The developer and publisher of the Hero Wars series has reported financial results for the second quarter of 2024. Here’s what the report reveals.
Hero Wars
Company Key Metrics
- Quarterly revenue of GDEV decreased by 8% compared to the previous year to $106 million. Profit amounted to $15 million.
- Adjusted EBITDA remained unchanged year-over-year at $16 million.
- Receipts slightly declined — by 3% to $108 million.
- The U.S. remained GDEV's most lucrative market, accounting for 34% of receipts. Europe contributed another 29%, and Asia 22%.
- GDEV continued to increase its revenue share from PC. This time, PC games accounted for 42% of receipts, which is 4‰ higher than last year. The remaining 58% of receipts came from mobile.
- The company also reduced costs. Advertising and marketing expenses fell by 7% to $47 million, operating costs decreased by 13% to $12 million, and platform fees were cut by 16% to $23 million.
- The number of monthly paying users decreased from 392,000 to 381,000 year-on-year. However, the average revenue per paying user increased by 2% to $88.
- As of June 30, GDEV had $140 million in free cash flow.
Data on Individual Games
- GDEV is pleased with the crossover event held in May between the Hero Wars and Tomb Raider series. The company reported that thanks to the event, the number of new paying players in Hero Wars increased by 25% compared to May 2023 and by 17% compared to April 2024.
- By the end of the quarter, both versions of Hero Wars — Dominion Era and Alliance — accounted for 89% of all GDEV receipts.
- An additional 6% of quarterly receipts were generated by Pixel Gun 3D, and the remaining 5% by Island Hoppers.
- On April 2, GDEV released a PC version of Pixel Gun 3D. The game recouped its development costs on the first day. At its peak, it attracted over 25,000 concurrent players on Steam.