Monopoly GO mobile game distributor Flexion generated record quarterly revenue in the final quarter of 2023, earning £24.3m.
The publisher of Monopoly GO has a growth rate of 12% over the same period in 2023, up 64% quarter-on-quarter. Meanwhile, gross profits rose 35% year-on-year to £5m in the fourth quarter, although operating profits fell to just £0.2m.
Adjusted EBITDA pre-tax earnings broke a record by rising 38% to £2.1m in the fourth quarter of 2023. The end of last year proved to be a strong year for Flexion with record-breaking results and a strong 64% increase in revenue compared to the third quarter, helping to fuel a successful fiscal year. The fourth quarter saw the company triple its monthly active users year over year, to 4.5 million Monopoly GO players.
Deals have been signed with Neocraft's Chronicle of Infinity and Immortal Awakening, Vizor Games' Klondike Adventures and Special Gamez's Wolf Game, while a previous deal with Scopely to bring smash hit Monopoly GO to stores The alternative application paid off. The game launched less than a year ago and has already generated $2 billion, currently averaging 8 million players per day.
Overall in 2023, Flexion's revenue increased by 3% to £70.8m and gross profit increased by 12% to £12.4m. However, the 12% increase represents a major slowdown after last year's 147% increase. And just as Q4 operating profit fell, quarter operating profit also fell to -£0.3m. Adjusted EBITDA for the financial year also fell 14% to just £4.2m.
“Looking back at 2023, one of the key moments was when we launched Monopoly GO! – the world's highest-grossing mobile game – across channels. Since then, our alternative distribution service has attracted significant attention from leading developers. As a result, the game distribution system is stronger than ever and we expect to gain many more potential customer gamers over the next few quarters,” said Flexion CEO Jens Lauritzson.
After bringing Monopoly GO to the Samsung Galaxy Store, Huawei's AppGallery, Amazon's store, and others, Flexion aims to expand another Scopely game, Stumble Guys.