Global Mobile Game Revenue Ranking for 2025 Revealed: Tencent’s “Honor of Kings” Defends Title, “Last War” in Close Pursuit

According to the latest statistics from the authoritative mobile application data platform Appmagic, the global mobile game revenue ranking for 2025 has been officially released. Tencent’s classic MOBA mobile game Honor of Kings topped the list with revenue of $1.68 billion, but its lead has significantly narrowed. The survival strategy game Last War, published by FunFly, performed strongly with $1.57 billion in revenue, closely following in second place and emerging as the dark horse of the year.

It is worth noting that competition at the top of the ranking was unprecedentedly fierce, with eight games surpassing $1 billion in in-app purchase revenue in 2025, far exceeding previous years.

Shifts in the Top Tier, Strong Performance by Chinese Developers

Although Honor of Kings maintained its top position, its revenue slightly decreased from $1.74 billion in 2024. Nearly all of its revenue came from the Chinese market, with revenue from the U.S. market amounting to only $8.5 million, an insignificant share. This highlights the game’s deep-rooted dominance in its home market and the challenges it faces in expanding globally.

In stark contrast, Last War achieved remarkable growth, rising from $1.1 billion in 2024 to $1.57 billion in 2025 despite not being released in China. Its revenue primarily came from markets such as the United States ($672 million), Japan ($294 million), and South Korea ($153 million). The industry widely believes that if the game launches in China in the future, its revenue potential could pose a serious threat to the top spot.

Rankings from third to seventh place were highly competitive:

Roblox saw steady growth, reaching nearly $1.5 billion in revenue driven by its viral gameplay during the summer.

Century Games’ Whiteout Survival performed impressively, with revenue jumping from $936 million to $1.4 billion, achieving significant success in both China and North America.

Royal Match and Monopoly Go! experienced slight declines in revenue but remained in the top ten, with the latter earning $1.1 billion in the U.S. market alone.

Tencent’s other flagship title, PUBG Mobile, saw modest growth, although its momentum slowed toward the end of the year.

Classics and Newcomers Coexist, Market Vitality Remains

The perennial top performer Candy Crush Saga surpassed $1 billion in revenue for the first time in 2025, demonstrating its enduring appeal. However, a significant revenue gap emerged starting from eighth place.

Among new releases, Pokémon TCG Pocket debuted at ninth place with explosive growth early in the year but showed signs of slowing momentum later. Century Games’ Kingshot, launched in February 2025, made a surprising entry at 14th place with nearly $450 million in revenue, becoming one of the year’s biggest surprises and potentially contending for a top-ten spot in 2026.

Significant Reshuffling in Places 11–20, Mixed Fortunes

Competition in the lower half of the ranking was equally intense, with a mix of established and new titles.

Gossip Harbor soared 44 places to 11th, marking the biggest leap in the ranking.

MiHoYo’s Honkai: Star Rail experienced fluctuating revenue, dropping three places to 15th. Its sister title, Genshin Impact, fell out of the top twenty, with revenue declining noticeably.

Paper Games’ Love and Deepspace climbed ten places to 18th, demonstrating steady performance.

Surprisingly, Supercell’s Brawl Stars saw a significant drop in revenue, falling 19 places, while Clash of Clans also continued its downward trend.

Analysts point out that the global mobile game market in 2025 displayed a clear trend of “incumbents under pressure, newcomers on the rise.” Chinese developers continued to dominate globally, but they faced challenges in managing game lifecycles and iterating new titles. At the same time, hyper-casual and hybrid-genre games, through efficient user acquisition and operations, persistently challenged the market positions of traditional giants. The competition for the top spot is expected to intensify further in the coming year.

(Note: The data in this article is sourced from Appmagic. Its revenue statistics do not include the 30% share taken by Apple and Google, advertising revenue, web-based income, or revenue from China’s fragmented Android market. However, it remains a valuable reference.)