Hero Wars statistics 2026: Revenue, players & game facts

Hero Wars generated $404 million in revenue. Lifetime bookings crossed $2.5 billion.

By LEVVVEL TeamUpdated
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Nexters
Nexters

Hero Wars is the flagship franchise of Nexters, a mobile gaming RPG studio owned by GDEV Inc. (Nasdaq: GDEV). The franchise spans two titles — Hero Wars: Alliance (mobile/web) and Hero Wars: Dominion Era (PC/web) — and has accumulated $2.5 billion+ in lifetime bookings across its portfolio. In 2025, the Hero Wars franchise generated $325 million in bookings, accounting for 93% of GDEV’s total revenue. The game has 5.4 million monthly active users and 736,000 daily active users.. For broader market context, see our video game industry statistics.

Hero Wars key statistics

  • $404 million — GDEV total revenue in 2025.
  • $351 million — GDEV total bookings in 2025 (down 13% from $404M in 2024).
  • $325 million — Hero Wars franchise bookings in 2025 (93% of GDEV total).
  • $2.5 billion+ — GDEV cumulative all-time bookings as of December 31, 2025 (SEC 20-F).
  • $2.0 billion — Hero Wars cumulative bookings crossed this mark by end of 2024 (SEC 20-F).
  • 5.4 million monthly active users for Hero Wars in 2025 (SEC 20-F).
  • 736,000 daily active users for Hero Wars in 2025 (SEC 20-F).
  • 550 million+ total installs across GDEV’s full franchise portfolio (2025, SEC 20-F).

Hero Wars revenue

Hero Wars generated $325 million in bookings in 2025 — 93% of GDEV’s total

Source: SEC filings

  • Hero Wars bookings in 2025: $325.1 million — down 11% from 2024.
  • GDEV total bookings in 2025: $351 million (down 13% YoY from $404M in 2024).
  • GDEV total revenue in 2025: $404 million (down 4% from $421M in 2024).
  • GDEV net profit in 2025: $69 million — up dramatically from $26M in 2024, driven by a 24% cut in marketing spend.
  • Adjusted EBITDA 2025: $79 million — up 87% from $42M in 2024.
Metric20252024Change
GDEV Revenue$404M$421M-4%
GDEV Bookings$351M$404M-13%
Hero Wars Bookings$325M~$364M-11%
Net Profit$69M$26M+165%
Adjusted EBITDA$79M$42M+87%

The 2025 picture is nuanced: revenue and bookings are declining, but profitability has surged sharply because GDEV slashed marketing spend by $50 million (24% reduction). The company is harvesting its existing player base rather than aggressively acquiring new ones.

Hero Wars lifetime bookings crossed $2.0 billion by end of 2024 and $2.5 billion by end of 2025

Source: SEC filings

  • “As of December 31, 2024, Hero Wars cumulative all-time Bookings crossed the $2.0 billion mark.” (SEC 20-F direct quote).
  • GDEV cumulative all-time bookings: $2.5 billion+ across the full portfolio as of December 31, 2025 (SEC 20-F).

Hero Wars players

Hero Wars has 5.4 million monthly active users and 736,000 daily active users

Source: SEC filings

  • Monthly Active Users (2025 average): 5.4 million (SEC 20-F).
  • Daily Active Users (2025): 736,000 — down 7% from 791,000 in 2024.
  • Monthly Paying Users (2025 average): 281,000 — down 18% from 342,000 in 2024.
  • ABPPU (Average Bookings Per Paying User per month): $111.30 in 2025 vs $117.50 in 2024.
  • Monthly Payer Conversion rate: 3.3% in 2025 (i.e. 3.3% of MAUs pay monthly).

The high ABPPU ($111/month per paying user) explains how Hero Wars sustains $325M in annual bookings with only 281,000 monthly paying users — a small, high-spending core audience. This is the “whale-driven” monetisation model common to midcore mobile RPGs.

Hero Wars platform and geography

60% mobile, 40% desktop — US is the largest market at 33%

Source: SEC filings

  • Platform split (2025 bookings): 60% mobile, 40% desktop (including web and social platforms).
  • Geographic split (2025 bookings):
    • United States: 33%
    • Europe: 33%
    • Asia: 19%
    • Other: 15%
  • Former Soviet Union markets account for approximately 8% of bookings in 2025 — down significantly from prior years.

Hero Wars is unusual among mobile games in deriving 40% of bookings from desktop/web — notably via Facebook and direct web platforms. This explains why the game is heavily advertised on desktop platforms despite being primarily known as a mobile title.

Hero Wars franchise overview

Hero Wars comprises two distinct products:

  • Hero Wars: Alliance (iOS, Android, Facebook) — original mobile/social title.
  • Hero Wars: Dominion Era (PC web, Steam) — separate PC-focused version.

Both titles run as live-service games with ongoing updates. They share IP but have separate economies and progression systems.

GDEV company overview

  • GDEV Inc. (Nasdaq: GDEV) is the Nasdaq-listed parent company.
  • Nexters is the primary studio within GDEV responsible for Hero Wars.
  • GDEV has studios in Armenia, Kazakhstan, Portugal, Lithuania, and Cyprus.
  • GDEV’s portfolio beyond Hero Wars includes Pixel Gun 3D and Island Hoppers, which together account for ~7% of bookings.
  • Hero Wars generates 93% of GDEV’s total revenue — making it one of the most single-title-dependent public gaming companies.

Hero Wars historical milestones