In the dynamic realm of mobile gaming, monetization stands as a delicate balancing act, requiring developers to harmonize lucrative revenue channels with an engaging, player-centric experience. Striking this balance is paramount, as an overly aggressive monetization strategy can alienate players, while a lenient approach may lead to missed revenue opportunities.

Developers who prioritize player retention and engagement often exhibit caution in fully capitalizing on monetization avenues. This hesitancy may stem from a lack of awareness regarding alternative monetization strategies or apprehension about disrupting the gaming experience. However, an examination of the highest-grossing mobile games in 2024 reveals a spectrum of monetization methodologies, each tailored to the unique dynamics of their player base.

Some games rely heavily on in-app purchases (IAPs), implementing intricate, multi-tiered systems that encourage players to invest in virtual goods and enhancements. Others maintain a straightforward IAP model but amplify earnings through in-app advertisements or native brand integrations, seamlessly weaving promotional content into the gaming environment.

In this comprehensive analysis, we will delve into the monetization strategies employed by the top-earning mobile games of 2024. By dissecting these approaches, we aim to provide actionable insights for gaming studios seeking to devise and refine effective monetization strategies for their titles.

Highest-Grossing Mobile Games of 2024

As the mobile gaming industry progresses into the latter half of 2024, certain titles have distinguished themselves as revenue frontrunners. According to data from AppMagic, the top-grossing mobile games for the first half of 2024 are as follows:

1. Honor of Kings: $961 million
2. Monopoly GO!: $704 million
3. Royal Match: $618 million
4. PUBG Mobile: $615 million
5. Roblox: $563 million
6. Candy Crush Saga: $530 million
7. Last War: Survival: $438 million
8. Honkai: Star Rail: $380 million
9. Whiteout Survival: $369 million
10. Coin Master: $370 million

These figures, based solely on publisher payouts and excluding the 30% commission claimed by Apple and Google, as well as revenues from webshops and the fragmented Chinese gaming ecosystem, offer a glimpse into the diverse monetization landscapes of these successful titles.

Notably, the list features a mix of long-standing leaders, such as Honor of Kings, PUBG Mobile, and Candy Crush Saga, alongside newcomers like Monopoly GO!, Royal Match, Honkai: Star Rail, and Whiteout Survival. This diversity underscores the industry's dynamic nature and the continuous evolution of player preferences.

The genres represented are equally varied, with a slight inclination towards online battle games (Honor of Kings, PUBG Mobile) and puzzle games (Candy Crush Saga, Royal Match). This variety highlights the importance of offering innovative and engaging experiences to captivate audiences and drive revenue.

Monetization Strategies of Highest-Grossing Games in 2024

To comprehend the tactics that propel these titles to the top of the revenue charts, we will explore the game economics and monetization strategies employed by these publishers.

1. Honor of Kings

Key Statistics:

• Revenue since the beginning of 2024: $961 million
• Monthly active users (Q2, 2024): 137 million
• Number of downloads (January-August 2024): 42 million

Monetization Strategies:

• In-Game Currency: Tencent employs a virtual currency system, enabling players to purchase weapons, skins, and power-ups. Limited-time gacha sales during seasonal events create a sense of urgency, encouraging players to make in-app purchases. For instance, the exclusive skin for the character Zhao Yun generated over $22 million in a single day.

• Brand Collaborations: In 2024, Honor of Kings expanded its brand partnerships, allowing advertisers to craft unique in-game experiences. A notable collaboration with MAC Cosmetics introduced a series of makeup products that players could apply to their in-game characters, blending the realms of gaming and fashion.

• Esports Involvement: The game holds a significant position in Chinese esports, hosting prominent tournaments like The King Pro League and the Honor of Kings International Championship, which boasted the second-highest prize pool in global esports last year. These events not only enhance the game's visibility but also foster a competitive community that drives player engagement.

Takeaways for Publishers:

Honor of Kings exemplifies the effective integration of a robust in-app purchase system with strategic brand partnerships and esports involvement. By leveraging its massive user base and cultural relevance, Tencent has created a multifaceted monetization approach that appeals to both players and advertisers.

2. Monopoly GO!

Key Statistics:

• Revenue since the beginning of 2024: $704 million
• Monthly active users in 2024: Over 8 million
• Number of downloads (Q3, 2024): 4 million

Monetization Strategies:

• In-App Purchases: Monopoly GO! offers players paid boosts and power-ups to enhance gameplay. These include virtual currency for acquiring game assets, power-ups to improve odds, and exclusive content such as special editions of properties or events.

• Innovative AdTech: Scopely utilizes a custom AdTech stack, focusing on data models for granular targeting and A/B testing of inventory display within the game. This approach ensures high player engagement while minimizing intrusive ad placements. According to Ben Webley, CMO of Scopely, the company has doubled down on data science to integrate multiple metrics, such as installs and in-app purchases, to create a comprehensive understanding of player behavior. This data-driven approach allows them to optimize ad placements and refine monetization strategies without negatively impacting player retention.

• Ad-Free Subscription Tier: Monopoly GO! offers a premium, ad-free experience through a subscription model that also grants players exclusive power-ups, daily bonuses, and special dice. This approach not only serves as an additional monetization channel but also functions as a first-party data collection engine. By gathering insights from subscribers, Scopely enhances its targeting capabilities, making the game more appealing to advertisers.

Takeaways for Publishers:

Scopely’s success with Monopoly GO! underscores the importance of leveraging a well-known IP, investing heavily in user acquisition, and fine-tuning monetization strategies. The company’s decision to balance engaging gameplay with non-intrusive advertising and premium features has positioned Monopoly GO! as a leader in mobile game monetization.

3. PUBG Mobile

Key Statistics:

• Revenue since the beginning of 2024: $615 million
• Monthly active users (Q2, 2024): 40 million
• Number of downloads (January-August 2024): 10 million

Monetization Strategies:

• Battle Pass System: PUBG Mobile has refined its Battle Pass model, offering tiered rewards for players who purchase the Royale Pass. Tencent has enhanced the system by introducing RP EZ Mission Licenses, which incentivize continued purchases by unlocking additional missions and RP points. Players who buy three consecutive Battle Passes receive a free RP EZ Mission License, encouraging long-term engagement.

• Limited-Time Premium Offers: PUBG Mobile capitalizes on time-sensitive offers, giving players access to exclusive skins, outfits, and weapon upgrades that are only available for a short period. This scarcity-driven model amplifies purchase urgency, boosting revenue.

• Social Monetization: Tencent has introduced peer-pressure elements through the RP Team feature, which allows players to form teams and collectively earn better rewards based on their combined Royale Pass rank. This encourages players to spend money on the game to contribute to their team’s success.

• Brand Partnerships and Cross-Promotions: Tencent has leveraged its vast gaming portfolio to cross-promote PUBG Mobile with other popular titles. Collaborations with League of Legends and Metro Exodus have brought themed content into PUBG Mobile, enhancing engagement while also serving as a monetization channel.

Takeaways for Publishers:

Tencent’s mastery of Battle Pass monetization highlights the effectiveness of layered in-game economies, time-sensitive rewards, and social pressure to encourage spending. Their cross-promotional efforts also demonstrate the value of using IP partnerships to reduce user acquisition costs while increasing retention.

4. Royal Match

Key Statistics:

• Revenue since the beginning of 2024: $618 million
• Monthly active users: 55 million
• Number of downloads (June 2023 - May 2024): 23.8 million

Monetization Strategies:

• No In-Game Ads: Unlike many of its competitors, Royal Match does not rely on in-game ads for revenue. Instead, it focuses on a strict in-app purchase model, offering various premium features like extra moves, power-ups, and level retries.

• Royal Pass (Battle Pass Equivalent): Royal Match has introduced its version of the Battle Pass, where players unlock rewards by completing in-game missions. This system ensures long-term engagement and incentivizes frequent purchases.

• Limited-Time Bundles: Dream Games creates time-sensitive promotions that package premium coins, boosters, and special in-game items together, increasing the likelihood of impulse purchases.

Takeaways for Publishers:

While Royal Match has excelled in generating revenue without ads, its monetization model may face sustainability challenges as players grow accustomed to its core gameplay. To future-proof its monetization, Dream Games could consider integrating non-intrusive ad formats or native brand collaborations.

5. Roblox

Key Statistics:

• Revenue since the beginning of 2024: $563 million
• Daily active users: 79.5 million
• Number of downloads (Q2 2024): 54.86 million

Monetization Strategies:

• User-Generated Economy: Roblox allows players to purchase and sell virtual items, with a portion of each transaction going to the developers. This player-driven marketplace is one of the game’s primary revenue streams.

• Branded In-Game Ads: Roblox has expanded its in-game ad offerings, including billboards, branded virtual items, and native brand experiences. The introduction of programmatic advertising partnerships ensures optimized ad placements while maintaining user engagement.

• Subscription Model: The Roblox Premium subscription offers monthly perks, including Robux (the game’s virtual currency), premium avatar items, and discounts on in-game purchases.

Takeaways for Publishers:

By combining programmatic ads, a subscription model, and user-driven monetization, Roblox showcases a hybrid approach to mobile game revenue generation. Publishers can learn from Roblox’s success in creating a self-sustaining economy that fosters player engagement while maximizing monetization opportunities.

6. Candy Crush Saga

Key Statistics:

• Revenue since the beginning of 2024: $530 million
• Daily active users: 79.5 million
• Number of downloads (Q4 2023): 28.24 million

Monetization Strategies:

• In-Game Ads with Rewards: Unlike some competitors, Candy Crush Saga has successfully integrated ads without disrupting gameplay. Players can watch 30-60 second ads to earn extra lives or power-ups, ensuring high engagement rates.

• Brand Partnerships: Candy Crush has partnered with major brands like Prada and film studios (e.g., for the Barbie movie release) to create immersive in-game experiences. These collaborations drive monetization while enhancing user engagement.

• Freemium Model with Pay-to-Progress: The game’s five-life system encourages users to purchase lives when they run out, fostering impulse spending. Additionally, extra move purchases capitalize on players’ emotions when they are close to completing a level.

Takeaways for Publishers:

King’s freemium model is a masterclass in balancing ads, partnerships, and microtransactions. Developers looking to enhance player-friendly monetization should explore incentivized ads and branded collaborations as Candy Crush has done.

7. Last War: Survival

Key Statistics:

• Revenue since the beginning of 2024: $438 million
• Daily active users: 79.5 million
• Number of downloads (Q2 2024): 54.86 million

Monetization Strategies:

• In-Game Purchases as a Core Strategy: Last War: Survival follows an aggressive free-to-play (F2P) monetization strategy. Although the game is free to download, progressing beyond the early stages becomes increasingly difficult without purchasing in-game resources.

• Social Monetization Through Guilds: Like other strategy-based war games, Last War: Survival employs social pressure mechanics to drive in-app purchases. Players join guilds where collective power and rankings depend on the contributions of each member. This system encourages users to invest in their in-game development to avoid falling behind.

• Time-Limited Boosters & Bundles: The game capitalizes on scarcity-driven purchasing, where players are offered limited-time resource packs, power-ups, and unique hero skins at a discounted rate to create urgency.

• Live-Operated Events: Last War: Survival regularly introduces seasonal events and competitions, where players are incentivized to spend money on special boosts and exclusive event-based rewards. These events often have leaderboards that push competitive players to spend more in order to rank higher.

Takeaways for Publishers:

• FOMO-driven monetization works exceptionally well in strategy-based war games, where players feel the need to outpace their competitors.
• Social pressure mechanics such as guild-based benefits and leaderboard rankings drive spending.
• Time-sensitive offers and exclusive event-driven monetization continue to be key drivers of revenue in war strategy games.

8. Honkai: Star Rail

Key Statistics:

• Revenue since the beginning of 2024: $380 million
• Monthly active users: 12.74 million
• Number of downloads (July 2024): 2.15 million

Monetization Strategies:

• Gacha Monetization Model: As a turn-based RPG, Honkai: Star Rail adopts a gacha-based economy, where players spend in-game currency to unlock powerful characters and rare items through randomized draws (similar to Genshin Impact).

• Star Rail Pass & Monthly Subscriptions:

  • Star Rail Pass: Allows users to unlock Warps, the game’s gacha mechanic that grants them access to premium in-game characters and light cones.
  • Express Supply Pass: This 30-day subscription provides daily rewards, incentivizing long-term player retention and recurring spending.

• Brand Partnerships & Merchandise Tie-Ins: Honkai: Star Rail collaborates with FMCG brands, such as bubble tea and pastry companies in Singapore, to introduce HSR-themed food and beverages. These partnerships expand brand presence beyond gaming while offering in-game promotional rewards.

• Limited-Time Character Banners: Just like Genshin Impact, Honkai: Star Rail employs rotating character banners, where powerful characters are available only for a short period. This scarcity model drives high-volume spending as players rush to obtain limited-time characters.

Takeaways for Publishers:

• Gacha systems remain one of the most profitable monetization strategies, especially in RPGs and anime-style mobile games.
• Monthly subscriptions enhance player retention by offering small daily rewards to encourage repeated logins.
• Brand partnerships outside the gaming ecosystem (e.g., themed food, merchandise) create cross-industry revenue streams.

9. Whiteout Survival

Key Statistics:

• Revenue since the beginning of 2024: $369 million
• Growth rate (July 2024): 14% (Sensor Tower)

Monetization Strategies:

• Tiered In-App Purchases:

  • Extra Builders: Players can purchase additional builders to speed up base construction. The game initially provides a free second builder for 15 minutes, after which players must pay to continue using it.
  • Battle Pass System: Offers multiple tiered reward systems, segmented for different player preferences (e.g., PvP players, base-building enthusiasts).
  • Custom Reward Chest Offers: Instead of generic loot boxes, Whiteout Survival allows players to customize the types of rewards they receive, giving them a sense of control over in-app purchases.

• Regional Pricing Adjustments: The game adjusts pricing strategies based on geographical regions, making in-app purchases more attractive in markets where players have a lower purchasing power.

• Alliance-Based Spending Mechanics: Similar to Last War: Survival, the game utilizes guild-based mechanics, where the progress of a player’s alliance can be enhanced through collective spending.

Takeaways for Publishers:

• Dynamic pricing strategies and regional-based IAP adjustments increase conversion rates.
• Social spending mechanics in team-based gameplay enhance overall revenue generation.
• Allowing players to customize in-app purchases (e.g., reward chests) increases spending by giving users more perceived control over their purchases.

10. Coin Master

Key Statistics:

• Revenue since the beginning of 2024: $370 million
• Daily active users: 2.9 million
• Number of downloads: 195 million

Monetization Strategies:

• Gacha-Based Gameplay Loop: Coin Master employs a gacha-spinning mechanic, where players spin a slot machine to obtain in-game rewards, power-ups, and currency. This model encourages repeated engagement and microtransactions.

• Personalized IAP Offers: Unlike static pricing models, Coin Master adjusts in-app purchase offers based on a player’s spending habits. New players receive low-cost starter packs, while long-term players see higher-value bundle offers.

• VIP Tiers for High Spenders: The game has VIP reward systems that offer exclusive in-game items and privileges to high-spending players.

• Limited-Time Seasonal Events: Coin Master introduces seasonal gacha events, where players can spin for exclusive rewards available only for a short period.

• Viral Social Features & Referral Bonuses: Players are encouraged to invite friends to the game, creating a viral growth loop. Players receive in-game currency for each new user they refer, which indirectly monetizes non-paying players by using them as acquisition tools.

Takeaways for Publishers:

• Gacha mechanics drive monetization through repetitive engagement.
• Personalized pricing models help optimize conversion rates among different player segments.
• Referral-based acquisition loops lower user acquisition costs.

Key Learnings from the Top-Grossing Mobile Games of 2024

The common monetization strategies across these successful titles highlight:

✔ Battle Pass Systems: PUBG Mobile, Honkai: Star Rail, and Royal Match have implemented tiered progression systems that drive repeat spending.

✔ Gacha Mechanics: Coin Master and Honkai: Star Rail prove that loot-box-driven gameplay loops remain highly profitable.

✔ Subscription-Based Monetization: Games like Roblox and Monopoly GO! have successfully diversified revenue streams through premium subscriptions.

✔ Social Monetization & Peer Pressure: Games like Last War: Survival and Whiteout Survival use guild-based mechanics to encourage spending through social dynamics.

✔ Brand Partnerships: Honor of Kings, Roblox, and Candy Crush Saga have successfully leveraged brand collaborations to create immersive in-game monetization experiences.

Monetization Strategies: The Bigger Picture

Across these top-grossing games, several common monetization patterns emerge:

• Battle Pass Systems: Games like PUBG Mobile, Honkai: Star Rail, and Royal Match rely on tiered reward systems to sustain engagement and spending.
• Limited-Time Offers: Scarcity-driven monetization plays a crucial role in increasing in-app purchase conversion rates.
• Subscription Models: Titles like Monopoly GO! and Roblox use premium tiers to generate consistent revenue.
• In-Game Ads & Brand Partnerships: Roblox, Candy Crush, and PUBG Mobile have successfully monetized via strategic advertising while maintaining a seamless player experience.

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