Next Games
Next Games is a Helsinki-based mobile game studio and wholly-owned Netflix Game Studio that develops free-to-play games based on premium entertainment franchises — including The Walking Dead, Stranger Things, and Blade Runner — for Netflix's 700+ million global subscribers across mobile, web, and TV.
- Company typePrivate
- Founded2013
- HeadquartersHelsinki, Finland
- Headcount101–250
- GTM typeB2C
- OfferingSoftware
What Next Games does
Next Games is a Helsinki-based mobile game studio founded in 2013 and operating since April 2022 as a wholly-owned Netflix Game Studio. The company develops free-to-play mobile games based on premium entertainment franchises, with a portfolio that includes The Walking Dead: No Man's Land (23 million downloads, €131 million lifetime revenue over six years), The Walking Dead: Our World (location-based AR game powered by Google Maps, launched in 153 countries in July 2018), Stranger Things: Puzzle Tales (Netflix-exclusive puzzle title launched October 2021), and Blade Runner: Rogue (Alcon IP partnership). Underlying technology includes a first-of-a-kind location-based AR engine with Google Maps integration, a "couch play" home-play mode, machine learning and AI capabilities for personalization and live-ops optimization (supported by a EUR 2 million Business Finland grant), and a service-based live-ops platform enabling over 40 content updates on flagship titles.
The business model combines freemium in-app purchases (pre-2022), Netflix-exclusivity subscription gaming (post-2022), advertising pilots, and IP licensing royalties from studios including AMC, Alcon, Lionsgate, and Netflix. Distribution runs through Apple App Store and Google Play for legacy titles, and exclusively through the Netflix platform across mobile, web, and TV for current Netflix-owned IP titles. Customer segments center on Netflix's 700+ million global subscribers and franchise enthusiasts of The Walking Dead, Stranger Things, and Blade Runner. The company was previously publicly listed on Nasdaq Helsinki First North (2017–2022, ticker NXTGMS) before being taken private via Netflix's tender offer in April 2022.
Since acquisition, Next Games has restructured its pipeline to focus on Netflix-first-party IP, expanded headcount functions with new Creative and New Games leadership (Reko Ukko as CCO from August 2022), and operates as one of three core Netflix game studios alongside Night School and Spry Fox. Historical headcount peaked at 143 in September 2018, contracted to ~117 following an early-2019 turnaround, and currently sits in the 101–250 range with 31 nationalities represented. Revenue, margins, and headcount are no longer separately disclosed following delisting in 2022.
Next Games firmographics
Firmographics- Name
- Next Games
- Legal name
- Next Games
- Website
- https://nextgames.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Next Games is a Helsinki-based mobile game studio and wholly-owned Netflix Game Studio that develops free-to-play games based on premium entertainment franchises — including The Walking Dead, Stranger Things, and Blade Runner — for Netflix's 700+ million global subscribers across mobile, web, and TV.
- Ownership category
- akta.pro rank
Next Games industry classification
Industry- Product category
- Mobile Game Development
- NAICS
- Amusement Parks and Arcades (7131)
- SIC
- Services-Miscellaneous Amusement & Recreation (7990)
- akta.pro primary industry
- Mobile & F2P Game Studios (MPAFAAAB)
- akta.pro secondary industries
- Full-Service Game Publishers (1st/2nd/3rd-Party Publishing) (MPAFABAA), Strategy/4X/Management Game Studios (MPAFAAAK)
Keywords
Where Next Games is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices2 records
Markets served
Next Games business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- In-App Purchases (Free-to-Play): Core revenue model for mobile games. Players download games for free and purchase virtual items, premium content, and upgrades within the game. Revenue per daily active user (ARPDAU) is a key metric tracked, with ARPDAU reaching 0.35 euros at The Walking Dead: Our World launch week and tripled over time for No Man's Land.
- Netflix Subscription Gaming: As a Netflix game studio, games are distributed exclusively to Netflix subscribers, with monetization tied to subscriber engagement and retention rather than direct game sales.
- Advertising (Location-Based and Video Ads): Explored as an additional revenue stream, including piloting location-based ads and regular video ad integration within The Walking Dead: Our World.
- Licensed IP-Based Games: Revenue generated from developing and publishing mobile games based on entertainment franchises (TV series, movies, books), with licensing agreements with major IP holders like AMC (The Walking Dead), Netflix (Stranger Things), and Alcon Entertainment (Blade Runner).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free-to-play mobile games with optional in-app purchases |
| Subscription | Monthly | Netflix subscription-based game access |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels7 records
Next Games product offering
Product offeringCore offering
Next Games is a Finnish mobile game studio and Netflix game studio that develops and publishes free-to-play mobile games based on major entertainment franchises. Its portfolio includes The Walking Dead: No Man's Land (tactical RPG), The Walking Dead: Our World (location-based AR), Stranger Things: Puzzle Tales (puzzle game), and Blade Runner: Rogue. Games are monetized through in-app purchases and distributed via Apple App Store, Google Play, and the Netflix platform.
Product overview
Next Games is a Finnish mobile game studio and Netflix game studio that specializes in developing and publishing games based on entertainment franchises such as movies, TV series, and books. The company's portfolio includes The Walking Dead: No Man's Land (tactical RPG based on AMC's series), The Walking Dead: Our World (location-based AR game powered by Google Maps), Stranger Things: Puzzle Tales (puzzle game based on Netflix's series), and Blade Runner: Rogue (mobile game based on the Blade Runner franchise). All games are mobile-first titles available on iOS and Android platforms. As a Netflix game studio, Next Games creates games that integrate into players' Netflix experience, ranging from mobile and web to TV-based games.
Differentiator
Problem solved
Functional benefit
Products and services
- The Walking Dead: No Man's Land Mobile role-playing/tactical game based on AMC's The Walking Dead TV series. Features episodic content synced with the TV show, over 40 content updates, and character integrations. Generated 23 million downloads and EUR 131 million lifetime revenue over six years.
- The Walking Dead: Our World Location-based augmented reality mobile game powered by Google Maps that brings AMC's The Walking Dead universe to players' real-world surroundings. Features cooperative gameplay, AR technology, and 'couch play' options for home play. Launched globally in July 2018 in 153 countries.
- Stranger Things: Puzzle Tales Mobile puzzle game based on Netflix's Stranger Things series. Features narrative-driven gameplay with characters and locations from the hit show. Part of Netflix's gaming portfolio.
- Blade Runner: Rogue Mobile game based on the Blade Runner franchise, developed in partnership with Alcon Entertainment. Features sci-fi gameplay set in the Blade Runner universe. Previously known as Blade Runner Nexus during development.
Quantifiable outcome
- The Walking Dead: No Man's Land achieved 23 million downloads and 131 million EUR lifetime revenue over six years, with players spending up to 70 minutes per day.
- +4 more outcomes
Companies that use Next Games
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles2 records
Next Games technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature6 records
Next Games partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- NetflixcoreNetflix announced plans to acquire Next Games in March 2022, completing the acquisition later that year. Next Games operates as a Netflix Game Studio, creating games exclusively for the Netflix platform and subscriber base of 700+ million viewers worldwide. This represents a major strategic shift from public listing to full Netflix ownership.
- Universal Games and Digital PlatformsminorCollaboration with NBCUniversal for a mobile game project that moved from pre-production to production phase in 2018. However, the collaboration was terminated by mutual agreement in January 2019, with the game project cancelled after it had proceeded to production.
- AMC NetworkscoreLong-standing strategic partnership with AMC for The Walking Dead franchise games. AMC and Next Games co-developed The Walking Dead: No Man's Land (2015) and The Walking Dead: Our World (2018), with deep integrations including weekly show-themed missions synchronized with new TV episode releases. The partnership has generated 23M+ downloads and 131M EUR lifetime revenue for No Man's Land alone.
- Google (Google Maps)coreThe Walking Dead: Our World is powered by Google Maps technology, using real-world map data to create immersive AR gameplay experiences. The game transforms real-world locations, landmarks, and streets into game environments. This is a key technical partnership enabling the unique location-based AR gameplay.
- Alcon EntertainmentcorePartnership with Alcon Entertainment to create the Blade Runner 2049 mobile game. The game, Blade Runner: Rogue, moved from pre-production to production phase in 2018 and entered soft launch. Next Games worked closely with Alcon on franchise IP for the mobile game adaptation.
- LionsgateminorPartnership established in 2014 for mobile game development. Lionsgate partnered with Next Games and other developers for joint fan events at New York Comic Con (2017). The partnership included booth collaborations at major conventions.
Scale indicators20 records
Recent moves8 records
Expansion highlights5 records
Next Games competitors and assessment
Company assessmentDirect peers
- Scopely: Scopely is a mobile game developer and publisher built around major entertainment IP (e.g., Marvel Strike Force, Stumble Guys, Monopoly GO). Like Next Games, it develops F2P mobile games tied to licensed entertainment franchises at global scale.
- Niantic: Niantic pioneered location-based AR mobile gaming with Pokémon GO, the most direct comparator to Next Games' Google Maps-powered Walking Dead: Our World. Both studios bet on AR gameplay that transforms real-world environments into game settings.
- Jam City: Jam City is a mobile game studio known for franchise-based titles such as Harry Potter: Hogwarts Mystery and Disney Emoji Blitz. It shares Next Games' strategy of building F2P mobile games around premium entertainment IP.
- Kabam: Kabam developed mobile games based on major entertainment IP including Marvel Contest of Champions and Fast & Furious. It was a leading franchise-based F2P mobile game developer with a model closely aligned to Next Games' Walking Dead titles.
- Rovio Entertainment: Rovio is a fellow Finnish mobile game studio best known for Angry Birds. Next Games' COO Joonas Viitala previously held leadership roles at Rovio. Both studios represent the Finnish mobile gaming tradition of building globally successful F2P IP-based games.
- Ludia: Ludia develops mobile games based on major entertainment franchises including Jurassic World: Alive (location-based AR) and Dragons: Rise of Berk. Its AR dinosaur game is a direct conceptual parallel to Next Games' Walking Dead: Our World.
- PlaySimple: PlaySimple is a mobile puzzle game developer and publisher with hits like Word Trip and Wordscapes. It is comparable to Next Games in the F2P mobile puzzle/word category and also pursues franchise-based content expansion.
Broad incumbents
- Zynga: Zynga is one of the largest mobile F2P game publishers, with a portfolio spanning Words With Friends, Zynga Poker, and franchise-based titles. While broader in scope than Next Games, it competes in the same F2P mobile market and similarly leverages licensed IP for select titles.
- DeNA: DeNA is a Japanese mobile and online game company with a long history of F2P mobile titles and franchise partnerships (e.g., Nintendo partnerships for mobile games). It is a broader incumbent in the mobile F2P market that overlaps with Next Games' category.
Emerging players
- Night School Studio: Night School Studio is a Netflix-owned game studio (acquired 2021) developing narrative games for Netflix subscribers, including Oxenfree. It operates as a sibling studio to Next Games within Netflix Games, both building exclusive content for the Netflix ecosystem.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Next Games social profiles
Digital presenceNext Games financial estimates
Financial estimateRevenue estimate
Valuation estimate
Next Games leadership team
Management profileNumber of profiles
Profiles9 records
Next Games subsidiaries and ownership
Company hierarchySubsidiaries1 record
Next Games funding detail
Funding detailFunding overview
Funding rounds5 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Next Games M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Next Games
What does Next Games do?
Next Games is a Finnish mobile game studio and Netflix game studio that develops and publishes free-to-play mobile games based on major entertainment franchises. Its portfolio includes The Walking Dead: No Man's Land (tactical RPG), The Walking Dead: Our World (location-based AR), Stranger Things: Puzzle Tales (puzzle game), and Blade Runner: Rogue. Games are monetized through in-app purchases and distributed via Apple App Store, Google Play, and the Netflix platform.
Is Next Games a public or private company?
Next Games is a private company. It is classified as corporate owned and is currently operating.
When was Next Games founded?
Next Games was founded in 2013. It employs 101 to 250 people.
Where is Next Games based?
Next Games is headquartered in Helsinki, Finland, in the Europe region.
How does Next Games make money?
Four revenue lines are on record. In-App Purchases (Free-to-Play) is the primary driver. The others are netflix Subscription Gaming, advertising (Location-Based and Video Ads) and licensed IP-Based Games.
Who are Next Games's main competitors?
Direct peers on record are Scopely, Niantic, Jam City, Kabam, Rovio Entertainment, Ludia and PlaySimple. Broad incumbents are Zynga and DeNA. Night School Studio is listed as an emerging player.
Does Next Games have an API?
No public API is recorded for Next Games.
What industry is Next Games in?
Next Games's product category is Mobile Game Development. Its primary akta.pro industry code is MPAFAAAB, Mobile & F2P Game Studios, with a secondary code of MPAFABAA, Full-Service Game Publishers (1st/2nd/3rd-Party Publishing). Its NAICS code is 7131 and its SIC code is 7990.