Pixel P&L: BGMI’s Record-Breaking Quarter

It’s Friday, November 8th. Krafton’s latest earnings reveal a record-breaking surge for BGMI, but what’s behind the explosive growth? Today’s newsletter dives into Krafton’s earnings details and the key factors driving this performance.

We also spotlight Rooter’s remarkable comeback story, powered by its “Rooter Shop” digital marketplace, and give you a sneak peek at IGDC 2024’s awards lineup, plus more can’t-miss updates from the industry.

In its third-quarter earnings call for 2024, Krafton Inc. reported a record-breaking quarter for its popular mobile game, Battlegrounds Mobile India (BGMI), driven by an expansion strategy focused on regional markets and localized content. The game’s revenue surged as the company attracted new users in India, fueled by enhanced language support for non-Hindi speakers and large-scale esports tournaments, which have boosted user engagement and traffic.

The game’s strong showing in India played a significant role in Krafton’s third-quarter revenue of 719.3 billion won ($518 million), marking a high point for the company’s financial performance. This result brought Krafton’s total revenue to 2.09 trillion won ($1.44 billion) for the year as of September, a record for the company. Chief Financial Officer Bae Dong-keun credited the impressive results to expansion initiatives around the PUBG intellectual property (IP), which included collaborations, new gameplay modes, and AI-driven projects like the anticipated life-simulation game inZOI.

Krafton’s flagship PUBG franchise also experienced growth, with targeted content updates, including a Lamborghini partnership, boosting traffic and profitability for PC and console versions. The title reached 890,000 peak concurrent users in September, the highest since it transitioned to a free-to-play model. Meanwhile, mobile versions benefited from themed updates and optimized business models to sustain growth momentum.

Beyond its Battle Royale titles, Krafton expanded its portfolio with five new investments in Q3, including an IP license for Palworld. New projects like inZOI, Dark and Darker Mobile, and Project ARC further underscore Krafton’s diversification strategy as the company positions itself for sustained growth.

India’s gaming and streaming platform Rooter has undergone a major transformation over the past 15 months, emerging with a broader mission. Founder and CEO Piyush Kumar shared on LinkedIn that Rooter, once a dedicated live streaming platform hosting a community of over 81 million gamers and 1.5 million creators, has now expanded its offerings to include a digital marketplace called “Rooter Shop.” This new marketplace enables gamers to buy digital gaming currencies, accessories, and other in-game assets.

Rooter Shop’s gross merchandise value (GMV) has surged 6.7 times over the past three months, with a compound monthly growth rate (CMGR) of 89%. Additionally, the platform has seen average order value (AOV) increase from $5.8 in July 2024 to $10.5 in November, marking a 1.8-fold rise.

Kumar highlighted that profitability is a key focus as Rooter scales. He noted that the company’s strategic adjustments and a focus on sustainable growth have allowed Rooter to reduce EBITDA losses by 52% while achieving 30% year-over-year revenue growth. Rooter’s unique position at the intersection of gaming, content, and commerce, Kumar said, cements its ambition to establish a lasting presence in India’s gaming ecosystem.

Get ready for a night of celebration as the India Game Developer Conference hosts the IGDC Awards 2024, honoring exceptional talent across the gaming industry! On November 14, the spotlight will shine on the year's most innovative and impactful games, studios, and developers, with awards spanning 12 diverse categories, from Game of the Year to Best Visual Arts and the prestigious Hall of Fame.

Special honors will be given to upcoming games, student-created projects, indie achievements, and international contributions, while the Woman in Game of the Year award will recognize a trailblazer in the industry. In addition, the Popular Choice Award will let attendees cast their vote for the most loved game of the year.

The full list of Awards and Nominees can be found on IGDC’s website. Grab your passes here.

M-League Launches Blast+ Publishing Arm to Expand Free-to-Play Games in India

M-League, the parent company of Bengaluru-based Mobile Premier League (MPL) and European game studio GameDuell, announced on November 7 the launch of Blast+, a free-to-play publishing arm aimed at scaling independent games in India. The move aligns with M-League's broader strategy to capitalize on India’s growing gaming market. Following its acquisition in 2022, GameDuell has seen a 50% revenue boost, with nearly 70% from free-to-play games. “We believe that Free to Play (F2P) represents the next big opportunity for gaming in India,” said Sai Srinivas, M-League’s co-founder, highlighting India’s potential as a global gaming hub.

FAU-G: Domination Playtest Announced at IGDC 2024 in Hyderabad

Dot9 Games and Nazara Publishing will unveil their upcoming mobile title, FAU-G: Domination, for public playtesting at the India Game Developer Conference (IGDC) 2024 in Hyderabad, scheduled from November 13 to 15. Showcased at Nazara's booth, the first-person shooter (FPS) game, part of the FAU-G franchise, will feature two new modes—Kiss of Death and 1v1—alongside improved graphics, voice chat, and enhanced character models based on October’s community feedback. Pre-registrations are live on Google Play, with exclusive tiger-themed cosmetics for early registrants. IGDC expects over 5,000 attendees and will feature 150 sessions and 250 speakers.

8Bit Creatives Named Exclusive Talent Partner for DreamHack India 2024

Indian esports consulting and talent management agency 8Bit Creatives announced a partnership with NODWIN Gaming as the exclusive Talent Partner for DreamHack India 2024. The event, set for November 15–17 at Hyderabad’s Hitex Exhibition Centre, will feature gaming tournaments, cosplay, music, and stand-up comedy. As part of this collaboration, 8Bit Creatives’ popular roster of gaming creators, including Mortal, Snax, Kaashvi, Thug, and Payal, will engage fans through content and meet-and-greet sessions. 

Tencent’s Honor of Kings Hits 100 Million Daily Active Users, Sets World Record

Tencent’s popular mobile battle arena game Honor of Kings has achieved 100 million daily active users, setting a world record, according to Niko Partners senior analyst Daniel Ahmad. The milestone comes as the game prepares to celebrate its fifth anniversary and remains available only in China, the world’s largest mobile games market. Ahmad noted Honor of Kings owes its success to live operations, innovative updates by developer TiMi Studios, and cultural integration through traditional art-inspired skins. The game has also pioneered mobile esports in China, generating 44 billion views in 2019, with 24 billion from official tournaments alone.

Mass Effect fans, rejoice! Amazon MGM Studios is officially bringing the popular sci-fi video game franchise to the small screen. Daniel Casey, known for his work on F9: The Fast Saga, will write and executive produce, joining Karim Zreik of Cedar Tree Productions and EA’s Michael Gamble, both also set as executive producers.

The journey to adapt Mass Effect has been a long one. Amazon first entered discussions about a series in 2021, though the project has remained under wraps until now. Previously, attempts to translate the Mass Effect universe into a feature film didn’t take off, despite the franchise's cinematic storytelling and devoted fan base. Now, with Amazon MGM’s backing, the new series is on track to bring the iconic intergalactic story and characters like Commander Shepard to TV screens.

While details of the plot are still secret, the adaptation is poised to explore the expansive Mass Effect universe, blending political intrigue, alien diplomacy, and humanity’s fight for survival. This project follows Amazon’s success with video game-inspired content like Fallout and Like a Dragon: Yakuza, fueling anticipation for Mass Effect’s debut.