Mobile gaming is no longer a subset of the games industry. It is the industry. In 2025, mobile accounted for over 50% of total global gaming revenue for the second consecutive year, with worldwide player spending across the App Store and Google Play reaching approximately $76.7 billion (and that figure covers only IAP, not in-app advertising (PocketGamer.biz, AppMagic data, December 2025).

Eight titles crossed $1 billion in IAP revenue alone in 2025, a new record. The publishers behind those titles did not get there through luck or a single breakout launch. They built systems: live-ops infrastructure, data pipelines, player segmentation at scale, and monetization models that compound over years rather than quarters.

This list ranks the 25 biggest mobile publishers by revenue, using 2025 full-year and mid-year data sourced from AppMagic, Sensor Tower, PocketGamer.biz, and public filings. Two major publishers, Century Games and Dream Games, are new entrants this year based on 2025 performance data that places them firmly in the global top tier.

Beyond the rankings, each entry covers what actually drives revenue at scale for that publisher: live-ops cadence, IP strategy, monetization model, and the specific mechanics that keep players spending. For broader market context, see the Global Mobile Gaming App Market Report 2026.

Rankings at a glance

#	Publisher	HQ	Top titles	2025 revenue (est.)	Primary model
1	Tencent	Shenzhen, China	Honor of Kings, PUBG Mobile, Delta Force	~$8B+	IAP + ads
2	NetEase	Hangzhou, China	Fantasy Westward Journey, Eggy Party	~$8-9B (mobile)	IAP
3	Century Games	Beijing, China	Whiteout Survival, Kingshot	~$2B+	IAP
4	HoYoverse	Shanghai, China	Genshin Impact, Honkai: Star Rail, ZZZ	~$2-2.5B	IAP (gacha)
5	Dream Games	Istanbul, Turkey	Royal Match, Royal Kingdom	~$1.6-1.8B	IAP
6	Scopely	Culver City, USA	Monopoly GO!, Pokémon GO	~$1.6-1.8B	IAP + ads
7	Playrix	Dublin, Ireland	Gardenscapes, Homescapes	~$1.5-1.7B	IAP + ads
8	Supercell	Helsinki, Finland	Clash of Clans, Brawl Stars	~$1.5-1.7B	IAP
9	Krafton	Seoul, South Korea	PUBG Mobile, BGMI	~$1.2-1.4B	IAP + ads
10	Garena (Sea Limited)	Singapore	Free Fire, Free Fire MAX	~$1.3-1.5B	IAP + ads
11	Playtika	Herzliya, Israel	Slotomania, Bingo Blitz, June’s Journey	~$1.5-1.6B	IAP
12	King (Microsoft)	London, UK	Candy Crush Saga, Farm Heroes Saga	~$1.2-1.3B	IAP + ads
13	Moon Active	Tel Aviv, Israel	Coin Master, Pet Master	~$900M-1B	IAP + ads
14	FunFly (Habby)	Singapore	Archero, Last War: Survival	~$800M-1B	IAP
15	Zynga (Take-Two)	San Mateo, USA	Empires & Puzzles, Merge Dragons!	~$900M-1B	IAP + ads
16	Netmarble	Seoul, South Korea	Solo Leveling: ARISE, Ni no Kuni	~$800M-1B	IAP
17	FunPlus	Zug, Switzerland	State of Survival, Guns of Glory	~$800M-900M	IAP
18	Lilith Games	Shanghai, China	AFK Arena, Rise of Kingdoms	~$700M-800M	IAP + ads
19	EA Mobile	Redwood City, USA	EA Sports FC Mobile, The Sims Mobile	~$700M-780M	IAP + ads
20	Roblox Corporation	San Mateo, USA	Brookhaven RP, Blox Fruits	~$700M-800M (mobile)	Virtual currency
21	Peak Games (Zynga)	Istanbul, Turkey	Toon Blast, Toy Blast	~$600M-650M	IAP + ads
22	Cygames	Tokyo, Japan	Uma Musume, Granblue Fantasy	~$600M-650M	IAP (gacha)
23	Activision Mobile	Santa Monica, USA	Call of Duty: Mobile, Warzone Mobile	~$600M-700M	IAP + ads
24	SciPlay	Las Vegas, USA	Jackpot Party Casino, Gold Fish Slots	~$520M-580M	IAP
25	Bandai Namco	Tokyo, Japan	Dragon Ball Z Dokkan Battle, One Piece TC	~$400M-450M	IAP

Revenue figures are estimates based on AppMagic, Sensor Tower, PocketGamer.biz, and public filings. IAP figures only; in-app advertising revenue is not captured by these trackers. All figures in USD.

Publisher breakdowns

1. Tencent

HQ: Shenzhen, China | Top games: Honor of Kings, PUBG Mobile, Delta Force, Arena Breakout, Dungeon & Fighter Mobile

Tencent remains untouchable at the top. Honor of Kings was the world’s highest-grossing mobile game in 2025 with approximately $2.4 billion in IAP revenue (PocketGamer.biz). Delta Force, their new shooter title, crossed $492.5 million in revenue in 2025, in its first full year. Monthly revenue consistently exceeds $350-500 million across the portfolio (GamingOnPhone, AppMagic data).

What makes Tencent’s dominance structural rather than just scale is how it runs games as regional ecosystems. Studios like TiMi and Lightspeed don’t localize content. They rebuild it for specific markets, backed by WeChat and QQ distribution that no other publisher can replicate. Data-driven personalization across every title, combined with deep esports integration that keeps competitive communities active between content drops, sets a standard that larger Western studios rarely match.

Key lesson for publishers: Localization at the market-rebuild level rather than translation level unlocks revenue that surface-level regional targeting leaves behind.

2. NetEase

HQ: Hangzhou, China | Top games: Fantasy Westward Journey, Eggy Party, Identity V, Harry Potter: Magic Awakened, Infinite Borders

NetEase generated over $100 million monthly in mobile revenue throughout 2025, consistently placing in the global top 10 publishers by month (GamingOnPhone, AppMagic data). Its PC-to-mobile crossplay infrastructure, long-running MMORPG franchises with decade-long player loyalty, and Eggy Party’s rise as one of China’s top casual titles show the company can operate across genres.

Where Tencent wins through ecosystem control, NetEase wins through consistency. Long-running titles never really slow down because they’re maintained with the same live-ops discipline as a new game. Stable across quarters, not dependent on launch momentum.

Key lesson for publishers: Long-tail revenue from a maintained catalog outperforms short-term launch spikes in total lifetime economics.

3. Century Games

HQ: Beijing, China | Top games: Whiteout Survival, Kingshot, Family Farm Adventure

Century Games was not on last year’s list. In 2025 it claimed the number one spot among the top 50 mobile game makers by total revenue (Outlook Respawn, AppMagic). Whiteout Survival generated approximately $1.9 billion in 2025, rising from $936 million in 2024, a near doubling (MobileGamer.biz). Kingshot, launched in February 2025, crossed $500 million in just nine months and $811 million in its first full year (Games.gg).

Together those two titles make Century Games one of the fastest-scaling publishers in mobile history. Both are 4X strategy games with deep alliance mechanics and strong UA engines targeting the US and Asian markets simultaneously. The speed of Kingshot’s growth (monthly revenue growing 1,540% between March and November 2025 without a single month of decline) is arguably the most notable publisher story of the year.

Key lesson for publishers: Category-dominant 4X strategy titles with strong community mechanics can compound revenue at a pace no other genre currently matches.

4. HoYoverse (miHoYo)

HQ: Shanghai, China | Top games: Genshin Impact, Honkai: Star Rail, Zenless Zone Zero, Honkai Impact 3rd

HoYoverse doesn’t flood the market with games. It builds universes. Genshin Impact, Honkai: Star Rail, and Zenless Zone Zero each operate as distinct narrative worlds with dedicated communities, cinematic update cadences, and gacha economics that work at scale. Honkai: Star Rail generated approximately $423 million in 2025 (Yadav Games, AppMagic data). Genshin Impact, now in its fifth year, still generates consistently high monthly revenue.

HoYoverse is one of the few mobile publishers delivering console-quality narrative within a free-to-play structure, charging console-adjacent spend from players who stay for years rather than months.

Key lesson for publishers: Deep narrative investment keeps players emotionally committed in a way that pure gameplay loops cannot, which extends LTV well beyond industry averages.

5. Dream Games

HQ: Istanbul, Turkey | Top games: Royal Match, Royal Kingdom

Dream Games earned $1.4 billion from Royal Match alone in 2024, making it one of the top-grossing individual titles globally (Business of Apps). In 2025, combined revenue from Royal Match ($1.37 billion) and the growing Royal Kingdom brought total earnings to approximately $1.6-1.8 billion (MobileGamer.biz). In May 2025, CVC Capital Partners led a transaction valuing Dream Games at $5 billion, one of the most significant mobile gaming liquidity events since 2022 (Udonis).

What makes Dream Games unusual in this list is the model: Royal Match operates with no ads, pure IAP monetization, and Pixar-level visual polish applied to match-3 mechanics. Founded by five former Peak Games executives in Istanbul in 2019, they launched their first title in 2021 and built a $5 billion company. The speed and capital efficiency of that trajectory is an important data point for any studio thinking about what’s achievable from outside traditional gaming hubs.

Key lesson for publishers: Premium production quality in casual genres creates differentiation that justifies pure IAP models even without the scale of mid-core titles.

6. Scopely

HQ: Culver City, California, USA | Top games: Monopoly GO!, Pokémon GO (acquired from Niantic in 2024), Marvel Strike Force, Star Trek Fleet Command

Scopely generated approximately $128 million in December 2025 alone, with Monopoly GO! contributing $110 million of that in a single month (GamingOnPhone, AppMagic data). The acquisition of Pokémon GO from Niantic in late 2024 added one of gaming’s strongest community-driven franchises to a portfolio already anchored by IP-driven titles.

Scopely’s model is built around acquiring proven IPs and running them through shared data infrastructure and live-ops expertise. It doesn’t chase high-risk original launches. It refines known formulas, scales them globally, and extracts sustainable revenue from player communities that are already invested. The operational efficiency this produces is notable: high output with relatively lean internal development.

Key lesson for publishers: Shared data infrastructure across a multi-title portfolio creates compounding operational advantages that single-title studios can’t replicate.

7. Playrix

HQ: Dublin, Ireland | Top games: Gardenscapes, Homescapes, Fishdom, Manor Matters, Wildscapes

Playrix consistently generates over $100 million monthly, placing seventh in December 2025 with $114.3 million (GamingOnPhone, AppMagic data). Its flagship titles have been live for years and continue performing because content cadence is treated as a product discipline: players always have a new reason to return through timed events, story chapters, and seasonal updates.

The monetization loops (energy systems, boosters, story unlocks) keep spending gradual rather than pressured, which is a meaningful driver of long-term retention in a genre known for high churn. Players who don’t feel financially squeezed stay longer, and longer retention is where Playrix earns its revenue.

Key lesson for publishers: Gradual monetization pressure in casual games produces better LTV than aggressive spend prompts. The revenue is lower per session but the lifetime is significantly longer.

8. Supercell

HQ: Helsinki, Finland | Top games: Clash of Clans, Brawl Stars, Clash Royale, Hay Day, Boom Beach

Supercell is the strongest proof that portfolio discipline beats portfolio volume. Five maintained titles, each functioning as a self-contained live-service ecosystem run by small teams with full ownership. Brawl Stars, nine years after launch, hit revenue close to its 2016-2017 highs in 2025, a revival described by CEO Ilkka Paananen as something he had “never seen” in a title years into its lifecycle (PocketGamer.biz). Clash Royale similarly generated approximately $453 million in 2025.

The company does not need to launch new games to grow revenue. It deepens existing ones. Choosing fewer games and investing more in each is the most distinctive operating choice on this list.

Key lesson for publishers: Fewer, better-maintained titles with full team ownership produce higher revenue-per-title and better player trust than broad, thin portfolios.

9. Krafton

HQ: Seoul, South Korea | Top games: PUBG Mobile, Battlegrounds Mobile India (BGMI), PUBG: New State

PUBG Mobile generated approximately $118 million in February 2026, ranking third globally that month behind Honor of Kings and Last War: Survival (Yadav Games). BGMI reclaimed its position as India’s top mobile game following its reinstatement, making India one of Krafton’s fastest-growing revenue markets.

Krafton has built PUBG Mobile into both a competitive platform and a community hub. Localized esports programs, region-specific content drops, and meticulous seasonal planning sustain ARPU across markets with very different player spending behavior. The Middle East and Latin America expansion through influencer and esports campaigns is extending the revenue base beyond traditional strongholds.

Key lesson for publishers: Esports infrastructure serves dual purpose: it keeps competitive players engaged and provides a content and media platform that sustains casual player interest between seasons.

10. Garena (Sea Limited)

HQ: Singapore | Top games: Free Fire, Free Fire MAX

Free Fire sits in second place globally in the shooter category behind PUBG Mobile, generating consistent revenue across Latin America, India, and Southeast Asia (PocketGamer.biz). Garena’s edge has always been accessibility: Free Fire was optimized for low-spec devices from launch, opening a genuine mass-market audience in regions where other battle royale titles couldn’t reach technically or economically.

Localized esports programs, influencer campaigns that dominate regional social media, and affordable microtransactions keep the game economically efficient in lower-ARPU markets where the competitive economics of high-CPI UA would make other publishers unprofitable.

Key lesson for publishers: Device accessibility at launch is a strategic decision that determines your total addressable market in emerging regions, not just a technical constraint.

11. Playtika

HQ: Herzliya, Israel | Top games: Slotomania, Bingo Blitz, Caesars Slots, House of Fun, June’s Journey

Playtika treats every player as a micro-segment. Machine learning powers real-time personalization of rewards and offers, calibrating what each high-value user sees to keep spending active without triggering fatigue. The result is a portfolio that generates consistent revenue without being dependent on blockbuster new titles or viral launch moments.

Its primary investment in 2025 was AI-driven retention systems and behavioral segmentation, not new game development. That choice reflects a mature understanding of where returns are highest in a social casino portfolio with established audiences.

Key lesson for publishers: Precision personalization of monetization offers outperforms blanket promotional cadences, especially for high-LTV user segments in IAP-heavy genres.

12. King (Microsoft)

HQ: London, UK | Top games: Candy Crush Saga, Candy Crush Soda Saga, Farm Heroes Saga, Bubble Witch Saga

Candy Crush Saga launched in 2012 and still generates over $100 million monthly in 2025, crossing $100 million in December (GamingOnPhone, AppMagic data). Royal Match has now surpassed it as the top puzzle game globally, but King sustains billion-dollar revenue from a thirteen-year-old title through micro-optimization of behavioral engagement loops that most competitors study rather than replicate. Under Microsoft, King gains access to richer ad network relationships and cross-promotional reach across Game Pass.

Key lesson for publishers: Decade-old IP can sustain premium revenue through relentless micro-optimization. The game doesn’t need to be new. The engagement loops need to keep working.

13. Moon Active

HQ: Tel Aviv, Israel | Top games: Coin Master, Pet Master, Boom Clash

Coin Master generated approximately $910 million in 2025, just short of the $1 billion mark with ten days remaining in the year (PocketGamer.biz). After 250 million lifetime downloads, the game maintains its position among the world’s highest-grossing casual titles. Moon Active monetizes competition and social mechanics rather than content progression. Coin Master’s slot mechanics, social gifting, and revenge loops keep players emotionally invested in ways that pure content games struggle to replicate.

One title at scale, with minimal marketing overhead relative to revenue output. A useful case study in depth over breadth.

Key lesson for publishers: Social mechanics that create rivalry and interdependence between players generate engagement that content alone cannot sustain.

14. FunFly (Habby)

HQ: Singapore | Top games: Archero, Last War: Survival, Survivor.io

Last War: Survival emerged as one of 2025’s breakout titles, generating approximately $128 million in February 2026 alone and consistently ranking among the top five grossing titles globally (Yadav Games). FunFly operates as the publishing arm of Habby, which built its reputation on accessible action games before scaling into strategy with Last War’s aggressive 4X mechanics and strong UA investment.

Key lesson for publishers: Accessible entry mechanics (auto-battle, simple controls) paired with deep meta progression capture both casual and mid-core spending simultaneously.

15. Zynga (Take-Two Interactive)

HQ: San Mateo, California, USA | Top games: Empires & Puzzles, Merge Dragons!, Words With Friends, CSR Racing 2, Golf Rival

Zynga has moved well past the Facebook games era into one of mobile’s more reliable mid-core publishers. Its strength is portfolio discipline: extending existing titles through seasonal content and improved in-game economies rather than launching new ones. Take-Two’s infrastructure is gradually improving ad monetization and user segmentation across the portfolio, a process that takes years to show in revenue numbers but is building toward higher monetization efficiency.

Key lesson for publishers: Mid-core portfolio management through content extension produces more predictable revenue than launch-dependent growth strategies.

16. Netmarble

HQ: Seoul, South Korea | Top games: Solo Leveling: ARISE, Ni no Kuni: Cross Worlds, Marvel Future Fight, The Seven Deadly Sins: Grand Cross

Solo Leveling: ARISE became one of Netmarble’s fastest-growing titles, riding the global popularity of the Solo Leveling webtoon and anime adaptation into strong launch revenue across Asian and Western markets. Netmarble’s formula: cinematic visuals, high emotional investment, IP partnerships with global entertainment brands, and gacha depth, is well-executed and repeatable. When the IP connects, the launch momentum is formidable.

Key lesson for publishers: Entertainment IP partnerships timed to coincide with franchise media peaks (anime premieres, film releases) can multiply launch revenue dramatically.

17. FunPlus

HQ: Zug, Switzerland | Top games: State of Survival, Guns of Glory, King of Avalon, Stormshot: Isle of Adventure

FunPlus favors longevity over volume: a few high-performing 4X strategy titles maintained for years rather than an annual launch slate. State of Survival accounts for over 60% of total earnings. Deep alliance mechanics, event-driven storytelling, and strong per-user monetization keep churn low in a genre that rewards committed players. Cultural localization across regions is a consistent operational strength.

Key lesson for publishers: Alliance and social mechanics in 4X games create switching costs that dramatically reduce churn compared to solo-progression titles.

18. Lilith Games

HQ: Shanghai, China | Top games: AFK Arena, Rise of Kingdoms, Warpath, Dislyte

Lilith has carved a clear identity as the maker of accessible-yet-deep mid-core experiences. AFK Arena’s idle mechanics lowered the barrier to mid-core spending for users who don’t have time for active gameplay sessions, while Rise of Kingdoms built one of the most durable strategy communities in the Western market. Dislyte’s music-driven design shows the company can reach younger demographics beyond the traditional strategy-RPG audience.

Key lesson for publishers: Idle and semi-idle progression mechanics expand mid-core monetization to users who would not engage with fully active combat systems.

19. EA Mobile

HQ: Redwood City, California, USA | Top games: EA Sports FC Mobile, The Sims Mobile, Need for Speed: No Limits, Plants vs. Zombies

EA’s mobile strategy centers on franchise leverage. EA Sports FC Mobile’s rebrand from FIFA maintained strong engagement while gaining independence from the FIFA licensing relationship. Seasonal content, player roster updates, and a live-service structure aligned with the console game keep football fans spending consistently across a genuinely global audience.

Key lesson for publishers: Alignment between mobile and console content calendars creates cross-platform purchase intent that single-platform titles can’t generate.

20. Roblox Corporation

HQ: San Mateo, California, USA | User-generated titles: Brookhaven RP, Blox Fruits, Adopt Me!, Pet Simulator X

Roblox is less a publisher and more a platform economy. Revenue comes from Robux purchases spent within user-generated experiences, meaning the company’s growth scales with its creator community rather than internal development capacity. Mobile is the primary access point for over 70% of daily users. The creator revenue-sharing expansion in 2025 deepened the incentive structure for developers building on the platform.

Key lesson for publishers: Platform economics that align creator incentives with platform growth create compounding network effects that traditional publisher models cannot replicate.

21. Peak Games (Zynga)

HQ: Istanbul, Turkey | Top games: Toon Blast, Toy Blast

Peak Games demonstrates that extreme focus beats diversification in casual gaming. Without launching major new IPs, the company sustains top positions in casual puzzle through continuous A/B testing, player segmentation, and strong UA engines. Toon Blast regularly appears in monthly top-20 revenue charts. Maximizing LTV from existing titles is the entire playbook, and it compounds efficiently over time.

Dream Games, founded by five former Peak executives, is itself a validation of the operational culture Peak built. Both companies sit on this list.

Key lesson for publishers: Disciplined A/B testing and player segmentation in casual games can sustain top-chart revenue without new title launches for years.

22. Cygames

HQ: Tokyo, Japan | Top games: Granblue Fantasy, Uma Musume: Pretty Derby, Shadowverse, Princess Connect! Re:Dive

Cygames operates at the intersection of anime production and live-service game design. Its titles extend across merchandise, anime series, and esports. The game is never the only touchpoint keeping players invested. Uma Musume: Pretty Derby remains a dominant earner in the Japanese domestic market. Cross-platform synergy is real: the Granblue Fantasy console release drove measurable in-app purchase lifts on mobile.

Key lesson for publishers: Transmedia investment (anime, merchandise, esports) creates retention infrastructure that deepens player investment beyond what gameplay alone can sustain.

23. Activision Publishing (Mobile)

HQ: Santa Monica, California, USA | Top games: Call of Duty: Mobile, Call of Duty: Warzone Mobile

Activision adapted one of gaming’s strongest franchises into high-fidelity free-to-play without diluting the brand. Cross-progression between mobile and console creates a unified player identity that deepens engagement across platforms. Warzone Mobile’s global rollout added incremental reach. Delta Force (co-developed with Tencent’s TiMi Studios) competes in the same shooter category and has taken significant market share, making 2026 a more competitive environment for Call of Duty Mobile than previous years.

Key lesson for publishers: Cross-platform progression systems create retention mechanics that platform-exclusive titles cannot match.

24. SciPlay

HQ: Las Vegas, Nevada, USA | Top games: Jackpot Party Casino, Gold Fish Casino Slots, Quick Hit Slots, Bingo Showdown, MONOPOLY Slots

SciPlay’s audience knows exactly what it wants and returns consistently. The social casino format (authentic slot mechanics layered with progression design, produces predictable, long-term revenue from a loyal high-retention core. Live events themed around real-world occasions keep the calendar full. Light & Wonder’s backing is helping SciPlay expand into hybrid casino-casual formats to broaden reach beyond the core social casino audience.

Key lesson for publishers: Niche audiences with high loyalty and clear spending intent can sustain top-100 revenue indefinitely without the acquisition costs of broader casual titles.

25. Bandai Namco

HQ: Tokyo, Japan | Top games: Dragon Ball Z Dokkan Battle, One Piece Treasure Cruise, Dragon Ball Legends, That Time I Got Reincarnated as a Slime: ISEKAI Memories

Bandai Namco turns beloved anime franchises into persistent mobile ecosystems. Dokkan Battle crossed $3.5 billion in lifetime revenue nearly a decade after launch, a figure that illustrates IP durability better than almost any other data point in mobile gaming. The company does not need to keep launching new games. It builds digital extensions of stories people already love and maintains them with event cadences tied to anime seasons, franchise anniversaries, and crossovers.

Key lesson for publishers: Strong entertainment IP with active fanbases provides a retention floor that original IP games must work far harder to establish.

What these 25 publishers have in common

A few patterns show up consistently across this list regardless of genre, geography, or company size.

Live-ops discipline beats new launches. Most publishers here generate more revenue from maintained existing titles than from new releases. Century Games’ Whiteout Survival nearly doubled revenue in 2025 without being a new game. Brawl Stars hit near-record highs nine years into its lifecycle. Events, seasonal content, and update cadence are the real growth levers.

The IAP-only model is increasingly rare at the top. The largest publishers now run both in-app purchases and in-app advertising, calibrating the mix by genre and audience. Ad monetization, handled well, extends player lifetime without cannibalizing IAP spend. For publishers navigating this balance, see in-app purchases vs in-app advertising.

AI is moving from experiment to infrastructure. Playtika, Scopely, Tencent, and others use machine learning for real-time player segmentation, personalized offers, and predictive retention. The publishers implementing this at scale are seeing measurable ARPDAU improvements over those running static promotional calendars.

Portfolio focus compounds returns. Whether it is Supercell with five titles or Peak Games with two, publishers with fewer, better-maintained games consistently outperform those chasing broad diversification.

Two new entrants define the year. Century Games and Dream Games both generated over $1.5 billion in 2025, and neither appeared in previous versions of this list. The mobile gaming top tier is not static. New studios with the right product and operational discipline can reach billion-dollar revenue within a few years of founding, as Dream Games proved from Istanbul.

Top 25 Mobile Gaming Publishers and Developers by Revenue

Rashmita Behera