Mobile gaming isn’t just big—it’s massive. In 2024, the sector generated $92 billion, accounting for nearly half of all gaming revenue worldwide. While new titles constantly emerge, two giants continue to reign: Genshin Impact and PUBG Mobile. Here’s why these games still dominate in 2025, and what their success reveals about the future of mobile gaming.

The Mobile Gaming Boom: Numbers That Matter

Mobile gaming has become the industry’s powerhouse. Players spent $82 billion on in-app purchases in 2024—a 4% increase from the previous year. What’s more telling? While downloads dropped 7%, time spent gaming increased 8%. Players are investing more time and money into fewer, better games.

Regional Growth Tells a Different Story

The most exciting growth isn’t coming from traditional gaming markets. Latin America saw revenue jump 13% to $1.5 billion, while the Middle East surged 18% to $1.2 billion. Compare that to North America and Europe, which posted only single-digit growth.

Key Regional Performance (2024):

Region Revenue Growth Key Factors
Latin America +13% Low acquisition costs ($0.50-$2 per install), high engagement
Middle East +18% Rising disposable income, improved Arabic localization
Asia -3% Regulatory challenges in China, market maturation
North America Single-digit Market saturation, higher competition

Why does this matter? In Latin America, user acquisition costs run between $0.50 and $2 per install, compared to $2-$5 in North America. This makes emerging markets incredibly attractive for publishers. PUBG Mobile has become “almost a religion in Brazil,” according to industry observers.

Genshin Impact: The $6.4 Billion Phenomenon

Since launching in 2020, Genshin Impact has generated over $6.4 billion in lifetime mobile revenue. The game peaked at $1.82 billion in 2022 but “declined” to $710 million in 2024—still an impressive figure that keeps it among the top-grossing mobile RPGs.

How Genshin Stays Fresh

HoYoverse (formerly miHoYo) runs Genshin like a finely tuned machine. The company releases major updates every six weeks, introducing new characters, regions, and events. In 2024, the Pyro nation Natlan opened. In 2025, the steampunk-inspired Nod-Krai region arrived, drawing from Russian folklore.

Genshin Impact Key Metrics:

  • Lifetime Revenue: $6.4+ billion (mobile only)
  • 2024 Revenue: $710 million
  • Monthly Active Users: ~15 million
  • Daily Active Users: ~3.8 million
  • Platform Split: 65% mobile, 25% PC, 10% PlayStation

The genius of Genshin’s model lies in its cross-platform approach. Players can start a quest on their phone during their commute, continue on PC at home, and finish on PlayStation in the evening—all with seamless progress tracking. This flexibility keeps players engaged regardless of their schedule or location.

The Live-Service Advantage

January 2025 proved Genshin’s staying power. The Lantern Rite festival and Version 5.3 patch drove $88.4 million in a single month. These revenue spikes demonstrate that players remain eager to spend during major updates, even five years after launch.

Regional distribution shows Genshin’s global appeal:

  • China: 41% of mobile revenue
  • Japan: 23.5%
  • United States: 10.9%
  • South Korea: 6.7%

Each region features culturally specific content—from Mondstadt’s German-inspired architecture to Liyue’s Chinese aesthetics—with voice acting in multiple languages. This deep localization helps Genshin transcend cultural barriers.

PUBG Mobile: The $9 Billion Battle Royale King

PUBG Mobile has earned over $9 billion in lifetime revenue since its 2018 launch. The game made $1.1 billion in 2024 with approximately 25 million daily active users. With over 1.2 billion total downloads, it remains one of the most-played mobile games globally.

Esports: The Secret Weapon

While Genshin focuses on single-player exploration, PUBG Mobile built a massive competitive ecosystem. The PUBG Mobile World Cup 2025 in Riyadh featured 24 teams competing for $3 million. Mobile esports prize pools have exploded 340% since 2022, reaching $45 million by 2025.

PUBG Mobile Key Metrics:

  • Lifetime Revenue: $9+ billion
  • 2024 Revenue: $1.1 billion
  • Daily Active Users: ~25 million (plus 50M for Game for Peace in China)
  • Monthly Active Users: 112-125 million
  • 2024 Downloads: 101 million
  • Retention Rates: Day-1: 51%, Day-30: 16%

The game’s 51% day-1 retention rate is exceptional for a battle royale shooter. Average revenue per daily active user (ARPDAU) sits at $0.24—well above industry standards of $0.10-$0.20.

Regional Variants Keep It Relevant

PUBG Mobile isn’t one-size-fits-all. The Chinese version, Game for Peace, adapts content to comply with local regulations. Battlegrounds Mobile India (BGMI) caters to one of the game’s largest markets. Middle Eastern versions feature Arabic language support and Ramadan-themed events.

These regional customizations, combined with brand partnerships (Lotus cars, K-pop star G-DRAGON concerts), keep the game culturally relevant across diverse markets.

Why These Games Keep Winning

Comparison: Genshin Impact vs PUBG Mobile

Feature Genshin Impact PUBG Mobile
Genre Action RPG Battle Royale Shooter
Monetization Gacha system Battle Pass + Cosmetics
Revenue Model Character banners Seasonal passes
Update Frequency Every 6 weeks Seasonal (2 months)
Cross-platform Full (PC/Mobile/Console) Limited (Mobile only)
Player Base 15M MAU 112M MAU
Content Focus Story-driven exploration Competitive multiplayer
Regional Strength Asia (65%), Global spread Asia, LATAM, Middle East

Both games excel at continuous content delivery. Genshin’s six-week update cycle ensures players always have something new to explore. PUBG’s seasonal Royale Pass and frequent events (Metro Royale, Runic Power modes) bring players back regularly.

The Live-Service Formula

Success in mobile gaming requires more than a great launch. It demands sustained excellence:

1. Content Pipeline Investment Both games invest heavily in post-launch content. HoYoverse’s annual region expansions and PUBG’s seasonal events prevent player fatigue.

2. Deep Localization Success varies by region. Adding local languages, payment options, and culturally relevant events unlocks new markets. Arabic localization boosted Middle East revenues 18% for PUBG Mobile.

3. Fair Monetization Genshin offers free primogems through quests, allowing non-spenders to obtain characters. PUBG’s cosmetics don’t affect gameplay. This balance between free access and premium options builds trust.

4. Security and Fair Play PUBG permanently banned 7.81 million accounts in 2025 for cheating. Krafton’s investment in kernel-level detection shows that maintaining fair play is non-negotiable for competitive titles.

5. Cross-Platform Optimization Genshin’s seamless cross-save across devices boosts retention. PlayStation veteran Shuhei Yoshida credits miHoYo’s success to their ability to assemble large teams and deliver complex cross-platform experiences rapidly.

The Chinese Advantage

Industry observers note something concerning for Western studios: Chinese publishers “have more money, bigger teams and have fine-tuned the science behind mobile game design.” Tencent alone generated $6.2 billion in mobile revenue in 2024.

Yoshida, formerly of PlayStation, observes that Japanese studios “cannot replicate the production scale and speed of Chinese games like Genshin or Honkai: Star Rail.” China’s ability to quickly assemble hundreds of developers and iterate at breakneck speed gives them a structural advantage.

1. Mobile Esports Professionalization

PUBG Mobile tournaments now rival PC esports in prize pools and viewership. Saudi Arabia’s Savvy Games Group continues investing heavily, signaling sustained growth.

2. AI’s Limited Impact

Despite hype, AI’s productivity promises haven’t materialized. Analyst Michail Katkoff notes that over one-third of leaders replaced workers with AI “without clear benefits.” AI helps with ad creative design and early testing, but it’s not revolutionizing development yet.

3. Regulatory Shifts

Court decisions are opening app stores to direct-to-consumer payments, potentially changing revenue dynamics. Privacy laws and parental controls may restrict advertising and monetization tactics.

4. Hybrid-Casual Convergence

Games blending casual accessibility with mid-core depth grew 37% in 2024. Expect more titles mixing genres like Genshin’s RPG mechanics with mobile-friendly controls.

5. Cloud Gaming Integration

Next-gen mobile chips will deliver console-quality graphics. Cloud gaming will further blur the line between mobile and traditional gaming platforms.

Why Competitors Failed

Many tried to replicate these formulas. Tower of Fantasy and Wuthering Waves attracted initial hype but struggled with content cadence and performance issues. Call of Duty Mobile and Garena Free Fire remain popular but haven’t matched PUBG’s esports footprint.

Success requires not just a good launch but sustained live-service excellence, robust community management, and continuous technological investment. Both Genshin and PUBG demonstrate this commitment years after launch.

What This Means for the Industry

For Developers:

  • Adopt agile content pipelines with frequent, meaningful updates
  • Invest in comprehensive localization beyond just language translation
  • Build fair monetization that balances free access with premium options
  • Prioritize anti-cheat and security to maintain player trust
  • Design for cross-platform play from the start

For Investors:

  • Monitor emerging markets in Latin America, Middle East, and Southeast Asia
  • Support studios combining global reach with local expertise
  • Evaluate companies’ ability to maintain live-service operations long-term
  • Consider esports potential as a growth multiplier

For Players:

  • Expect more cross-platform experiences
  • Look for deeper community-driven events
  • Anticipate transmedia storytelling (anime, concerts, crossovers)
  • Use feedback channels—developers actually listen

Looking Ahead

Mobile revenue should surpass $100 billion by 2027 as emerging markets mature. Genshin will likely extend its universe through anime adaptations, with Version 6.0 introducing Snezhnaya later in 2025. PUBG may unify its brand across platforms using Unreal Engine 5 upgrades.

Both games prove that mobile gaming success isn’t about casual experiences versus hardcore—it’s about delivering quality content consistently, respecting players’ time and money, and adapting to regional preferences. As one industry analyst put it: the next challenge isn’t just generating responses but “understanding users deeply.”

That understanding, combined with technical excellence and cultural sensitivity, explains why Genshin Impact and PUBG Mobile continue dominating mobile gaming in 2025.

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