Playstudios released its fourth quarter and full year 2021 results, showing a 12% year-over-year increase in net revenue to $71.9 million for the fourth quarter and full year revenue. of $287.4 million.
The fourth quarter also showed an increase in shopping activity of 79%, with the retail value of dollar purchases increasing by 137%.
Net income for the fourth quarter of 2021 was $0.6 million compared to the net loss of $10.8 million recorded in the fourth quarter of 2020. Additionally, adjusted EBITDA was $12 million. dollars, an increase from the previous total of $8.8 million in the fourth quarter of 2020.
In addition to full-year net revenue of $287.4 million, an increase of 7% over 2020, net income fell from 2020, totaling $10.7 million from 12.8 million dollars in 2020.
Adjusted EBITDA for the full year was $39.5 million, down from $58 million a year earlier. This decrease is believed to reflect costs associated with ongoing investments and other expenses related to the launch of new games in early 2021.
Andrew Pascal, CEO of Playstudio, commented: “This past year has been a transformational one for our business. We went public, introduced three new games, and expanded our family of myVIP rewards partners. In doing so, we have strengthened our position as a leader in award-winning gaming and positioned the business for future growth.
“Everyone is dealing with the complexity and growing costs of consumer acquisition. This highlights the importance of retaining your existing audience, which plays to our strengths. The unique challenges of today’s marketplace intensify the problem that our loyalty platform model solves, and it’s why we remain so optimistic about our opportunity and so committed to our strategy.
Recent business highlights have included securing exclusive worldwide rights (excluding China) to the Tetris franchise for mobile devices, after which the company added the free-to-play Tetris mobile game and Tetris Beat Apple Arcade experience to its portfolio.
On top of that, Playstudios has seen a big expansion in 2021. Geographically, thanks to its new operations in Hanoi, Vietnam, Belgrade and Serbia; as well as digitally with the new social casino app, MGM Slots Live.