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Matthew Emery

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Top VC Deals for Game Content in Q1 2025

Top VC Deals for Game Content in Q1 2025 โ€ข Just 2 of 10 were in North America ๐Ÿ˜ฌโ€ข Top 3 deals were mobile-focused.  ๐Ÿฎ ๐—ผ๐—ณ ๐Ÿฏ ๐—ถ๐—ป ๐—ง๐˜‚๐—ฟ๐—ธ๐—ฒ๐˜† ๐Ÿ‡น๐Ÿ‡ทโ€ข Grand Games (Magic Sort) ๐Ÿ‡น๐Ÿ‡ทโ€ข Good Job Games (Match Villains) ๐Ÿ‡น๐Ÿ‡ทโ€ข Pixion (Fableborne, action-rpg / base builder) ๐Ÿ‡ฌ๐Ÿ‡งFrom Konvoy Q1 Report

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For those looking to understand the mobile market.

For those looking to understand the mobile market, A treasure trove of data in Udonis' 2025 blog post...Some highlights:โ€ข There are over 700,000 mobile games on iOS/GPโ€ข Users spend 3.5 hr/d on mobile devices, 11% on gamesโ€ข Roblox was most downloaded mobile game in 2024.โ€ข Azur Games was the most downloaded publisher, by a long shot (1.4B DL)โ€ข Monopoly GO was the highest-earning game โ€ข Tencent was the top-earning Publisherโ€ข US aOS Banner Ad eCPM are 2x iOS' ($0.60 vs. $0.27)

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Mobile Games losing ground to Social Media? ๐Ÿค”

Are mobile games losing ground to social media? ๐Ÿค” Industry believes YES.  But what does data say?๐—•๐—ฒ๐—ณ๐—ผ๐—ฟ๐—ฒ ๐—ฟ๐—ฒ๐—ฎ๐—ฑ๐—ถ๐—ป๐—ด ๐—ณ๐˜‚๐—ฟ๐˜๐—ต๐—ฒ๐—ฟ, see if you can guess which app corresponds with each engagement trendline below!I would have guessed this very, very wrong. ๐Ÿ˜…--SPOILERS BELOW--The takeaways:1. ๐—ฌ๐—ผ๐˜‚๐˜๐˜‚๐—ฏ๐—ฒ is an absolute juggernaut.  #1 in the dataset in 2021 and its lead has grown since (by 19%). 2. ๐— ๐—ผ๐—ฏ๐—ถ๐—น๐—ฒ ๐—ด๐—ฎ๐—บ๐—ฒ๐˜€ playtime share has decreased, ๐—ฏ๐˜† ๐Ÿด%.  Nontrivial, but less than I expected.  In aggregate hours, ๐—ด๐—ฎ๐—บ๐—ถ๐—ป๐—ด ๐—ผ๐—ป๐—น๐˜† ๐—น๐—ผ๐˜€๐˜ ๐Ÿฑ%.3. Another study put ๐—ฎ๐—น๐—น ๐—ด๐—ฎ๐—บ๐—ฒ๐˜€ at ๐Ÿญ๐Ÿญ% of usage in '24. With 8% decrease, that's ๐Ÿญ๐Ÿฎ% -> ๐Ÿญ๐Ÿญ% over timeframe.3. ๐—™๐—ฎ๐—ฐ๐—ฒ๐—ฏ๐—ผ๐—ผ๐—ธ has lost big: 20% of its usage since 2021. 4. ๐—œ๐—ป๐˜€๐˜๐—ฎ๐—ด๐—ฟ๐—ฎ๐—บ grew 20%, compensating 50% FB's losses.5. ๐—ง๐—ถ๐—ธ๐˜๐—ผ๐—ธ'๐˜€ share actually fell (16.1% -> 14.8%) ๐Ÿ˜ฎ6. ๐—ฆ๐˜๐—ฟ๐—ฒ๐—ฎ๐—บ๐—ถ๐—ป๐—ด ๐—บ๐—ผ๐˜ƒ๐—ถ๐—ฒ๐˜€/๐—ง๐—ฉ smaller than expected; has lost 20% since 2021 (1.9% -> 1.5%)7. In […]

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Mobile vs. Steam

How it started (2023): "Mobile is broken, so we're pivoting to Steam now. ๐Ÿ˜…" How it's going (2025): "Here's the DATA! ๐Ÿฅ๐Ÿฅ๐Ÿฅ" From 2022-2024: A LOT of game developers gave up on mobile, and started building for Steam / PC.Over same 2 years, Annual Steam releases grew 58%. ๐Ÿญ๐Ÿฎ๐—ธ (2022) ๐Ÿญ๐Ÿฐ๐—ธ  ('23) ๐Ÿญ๐Ÿต๐—ธ ('24)๐Ÿฏ Wild. And, since 2024, the % of devs working on PC has grown ๐˜ข๐˜ฏ๐˜ฐ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ 20% (GDC '25 Survey).All of this begs an obvious question...๐˜ž๐˜ข๐˜ด ๐˜š๐˜ต๐˜ฆ๐˜ข๐˜ฎ ๐˜ข ๐˜ฃ๐˜ฆ๐˜ต๐˜ต๐˜ฆ๐˜ณ ๐˜ฑ๐˜ญ๐˜ข๐˜ค๐˜ฆ to publish games in 2023/2024?In other words, which platform, Steam or Mobile, had the higher success rate* for new products?I wanted to find out! So we analyzed  ~8000 game releases using data from AppMagic and Gamalytic.And, I must say, I was shocked by the results! ๐Ÿ˜ฎIf your goal was to make over $1M, ๐— ๐—ผ๐—ฏ๐—ถ๐—น๐—ฒ ๐—ฟ๐—ฒ๐—น๐—ฒ๐—ฎ๐˜€๐—ฒ๐˜€ ๐—ณ๐—ฎ๐—ฟ๐—ฒ๐—ฑ ๐—ฏ๐—ฒ๐˜๐˜๐—ฒ๐—ฟ than Steam in […]

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Wait, we need to test 480 game ideas?

"Wait, we need to test 480 game ideas? What is wrong with this industry??" Recently, I met with a former client (a top mobile games publisher) in LA.We had worked with their team to build a new game validation pipeline with the goal of launching one new hit in 2 years.Working backward, here's what we had suggested:โ€ข ๐Ÿฐ๐Ÿด๐Ÿฌ ๐—ด๐—ฎ๐—บ๐—ฒ ๐—ฐ๐—ผ๐—ป๐—ฐ๐—ฒ๐—ฝ๐˜๐˜€ (CPI tests)โ€ข ๐Ÿญ๐Ÿฎ ๐—ด๐—ฎ๐—บ๐—ฒ๐˜€ to D1 retention testingโ€ข ๐Ÿฒ ๐—ด๐—ฎ๐—บ๐—ฒ๐˜€ to D7 retention testingโ€ข ๐Ÿญ ๐—ด๐—ฎ๐—บ๐—ฒ scaling successfully WWOur prescription was both realistic, and also a reflection of the utter insanity of the current market.Testing 480 game ideas?  Have we lost our minds??At a certain point one must ask if we're playing in the industry / fishing in the right pool.This made me curious if a <1% product success rate was unique to our industry. ๐Ÿค”. How abnormal are we, actually?The […]

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Is ๐— ๐—ผ.๐—–๐—ผ’๐˜€ ‘no pay-to-win’ economy sustainable?

Is ๐— ๐—ผ.๐—–๐—ผ'๐˜€ 'no pay-to-win' economy sustainable? ๐— ๐—ผ.๐—–๐—ผโ€˜s referral-only โ€˜softโ€™ launch deserves much praise ๐Ÿ‘๐Ÿ‘๐Ÿ‘And out of the gates, ๐— ๐—ผ.๐—–๐—ผ isnโ€™t SuperCellโ€™s ๐˜ธ๐˜ฐ๐˜ณ๐˜ด๐˜ต- monetizing game. ๐Ÿ˜…Squad Busters had a rockier start.That said, I doubt Supercellโ€™s commitment to a โ€˜non pay-to-winโ€™ / cosmetics- only economy will survive the transition to paid UA.Once the (quite clever) viral / organic honeymoon ends, this game will need $5+ T1 RPDs to support UA at meaningful scale.And that's okay. The economy can, and almost certainly will change in the future.Supercell has done deeper surgery before, and successfully (Brawl Stars).But thus far, cosmetics-only economies have only worked, at scale, for a small handful of games...Battle royale, with large character models to show off during gameplay, come to mind... And little else.โ“ Am i wrong?  Can Mo.Co succeed with cosmetics only / 'no pay to win?' economy?

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How to fail at hybrid-casual puzzle

How to fail ๐Ÿ˜ฉ at hybrid-casual puzzle โคต๏ธ Recently I've worked with several clients transitioning from hypercasual into hybrid-casual.Mostly puzzle games, which represent ~50% of successful hybrid-casual launches since 2023 (AppMagic data, Arcade is the other 50%)Each of these developers is doing a LOT of things right.But they were all making the same mistake:Underinvesting in or deferring robust loss aversion / streak features.๐—›๐—ฒ๐—ฟ๐—ฒ'๐˜€ ๐—บ๐˜† ๐˜๐—ฎ๐—ธ๐—ฒ, ๐—ฎ๐—ป๐—ฑ ๐—ฎ ๐—พ๐˜‚๐—ถ๐—ฐ๐—ธ ๐—ฃ๐—ฆ๐—”:For linear, level-based puzzle games with loss states:โ€ข Streaks systems are not LiveOpsโ€ข Streaks are ๐—ฎ ๐—ณ๐˜‚๐—ป๐—ฑ๐—ฎ๐—บ๐—ฒ๐—ป๐˜๐—ฎ๐—น ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐˜† ๐—ณ๐—ฒ๐—ฎ๐˜๐˜‚๐—ฟ๐—ฒโ€ข Without streaks, I have little concern about losingโ€ข Why boost or revive?  I'll just lose / try again.โ€ข Do lives motivate? Maybe, but they end the sessionโ€ข If I don't care about losing, the economy is inertโ€ข If I don't engage with the economy, I've no interest in RVs or IAPs except maybe 'remove […]

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Step-by-Step Playbook for Hybrid Casual

Turbine's Step-by-Step Playbook for Hybrid Casual Development ๐Ÿ‘‡ โœ… 1. Find talented dev team in India, Turkey, Ukraine, Malaysia, Romania or Poland. ๐Ÿ˜†โœ… 2. Build 'core gameplay prototypes' in service of core gameplay ads, until you find < $1 CPI in US iOS FB.โœ… 3. Assume you will repeat #2 many, many times. If you can produce ads without prototypes, all the better.โœ… 4. Commit to one (or more) of the six proven IAP econ structures most appropriate for your core GP.โœ… 5. Prove D1 retention with 30m gameplay (Tier2-3 Geos, aOS) of 35%.โœ… 6. Prove D7 retention with 120m gameplay (Tier 2-3 Geos, aOS) of 15%.โœ… 7. Implement RVs, Interstitials, basic IAP, HC sinks as per econ model in #4.โœ… 8. Optimize for D7 payback of 50%, D30 of 100%.โœ… 9. Assume you need to attempt the above 3-5 […]

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How Turkey became a Mobile Games Powerhouse

How did ๐—ง๐˜‚๐—ฟ๐—ธ๐—ฒ๐˜† became a mobile games powerhouse b/t 2020-2025? ๐Ÿ’ช Here's an eye-opening retrospective from Investgame."Following Peakโ€™s landmark acquisition, a wave of entrepreneurship emerged, with over 80 new startups founded by or employing former Peak employees. Approximately half of these startups remained in the gaming sector, fostering knowledge transfer and driving the ecosystemโ€™s rapid growth." - InvestgamePersonally, I hadn't realized the impact of the Peak acquisition on the local industry.This also, (coupled with the agile / 'fail fast' culture) explains the dominance of Casual in Turkish development.

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Gaming Layoffs by Job Role

๐Ÿ’€ Devs laid off in 2025: ๐Ÿญ๐Ÿญ%โ€ข Hardest hit discipline: ๐—ก๐—ฎ๐—ฟ๐—ฟ๐—ฎ๐˜๐—ถ๐˜ƒ๐—ฒ (19% of layoffs)โ€ข Second hardest hit: ๐—”๐—ฟ๐˜, ๐— ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—บ๐—ฒ๐—ป๐˜ (tied at 16%) Devs working on PC Games:ย 66% -> 80%Working on Browser games:ย 10% -> 16%Source: GDC's State of the Industry 2025 Report

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December Mobile Launches Roundup

๐——๐—ฒ๐—ฐ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐— ๐—ผ๐—ฏ๐—ถ๐—น๐—ฒ ๐—Ÿ๐—ฎ๐˜‚๐—ป๐—ฐ๐—ต ๐—ฅ๐—ผ๐˜‚๐—ป๐—ฑ๐˜‚๐—ฝ showing surprising strength from Vietnamese ๐Ÿ‡ป๐Ÿ‡ณ publishers. How are the Dec launches doing today?โ€ข 936 games launched in Dec (excluding CN)โ€ข 10 (1%) of the 936 have $1M/y + momentum by Feb 15โ€ข None of the 10 were from Top100 publishersโ€ข ๐Ÿฒ ๐—ผ๐—ณ ๐Ÿญ๐Ÿฌ ๐—ฎ๐—ฟ๐—ฒ ๐—ฉ๐—ถ๐—ฒ๐˜๐—ป๐—ฎ๐—บ๐—ฒ๐˜€๐—ฒ, ๐—ฐ๐—ฎ๐˜€๐˜‚๐—ฎ๐—น / ๐—ต๐˜†๐—ฝ๐—ฒ๐—ฟ-๐—ฐ๐—ฎ๐˜€๐˜‚๐—ฎ๐—น ๐˜๐—ถ๐˜๐—น๐—ฒ๐˜€โ€ข 2 are from Ukraineโ€ข Top performers were ARK Ultimate Survival (Studio Wildcard ๐Ÿ‡บ๐Ÿ‡ธ) and Screwdom 3D (iKame ๐Ÿ‡ป๐Ÿ‡ณ).โ€ข ๐—•๐—น๐—ผ๐—ฐ๐—ธ ๐—ฝ๐˜‚๐˜‡๐˜‡๐—น๐—ฒ๐—ฟ๐˜€ ๐—ต๐—ฎ๐˜ƒ๐—ถ๐—ป๐—ด ๐—ฎ ๐—บ๐—ผ๐—บ๐—ฒ๐—ป๐˜! ๐Ÿงฑ 49 rel. in Dec. ๐Ÿ‘€May the odds be ever in your favor โœŒ๏ธData from AppMagic ๐Ÿช„โœจ*Tier1 West: either $1M/y gross IAP or IAP + downloads assuming est. $0.40 T1W Ad-LTV.

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Some insightful takeaways from the CTA survey

Some nonobvious / insightful ๐Ÿ’ก takeaways from the CTA survey: โ€ข 18% of gamers (28.6m) are hardcore; most economically active.ย 73% male, avg. 29 y/o.ย Play 42h / week, spend most time on premium games.ย 91% play on PC / consoles.ย 51% engaged in creating content. Preference for multiplayer games, shooters, open-world games.โ€ข 46% of gamers (72.1m) are "core" gamers. Not as active as hardcore, play fewer games & genres, but still quite often.โ€ข 36% (55 million people) are casual gamers (least engaged)โ€ข Gaming lifecycle chart (below) is interesting food for thought, and resonates with my own experience.โ€ข Every generation self-identifies more strongly as 'gamers' than the one before.From Consumer Technology Association Survey.For anyone with access to full survey, I'd be curious to know the ๐˜ฆ๐˜น๐˜ข๐˜ค๐˜ต criteria for placing a respondent into one of the three groups (hardcore, core, casual).

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