Mobile games squeeze more from less: $1.52 per install as revenue climbs 11% despite 7% drop in downloads

The mobile gaming industry is rewriting the rules of growth. According to new data from Appfigures, developers are achieving more with fewer installs — squeezing greater revenue from each user and redefining how success is measured in today’s maturing app economy.

In 2024, global consumer spending per mobile game install rose 11.2% year-over-year to reach $1.52, a record-breaking figure that offset a simultaneous 6.6% decline in total game downloads. This paradox of falling installs and rising revenue paints a picture of an industry becoming more strategic, efficient, and sophisticated in its monetization practices.

Appfigures’ annual Mobile Games in 2025 report reveals that global mobile game revenue reached $65.7 billion in 2024 — up from $63.3 billion in 2023. But this growth came not from attracting more players, but from making each player count more. With downloads down from 46.2 billion to 43.1 billion year-over-year, the industry has turned to smarter monetization to maintain momentum.

This shift is especially evident in mature markets. In the U.S., downloads fell by 11%, yet average consumer spending per install rose by the same percentage to $6.43 — more than four times the global average. Similar trends were observed in Japan and South Korea, signaling a market-level evolution where fewer, more committed players are driving disproportionate returns.

The drop in new installs isn’t merely a statistical anomaly. Appfigures attributes the decline to a combination of market saturation and consumer fatigue. The sheer volume of games flooding app stores in past years has overwhelmed players, leading to a 43% drop in new game releases — from 222,000 in 2023 to just 126,000 in 2024.

But this decrease may be a blessing in disguise. Fewer launches mean less noise, more room for standout titles, and a growing demand for premium, polished experiences. As players increasingly seek out quality over quantity, developers are responding with deeper, more immersive gameplay — and monetization models that reflect long-term engagement rather than fleeting microtransactions.

The top-grossing mobile games of 2024 didn’t just get lucky. They deployed a combination of tactical monetization features proven to boost spending at various player lifecycle stages. Every one of the top 1,000 games included some form of in-app purchases and limited-time offers.

Here’s what Appfigures found among the top earners:

• 100% featured consumables or currency via IAPs.
• 100% utilized limited-time events or promotions.
• 90% included premium currency.
• 80% offered bundles or discounted packages.
• 70% provided unlockable cosmetic content.
• 50% incorporated a battle pass system.

This strategic layering of monetization allows games to adapt their offers as players deepen their engagement — starting with inexpensive consumables and ramping up to bundles or seasonal content passes.

Notably, 2024 also saw a growing embrace of branded experiences. Titles like Brawl Stars successfully partnered with IPs like Godzilla, SpongeBob, and Toy Story to drive major revenue surges — with the Godzilla crossover alone generating an 86% increase in spending. These collaborations offer new, timely content that motivates players to engage and spend, boosting both retention and revenue.

Among the highest-earning games, genre clearly matters. Midcore games — specifically RPGs, strategy titles, and shooters — made up half of the top 1,000 in 2024. RPGs alone commanded nearly 34% of the top games, proving their effectiveness at sustaining long-term player interest and monetization.

Casual games followed closely at 32%, with casino titles at 11% and sports/driving genres rounding out the rest. While casual and hyper-casual genres still serve as important entry points for broad audiences, it’s the depth and replayability of midcore titles that continue to dominate the revenue leaderboard.

While the U.S., Japan, and South Korea remain dominant in per-download revenue, emerging markets are growing fast in absolute spending. Brazil and Mexico, for example, posted year-over-year mobile gaming revenue growth of over 47%, indicating strong demand. However, average per-download spending in these markets remains below $1, suggesting significant headroom for developers who can localize and monetize effectively.

This discrepancy presents a dual opportunity: continue cultivating deep monetization strategies in mature economies while experimenting with scalable models in fast-growing regions.

In-app advertising remains a core monetization pillar, especially in free-to-play models. Unity Ads led the pack in 2024, integrated into 69% of the top 1,000 games. Facebook Ads (57%) and AdMob (56%) followed closely, with IronSource and AppLovin also making notable gains in SDK adoption.

Alongside ad monetization, user acquisition strategies have evolved. Developers are increasingly leveraging crossover audiences to target campaigns — for example, players of Roblox or Candy Crush are often active on platforms like YouTube, TikTok, and Discord. This insight is helping studios stretch UA budgets further and prioritize high-intent installs.