Mynet Games, a core subsidiary of Tokyo-based Mynet Inc., reported a 130.1% jump in ordinary profit to ¥1.201 billion ($8.1 million) for fiscal year 2024 ending in December, despite virtually flat sales.
The company, which specializes in acquiring and revitalizing existing game titles from developers, saw its final profit surge 119.1% to ¥1.198 billion ($8.08 million) while sales dipped slightly by 0.3% to ¥8.235 billion ($55.5 million).
This impressive profit growth comes as Japan’s overall mobile gaming market faces headwinds, with total market revenue declining approximately 17% in the first half of 2024 according to industry data, largely due to pressures from the weakening yen.
Mynet Games maintains strong business relationships with major Japanese gaming companies, with Bushiroad accounting for 19.25% of its sales, followed by DeNA at 14.1% and Sega at 12.4%. The company’s secondary gaming business model focuses on purchasing existing game titles, redesigning them, and implementing cost reduction and sales expansion measures to create profitable structures.
