Animal Jam registered $20 million in revenue in CY2019, so the revenue decline cannot be attributed to the COVID effect. It’s just that even the most popular casual mobile games gradually become obsolete. This is my biggest gripe with their acquisition playbook. The fact that Animal Jam’s former owners went ahead and sold their company at less than 1x P/S is telling in itself.
There is definitely some potential with Nodwin as esports is becoming mainstream, but that’s about it as far as Nazara’s portfolio is concerned. Pretty much everything else runs on a freemium/ad-based model. Given the negligible ad rates of India and a general unwillingness among Indians to purchase casual mobile games or in-game items, it is no wonder that Nazara’s top games Kiddopia and Animal Jam generate revenue mostly from the US.
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