Modern Times Group

What Modern Times Group does

Modern Times Group MTG AB is a Stockholm-headquartered international gaming group listed on Nasdaq Stockholm (MTGA, MTGB), founded in 1987 and reorganized as a pure-play mobile gaming company after divesting its ESL Gaming esports business for $1.05 billion in May 2022. The group operates as a portfolio of seven gaming studios organized into two segments: the Midcore District (InnoGames in Germany, Hutch in the UK, Ninja Kiwi in New Zealand, Snowprint, Plarium in Israel, and Futureplay), focused on strategy, racing, and tower defense genres; and the Casual District (PlaySimple in India/Singapore), focused on word games and puzzles. Key franchises include RAID: Shadow Legends, Forge of Empires, Top Drives, Bloons, and CrossWord Jam.

The core technology stack is mobile-first with cross-platform distribution through Apple App Store, Google Play, and third-party platforms, monetized via a freemium model combining in-app purchases (primary), advertising, and platform revenue share. The 'Gaming Village' concept retains founder-led studio culture while sharing operational support, capital, and analytics across the portfolio. Revenue scaled significantly with the November 2024 acquisition of Plarium for $620 million from Aristocrat Leisure, pushing 2025 reported revenue to roughly SEK 12.6 billion.

The business serves end consumers (mobile gamers globally) rather than enterprise customers, with no named B2B clients. GTM is product-led through app stores, supplemented by Capital Markets Day events in Stockholm (2022, 2025) for investor communications. The acquisition engine has been central to growth: PlaySimple ($360M in 2021), Ninja Kiwi (SEK 1.6B in 2021), Hutch (2020), InnoGames (majority stake increased to 68% in 2020), Snowprint (2023), and Plarium (2024). The April 2026 PlaySimple IPO filing in Mumbai (~$350M valuation) represents a structural shift for the Casual District while maintaining MTG majority ownership.

Name

Modern Times Group

Legal name

Modern Times Group MTG AB

Website

http://www.mtg.com/

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Modern Times Group is a Stockholm-listed international mobile gaming group operating a portfolio of seven studios across casual and midcore genres, with key franchises including RAID: Shadow Legends, Forge of Empires, Top Drives, Bloons, and CrossWord Jam, serving hundreds of millions of global mobile gamers through freemium in-app purchase and advertising models.

Ownership category

akta.pro rank

Product category

Mobile Gaming

akta.pro primary industry

Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)

akta.pro secondary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

Keywords

• Mobile gaming
• Casual games
• Midcore games
• Game publishing
• Mobile entertainment

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices8 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. In-app purchases: Players make purchases within games for virtual goods, upgrades, and premium content. Primary monetization mechanism for freemium mobile games.
2. Advertising: Revenue generated from displaying ads to players within games and on third-party distribution platforms.
3. Third-party distribution platform revenue share: Revenue share arrangements with app stores and platform distributors for game distribution.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

MTG is an international gaming group that owns and operates seven gaming studios developing, publishing, and operating mobile-first games across casual and midcore genres. The company distributes games globally through mobile app stores and third-party platforms, generating revenue primarily through in-app purchases and in-game advertising.

Product overview

MTG is an international mobile-first gaming group structured as a portfolio of gaming studios organized into two main segments: the Midcore District (InnoGames, Hutch, Ninja Kiwi, Snowprint, Plarium, Futureplay) focusing on strategy, racing, and tower defense games, and the Casual District (PlaySimple) focused on word games and puzzles. The company generates revenues through in-app purchases, advertising, and third-party distribution platforms. Key game titles include RAID: Shadow Legends, Forge of Empires, Top Drives, Bloons, CrossWord Jam, and WordTrip.

Differentiator

Problem solved

Functional benefit

Brands

• Midcore District: Gaming portfolio segment comprising mid-core gaming studios including InnoGames, Hutch, Ninja Kiwi, Snowprint, Plarium, and Futureplay
• Casual District
• Gaming Village

Products and services

• RAID: Shadow Legends

Quantifiable outcome

• PlaySimple achieved 144% revenue growth in 2020 to $83 million
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Plarium Global LtdcoreStrategic or Co-development Partner · 1 November 2024Game development company acquired from Aristocrat Leisure (Pixel United) for $620 million initial payment plus additional performance-based payments. Consolidates midcore gaming titles into MTG.
• PlaySimplecoreStrategic or Co-development Partner · 1 July 2021Indian word game developer acquired by MTG for $360 million (up to $510 million with performance-based earn-out). Bangalore-based company with rapid growth and 144% revenue increase in 2020.
• Ninja Kiwi LimitedcoreStrategic or Co-development Partner · 1 March 2021Auckland-based gaming studio acquired by MTG in March 2021 for approximately SEK 1,623 million. Adds a portfolio of tower defense games including Bloons to MTG's assets.

Scale indicators10 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Scopely: Direct mobile gaming peer with comparable midcore portfolio (Stumble Guys, MONOPOLY GO!) and IAP-driven revenue model. Recently acquired by Savvy Games Group, positioning it as a well-capitalized competitor in midcore mobile.
• Stillfront Group: Swedish-listed mobile/online gaming group with similar serial-acquisition strategy and portfolio of live-operated casual/midcore titles. Closest strategic comp by structure (multiple-studio roll-up, public-market acquirer) and geography (Nordic).
• Supercell: Mobile midcore gaming peer (Clash of Clans, Clash Royale) with similar hit-franchise strategy and freemium IAP model. Competes for global midcore mobile gaming market share against MTG's Plarium and InnoGames.
• Rovio Entertainment (SEGA): Direct mobile gaming peer (Angry Birds franchise) with comparable casual mobile portfolio, freemium model, and global distribution through app stores. Now owned by SEGA but operates as a comparable mobile-first studio.
• King Digital Entertainment (Activision Blizzard): Direct peer in mobile casual gaming, anchored by Candy Crush franchise with global reach. Similar freemium IAP model, app-store dependency, and user-acquisition dynamics as MTG's Casual District (PlaySimple).
• Playtika: Direct peer in mobile midcore/casual gaming with comparable revenue model (IAP-driven, app-store distributed). Competes with MTG's Midcore District (Plarium RAID: Shadow Legends) for midcore gamer wallets and UA inventory.
• Zynga (Take-Two Interactive): Direct mobile gaming peer with comparable casual and midcore portfolio (Words With Friends, CSR Racing, Empires & Puzzles). Now owned by Take-Two Interactive, competes for the same mobile gamer audience and distribution channels as MTG's studios.
• Miniclip: Direct mobile/casual gaming peer with comparable casual portfolio (8 Ball Pool, Golf Battle) and global freemium distribution. Operates similar studio-acquisition growth playbook to MTG's Gaming Village.

Broad incumbents

• Embracer Group: Broader gaming group pursuing aggressive M&A-driven growth across PC, console, and mobile. Comparable in acquisition-led strategy and capital intensity, though more diversified across gaming segments than MTG's mobile focus.

Regional players

• SciPlay (Light & Wonder): Mobile casual/social casino gaming peer with comparable live-ops model, freemium mechanics, and app-store distribution. Compares to MTG's casual and Plarium's social-RPG titles in user monetization dynamics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mtgab
• Facebookfacebook.com/MTGAB
• LinkedInlinkedin.com/company/modern-times-group-mtg

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A14 records

Investments22 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Modern Times Group