Mobile revenue roundup - Week 17, 2025
Gravity #1 again with Ragnarok M: Classic performing in Taiwan, whilst Globee is tilting towards a potential catalyst.
We maintain a complete database of all publicly traded companies that are active in mobile marketplaces, and estimate their mobile revenue on a daily basis using proprietary tools.
Public companies Dashboard - Highlights
Here is the dash, remarks below:
Reminder: The “Est. Rev Delta“ % is an increase/decreased from last week’s estimated mobile revenue versus the average of the past 7 weeks of mobile revenue.
Content
Winners (US/World):
Our Picks and Watchlist
Winners this week
US-traded
Gravity Interactive (GRVY) is #1 for US-traded companies in revenue increase for a 2nd week in a row (see last week’s report).
Keeping this short: Ragnarok M Classic is performing well in particular in Taiwan where it’s a top 10 grossing app right now, being the current growth driver for Gravity games.
Taiwan has gradually become Gravity’s #1 market - with $77M in revenue in 2024, more than double Korea’s.
Worth noting, Gravity also filed their FY24 annual report (Form 20-F here). Few things we found interesting:
Ragnarok IP extension agreed until 2063. Not a surprise, but it’s low probability risk removed. Mr. Lee, the IP original holder, gets about $1M/year - based on game revenues.
They have founded a Malaysian subsidiary called Gravity Game Unite - which will distribute the game in Malaysia directly. It’s a growth market.
No mention of agreement with Chinese publishers beside what was already known. With less than $10M in revenue from China in 2024 - mostly royalties - this huge market remains untapped. They’ve got free/cheap game developments in exchange for rights to publish the game in China. What about the future? Could not find anything.
Here’s the per-game revenue distribution for 2024:
Ohers US-traded companies in the top 5 are not noteworthy with fairly small uptrends (GDEV, ANGH, IQ and MYPS)
Worldwide Markets
Globee (5575.T) has been in the top 5 for long enough for us to have a quick look. It’s a sub $50M market company, that derive seemingly all their revenue from mobile apps teaching english, focused solely on Japanese students. Their app is called “abceed”.
At first, we were not too interested, because we saw a seasonal pattern (maybe linked to some specific exams?) in their app ranking data.
However, the latest increase in est. revenue departs from previous occurrences:
It’s too soon for us to dive into the business and its valuation, but we’re definitely going to monitor Globee. Should this uptrend continue, this could become a catalyst, especially with the stock being on a downtrend since IPO.
We dived into the other charts of the top 5 worldwide (KLab, Boombit, Bank of Innovation, and Artifex Mundi), and they hold no long-term impact for now.
Ongoing Picks - Watch list
Drecom (3793.T) is 2 weeks away from announcing what we expect to be another really strong quarter. Investors expectations are not aligned with their delivery in the last quarter, and we think it’s a great short to mid term opportunity.
Feiyu (1022.HK), Gala Technology (2458.HK) and Qingci Games (6633.HK) - No update worth covering.
why is Eternal Love from Gravity so strong from your chart, "Est. Revenue Daily (based on App Ranks) per Game"? Am i missing something?