Voodoo Reports 20% Growth and Strong Profitability in 2024

News

May 20, 2025

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Voodoo

min read

Paris, May 19, 2025

Voodoo, a leading company in mobile app and game development, announces record annual results, with revenue of €623 million, nearly 20% growth, EBITDA of €135 million, and 950 million downloads in 2024.
Voodoo's portfolio benefits from resilient revenues: with nearly 80% of its income generated by games that have been on the market for over two years, Voodoo combines increased revenue recurrence with extended game lifespans.
The company confirms the success of its strategic shift from "Hyper Casual" mobile games (games with very simple mechanics and easy onboarding) to "Hybrid Casual" games, which are more sophisticated and engaging.
Voodoo is now beginning to diversify into the social app segment, with ongoing development of BeReal, as well as into more ambitious game formats (Casual and Mid-core). Jamble, a live shopping app recently launched, is experiencing strong growth in the United States and represents a significant opportunity for Voodoo.
Finally, Voodoo has earned the confidence of a consortium of leading banks and institutions, resulting in a refinancing of over €175 million.

A Record Year

The year 2024 was marked by €623 million in revenue (+20% compared to 2023) and €135 million in EBITDA (+34%). With 950 million downloads during the year, Voodoo has established itself as a major player in the highly competitive online entertainment market.

The double-digit profitability demonstrates the efficiency of Voodoo’s business model, which stands out in the French tech landscape. Over the past 10 years, the company has evolved from a startup mass-producing minimalist Hyper Casual games into an organization capable of delivering innovative and sophisticated mobile products. In 2024, Hyper Casual games represented only 22% of total revenue (vs. 100% in 2021), reflecting the successful premiumization of its offering.

With more than 800 employees across 14 countries, Voodoo has also been an early success in international expansion: over 50% of its revenue is now generated outside of Europe.

Since the launch of Paper.io, Voodoo’s first hit in 2018, the company now works with over 150 partner studios, reaches 150 million monthly active users, and entertains players in more than 250 countries.

Voodoo’s games have shown strong long-term monetization potential, with nearly 80% of 2024 revenue coming from titles that have been live for more than two years, such as Mob Control, launched in 2021. This level of revenue recurrence reflects the strength of Voodoo’s economic model.

“2024 was a pivotal year for Voodoo. But our ambition goes far beyond: we aim to redefine the future of digital entertainment by relentlessly innovating to create tomorrow’s iconic products” explains Alexandre Yazdi, CEO of Voodoo.

A Diversification Strategy That Is Already Paying Off

Thanks to a strategy built on agility, iteration, and data (the company tests nearly 2,000 prototypes per year), Voodoo has been able to identify and scale the most successful games.

From a handcrafted to an industrialized model, the company has structured its hypergrowth and broadened its scope.

The acquisition of BeReal in June 2024 for €500 million is a key milestone in this diversification strategy. This social network, focused on authenticity and real interactions, strengthens Voodoo’s position in the social app space and supports its international expansion, particularly in the United States and Japan.

An Ambitious Trajectory Confirmed for 2025

Building on its success, Voodoo plans to strengthen its leadership in casual gaming and accelerate its expansion into social media.

"Over the past 10 years, we’ve built a globally recognized game portfolio and extremely resilient IPs, which ensure the long-term sustainability of our revenue” says Alexandre Yazdi, CEO of Voodoo. “This gives us the confidence and resources needed to build the next generation of mobile games and social apps, by increasing both the quality of execution and our ambition,” he adds.

Refinancing Completed in the First Half of 2025

In April 2025, Voodoo secured over €175 million in financing from a consortium of top-tier banking and institutional partners.

The refinancing of its existing debt highlights both the strength of its business model and the renewed confidence of its financial partners. It reinforces Voodoo’s strategic flexibility, supported by strong operating cash flow generation.

About Voodoo

Founded in 2013, Voodoo is a tech company specializing in mobile games and app development, driven by a clear mission: to entertain the world. With nearly 800 employees, the company has accumulated over 8 billion downloads and gathers more than 150 million active users every month.

Voodoo is currently the fifth-largest mobile publisher worldwide by download volume, behind giants such as Google, Meta, Tencent, and ByteDance.