For years, mobile game developers have focused on North America, Western Europe, and East Asia—markets known for high user spending and strong in-app purchase (IAP) revenues. However competition in these regions is fierce, acquisition costs are skyrocketing, and user growth is slowing down.
Meanwhile, emerging gaming markets are scaling rapidly, with billions of downloads but significantly lower revenue per download (RpD) than mature markets. This represents a major opportunity for developers who can optimize monetization, localize pricing, and cater to regional gaming habits.
Using three years of revenue and download data from AppMagic, we’ve identified five mobile gaming markets that are growing fast but remain massively under-monetized. If you’re looking for lower CPIs, strong engagement, and long-term growth, these countries should be on your radar.
Brazil remains one of the largest mobile gaming markets globally, with billions of downloads annually, but revenue is still catching up to its massive user base. The data shows that Brazil’s total downloads have slightly fluctuated over the past three years, while revenue has only recently started growing again in 2024.
While Brazil’s IAP revenue grew slightly in 2024, it remains far behind the scale of its mobile player base. Developers exploring freemium models with engagement-driven incentives could see better results, and ad monetization remains an underutilized revenue stream in the market.
Downloads dipped slightly from 2022 to 2023 (-4.5%) but rebounded in 2024 (+0.9%). This suggests that while Brazil's mobile gaming market remains enormous, growth in new users may be slowing. However, 2024’s small increase in downloads could indicate renewed momentum, possibly driven by stronger UA efforts or increased smartphone penetration.
Revenue declined in 2023 (-1.7%) but bounced back in 2024 (+4.6%). This suggests more players are starting to engage with IAPs, though spending per user is still low compared to other markets. The revenue growth in 2024 is a positive sign, showing that monetization strategies may be improving.
Brazil is a high-volume market where optimizing monetization strategies is key. While IAP revenue is growing, it is not keeping pace with the sheer number of downloads. Developers could explore freemium models that focus on high engagement, progression-based incentives, and social-driven purchases to increase conversion rates.
Additionally, ad monetization remains a major untapped opportunity in Brazil. Given the high number of free-to-play users, integrating rewarded ads, in-game offers, and hybrid monetization models may help developers maximize revenue without alienating non-paying users.
Indonesia is one of the largest mobile-first gaming markets in the world, with billions of downloads annually. What makes Indonesia particularly interesting for developers is that IAP revenue is now growing at a much faster rate than downloads, suggesting an increasing willingness to spend on in-game purchases.
Downloads dipped in 2023 (-6.8%) but rebounded significantly in 2024 (+13.2%). This 2023 slowdown may indicate a brief market saturation or shifts in user acquisition strategies, while 2024’s sharp increase in downloads suggests that new users are entering the ecosystem, possibly due to improved mobile internet access and more aggressive UA campaigns.
Revenue has grown significantly each year, especially in 2024 (+29% YoY). While downloads fluctuated, IAP revenue steadily increased, with a notable jump in 2024. This suggests that Indonesian players are gradually becoming more comfortable with in-game spending, and developers are likely improving monetization strategies through pricing adjustments, premium content offerings, or localized promotions.
Indonesia has traditionally been a free-to-play dominant market, but this data suggests a shift toward more IAP engagement. Developers should focus on capitalizing on this trend by offering localized, event-driven in-app purchase opportunities that appeal to both casual and mid-core gamers.
At the same time, ad monetization should not be ignored. With a large free-to-play audience still present, incorporating rewarded video ads, interactive ad formats, and ad-driven progression boosts can help maximize revenue while keeping non-paying users engaged.
Indonesia is evolving into a more balanced mobile gaming economy, where both IAP and ad-supported models can thrive. Developers who optimize hybrid monetization strategies will likely see the biggest long-term success in this market.
Mexico has been experiencing rapid growth in mobile gaming, with strong year-over-year increases in IAP revenue. Unlike Indonesia and Brazil, Mexico has seen consistent revenue growth, even though spending per user is still catching up. This suggests that users are gradually becoming more accustomed to IAPs, but a large portion of the player base remains engaged with free-to-play models.
Downloads slightly declined in 2023 (-5.7%) but rebounded in 2024 (+3.6%). While Mexico saw a temporary drop in downloads in 2023, 2024's recovery suggests continued strong demand for mobile gaming. This may reflect shifting UA strategies, market saturation in certain genres, or a preference for higher-quality titles over hypercasual games.
IAP revenue has shown consistent growth, with a notable jump in 2024 (+15% YoY). Unlike some other markets where revenue per download remains stagnant, Mexico has shown steady improvement, meaning players are increasing their in-game spending habits. This signals a major opportunity for developers to refine their IAP strategies and further localize their offerings.
Mexico's rising IAP adoption makes it one of the most promising markets in Latin America. To sustain this momentum, developers should focus on offering localized content, event-driven purchases, and progression-based incentives that encourage users to spend.
While IAP revenue is increasing, there is still a large free-to-play audience, meaning ad monetization remains an important revenue stream. Playable ads, rewarded videos, and interactive ad formats can help bridge the gap between non-paying and paying players, boosting overall LTV.
Mexico is transitioning into a more mature mobile gaming market, and developers who fine-tune their monetization mix now will be well-positioned for long-term success.
Vietnam has shown consistent growth in mobile gaming engagement, and while IAP revenue is still lower compared to more mature markets, it is steadily increasing. The past three years indicate a strong upward trend in both downloads and revenue, signaling a growing willingness among players to spend on in-game purchases.
While total revenue is still lower than in more mature markets, the growth trajectory suggests a major opportunity. Developers who invest in localized promotions and live operations may see higher conversion rates in this emerging market.
Downloads slightly declined in 2023 (-3.6%) but rebounded significantly in 2024 (+9% YoY). This suggests a stable but competitive market, where developers may need to refine their UA strategies and focus on retention to maintain growth. The 2024 surge in downloads indicates that Vietnam’s mobile gaming ecosystem is expanding again, possibly due to increased smartphone adoption, improved internet access, or more engaging game offerings.
Revenue has grown consistently for three years, with a strong jump in 2024 (+12% YoY). While revenue growth was moderate in 2023 (+4.5%), 2024’s increase is more significant, suggesting that players are becoming more comfortable with IAP purchases. This shift presents a key opportunity for developers to refine their monetization approach.
Vietnam is steadily developing into a strong mobile gaming economy, where IAP spending is increasing alongside growing player engagement. Developers could capitalize on this trend by offering time-limited promotions, seasonal in-game events, and localized pricing strategies that appeal to Vietnamese players.
With a growing mobile user base and increasing spending habits, Vietnam is emerging as one of Southeast Asia’s most promising mobile gaming markets. Developers who focus on engagement-driven monetization strategies will be best positioned for long-term success.
Pakistan has shown one of the most dramatic increases in mobile game downloads, jumping from 1.31 billion in 2023 to 1.82 billion in 2024 (+39%). However, IAP revenue has not followed the same trajectory, with 2024 showing a slight decline compared to 2023.
This discrepancy suggests that while more users are engaging with mobile games, they are not converting into paying players at the same rate. As a result, Pakistan remains a high-potential but highly under-monetized market, where alternative monetization strategies could help maximize revenue.
Downloads surged in 2024 (+39% YoY), marking a significant increase in mobile gaming adoption. This spike in downloads suggests an expanding gaming audience, likely fueled by better smartphone penetration, affordable mobile data plans, and increasing exposure to gaming content. However, the challenge remains in converting these users into paying players.
Revenue increased in 2023 but dipped in 2024 (-4.4%), despite the surge in downloads. This indicates that the majority of new players are not engaging with IAPs or that spending habits have not yet matured. The 2023 revenue increase suggests some positive movement, but 2024’s slight decline reinforces the need for diversified monetization approaches.
Pakistan’s gaming audience is growing rapidly, but IAP spending remains minimal, making it a strong candidate for hybrid monetization. Developers may see better results by focusing on ad-supported revenue models, such as rewarded ads, interactive ad formats, and ad-driven progression systems.
At the same time, freemium models with high engagement incentives could help introduce players to in-game spending more gradually. Offering localized bundles, seasonal discounts, and limited-time progression boosts may encourage users to make their first in-app purchases.
Pakistan is a volume-driven market, and developers who can effectively monetize free players through ads while gradually increasing IAP engagement will be best positioned for long-term success.
As mobile game developers look for sustainable growth in 2025, expanding beyond highly saturated, expensive markets is key.
These five markets—Brazil, Indonesia, Mexico, Vietnam, and Pakistan—are growing rapidly but remain under-monetized in terms of IAP revenue. Exploring alternative monetization models, optimizing engagement, and leveraging hybrid strategies could help developers tap into these high-potential markets before they mature.
If you’re looking to scale your game in these regions, run targeted UA campaigns, or explore ad monetization opportunities, we can help. GameBiz Consulting specializes in user acquisition, monetization, and growth strategies tailored for emerging markets. Let's level up your game!
