms, including Bigo Live, Likee, imo, and others. The All other segment consist of Hago, Shopline, and certain audio live streaming platforms. | $71 | +41% | $3.6B | $2.5B | ||||
| Koei Tecmo Holdings is a Japanese video game, amusement, and anime company created in 2009 by the merger of Koei and Tecmo, best known for their Nobunaga’s Ambition, Romance of the Three Kingdoms, Nioh, and Atelier game franchises. The company also creates games based on third-party franchises, such as Nintendo’s The Legend of Zelda and Fire Emblem, and Kodansha’s Attack on Titan. | $10 | -21% | $3.3B | $2.8B | ||||
| Yiyou Holdings Inc formerly, Nantai International Inc is an investment company planning to acquire liquor companies in China. | $100 | -- | $3B | $3B | ||||
| XD Inc is engaged in the development, operation, publishing, and distribution of mobile and web games and the provision of information services in China and overseas. It also operates TapTap, a game community and platform in China. It has two operating segments. The game segment, which is the key revenue driver, offers game publishing and operating services on its own and via other distribution channels. Revenues from this segment are derived from game publishing and operating services. The TapTap platform segment offers online marketing services to game developers, game publishers, or their agents. Revenues from this segment are derived from performance-based online marketing services. Its geographic areas are Mainland China and Other areas. | $6 | -13% | $2.8B | $2.3B | ||||
 | Ballys Intralot SA is a iGaming operator and a world-wide provider of lottery solutions. The company enables operators to modernize their retail and digital offerings, deliver personalized and responsible player experiences, and operate with greater agility and efficiency in an increasingly converging gaming ecosystem. Its products and services include: B2C operations, Gambling Solutions, Betting Solutions, Lottery Solution and Digital Transformation. | $1 | +6% | $2.5B | $4.2B | ||||
| Netmarble Corp is an online gaming company in South Korea. Its core business include game development and game publishing throughout the world. Some of its games include Tera M, FishingStrike, Raven, Seven Knights, among others. | $25 | -38% | $2.1B | $2.3B | ||||
| Yoozoo Interactive Co Ltd is a game-based interactive entertainment company. The company implements the strategies of big data, globalization, and quality products to achieve integrated development across four major areas namely globalized game research and development and publishing, IP management, big data and intelligent technology, and pan-entertainment industry investment. It operates using a 'film-game integration' model to deliver a series of products such as films, games, cartoons, fiction, and commercial property, building a globalized ecosystem for the pan-entertainment industry. | $2 | -13% | $1.8B | $1.7B | ||||
| Ourpalm Co Ltd is a China-based company engaged in the development, publishing, and operation of games. Its main business includes mobile terminal games, internet page games and product development, agent distribution and operation and maintenance of its peripheral products. | $1 | -25% | $1.6B | $1.3B | ||||
 | PT MNC Digital Entertainment Tbk is a content provider in Indonesia, has its core business in producing, developing, and distributing content and intellectual properties across all existing media platforms. The company's main business is supported by its various business units engaged in media and entertainment activities, such as drama production houses, infotainment, reality shows, game shows, animation, films, original content, music labels, advertising agencies, content & IP licensing, talent management, social media, including multi-channel networks (MCN), OTT superapps, and online portals. The company's operating segments include Digital, Content and IP, Talent, and Subscription. The company generates maximum revenue from the Content and IP, Talent segment. | $0 | -10% | $1.6B | $1.6B | ||||
 | Modern Times Group MTG AB invests in esports, mobile games and other digital entertainment. The group’s companies offer a wide range of games available to audiences all over the world. MTG’s portfolio of IP spans across both the casual and mid-core segments of the gaming market. A vast majority of games are available to consumers on a free-to-play basis, and the group generates revenues from in-app purchases and in-app advertising. The Group operates in Europe, Singapore, USA, India and New Zealand. | $13 | +17% | $1.5B | $1.8B | ||||
| Embracer Group AB is a parent company of businesses led by entrepreneurs in PC, console, mobile, and board games and other related media. The Group has an extensive catalog of several owned or controlled franchises and has a presence in various regions through its operative groups namely THQ Nordic, Plaion, Coffee Stain, Amplifier Game Invest, and others. Its operating segments are; PC/Console Games, Mobile Games, Tabletop Games, and Entertainment & Services. The company generates key revenue from the development and publishing of games for PC, Console, and Mobiles. Geographically, it derives maximum revenue from the United States of America and the rest from Europe (excluding Sweden), Sweden, and other regions. | $7 | -38% | $1.5B | $1.2B | ||||
| DeNA Co Ltd is a social media service provider in Japan. It generates majority of the portion of its revenue by providing social media and Internet marketing-related services through its Social Media segment. The E-commerce segment offers E-Commerce related services, including the operation of auction shopping and cellular phone websites under the names DeNA shopping and Mobaoku, respectively. The Others segment is engaged in travel agency and insurance agency services, and professional baseball related business. The company has its primary market in North America. | $16 | +4% | $1.5B | $913M | ||||
 | Playtika Holding Corp is engaged in developing mobile games. Some of its games include Board Kings, House of Fun, Poker Heat, Slotomania, and Bingo Blitz. The company has built live game operations services and a proprietary technology platform to support its portfolio of games. It derives revenue from the sale of virtual items associated with online games. Geographically, the group has a business presence in the USA, EMEA, APAC, and Other regions of which key revenue is derived from the USA. It offers both Mobile and Web-based platforms. | $4 | -14% | $1.5B | $3.2B | ||||
| Shift Up Corp is a game design and development studio that covers a wide range of areas from game production to promotional videos and music production, based on illustrations and solid planning and programming capabilities. | $23 | -18% | $1.4B | $955M | ||||
 | Nazara Technologies Ltd is a mobile game company in India. The company has offerings across the interactive gaming, eSports, ad-tech, and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad tech. The company's segment includes Gaming; eSports; and Ad tech. It generates maximum revenue from the eSports segment. Geographically, it derives a majority of its revenue from the USA. | $3 | -13% | $1.2B | $1.1B | ||||
| mixi Inc is a Japanese company which provides social networking services. The company conducts its business activities mainly including the operation of websites and provision of native smartphone games on the Internet. It business segments include, Entertainment Business and Media Platform Business. mixi provides games mainly including native smartphone games through Entertainment Business, and operates business-to-consumer and consumer-to-consumer services utilizing the Internet and invests in operating companies of these services through Media Platform Business. | $18 | -17% | $1.2B | $555M | ||||
| Guangxi Xinxunda Technology Group Co Ltd is engaged in Game software development, game operation and promotion, Internet performing arts and telecommunications business, etc. | $4 | +110% | $830M | $808M | ||||
 | Yalla Group Ltd is a MENA-based online social networking and gaming company. It operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games popular in MENA, with in-game voice chat and localized majlis functions. The Group has one operating segment, which is the social networking and entertainment platform. | $5 | -31% | $817M | $14M | ||||
| DoubleUGames Co Ltd is a Korea-based game development company. It offers multiple gaming products such as DoubleU casino game and DoubleU bingo game and others. The company also provides Wookie Casino, a social casino game, as well as bingo, and slot machines games. In addition, it distributes its products domestically and in international markets. | $41 | +10% | $796M | $158M | ||||
| GungHo Online Entertainment Inc is a Japanese company that plans, develops, and distributes online video games. These games include smartphone platforms, online computer games, and console games. The company operates through its Personal Computer (PC) online segment, which is involved with distributing, operating, and licensing online games, and Mobile Consumer segment, which is involved with planning, development, and delivery of smartphone, consoles, and portable gaming machines. | $15 | -20% | $765M | ($32M) | ||||
| Tanwan Inc Formerly ZX Inc is a publisher of online game products in China. It is devoted to marketing and operating online games (in particular mobile games) in China. The online games developed by its clients marketed and operated by the company are delivered to players under the Tan Wan brand. The company has enabled the marketing and operation of game products. Its geographic markets are Mainland China, Hong Kong, and Others. It generates revenue from marketing and operating online games and consumer product business, including sales of private-label and local-flavor rice noodle products and other fast consumer foods under the brand Zha Zha Hui. | $1 | -25% | $684M | $375M | ||||
| Hubei Century Network Technology Inc provides internet content and service aggregation platforms. Its products and services are network entertainment platforms, mobile internet, internet value-added products, and advertising business. It provides services to Internet cafes, the education sector, hotels, and other public Internet service sites. | $1 | -40% | $623M | $473M | ||||
| Kakao Games Corp is engaged in the business of developing and publishing Mobile and PC games. | $6 | -52% | $593M | $731M | ||||
| DoubleDown Interactive Co Ltd is a developer and publisher of digital games on mobile and web-based platforms. The company is the creator of multi-format interactive entertainment experiences for casual players. The company's operating segments include the social casino games segment and the iGaming segment. The company generates the majority of its revenue from social casino games. Geographically, the company generates the majority of its revenue from the United States. | $11 | +20% | $567M | $73M | ||||
| NetDragon Websoft Holdings Ltd is an investment holding company. Along with its subsidiaries, it operates in the following reportable segments: gaming and application services, the Mynd.ai business, and the property development business. Its gaming and application services segment, which generates maximum revenue, includes Internet and technology-enabled services, including gaming and software, and related or ancillary services. The mynd.ai business is mainly an overseas education business. Geographically, the group generates maximum revenue from Mainland China and the rest from the United States of America, Europe, and other regions. | $1 | -30% | $511M | $638M | ||||
| IGG Inc develops, markets, and publishes mobile online games. Aside from Singapore, the company operates in the United States, Mainland China, Hong Kong, Canada, Japan, Korea, Thailand, and the Philippines. North America, Europe, and Asia contribute relatively equal shares of the company's total revenue. The company offers free-to-play mobile, browser, and client-based online games. IGG operates through its mobile games segment, which comprises of the company's overall revenue. Some of its notable games include Castle Clash, Clash of Lords, Deck Heroes, and Texas Hold 'Em Poker Deluxe. Majority of revenue is from Asia. | $0 | -14% | $508M | $202M | ||||
 | VNG Corp offers variety of products and services, including Online games, Communications and Media, Fintech, Cloud services, Zalo AI, and TrueID. | $17 | +18% | $503M | $449M | ||||
| Soft-World International Corp is engaged in the digital content point service platforms, production and publication of computer game magazines, commercial advertising services and the retail sale of entertainment products and accessories for game software. The Corporation also acts as an agent for games and commercial software. Its segments include Soft-World International Corporation; Chinese Gamer International Corporation; Game Flier International Corporation; Neweb Technologies; Efun Corporation; and Others. It operates in China, Taiwan and other countries. The company derives maximum revenue from Soft-World International Corporation segment. | $3 | +4% | $474M | $84M | ||||
| GRAVITY Co Ltd is an online and mobile games developer and publisher based in Korea. Its principal product, Ragnarok Online, is an online game which is available in more than 91 markets. Its games include Ragnarok Online, Requiem, Dragonica (Dragon Saga), Ragnarok Online II, Requiem Online, and R.O.S.E. Online. The company generates revenue from online games, mobile games and other sources including character based merchandise and animation. | $64 | +3% | $443M | $42M | ||||
| Shenzhen Zqgame Network Co Ltd is an online gaming company. The company focuses on the development, distribution and operation of online games, especially mobile game products. It provides entertainment experiences across online, mobile, and tablet platforms for the hardcore gamer. | $2 | +11% | $436M | $447M | ||||
| Wemade Co Ltd is a Korea-based company develops online and mobile game software. It offers online games such as ICARUS, Legend of Mir2, Legend of Mir3 and Chunryongki and it offers mobile game such as Wind runner, God's martial arts and Wind soul. The amazing library of games not only provides fun and enjoyment for customers in Korea but also all over the world. In addition, the group is also engaged in the publishing activities. | $13 | -41% | $425M | $234M | ||||
 | PlayWay SA is a producer and publisher of computer and mobile games in Poland. The company provides with various games including Out of Reach: Treasure Royale, Car Manufacture, Schizm 3: Nemezis And Split among others. | $63 | -15% | $423M | $351M | ||||
| GREE Holdings Inc is a Japanese internet media company headquartered in Tokyo. It is engaged in developing the Game and Anime, Metaverse, DX, Manga, and Investment Business. | $2 | -22% | $418M | $10M | ||||
| Kaiser (China) Culture Co Ltd is a pan-entertainment company in China. It is engaged in mobile game research and development and distribution, animation production and investment, film and television drama production and investment, and Internet culture industry investment. | $0 | -7% | $387M | $387M | ||||
| 7Road Holdings Ltd is a web-based and mobile online game developer and publisher in China. The company is engaged in the R&D, operation and licensing of several popular web games. It has developed games like DDTank, Chuanqi, and Wartune. | $0 | +64% | $342M | $295M | ||||
| Sohu.com Ltd provides online media, games, and search products and services on PCs and mobile devices in China. The company operates in Sohu and Changyou segments. Sohu is an online media content and services provider. Through its social features, Sohu also enables users to generate and distribute content, as well as interact with each other on a platform. Changyou is an online game developer and operator. It generates maximum revenue from the Changyou segment. | $13 | -17% | $335M | ($460M) | ||||
| Ciwen Media Co Ltd is a China-based company engaged in the investment, manufacture, and publication of movie and television plays. It is also engaged in the research, development, and promotion of games, artist brokerage business and the provision of information technology. The company distributes its products within domestic market and to overseas markets. | $1 | -43% | $329M | $338M | ||||
| COLOPL Inc is a Japanese company that is engaged in the entertainment business, mainly developing and operating games for smartphones. It's native smartphone apps such as White Cat Project and Quiz RPG: Wizard and Black Cat Wiz. The company operates in two business segments: the Entertainment Business develops and sells smartphone games, and the Investment Development Business, which mainly targets IT-related and entertainment companies, etc. | $2 | -28% | $307M | ($56M) | ||||
| Zengame Technology Holding Ltd is a mobile game developer. The company operates self-developed and third-party-developed games. The company’s games include card games, board games, other casual games, and hardcore games, including Fight the Landlord, Sichuan Mahjong, Hunan Run Fast, Tiantian Love Chinese Chess, Happy Mengmengxiao and Kuaishou Fishing. It is also engaged in the investment business. | $0 | -5% | $297M | ($36M) | ||||
| Bushiroad Inc is engaged in the development, manufacturing and sales of trading card games using various IPs, mobile online games, video and music contents, events and goods. | $2 | +2% | $294M | $238M | ||||
| Gamania Digital Entertainment Co Ltd is engaged in developing software for online games, multi-platform digital content, animation, and all forms of digital entertainment. The company's digital entertainment platform, beanfun, offers a great variety of game genres. The Company's segments includes Game, Commerce, Payment, and Others. The company generates the majority of its revenue from the Game segment. The company operates in Taiwan and Asia, out of which Taiwan accounts for the majority of the revenue. | $1 | -27% | $257M | $236M | ||||
| Qingci Games Inc is a integrated mobile game developer and publisher in China. It offers mobile games that are designed to provide captivating content as well as distinctive and engaging gameplay experiences to players in mainland China and overseas. | $0 | -20% | $253M | $3M | ||||
| Neowiz is a South Korea-based company. It is engaged in game production and publishing game portal bell pepper service. The company provides online games, web board games, smartphone games, and neoply. | $12 | -27% | $242M | $36M | ||||
| Webzen Inc is a South Korean technology company that develops and publishes online games and engages in software licensing and related services. Webzen offers free-to-play games and generates revenue through in-game virtual currency purchases. The company’s segments include personal computer online games, console games, mobile network games, and derived merchandising enterprises. The firm operates a service platform known as Webzen across North America, Europe, and South America. One of Webzen's notable games is MU Origin. | $8 | -20% | $232M | $70M | ||||
| Huuuge Inc is a game developer and publisher. The Company is engaged in the development of mobile games in the free-to-play model, distribution, and user acquisition of its own mobile games. The Company’s products include Huuuge Casino, Billionaire Casino, and Traffic Puzzle. Huuuge Casino offers players over 100 casino slot machines, as well as card games and roulette. The Company’s geographical locations include North America, Europe, Asia-Pacific (APAC) and Other. It generates key revenue from North America. | $6 | +6% | $229M | $104M | ||||
| Homeland Interactive Technology Ltd is a developer and operator of localized card and board games developer and operator in the PRC with a special focus on localized Mahjong and poker games. It derives revenue from game development and operation income from sales of virtual tokens and private game room cards. Its operating activities are attributable to a single operating segment focusing on the development and operation of mobile games in the People's Republic of China as well as other Asian Countries. | $0 | +16% | $224M | $36M | ||||
| GDEV Inc is a gaming and entertainment holding company that oversees a portfolio of studios focused on developing and publishing live-service games across a range of platforms and genres. Its portfolio includes studios specializing in mobile, browser, and PC games, as well as captivating IPs spanning various genres. | $12 | -16% | $223M | $120M | ||||
| Akatsuki Inc is engaged in smartphone service and social network application development. It offers MobileSocialGame services. | $18 | -4% | $217M | $100M | ||||
| Archosaur Games Inc is a mobile game developer in China. The company's games include real 3D mobile MMORPG wargames, Loong Craft; Dragon Raja which is a real 3D mobile MMORPG powered by Unreal Engine 4; and real 3D turn-based mobile MMORPGs, Fantasy Zhuxian. The company generates the majority of its revenue from China. | $0 | +23% | $216M | ($32M) | ||||
| Stillfront Group AB is a game development company focusing on the free-to-play segment. The company has a diversified portfolio of games and focuses on games with long lifecycles and loyal users. Stillfront group consists of game studios in different countries and the company's main markets are the USA, Europe, and the MENA region. The studios owned by the group include Goodgame Studios, Storm8, and Babil Games. | $0 | -18% | $215M | $609M | ||||
| X-Legend Entertainment Co Ltd is a Taiwan-based company that engages in the development of online and mobile games. It offers multiplayer online role-playing games, casual and puzzle games, and data and software services. The group is focused on its business in Taiwan and Japan. | $3 | -4% | $188M | $160M | ||||
| AlphaPolis Co Ltd is engaged in the development, planning, and sale of smartphone applications and PC browser games. The company is also involved in the publication of books. | $6 | -28% | $186M | $114M | ||||
 | Boyaa Interactive International Ltd is an investment holding company. Along with its subsidiaries, the company is engaged in the development and operation of online card and board games, and is committed to promoting and developing Web3 game-related business. The group's reportable segments are the Online game related business and the Web3 related business. A majority of its revenue is generated from the Online game related business segment, which is engaged in mobile and computer games development, operations, and related advisory services. The Web3 related business segment is engaged in crypto-currencies related investments. Geographically, the group's operations are substantially located in the PRC (including Hong Kong). | $0 | -74% | $184M | $172M | ||||
| Marvelous Inc is a Japanese technology company that engages in planning, developing, and selling online games, consumer game software, and audio-visual content. The company's segments include online business, which develops and operates online games and applications, focusing on social games for social networking sites; consumer business, which develops and sells home game software and commercial equipment for amusement facilities; and music video business, which produces and operates music and video contents with a focus on animation. | $3 | -19% | $167M | $106M | ||||
| Enad Global 7 AB operates within the gaming industry developing, marketing, publishing, and distributing PC, console, and mobile games to the gaming market. The company's game developers develop its original IPs, as well as act as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toadman Studios, and Big Blue Bubble. In addition, the company's marketing department Petrol has contributed to the release of many titles, of which many are brands such as Call of Duty, Destiny, Dark Souls, and Rage. The company's reportable segments are; Daybreak which generates key revenue, Big Blue Bubble, Piranha, Toadman, Petrol, and Fireshine. Geographically, it derives key revenue from North America. | $2 | +31% | $159M | $171M | ||||
 | Azerion Group NV is engaged in providing a digital entertainment and media platform. It is engaged in providing technology solutions to automate the purchase and sale of digital advertising inventory for advertisers, publishers, and game creators as well as developing, publishing, distributing, and operating online social and casual games and digital content. The group’s reportable segments are Platform and Premium Games. | $1 | -17% | $145M | $404M | ||||
| Ten Square Games SA is a developer of free-to-play mobile games with a focus on hobby genres, including fishing, hunting, and aviation. The company’s portfolio includes popular titles such as Fishing Clash, Hunting Clash, and Wings of Heroes. | $23 | +7% | $144M | $110M | ||||
| Userjoy Technology Co Ltd engaged in the design, research and development and sale of game software. The group only has a single operating segment, which is mainly engaged in the design, research and development and sales of game software in Taiwan. | $2 | -11% | $142M | $114M | ||||
| Devsisters Corp is a South Korea-based company. It is engaged in the content, technology, and service businesses. | $12 | -58% | $131M | $88M | ||||
| FriendTimes Inc is an online game manufacturer and operator in China. Its game portfolio includes Fate of the Empress, Legend of Empress, Promise of Lingyun, A Story of Lala’s: Rising Star, Twist of the Fate, Ink Sword: Jianghu. It derives revenue from provision of mobile game development and publishing services. Geographically the company operates in Mainland of the PRC and Overeas. | $0 | -40% | $125M | $12M | ||||
| Bank of Innovation Inc is engaged in development and operation of game application for smartphone. Some of the products offered by the company include mitrasphere, cryptolact, and conquest fighting. | $31 | -59% | $123M | $88M | ||||
| Ateam Holdings Co Ltd an IT company that develops a wide range of businesses centered around the internet, including web services, games, and e-commerce. | $6 | -17% | $118M | $99M | ||||
| KLab Inc is the Japan-based software company. The principal activities of the company are planning, developing, and operating online mobile games. The company's business is broadly divided into two areas - game business and other business. The game business is focused on designing and developing online mobile games. The other business is involved in designing, developing, and providing smartphone-related applications, services, and server infrastructures. The company has an operational presence across China, Singapore, Japan and the United States. | $1 | +69% | $103M | $73M | ||||
| T3 Entertainment Inc is a professional game developer with development technology for various game platforms such as PC games, mobile games, and console games. | $2 | +44% | $103M | $56M | ||||
| PLAYSTUDIOS Inc is engaged in gaming and related business. The Company develops and operates online and mobile social gaming applications (games or game), many of which incorporate a loyalty program offering real world rewards provided by a collection of awards partners. The Company’s games are free-to-play and available via the Apple App Store, Google Play Store, Amazon Appstore and Facebook (collectively, platforms or platform operators). The Company creates games based on its own original content as well as third-party licensed brands. The Company generates revenue through the in-game sales of virtual currency and through advertising. The company has one operating segment with one business activity, developing and monetizing social games. | $1 | -34% | $97M | $297K | ||||
| Golden Matrix Group Inc is an established gaming technology company. The company develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers. The company operates in three reportable segments; MeridianBet Group, GMAG, RKings & CFAC. The MeridianBet Group segment earns majority revenue. The company operates in UK, Europe, Asia Pacific, Central and South America, Australia and Africa. It offers configurable and scalable iGaming platforms and operate some of the industry’s iconic brands, including MexPlay, GM-AG, and others. | -- | -- | $97M | $100M | ||||
| Coly Inc is mainly engaged in the planning, development, and operation of mobile online games. The Company operates a single segment, the content business. | $16 | +36% | $87M | $76M | ||||
| Ghost Studio Co Ltd is a entertainment company that produces games, webtoons, dramas and movies. It produces mobile/PC games such as casual games and casual slots and covers all over the world. | $6 | -8% | $82M | $16M | ||||
| Gumi Inc is an entertainment company, which develops, operates, and distributes online games for smartphones and tablets. It provides native application services, game contents can be downloaded from apple store without browser; browser game services, game can be played on the mobile terminal browser, as well as publishing services, in which the company performs localization of game content developed by third parties and then sell them through its various sales channels. In addition, the firm offers VR (Virtual Reality) services. | $1 | -62% | $76M | $85M | ||||
| iDreamSky Technology Holdings Ltd operates a digital entertainment platform in the game publishing market in China. Its gaming portfolio includes role-playing games, endless running games, matching puzzle games and casual competition games among others. The company operates in one reportable segment: Game and information services segment. | $0 | -77% | $76M | $241M | ||||
| Link-U Group Inc through its subsidiaries engages in developing and operating manga apps, etc., utilizing data distribution technology based on its own original server design, operates a platform that connects businesses and users, supports and promotes the introduction of digital transformation, as well as planning, development, and operation in a wide range of areas, from manga apps to government systems, provides IT consulting services such as digital transformation support for government agencies, among others. | $5 | +150% | $74M | $77M | ||||
| Chinese Gamer International Corp is a Taiwan-based online game research and development company. It is engaged in the development and design of network access platforms and related APPs. At present, it provides online gaming services and mobile game services. Its products include Jing Yong Online, Three Kingdoms Online, TS Online, Love Box, The Legend of Martial Arts Heroes -Sword Theory in the Void, and others. Geographically, the company generates maximum revenue from its customers in Taiwan, followed by China (including Hong Kong), and other regions. | $1 | -21% | $72M | $52M | ||||
| Artifex Mundi SA is a producer, co-producer and publisher of games for platforms including Android, iOS, Windows Phone, PC, Mac, Linux, Xbox One and PlayStation 4. Its business segments include Game segment premium, which includes the production of games monetyzowanych model try-before- you-buy and publishing activities and investment in the field of games monetyzowanych model try-before- you-buy. | $6 | +42% | $71M | $65M | ||||
| Neptune Co is a mobile game developer that aims to develop its own games and acquire IPs in various genres. | $2 | -68% | $69M | $59M | ||||
| CMGE is a China-based mobile game developer and publisher. In 2024, roughly 8% of its revenue was generated from self-developed titles, while a significant 86% came from publishing games created by third parties, and the remaining 6% was attributable to licensing agreements. The company reported an average of 15 million monthly active users during the year. We estimate CMGE’s market share in China’s online gaming industry remains below 1%. | $0 | -65% | $69M | $129M | ||||
 | Atari SA is in the electronic gaming and multimedia business sector. It is engaged in the design, production, publishing, and distribution of all multimedia and audiovisual products and works, including entertainment products in any form, such as software, data processing, and content. It owns and manages a portfolio of more than four hundred special games and franchises, including world-renowned brands like Pong, Breakout, Asteroids, Missile Command, Centipede, and RollerCoaster Tycoon. Atari provides various types of gaming, which include mobile and online arcade games such as roller coaster tycoon, haunted house, pong world, circus Atari, centipede, breakout, and others. The group has three lines of business: Games, which generates maximum revenue, Hardware, and Licensing. | $23 | +13838% | $66M | $128M | ||||
| Nexus Co Ltd formerly Action Square Co Ltd develops mobile games in South Korea. Its products include blade, Three Kingdoms Blade, Blade 2, and Project G. | $1 | -61% | $64M | $84M | ||||
| Envar Holding AB (publ) is an outsourcing and development studio with a focus on graphic design, 3D graphics, animations and illustrations for game development companies or other companies operating in the entertainment industry. The company has established itself as a provider of graphics and development services to gaming industry. The company is active in two key segments: outsourcing and co-development as well as game development for the console and PC market. | $5 | +60% | $58M | $55M | ||||
 | Trophy Games Development AS is a Denmark-based company that develops and publishes mobile and pc games. Its game studio provides endless entertainment and challenging gameplay for all players. The company offers games for mobile, Steam, and browser. | $2 | +8% | $58M | $54M | ||||
| Aiming Inc engages in the online game business. It develops and operates social games primarily intended for smartphones; and the applications are distributed through different platforms. It also provides game licenses held by the Group to other distributors. The company's products include Browser Three Kingdoms, Sengoku IXA and Hero Quest for smartphones and PCs. | $1 | -30% | $58M | $24M | ||||
| Gamesparcs Co Ltd is a company that engages in the operations of mobile games, advertising, and game accessories-related services. The company's activities are gaming agency, operation and general advertising and gaming peripheral products. It generates majority of its revenue from online games. | $1 | -19% | $57M | $36M | ||||
| Com2uS Holdings Corp is a South Korea based company engaged in the mobile games sector. | $8 | -48% | $53M | $178M | ||||
| Median | $5 | -15% | $420M | $235M | 1.2x | 6.0x |
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