Presented by Moloco
Mobile gaming’s next wave won’t be powered by scale alone. While global revenue is on track to reach $126 billion by 2025 and the player base is expected to grow to 2.4 billion by 2029, leading developers have already shifted their growth strategies — prioritizing engagement, diversified monetization, and sustainability over pure volume.
After a decade of rapid growth followed by a market correction, mobile game publishers have realigned priorities. Instead of chasing installs at any cost, they’re doubling down on long-term player value — which is shaping monetization, product and user acquisition strategy. Moloco’s latest research into the in-app purchase trends of top 100 mobile gaming advertisers reveals what sets the leaders apart — and why the next wave of winners will be those who expand their appeal and build deeper, more durable and agile relationships with their audiences.
Lifetime value as the growth engine
Global installs were down 0.2% year-over-year, but that has little relevance to our story. Leading publishers are shifting away from top-of-funnel growth and toward strategies that extend lifetime value (LTV) beyond the immediate post-install period and deepen user engagement. Across genre and monetization models, we saw significant increases in install-to-payer conversion, but most importantly a 6% growth in LTV beyond the first 30 days of install.
Regardless of genre, even a cursory look at the monetization models of the most successful apps highlights these shifting trends. Battle passes, subscriptions, gacha mechanics, and time-limited starter packs are being used to onboard payers faster. Live operations, seasonal content, PvP, social mechanics, progression mechanics, and personalized offers keep them engaged over the long haul. Whether it’s the polish of Monopoly GO or the stickiness of Pokémon’s ecosystem, top apps are focusing on building deeper, more meaningful (and ultimately lucrative) connections with their users.
These apps aren’t just acquiring users — they’re building rich ecosystems that turn players into long-term revenue drivers.
The power of the few
Mobile gaming revenue has become increasingly concentrated among a small segment of users. Just 0.02% of global installs — primarily the top 5% of U.S. iOS paying users — are now responsible for a staggering 20% (up 6 points vs. 2023) of total global mobile gaming revenue.
This trend reinforces a long-standing truth for game developers and marketers: a small group of high-value users, or “whales,” has always driven a disproportionate revenue share. But what’s new is the degree of concentration within these smaller pools of users. These players aren’t just monetizing — they’re powering the entire revenue engine. Improved targeting, more personalized monetization strategies, and sophisticated in-app experiences have accelerated this trend, enabling developers to reach and convert these high-value users more effectively than ever before.
It’s worth noting that iOS, in particular, continues to dominate relative to the platform’s share of users. In 2024, it surpassed Android in in-app purchase (IAP) revenue, accounting for 55% of the global total. Much of this growth is coming from the U.S, but also other smaller iOS heavy markets, underscoring the strategic value of focusing not just on scale, but on user quality and diverse regional growth opportunities.
High stakes of user acquisition and global expansion
UA has never been more competitive. While median bid prices across the industry have stayed relatively stable, the top 1% of iOS winning bids have surged 140% over the past year. This sharp increase signals just how aggressively developers are competing for the highest-value users.
Winning today requires precise bidding, advanced audience segmentation, and ongoing creative experimentation. Re-engagement tactics also play a critical role in maximizing return on ad spend (ROAS). At the same time, leading gaming companies are using improved targeting to expand into lower-volume markets where high-paying users are now easier to identify and reach. Moloco’s research highlights that many markets have a more positive relationship of user value versus acquisition cost than the U.S., including the Netherlands, Poland, Hong Kong, Greece and South Africa.
Top advertisers think differently
Taking a closer look at the Top 5 gaming advertisers, it’s clear they’re winning with smart strategy and it has nothing to do with bigger budgets. These top advertisers are following a distinct data-backed playbook forced on long-term value and global opportunity revealing new trends that are shaping how they achieve these goals.
These leaders are doubling down on re-engagement, creative optimization, and market diversification. They spend 20% more outside the U.S., opening up access to under-tapped audiences. Their campaigns use five times more interactive and playable ads — formats proven to boost engagement and conversion. They also allocate 19% more of their spend to ROAS-optimized campaigns (vs. non-revenue actions or installs), signaling a clear shift toward trust in revenue optimization models. Notably, market leaders are investing three times more in specific re-engagement optimizations, highlighting their focus on converting one-time players into long-term revenue drivers.
The result is a data-driven approach to sustainable growth, where every touchpoint and territory is optimized to retain users and maximize LTV.
Shaping your strategy for what’s next
Whether your app is new or well-established, the path to monetization success is converging around the same core strategies: better player experiences, diversified monetization models, engaging in-app mechanics, and more strategic and data driven user acquisition. Sustainable growth now hinges on optimizing for long-term player value, both in terms of app experience and user acquisition strategy.
Leading advertisers are investing in re-engagement, creative optimization, and global expansion to stay competitive in an increasingly crowded market. For deeper insights, download the 2025 State of Mobile Gaming: In-App Purchase Trends of Leading Apps report to learn what’s driving revenue growth for today’s leading mobile games.
Moloco analyzed IAP revenue and user trends from 100 of Moloco’s largest gaming advertisers. In addition, Moloco used Sensor Tower estimates to provide additional context to industry trends. This dataset spanned 24 months and includes data from both organic and paid sources, attributed and unattributed to Moloco.
Tom Shadbolt is a Senior Manager of Marketing Insights at Moloco.
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