Revenue concentration in a small number of games
The company states that most revenue comes from a few titles, so performance of those games drives results.
- Scope
- Backpacker Go!, Wordington, Extreme Makeover, Midsomer Murders
- Materiality
- high
Qiiwi Games
Qiiwi Games is a Swedish mobile game developer and publisher focused on free-to-play games for smartphones and tablets. Its business centers on live mobile titles that generate revenue through in-app purchases and advertising, distributed through app stores and other digital platforms.
| % | |
|---|---|
| Mobile games | 100% Casual and mid-core mobile titles distributed on app stores and social platforms. |
| In-app purchases | 70% Virtual goods and gameplay purchases made by players inside the games. |
| Advertising | 30% Ad impressions and other in-game advertising placements monetized from player traffic. |
Qiiwi Games sells directly to consumers who play its mobile games, with revenue generated when players buy virtual...
- Free-to-play mobile playersprimary
Consumers who download and play the games, generating revenue through ads and optional purchases.
- Paying in-app usersprimary
Players who buy virtual items, boosters, or progression-related content inside the games.
- Ad-supported playersprimary
Users who do not pay directly but create monetizable ad impressions through gameplay.
- Platform users on app stores and social channelssecondary
Players acquired and monetized through App Store, Google Play, Facebook, and Amazon distribution.
Qiiwi Games is headquartered in Sweden and reports in SEK, while its international subsidiary uses EUR for local...
- •Sweden is the reporting and corporate base
- •EUR-based subsidiary supports international operations
- •Revenue is generated through global digital app platforms
- •App Store and Google Play are key distribution channels
- •Geography matters mainly through user acquisition and platform access
The company’s strategy is centered on developing, launching, and operating mobile games that can be monetized over time...
01
Develop and launch monetizable mobile titlesshort-term
Revenue depends on a small number of games that can attract and retain players.
02
Optimize live monetizationmedium-term
In-app purchases and ads are the core revenue engines for each title.
03
Convert development spend into long-lived assetsmedium-term
Capitalizing development during soft launch can support future earnings if the game succeeds.
Qiiwi Games is exposed to hit-driven concentration risk because a limited number of titles account for most revenue...
Platform dependency
All sales flow through third-party mobile platforms, creating dependence on their rules, fees, and visibility algorithms.
- Scope
- App Store, Google Play, Facebook, Amazon
- Materiality
- high
User monetization volatility
In-app purchase and ad revenue depend on player engagement, conversion, and ad market conditions.
- Materiality
- high
Capitalized development impairment
Activated development costs only create value if a game reaches global launch and sustains demand.
- Materiality
- medium
Gross vs net revenue presentation
Revenue and gross margin presentation
Capitalized development costs
Intangible assets and future amortization
Amortization of game development
Operating profit and asset carrying values
Foreign currency translation
Reported revenue, assets, and equity
: 11/08/2026