Emerging Markets Growth

While participation rates tumble in the U.S. and Canada, Mexico continues to grow 0.5-1.0 points each year

Mobile gaming participation is up 11 points since the pandemic

Console and PC gaming participation both increased by 2 points since the pandemic

Mexico's PC/Console gaming market is up a third since 2020

Mexico's mobile gaming market has nearly doubled since 2020

Mexico now ranks 10th globally in gaming market size

Mexico beats the former #10 (Italy) by over 10%

Brazil boasts a leading and durably high participation rate with 73-80% of those age 16+ playing regularly

Mobile gaming is the dominant platform in Brazil, consistently maintaining 40-50% participation

Brazil's gaming participation has shown remarkable stability and growth from 2016-2025

Brazil's PC/Console market has averaged over 6% annual growth over the last three years

Brazil's mobile gaming market has averaged 7% annual growth over the last three years

By some estimates, Brazil is now a top 10 market globally

Unlike many of its European peers, Spanish participation rates have continued to grow across all device platforms, and faster since the pandemic

Spanish PC/Console spend grew nearly 50% from 2020 to 2024

Spanish PC/Console spend increased by $450MM per year from 2020 to 2024

Spanish Mobile gaming spend grew 27% from 2020 to 2024

Spanish Mobile gaming spend increased by $135MM from 2020 to 2024

More players continue to come online across Southeast Asia and the Middle East & North Africa

Overall player participation rates in Southeast Asia and MENA tend to lead the world

There are not just 'more' players in Southeast Asia and the Middle East & North Africa, there's also a lot more revenue and growth.

Garena's Free Fire has over 650 million quarterly players, about 9.5% of whom pay ~$12 per quarter (thus the average user is only $0.40 a month), totaling roughly $3B per year

Garena only reports QAUs, not MAUs or DAUs