MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower

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MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
The State of
MOBA Mobile
Games 2021
—
An Analysis of the MOBA Sub-Genre
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Table of Contents
03 - Introduction
04 - Game Intelligence: Taxonomy
05 - The History of MOBAs
06 - MOBA Mobile Games: Worldwide Overview
15 - Top MOBA Mobile Games Globally
20 - Top MOBA Mobile Games in the U.S.
25 - Intellectual Property in MOBA Mobile Games
30 - Product Overview
34 - Conclusion
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Introduction

This report presents an overview of the MOBA (Multiplayer Online
Battle Arena) sub-genre of mobile games, delving into the current
market landscape, the most popular titles, and growth opportunities.

This analysis leverages Sensor Tower’s Game Taxonomy, Game
Intelligence, and Store Intelligence data.

● Revenue figures represent gross consumer spending (before the
  fees taken by Apple or Google).
● Download estimates presented are on a per-user basis, meaning
  that only one download per Apple or Google account is counted
  towards the total.
● Downloads of the same app by the same user to multiple devices,
  app updates, or re-installs of the same app by the same user are
  not counted towards the total.
● Android app install estimates represent downloads from the
  Google Play Store only. Sensor Tower does not provide download
  estimates for third-party Android stores.

                                                                       3
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Game Intelligence: Taxonomy
  CASUAL                                                                          MID-CORE                                                 SPORTS & RACING

          Hypercasual                       Arcade                     Tabletop                  RPG                  Action                           Sports

 Hypercasual - Puzzle        Platform / Runner            Board                   Turn-based RPG        Action Sandbox                     Arcade Sports

 Hypercasual - Arcade        Idler                        Drawing & Coloring      MMORPG                Beat ‘em Up                        Realistic Sports

 Hypercasual - Simulation    Traditional Shoot ‘em Up     Solitaire / Mahjong     Survival              Fighting                           Sports Manager

 Hypercasual - Traversal     Arcade Driving               Card                    Puzzle RPG            Hack and Slash

 Hypercasual - Action        Social Party                                         Idle RPG              Open World Adventure
                                                                                                                                                       Racing
 Hypercasual - .io           Other Arcade                                         Squad RPG             Move and Shoot
                                                                        Puzzle                                                             Arcade Racing
 Hypercasual - Ultracasual                                                        Action RPG
                                                          Classic Match 3                                                                  Realistic Racing
 Hypercasual - Sports
                                        Simulation
                                                          Other Match 3                                             Shooter
 Hypercasual - Racing
                             Simulator                    Puzzle & Decorate                  Strategy
 Hypercasual - Other                                                                                    FPS / 3PS
                             Driving / Flight Simulator   Word                                                                             CASINO
                                                                                  4X Strategy           Sniper
                             Tycoon / Crafting            Hidden Objects          Build & Battle        Battle Royale
                                                                                                                                                       Casino
            Lifestyle        Adventure                    Trivia                  Tower Defense         Tactical Shooter
                                                                                                                                           Poker / Cards
                             Time Management              Action Puzzle
 Customization                                                                    Tactical Battler
                                                                                                                                           Slots
                             Sandbox                      Bubble Shooter
 Interactive Story                                                                Card Battler
                                                                                                                                           Bingo
                             Breeding                     Tile Blast
 Music / Band                                                                     Empire Simulation
                                                                                                                                           Social Casino
 Lifestyle Simulator                                      Merge                   MOBA
                                                                                                                                           Other Casino
                                     Geolocation AR       Other Puzzle

                             Geolocation AR
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Timeline: The History of MOBA Games

                                     WARCRAFT                                 LEAGUE OF LEGENDS                                    VAINGLORY                              MOBILE LEGENDS                                       WILD RIFT

                             Warcraft III’s World Editor                    Inspired by DotA, Riot Games                  Vainglory becomes the first                  Moonton’s Mobile Legends:                     11 years after its release on PC,
                            enables map creation. DotA                       develops League of Legends                   MOBA to succeed on mobile,                 Bang Bang launches globally. It                 Riot Games launches League of
                            (Defense of the Ancients) is                   (LoL) for PC. It becomes one of                  adapting complex play                     goes on to become one of the                   Legends on mobile with a new
                             among the most popular.                          the world’s largest eSports.               mechanics to the touchscreen.               most success MOBAs on mobile.                      tile in the series, Wild Rift.

            1998                      2002                    2004                    2009                   2013                   2014                 2015                   2016                     2018                   2020                     2021

         STARCRAFT                                         DOTA ALLSTARS                                     DOTA 2                                  HONOR OF KINGS                                    BRAWL STARS                                  POKÉMON UNITE

  Blizzard launches StarCraft,                    Warcraft’s editor results in many                  Developed by Valve, DOTA 2                  Developed by TiMi, Tencent’s               Supercell launches Brawl Stars                        Tencent’s Pokémon Unite
 which features a map editor                       new maps for the game. DotA                     debuts on the company’s Steam               mobile Honor of Kings launches               worldwide, introducing a more                      launches on mobile. It heads to
called StarEdit. Aeon of Strife, a                 spawns DotA Allstars, an even                    platform and becomes one of                in China and becomes the most                casual approach to the MOBA                            the top of the download
    prelude to DotA, is born.                      more polished, popular map.                      the most played games ever.                 popular MOBA in that market.                 sub-genre for mobile players.                      rankings in all major markets.
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
MOBA Mobile Games:
Worldwide Overview
—
The Current State of the MOBA Sub-Genre on Mobile
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Market Overview: Worldwide Revenue
                                                                                                  The Mid-Core class is a collection of genres that
Revenue share by Game Class, Genre, and Sub-Genre between January and August 2021
                                                                                                  appeal to a more dedicated gaming audience.
                                                                                                  They typically require a significant time
                                                                                                  investment by players, have complex
                                                                                                  mechanics, and monetize through in-app
                                                                     Tower Defense                purchases. This class accounts for 60 percent of
                                                                          4%
                                                                       Tactical Battler
                                                                             5%
                                                                                                  worldwide player spending.
                                                                         Empire Simulation
                                                                                  5%
     Geolocation AR
          9%
                                                                             Card Battler
                                                                                   5%             Strategy games rely on the player's decision-
         Tabletop
                                                                                 Build & Battle
                                                                                      6%          making skills to make strategic choices.
           7%

        Arcade                                                                                    Typically, they are slower paced and more
          6%
                                                                  MOBA                            mechanically complex than other genres.
                                                                  23%
                                                                                                  Strategy ranks as the No. 2 genre by player
                                                                                                  spending, accounting for 34 percent of the Mid-
                                                                                                  Core market. This genre was bigger than
                             Sports & Racing
                                   5%
                                                                                                  Shooter, Action, and Sports & Racing combined.

                                                                                                  In MOBA games, players execute real-time team-
                    Racing                                                                        based actions with strategic objectives. These
                     20%
                                                                                                  games usually have very limited power
                                                                                                  progression and monetize mainly through
                                                                                                  cosmetics. This sub-genre accounts for 23
                                                                                                  percent of Strategy game player spending.

MOBA Overview                                                               7
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

Market Overview: Worldwide Downloads
Downloads by Game Class, Genre, and Sub-Genre between January through August 2021

                                                                                               Even though more than half of player spending
                                                                                               is concentrated in the Mid-Core class, the vast
                                                                                               majority of downloads are from Casual games.
                                                                                               Excluding Hypercasual, this class accounts for 70
                                                                                               percent of downloads. Mid-Core games account
                                          Casino
                                           2%                                                  for just 20 percent of worldwide installs.

                                                                                               The Shooter genre ranks as the most popular
                                                                            Tactical Battler   among Mid-Core games. Strategy is the second
                                                                                 14%
                                                                            Tower Defense
                                                                                 15%
                                                                                               largest by downloads, accounting for 24 percent
                                                                            MOBA               of Mid-Core installs between January and
                                                                            21%                August 2021.
                                                                            4X Strategy
                                                                               34%
                                                                                               The MOBA sub-genre generated 208 million
                                                                                               downloads during this period, accounting for 21
                                                                                               percent of overall Strategy game installs.

                                                                                               Note:
                                                                                               Hypercasual titles are excluded from this chart.

MOBA Overview                                                           8
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

MOBA Is One of The Fastest-Growing Strategy Sub-Genres
Quarterly worldwide Strategy genre revenue by sub-genre (indexed to Q1 2019)

       4X Strategy        Build & Battle   Card Battler        Empire Simulation   MOBA   Tactical Battler        All Strategy Games
200%                                                                                                                                              Two sub-genres stand out in terms of worldwide
                                                                                                                                                  revenue over the past two years: 4X Strategy and
                                                                                                                                                  MOBA. They are the fastest growing and highest
175%
                                                                                                                              4X Strategy         grossing sub-genres, accounting for 52 percent
                                                                                                                              MOBA                and 23 percent of overall Strategy genre
                                                                                                                              All Strategy        revenue, respectively.
                                                                                                                              Games

150%
                                                                                                                                                  MOBA revenue increased by 14 percent
                                                                                                                                                  quarter-over-quarter during Q2 2021, its
                                                                                                                                                  steepest rise over the past year. During the first
125%                                                                                                                          Empire Simulation
                                                                                                                              Tactical Battler    half of the year, games in this sub-genre
                                                                                                                              Card Battler
                                                                                                                                                  generated approximately $2 billion in player
                                                                                                                              Build & Battle
                                                                                                                                                  spending globally.
100%

 75%
                                                                                                                                                  Note:
       19

                     19

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                                              19

                                                           20

                                                                          20

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                                                                                              20

                                                                                                                 21

                                                                                                                            21
                                                                                                                                                  Tower Defense is excluded from the chart due to scale.
    20

                 20

                                 20

                                             20

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                                                                         20

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                                                                                                                          20
  Q1

               Q2

                               Q3

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                                                                       Q2

                                                                                   Q3

                                                                                          Q4

                                                                                                        Q1

                                                                                                                        Q2
MOBA Overview                                                                                                9
MOBA Mobile Games 2021 - The State of - An Analysis of the MOBA Sub-Genre - Sensor Tower
© 2021 Sensor Tower Inc. - All Rights Reserved

MOBA Downloads Declined Despite Revenue Growth
Quarterly worldwide Strategy genre downloads by sub-genre (indexed to Q1 2019)

       4X Strategy        Build & Battle   Card Battler        Empire Simulation   MOBA   Tactical Battler        All Strategy Games
250%
                                                                                                                                                 Although MOBA is one of the fastest growing
                                                                                                                                                 strategy sub-genres by worldwide player
                                                                                                                                                 spending, downloads decreased by 10 percent
                                                                                                                                                 globally during Q2 2021.
200%

                                                                                                                             Card Battler
                                                                                                                                                 With the exception of Card Battler games,
                                                                                                                                                 downloads in the overall Strategy genre and
                                                                                                                                                 have stagnated or declined during the period
150%
                                                                                                                                                 between Q1 2019 and Q2 2021.

                                                                                                                             4X Strategy
100%
                                                                                                                             All Strategy
                                                                                                                             Games
                                                                                                                             Tactical Battler
                                                                                                                             MOBA
                                                                                                                             Build & Battle
                                                                                                                             Empire Simulation
 50%
       19

                     19

                                   19

                                              19

                                                           20

                                                                          20

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    20

                 20

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  Q1

               Q2

                               Q3

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                                                                       Q2

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                                                                                          Q4

                                                                                                        Q1

                                                                                                                        Q2
MOBA Overview                                                                                            10
© 2021 Sensor Tower Inc. - All Rights Reserved

Monthly Spending in Mobile MOBAs Exceeds $300 Million
Worldwide revenue and downloads for MOBA sub-genre

               Revenue          Average                                                                                                US$339M
$400M
                                                                                                       US$298M                         +14% Y/Y                         Since the beginning of 2021, the MOBA sub-
                                                                                                       +43% Y/Y
                                                                                                                                                                        genre has held a new baseline in player
$300M                                                                    US$208M
                                         US$154M                         +35% Y/Y                                                                                       spending of more than $300 million per month.
$200M                                    +11% Y/Y
         US$139M
                                                                                                                                                                        Lockdowns due to global COVID-19 pandemic
$100M
                                                                                                                                                                        sparked a surge in revenue in the MOBA sub-
   $0                                                                                                                                                                   genre, with average monthly player spending
                                                                                                                                                                        rising by 43 percent year-over-year in 2020.
        17

               7

                       7

                               7

                                       18

                                               8

                                                       8

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                                                                     19

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                                                                                                    20

                                                                                                            0

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                                                                                                                                             1

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              r-1

                     l-1

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                                                                                       December 2018: Brawl Stars
              Downloads             Average                                            launched worldwide
                                                                                                                                         Late 2020 to Early 2021:       The MOBA sub-genre has continued to build
                                                                                                                                         League of Legends: Wild Rift
 60M
                                                                                                                                         was gradually rolled out       upon the gains it made in 2020, with average
                                                                                                                                         across additional markets
 50M                                                                                                                                                                    monthly revenue rising by an additional 14
 40M                                                                                               27.9M                                    23.1M                       percent so far in 2021.
                                                                                25.2M              +10.5% Y/Y                               -17% Y/Y
 30M          21.8M                            22.5M                            +12% Y/Y
                                               +3% Y/Y
 20M                                                                                                                                                                    Downloads are driven by big new releases, with
 10M
                                                                                                                                                                        titles such as Brawl Stars and League of Legends:
                                                                                                                                                                        Wild Rift sparking increased installs in the MOBA
   0
                                                                                                                                                                        market.
        17

               7

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MOBA Overview                                                                                                                     11
© 2021 Sensor Tower Inc. - All Rights Reserved

Asia Makes Up Lion’s Share of Mobile MOBA Market
MOBA revenue and download market share by region

                        Asia    North America         Europe         Latin America          Middle East

                                                                                                                                       While its share has decreased since 2018, Asia
                                                      93%                                                     3% 3%
                                                                                                                                       accounts for the vast majority of mobile MOBA
                                                                                                                                  1%
              18
            20

                                                                                                                                       revenue so far in 2021, making up 84 percent of
REVENUE

                                                83%                                               5%        9%    2%              1%

                                                                                                                                       player spending.
              19
            20

                                                85%                                               4%         9%        1%         1%

                                                                                                                                       Europe accounts for 9 percent of global MOBA
             20

                                                                                                                                       revenue, almost double that of North America.
            20

                                                84%                                               5%         9%        1%         1%
             21

                                                                                                                                       The market share for downloads in Asia has
            20

                   0%          25%                      50%                          75%                          100%                 dwindled during the past four years. Latin
                                                                                                                                       America has seen the most gains, accounting for
                                       67%                                    5%           15%              12%                   1%

                                                                                                                                       a 20 percent share of installs in 2021. Despite
             18

                                                                                                                                       this growth, the region still accounts for a small
            20

                                                                                                                                       percentage of global MOBA revenue.
DOWNLOADS

                                 56%                                4%             25%                      12%              1%
             19
            20

                                54%                            3%            24%                       17%              2%
             20
            20

                                                                                                                                       Note:
                               52%                             5%          20%                        20%         2%

                                                                                                                                       Africa and Oceania are excluded.
             21
            20

                   0%          25%                      50%                          75%                          100%

MOBA Overview                                                                                    12
© 2021 Sensor Tower Inc. - All Rights Reserved

  Mobile Legends Has the Greatest Global Appeal
  All-time revenue breakdown by Asia and Rest of World

                  Honor of Kings                 #COMPASS               Onmyoji Arena          Mobile Legends: Bang Bang

                                                                                                                           Some of the biggest MOBA titles worldwide are
                         0                                                   7%                                            focused largely on one market. #Compass,
                                                                                                                           available only in Japan, has generated $281
REVENUE
 ASIAN

  >50%

                                                                                                   44%                     million in player spending to date. Honor of
                                                                                                                  56%      Kings and Onmyoji Arena, meanwhile, have
                                                                                                                           accumulated most of their revenue in China.
                       100%                        100%                           93%

                                                                                                                           While the overall market generates the majority
                                                          Asia           Other                                             of revenue in Asia, titles such as Mobile Legends,
                                                                                                                           League of Legends, and Brawl Stars have been
            League of Legends: Wild Rift         Vainglory               Brawl Stars                 Heroes Evolved
                                                                                                                           able to break out into other regions.

                                                                                                                           Mobile Legends from ByteDance-owned
                                                                                                               22%
                                                                                        30%                                Moonton, which has grossed $1 billion to date,
NON-ASIAN
 REVENUE

                                 40%
                                                                                                                           has the most global appeal with 44 percent of its
   >50%

                                                                 45%
                                           55%                                                                             revenue emanating from outside Asia.
               60%
                                                                       70%
                                                                                                     78%
                                                                                                                           Note:
                                                                                                                           Country flag indicates game’s top country by player spending.

  MOBA Overview                                                                               13
© 2021 Sensor Tower Inc. - All Rights Reserved

MOBAs Find Sizable Audiences in Emerging Markets
Daily Active Users (DAU) by country between January and August 2021

                                          Indonesia             Philippines        Brazil         Other
                                                                                                                   Even though the United States ranks as the No. 1
                                                                                                                   country for player spending in Mobile Legends,
  Mobile Legends:
    Bang Bang
                                 36%                           15%         9%                  41%                 Brawl Stars, and League of Legends: Wild Rift,
                                                                                                                   emerging markets such as Indonesia, Brazil, and
                     0%                   25%                        50%                    75%             100%   Russia were these titles’ leading markets by
                                                                                                                   daily active users (DAU).

                                  Russia              Brazil          U.S.         Turkey         Other
                                                                                                                   In Mobile Legends, the emerging markets of
                                                                                                                   Indonesia, the Philippines, and Brazil accounted
       Brawl Stars        11%   9%        8%    6%                                  66%                            for 60 percent of daily active users between
                                                                                                                   January and August 2021.
                     0%                   25%                        50%                    75%             100%
                                                                                                                   Brazil stands out as one of the largest
                                 Brazil          Vietnam             Philippines        U.S.       Other           emerging markets for daily active users,
                                                                                                                   ranking No. 1 for League of Legends, No. 2 for
League of Legends:
                          13%   9%        7%    6%                                  66%
                                                                                                                   Brawl Stars, and No. 3 for Mobile Legends.
     Wild Rif

                     0%                   25%                        50%                    75%             100%

MOBA Overview                                                                                              14
Top MOBA Mobile
Games Worldwide
—
Analysis of Top Titles by Revenue and Downloads
© 2021 Sensor Tower Inc. - All Rights Reserved

  Honor of Kings Hits $10 Billion Lifetime Player Spending
  Top grossing titles by worldwide player spending for January through August 2021

                                              Google Play   App Store
                                                                                             Launched in 2015, Honor of Kings has become
               Honor of Kings    .                                                           the highest earning mobile game globally,
                                                                                             surpassing $10 billion in total player spending.
                  Brawl Stars    .
                                                                                             Between January 1 and August 31, 2021 alone,
                                                                                             the title accumulated more than $2 billion.
  Mobile Legends: Bang Bang      .

  League of Legends: Wild Rift   .                                                           Brawl Stars from Supercell ranked as the No. 2
                                                                                             mobile MOBA by player spending, generating
                   #Compass      .                                                           more than $320 million in lifetime sales. The
                                                                                             game’s largest market was the United States (16
               Onmyoji Arena     .
                                                                                             percent) followed by Germany (9.9 percent).

Dream of The Three Kingdoms      .
                                                                                             The MOBA market is highly concentrated and
           MARVEL Super War      .
                                                                                             dominated by industry heavyweights such as
                                                                                             Tencent, Supercell, and ByteDance, making it
                  Tanks a Lot    .                                                           challenging for newcomers to enter.

MARVEL Realm of Champions        .                                                           Note:
                                                                                             Graph resized for scale. Spending totals do not include third-
                                      $100M                 $200M       $300M        US$2B
                                                                                     $400M   party Android stores.

 Top Games Worldwide                                                            16
© 2021 Sensor Tower Inc. - All Rights Reserved

 Mobile Legends Is The Most Downloaded MOBA of 2021
 Top titles by worldwide downloads for January through August 2021

                                          Google Play   App Store
                                                                                      Mobile Legends is the world’s top MOBA by
 Mobile Legends: Bang Bang      .                                                     downloads between January and August of this
                                                                                      year, generating 54 million installs. Google Play
                 Brawl Stars    .
                                                                                      accounted for 88.5 percent of all downloads and
                                                                                      accounted for 64.5 percent of revenue.
              Honor of Kings    .

 League of Legends: Wild Rift   .                                                     Brawl Stars ranks as the No. 2 mobile MOBA by
                                                                                      installs so far in 2021, accumulating nearly 50
          MARVEL Super War      .                                                     million downloads. Google Play also accounted
                                                                                      for the vast majority of Brawl Stars installs.
                 Tanks a Lot    .

                                                                                      League of Legends: Wild Rift launched its North
              Onmyoji Arena     .
                                                                                      American beta during March 2021, and now
MARVEL Realm of Champions       .
                                                                                      ranks as the No. 4 most downloaded title in the
                                                                                      sub-genre.
               Heroes Arena     .

             Heroes of Dawn     .

                                    10M    20M           30M        40M   50M   60M

Top Games Worldwide                                                       17
© 2021 Sensor Tower Inc. - All Rights Reserved

    MOBA Is a Winner-Takes-All Market on Mobile
    Top grossing MOBA mobile games worldwide

            2019                         2020                       2021               The MOBA sub-genre is defined by its market
                                                                                       leaders–Honor of Kings, Brawl Stars, and Mobile
                                                                                       Legends—which have dominated the space for
1         Honor of Kings        1     Honor of Kings       1    Honor of Kings    -    years and have essentially made it a winner-
                           -                           -        Tencent
          Tencent                     Tencent
                                                                                       takes-all market.

          Brawl Stars                 Brawl Stars               Brawl Stars
2         Supercell
                           +2   2     Supercell
                                                       -   2    Supercell
                                                                                  -    Honor of Kings rules the sub-genre in China, but
                                                                                       has encountered difficulty developing global
                                                                                       appeal. Mobile Legends has managed to
          Mobile Legends              Mobile Legends            Mobile Legends
3         Moonton          -1
                                3     Moonton          -
                                                           3    Moonton           -    capitalize on this vacuum to establish itself as a
                                                                                       leader in the rest of the world.
                                                                League of
          #Compass                    #Compass                  Legends          NEW
                           -1                          -
4         NHN Corp              4     NHN Corp             4    Riot Games

          Onmyoji Arena               Onmyoji Arena             #Compass
                           -                           -        NHN Corp
                                                                                 -1
5         NetEase
                                5     NetEase
                                                           5
                                                                                       Note:
                                                                                       The +/- next to game names reflect their change in ranking from
                                                                                       the previous year. “NEW” means that a game is new to the top
                                                                                       five for that year. 2021 includes data from January to August.

    Top Games Worldwide                                        18
© 2021 Sensor Tower Inc. - All Rights Reserved

    Mobile Legends Passes Brawl Stars for 2021 Downloads
    Most downloaded MOBA mobile games worldwide

           2019                         2020                         2021              Mobile Legends, acquired by ByteDance in
                                                                                       March 2021, has generated 54 million installs
                                                                                       worldwide so far this year. That makes it the
1        Brawl Stars           1     Brawl Stars            1    Mobile Legends   +1   No. 1 mobile MOBA by global downloads in
                          +2                           -         Moonton
         Supercell                   Supercell
                                                                                       2021, surpassing Brawl Stars for the first time.

         Mobile Legends              Mobile Legends              Brawl Stars
2        Moonton
                          -1   2     Moonton
                                                       -    2    Supercell        -1   League of Legends: Wild Rift began rolling out in
                                                                                       select countries during October 2020 and
                                                                                       quickly ranked as the No. 4 most installed MOBA
         Honor of Kings              Honor of Kings              Honor of Kings
3        Tencent          -1
                               3     Tencent           -
                                                            3    Tencent          -    worldwide for the year. The game has held this
                                                                                       position into 2021 following its release into
                                     League of                   League of             other territories, such as the Americas.
         Heroes Arena                                            Legends
                          +2         Legends          NEW                         -
4        uCool                 4     Riot Games             4    Riot Games

                                     MARVEL Super                MARVEL Super
         Tanks a Lot                                             War              -
                          +3         War              NEW
5        Highcore Labs
                               5     NetEase                5    NetEase

                                                                                       Note:
                                                                                       The +/- next to game names reflect their change in ranking from
                                                                                       the previous year. “NEW” means that a game is new to the top
                                                                                       five for that year. 2021 includes data from January to August.

    Top Games Worldwide                                         19
Top MOBA Mobile
Games in the U.S.
—
Analysis of Top Titles by Revenue and Downloads
© 2021 Sensor Tower Inc. - All Rights Reserved

  Brawl Stars Is the Top Mobile MOBA in the U.S. for 2021
  Top grossing titles by player spending in the U.S. for January through August 2021

                                             Google Play   App Store
                                                                                              For the third year running, Brawl Stars is the top
                   Brawl Stars    .                                                           earning mobile MOBA in the United States,
                                                                                              accumulating $51 million in player spending—75
   Mobile Legends: Bang Bang      .
                                                                                              percent of which came from the App Store.
                                                                                              Supercell focused on simpler mechanics and a
  League of Legends: Wild Rift    .
                                                                                              3D cartoon art style to bring the genre to a wider
Arena of Valor (Honor of Kings)   .                                                           audience, particularly in the U.S. where the
                                                                                              category previously struggled to gain traction.
 MARVEL Realm of Champions        .

                                                                                              Mobile Legends ranks as the No. 2 title by player
                   Tanks a Lot    .
                                                                                              spending, generating more than $43 million so
                                                                                              far in 2021, up 17.6 percent year-over-year.
                Onmyoji Arena     .

               Heroes Evolved     .
                                                                                              League of Legends: Wild Rift, which began its
                                                                                              open beta in the U.S. in March 2021, has quickly
           Extraordinary Ones     .                                                           become the market’s No. 3 earning mobile
                                                                                              MOBA, picking up $16.9 million so far this year.
                 Legend of Ace    .                                                           Unlike Brawl Stars, Google Play has accounted
                                      $10M    $20M         $30M        $40M     $50M   $60M
                                                                                              for the majority of its revenue at 62 percent.

  Top Games in the U.S.                                                          21
© 2021 Sensor Tower Inc. - All Rights Reserved

  Wild Rift Heads Straight to No. 1 for U.S. Installs
  Top titles by downloads in the U.S. for January through August 2021

                                               Google Play      App Store
                                                                                                    League of Legends: Wild Rift is the most
  League of Legends: Wild Rift    .                                                                 downloaded mobile MOBA in the United States
                                                                                                    so far in 2021, able to capitalize on the well
                   Brawl Stars    .
                                                                                                    known IP and generate 3 million installs. The
                                                                                                    title marks the third occasion Riot has utilized
   Mobile Legends: Bang Bang      .
                                                                                                    the League of Legends IP in its mobile portfolio,
 MARVEL Realm of Champions        .                                                                 following the releases of Teamfight Tactics and
                                                                                                    Legends of Runeterra, with Wild Rift already the
                 King of Crabs    .                                                                 most installed of the three.

                   Tanks a Lot    .
                                                                                                    Even though Google Play has accounted for 62
                                                                                                    percent of Wild Rift’s U.S. revenue, the App Store
Arena of Valor (Honor of Kings)   .
                                                                                                    represents 56 percent of the installs. This bucks
                Onmyoji Arena     .
                                                                                                    the typical trend, where Google Play generally
                                                                                                    sees a greater number of mobile game
           Extraordinary Ones     .                                                                 downloads, while the App Store accounts for a
                                                                                                    larger share of player spending.
                     Vainglory    .

                                      500K   1.0M        1.5M          2.0M   2.5M    3.0M   3.5M

  Top Games in the U.S.                                                              22
© 2021 Sensor Tower Inc. - All Rights Reserved

    Brawl Stars Dominates the U.S. MOBA Market on Mobile
    Top grossing MOBA mobile games in the United States

            2019                             2020                        2021                Since its release in December 2018, Brawl Stars
                                                                                             has consistently been the No. 1 ranked mobile
                                                                                             MOBA in the United States by player spending.
1         Brawl Stars                 1   Brawl Stars           1    Brawl Stars        -
                                +1                         -         Supercell
          Supercell                       Supercell
                                                                                             League of Legends: Wild Rift entered the charts
                                                                                             at No. 3 in 2021 following the launch of its U.S.
          Mobile Legends                  Mobile Legends             Mobile Legends
2         Moonton
                                -1    2   Moonton
                                                           -    2    Moonton
                                                                                        -    open beta in March.

                                                                     League of               While Arena of Valor is wildly popular in China
          Arena of Valor                  Arena of Valor
3         Tencent                -
                                      3   Tencent          -
                                                                3    Legends           NEW   and has seen player spending rise over the past
                                                                     Riot Games
                                                                                             year, the title has not been able to replicate that
                                                                                             level of success in the U.S.
          Vainglory                       Tanks a lot                Arena of Valor
                                +1                         +3                           -1
4         Super Evil Megacorp         4   Highcore Labs         4    Tencent

                                                                     Marvel Realm of
          Onmyoji Arena         NEW       Onmyoji Arena    -         Champions         NEW
5         NetEase
                                      5   NetEase
                                                                5    Kabam

                                                                                             Note:
                                                                                             The +/- next to game names reflect their change in ranking from
                                                                                             the previous year. “NEW” means that a game is new to the top
                                                                                             five for that year. 2021 includes data from January to August.

    Top Games in the U.S.                                           23
© 2021 Sensor Tower Inc. - All Rights Reserved

    League of Legends Takes No. 1 for U.S. Downloads
    Most downloaded MOBA mobile games in the United States

            2019                          2020                          2021                League of Legends: Wild Rift has gone directly to
                                                                                            the top spot for mobile MOBA downloads in the
                                                                    League of               United States following the start of its open beta
1         Brawl Stars            1     Brawl Stars        -    1    Legends           NEW   in March 2021, usurping previous incumbent
          Supercell                    Supercell
                                                                    Riot Games
                                                                                            Brawl Stars which had dominated since 2019.

          Mobile Legends               Mobile Legends               Brawl Stars
2         Moonton
                            -    2     Moonton
                                                          -    2    Supercell
                                                                                      -1    The world’s most popular MOBA, Honor of Kings
                                                                                            (known as Arena of Valor in the West), has
                                       Marvel Realm of                                      moved out of the top five by U.S. downloads
          King of Crabs                                             Mobile Legends
3         Robot Squid      NEW
                                 3     Champions         NEW
                                                               3    Moonton           -1    with the success of Wild Rift.
                                       Kabam

                                                                    Marvel Realm of
          Arena of Valor    -1
                                       King of Crabs      -1        Champions         -1
4         Tencent                4     Robot Squid             4    Kabam

          Tanks a Lot      NEW
                                       Arena of Valor     -1
                                                                    King of Crabs     -1
                                       Tencent                      Robot Squid
5         Highcore Labs
                                 5                             5
                                                                                            Note:
                                                                                            The +/- next to game names reflect their change in ranking from
                                                                                            the previous year. “NEW” means that a game is new to the top
                                                                                            five for that year. 2021 includes data from January to August.

    Top Games in the U.S.                                          24
Intellectual Property
Insights
—
Analysis of Licensed IP in MOBA Mobile Games
© 2021 Sensor Tower Inc. - All Rights Reserved

IP-Based MOBAs Make Up Nearly Half of U.S. Installs
                                                                                    Approximately 43 percent of U.S. mobile MOBA
Share of mobile MOBA downloads by IP in the U.S. from January through August 2021
                                                                                    downloads during the first eight months of 2021
                                                                                    were for games that utilized a licensed IP.

                                                                                    While the majority of installs (57 percent) came
                                                                                    from non-IP games, titles such as Mobile
                                                                                    Legends and Arena of Valor (Honor of Kings)
                                                                                    have historically used licenses to appeal to a
                                                                                    wider audience by adding new playable heroes.

                                                                                               MOBILE LEGENDS + TRANSFORMERS

IP Insights                                                                26
© 2021 Sensor Tower Inc. - All Rights Reserved

Overview:
Pokémon
Unite                                APP INTELLIGENCE

                                     Worldwide
         STORE INTELLIGENCE
                                     Release Date:
                                     Sep. 22, 2021

  First Day Downloads: 1.8 million
                                      INSTALL SHARE

  First Week Downloads: 31 million

        INTELLECTUAL PROPERTY
                                         42%
  Licensed IP: Pokémon
  IP Operator: The Pokémon Company
  Corporate Parents: Nintendo,
  Game Freak, Creatures
  IP Type: Videogame
                                         58%

IP Insights
© 2021 Sensor Tower Inc. - All Rights Reserved

Pokémon Unite Surpasses 15 Million Downloads in 2 Days
Worldwide cumulative downloads for top mobile MOBAs during launch period

                     Pokémon Unite           Brawl Stars             League of Legends: Wild Rif
 40M
                                                                                                                                     Pokémon Unite is the biggest MOBA launch ever
                                                                                                                                     on mobile, surpassing 15 million downloads
                                                                                                                                     within just two days following its release on
                                                                                                                                     September 22, 2021. It took Brawl Stars seven
 30M                                                                                                                                 days to reach this same milestone.

                                                                                                                                     One the day of its release, Pokemon Unite
                                                                                                                                     ranked as the No. 1 most downloaded iPhone
                                                                                                                                     game on the App Store in 59 countries. In its first
 20M
                                                                                                                                     week, the title accumulated more than 30
                                                                                                                                     million downloads worldwide.

                                                                                                                                     League of Legends: Wild Rift has had a staggered
 10M                                                                                                                                 global rollout, starting in Asia in October 2020
                                                                                                                                     before launching in the Americas in 2021.

                                                                         Note: League of Legends: Wild Rift downloads
                                                                         are from its initial rollout in Asia in October 2020
   0
       0   1    2    3      4        5   6        7        8     9        10       11         12        13         14           15
                                             Days Since Launch

IP Insights                                                                                        28
© 2021 Sensor Tower Inc. - All Rights Reserved

 Pokémon Doubles Down on The Strategy Genre
                                                                                                                                                         Pokémon GO found massive success in the
 Global download share of games with Pokémon license by genre between 2017 and 2021
                                                                                                                                                         Geolocation AR genre, consistently generating
                                                                                                                                                         the vast majority Pokémon-related IP
                                                                                                                                                         downloads since its launch in July 2016. The
                Geolocation AR                  RPG                 Lifestyle                Puzzle              Arcade                  Strategy        RPG genre, which the franchise is built upon,
                                                                                                                                                         ranks No. 2 for downloads, thanks to titles such
100%
                                                                                                                                                         as Pokémon Masters and Pokémon Quest.

                                                                                                                                                         Diversifying its offerings on mobile, The
75%
                                                                                                                                                         Pokémon Company is now eyeing the Strategy
                                                                                                                                                         genre with the launch of Pokémon Unite and
                                                                                                                                                         upcoming of Pokémon Trading Card Game Live.

50%
                                                                                                                                                                    POKÉMON MOBILE STRATEGY GAMES

25%

                                                                                                                                                              Pokémon Unite           Pokémon Trading Card
                                                                                                                                                                  Moba                     Game Live
 0%
                                                                                                                                                                Released                  Card Battler
          17

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                                                                                                                                                                                          Announced
        20

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       Q1

               Q2

                       Q3

                               Q4

                                       Q1

                                               Q2

                                                       Q3

                                                               Q4

                                                                       Q1

                                                                                Q2

                                                                                        Q3

                                                                                                Q4

                                                                                                        Q1

                                                                                                                Q2

                                                                                                                        Q3

                                                                                                                                Q4

                                                                                                                                         Q1

                                                                                                                                                 Q2
IP Insights                                                                                                                  29
Product Overview
—
Deep Dive into the Most Successful MOBA Mobile Games
© 2021 Sensor Tower Inc. - All Rights Reserved

Product Overview

        Complex:                                                                      Complex:                                                                             Innovative:                                                                                            Innovative:
  1                                                                              2                                                                                    3                                                                                                      4

                                                                                                                                                                                                           Innovative Game Experiences: More casual for broader appeal

                                                                                                                                                                                                                                                                                                                             Innovative Game Experiences: More casual for broader appeal
                                      Classic MOBAs (Lines, Jungles, Roles)

                                                                                                                       Classic MOBAs (Lines, Jungles, Roles)
        Competitive MOBA                                                              Paid Advantage                                                                       Paid Advantage                                                                                         Less Core

- Skins are only cosmetic and don’t                                           - Skins can be acquired with hard                                                     - Skins are only cosmetic                                                                            -   Skins are only cosmetic
  affect stats                                                                  currency and modify the stats of
                                                                                heroes. This provides players with a                                                - Items are acquired with soft                                                                       -   No items
- Items are acquired in-game and                                                competitive advantage if they                                                         currency and can be upgraded with
  only last during that session                                                 spend money in the game                                                               Aeos Gems (hard currency).                                                                         -   Large variety of game modes (PvP
                                                                                                                                                                      Upgraded items modify Pokémon                                                                          and PvE) appeal to broader
- Competitive focus can lead to                                               - Items are acquired in-game and                                                        stats, creating a paid competitive                                                                     audiences. Game modes include:
  potential for eSports                                                         only last during that session                                                         advantage.                                                                                             3v3, Showdown (Battle Royale),
                                                                                                                                                                                                                                                                             Siege, Heist, Boss Fight, and Robo
- Complex mechanics (more than six                                            - More than 100 heroes                                                                - Fewer than 30 heroes but 100+ to                                                                       Rumble (PvE), Big Game.
  action buttons)                                                                                                                                                     be added with new seasons
                                                                              - Complex mechanics (more than six                                                                                                                                                         -   More than 60 heroes
- More than 70 heroes                                                           action buttons)                                                                     - Simplified game mechanics
                                                                                                                                                                                                                                                                         -   Simplified game mechanics (two
- Include 5v5, 3v3, and 1v1 modes                                                                                                                                   - Innovative gameplay experience:                                                                        action buttons).
                                                                                                                                                                      Jungle creeps drop Pokéballs
                                                                                                                                                                      which are used to score

Product Overview                                                                                                                                               31
© 2021 Sensor Tower Inc. - All Rights Reserved

             Brawl Stars Has Market-Leading Engagement
             All-time retention and all time daily time spent on iOS

                                 Mobile Legends                                                   Mobile Legends
                                 League of Legends                                                League of Legends
                                 Brawl Stars                                                      Brawl Stars
                                                                                                                      Among the analyzed MOBAs, Brawl Stars has the
                                                                                                                      highest Day 60 retention rate of its peers at 20
            60%                                                                              20
                                                                                                                      percent, placing it among some of the best
                                                                                                                      mobile games in the industry by this metric.
            50%
                                                                                                                      Brawl Stars, a more casual MOBA, has half the
                                                                                             15
                                                                                                                      average daily time spent of more traditional-

                                                                Session Duration (Minutes)
            40%                                                                                                       style titles in the genre, such as Mobile Legends
                                                                                                                      and League of Legends.
Retention

            30%                                                                              10

            20%

                                                                                              5

            10%

            0%                                                                                0
                  D1        D7                D30     D60                                         Time Spent
                                     Days

             Product Overview                                                                               32
© 2021 Sensor Tower Inc. - All Rights Reserved

Paid Advantage Boosts RPD but Risks Retention Impact
U.S. key performance indicators among top MOBA titles for January through August 2021

                                                                                        Some MOBA mobile games incorporate paid
                                                                                        advantage mechanics, enabling players to
                                                                                        purchase upgrades that can positively impact
                                                                                        their chances of winning. These games can
                                                                                        achieve higher RPD, but the mechanics can
                                                                                        potentially lead to lower long-term retention.

                                                                                        While this monetization model is popular in
                                                                                        some Asia countries, it is not particularly
                                                                                        successful in Western markets.

                                                                                        Brawl Stars' more casual approach to gameplay
                                                                                        and shorter sessions provides the game with
                                                                                        broader audience appeal, and as a result it ranks
                                                                                        No. 1 for U.S. daily active users.

Product Overview                                                           33
Conclusion
© 2021 Sensor Tower Inc. - All Rights Reserved

Conclusion
 ● MOBA is one of the fastest growing Strategy sub-genres. Revenue increased by 14 percent
   quarter-over-quarter during Q2 2021, its steepest rise over the past year. During the first
   half of 2021, titles in this sub-genres generated approximately $2 billion in player spending
   globally.

 ● Asia accounts for the vast majority of MOBA revenue so far in 2021, making up 84 percent
   of player spending.

 ● MOBA games find sizable audiences in emerging markets. Brazil stands out as one of the
   largest markets for active users, ranking No. 1 for DAUs in League of Legends, No. 2 for
   Brawl Stars, and No. 3 for Mobile Legends.

 ● First launched in 2015, Honor of Kings (Arena of Valor in Western markets) has become the
   highest revenue generating mobile game globally across the App Store and Google Play,
   generating $10 billion in player spending.

 ● IP-Based MOBAs make up nearly half of U.S. installs. Games that don’t own an IP, such as
   Mobile Legends and Arena of Valor, have historically used licenses to appeal to a wider
   audience.

 ● Pokémon Unite is the biggest MOBA launch ever on mobile, surpassing 15 million
   downloads in just two days following its release on September 22, 2021.

 ● Some MOBAs incorporate paid advantage mechanics with purchasable upgrades that can
   impact chances of success. These games can achieve higher revenue per download, but
   might see lower long-term retention.
Conclusion                                                                        35
© 2021 Sensor Tower Inc. - All Rights Reserved

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