Moloco, a leader in operational machine learning (ML) and performance advertising, released findings from its latest research study, 2025 State of Mobile Gaming: In-App Purchase Trends of Leading Apps. This research highlights a shift among the top 100 gaming advertisers* as the mobile gaming industry is evolving and entering a new phase of growth. After a period of rapid expansion, followed by corrections, the industry continues to grow, with the most forward-thinking industry leaders focusing on long-term value in order to build sustainable success.

“These insights explore how top gaming advertisers are adapting, how in-game promotions and live events are taking center stage, and other new ways to reach and retain mobile gaming audiences for continued growth,” said Tom Shadbolt, Senior Insights Manager, Moloco. “The industry is shifting towards long-term value over short-term volume, requiring a more strategic approach to user acquisition and engagement. Advertisers who optimize for high-value users rather than chasing scale will be best positioned to drive sustainable revenue.”

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According to Statista, the mobile gaming market is projected to reach more than $126B in revenue in 2025. In addition, mobile gaming audiences are expected to grow to 2.4 billion players in 2029. Moloco’s research study illustrates key takeaways for mobile gaming advertisers to adjust to a changing market and drive growth.

The study revealed that:

• Gaming apps are driving more revenue from existing users. Although overall install volume remains flat at an aggregate level, top apps are improving install-to-payer conversion rates and boosting lifetime value (LTV) by up to 6% (Day 30/Day 90** cohorts) year over year. These improvements stem from strategic user acquisition, live operations including in-game events and promotions, and improving the overall app experience.
• High-value users dominate revenue. The top 5% of U.S. iOS high-value users (just 0.02% of global installs) now generate 20% of global gaming revenue across iOS and Android. Android still represents just under half of global revenue.
• iOS leads in in-app purchase (IAP) revenue. iOS has overtaken Android, generating 55% of total IAP revenue, with U.S. and smaller global markets driving nearly all growth.
• User acquisition (UA) costs are rising for top-spending users. The top 1% of iOS winning bid prices across the industry have surged 140% in 2024, while overall median bid prices remain steady, reflecting intense competition for high-value users.
• Emerging markets offer growth opportunities. While top markets such as the U.S. remain key revenue drivers, less saturated regions provide access to high-value users at lower costs.
• The five most successful gaming companies are using a similar playbook for growth. Winning marketing strategies focus on re-engagement, creative optimization, and global expansion to new markets.

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“At MobilityWare, we’ve always believed that sustainable growth comes from delivering lasting joy to players who build long-term connections with our games. It’s exciting to see the industry increasingly focus on long-term value—a mindset that’s guided our approach to marketing, monetization, and product design from the beginning,” said Corvin Ampleev, Director of User Acquisition, MobilityWare. “Moloco’s insights highlight the critical role of engagement and market expansion in staying competitive in a rapidly evolving industry.”