GDEV has published a financial report for 2023. The publisher of Hero Wars earned $ 465 million

GDEV gaming company (formerly Nexters) has summarized the unaudited financial results of both the fourth quarter and the entire 2023. We share the main thing from the report.

Hero Wars

Figures for the fourth quarter of 2023

• Revenue amounted to $109 million (an annual increase of 10%).
• Revenues amounted to 106 million dollars (an annual increase of 4%).
• Profit reached $ 11 million (a year earlier, the company was in the red by $ 77 million).
• The company's expenses for operating games remained at the same level of $ 13 million.
• As a commission, $25 million was spent on app stores, as it was a year earlier.
• At the same time, advertising spending increased by 33% to $ 54 million. According to the company, GDEV has significantly increased investments in the purchase of new players.

Infographics based on the results of the quarter and year

Indicators for the whole year 2023

• Revenue stopped at $465 million (this is 3% less than in 2022).
• Revenues amounted to $422 million (a 6% drop).
• The USA remains the main region for the company. 35% of GDEV revenues come from them. It is also increasing its presence in the European market, which, by the end of 2023, brought the company a quarter of all revenues.
• At the same time, profits have increased significantly. From $7 million in 2022 to $46 million in 2023.
• In total, the company spent $52 million on operations over the past year. This is 17% more than a year earlier. In the documents, this is explained by an increase in the average salary level in the company associated with the relocation of employees from Russia.
• In annual terms, the commission for app stores fell by 16% to $ 109 million. The company's specialists explained this both by a 6% drop in revenue from IAP in app stores, and by the fact that the company began to earn more from PC versions of its games. If in 2022 the PC accounted for 37% of all revenues, then by the end of 2023 it was already 38% (according to the results of the fourth quarter alone, it was 43% at all)
• Advertising and marketing expenses for the year amounted to $ 226 million (an increase of 48%).

Distribution of revenue by games

• The main title for the company remains Hero Wars. In total, both versions of the game — Dominion Era and Alliance — are responsible for 89% of the company's total revenue.
• Another 7% is accounted for by the Island Hoppers farm simulator.
• The remaining 4% is generated by Pixel Gun 3D.