Playstudios posts third-quarter revenue rise
Social casino operator Playstudios has reported a third-quarter revenue rise of $70.6 million, compared to $69.7 million during the third quarter of 2020. This year’s results were driven by increases in daily payer conversion and spending per player partially offset by the lift attributable to the stay-at-home restrictions that were in place during the third quarter of 2020.
For the nine months ended September 30, 2021, revenue grew 4.7% to $215.5 million compared to $205.9 million during the same period in 2020.
Net income was $11.2 million during the third quarter of 2021, compared to net income of $5.1 million during the third quarter of 2020. Net income was $10.1 million during the nine months ended September 30, 2021, compared to net income of $23.6 million during the same period in 2020.
Andrew Pascal, Chief Executive Officer of PLAYSTUDIOS, commented, “Third quarter results reflect our continuing efforts to seed our growth for the long term. Our investments in our playAWARDS platform, the growth of our myVIP loyalty program, and the expansion of our game portfolio will continue to position us as the leaders in Rewarded Play. As the economy continues to emerge from the pandemic, we remain encouraged by our loyalty program engagement and activity. During the quarter, the number of rewards purchased increased 169% year-over-year and 27% sequentially, while the retail value of the purchases for the quarter was over $37 million, approaching pre-pandemic levels.”
He further added, “We continue to believe in our growth strategy, and remain focused on servicing our existing players, expanding our game portfolio, and evolving our playAWARDS platform. Our conviction is rooted in the response we receive every time we introduce new features, live operations content, and playAWARDS partners. For this reason we remain intensely focused on expanding our development capacity along with introducing new games, both of which will enable us to enhance our performance and further demonstrate the playAWARDS “Loyalty Lift.”