全球游戏运营报告：从用户获取到收入实现

Global Game Operations Report From User Acguisition to Revenue Realization CONTENTS Foreword Chapter 1 The Structural Shift of Global Gaming02 1.1 Global Gaming Growth Enters a Mature Phase1.2 Competition for Growth is Intensifying Chapter 2 07 The Evolution of Monetization 2.1 Genre Convergence Expands Monetization Boundaries 2.2 From User Acquisition to Lifetime Value 2.3 Monetization Creates Operational Complexity Chapter 3 13 From Monetization to Revenue Realization 3.1 Payment Friction and Revenue Leakage3.2 Financial Infrastructure Evolution Chapter 4 Global Financial Infrastructure for Gaming Publishers 4.1 Global Revenue Collection4.2 Localized Payments on the Surface, Unified Infrastructure at the Core FOREWORD From User Acguisition to Revenue Realization The global gaming industry is entering a new phase of maturity. As growthslows and competition intensifies, success is no longer defined by the ability tosustainable revenue. For more than a decade, publishers focused primarily on expanding reach.Today, rising acquisition costs, fragmented player attention, and increasingmarket concentration are reshaping the industry's priorities. Operationalefficiency, monetization effectiveness, and financial infrastructure arebecoming critical drivers of long-term growth. monetization models, subscriptions, battle passes, and creator-drivenincreasingly diverse player segments. Questions that once belonged to payment teams are becoming strategicbusiness concerns. This report, 2026 Global Game Operations: From User Acquisition to RevenueRealization, explores how the industry is adapting to this shift. We examine howpublishers can build more efficient operating models and strengthen theirability to convert global player activity into sustainable business outcomes. Chapter 1 The structural shift ofGlobal Gaming 1.1 Global Gaming Growth Enters a Mature Phase/ 03 1.2 Competition for Growth is Intensifying/ 04 01The Structural shift ofGlobal Gaming Preface The global gaming industry is entering a structurally mature growth cycle. After more than a decade ofrapid expansion driven by mobile penetration and user acquisition efficiency, growth is nownormalizing across major markets. Instead of pure scale expansion, competition is increasingly definedby monetization efficiency, user quality, and long-term revenue realization. This shift marks thetransition of gaming from a high-growth digital entertainment category into a fully established globaldigital economy. 1.1 Global Gaming Growth Enters a Mature Phase The global gaming industry continues to grow, although the pace of expansion has begun to stabilize. According toNewzoo, global gaming revenues are projected to reach uss196.7 billion in 2025. Mobile gaming is expected toremain the dominant segment, accounting for approximately 55% of total industry revenue, while console and Pcgaming are projected to represent 23% and 22%, respectively. Despite increasing market maturity, the industry is expected to maintain steady growth momentum. Newzooforecasts a compound annual growth rate (cAGR) of 4.9% between 2025 and 2028, with the market projected toreach approximately Uss227.2 billion by 2028. 1.2 Competition for Growth is Intensifying Revenue Concentration Raises the Bar live operations, community engagement, and monetization efficiency. According to Sensor Tower, the world'sTop 100 mobile games generated approximately Uss46.6 billion in revenue during 2025, accounting for 57% of Rising Acquisition Costs Intensify Competition According to SocialPeta, the number of active mobile game advertisers reached 84,000 per month in 2025,month. At the same time, user acquisition costs continued to rise, even as global mobile user growth remainedlargely stagnant. As competition for player attention intensifies, the marginal returns of acguisition aredeclining. Publishers are therefore shifting their focus from maximizing installs to maximizing player lifetimevalue, retention, and monetization efficiency. Key Takeaways : The global gaming industry continues to grow, but growth is entering a more mature andsustainable phase: Revenue concentration and rising acquisition costs are making user acquisition increasinglycompetitive: As the marginal returns of acquisition decline, publishers are shifting their focus toward retention,lifetime value, and monetization efficiency. Chapter 2 The Evolution ofMonetization 2.1 Genre Convergence Expands Monetization Boundaries/ 08 2.2 From User Acquisition to Lifetime Value/ 09 2.3 Monetization Creates Operational Complexity/ 10 02The Evolution ofMonetization Preface As gaming expands globally, payment has become a critical constraint in revenue conversion ratherthan a simple checkout function. Fragmented local payment preferences, uneven financialinfrastructure, and varying consumer credit behavior across markets are reshaping how globapublishers design monetization systems. The focus is shifting fro