MTG revenue flat in Q3 as D2C hits 42% of sales
Mobile Games Top (MTG) reported flat year-on-year revenue of SEK 2.99bn ($308m) in Q3 2026, but the company’s strategic pivot toward direct-to-consumer sales continues to accelerate. D2C revenue now represents 42% of total revenue, up from 38% in Q2 and 26% a year earlier, reflecting MTG’s deliberate shift away from platform-mediated sales channels.
The growth is even more pronounced within Playamp, MTG’s midcore gaming division, where D2C sales account for 55% of revenue—a dramatic increase from 33% in the prior year. This acceleration underscores the broader industry trend of publishers seeking to capture greater value directly from players rather than sharing revenue with platform holders like Apple and Google.
However, the outlook faces significant headwinds from platform policy changes. Google’s newly implemented fees on external payment links, which began affecting Android players in the US on October 1, are expected to erode some of the cost advantages previously afforded by D2C channels. These platform fees directly compress margins that made the D2C shift economically attractive in the first place.
Despite these pressures, MTG management has already incorporated the expected impact of Google’s new billing rules into its full-year margin guidance. While overall revenue remains flat, the company continues to prioritize D2C expansion as a strategic priority, though the evolving platform economics present an ongoing challenge to the model’s profitability.