Ludus: Merge Arena passes $50 million in net revenue after two years
Top App Games says Ludus: Merge Arena has topped $50 million in net revenue, with live events, PvP changes and steady progression keeping the merge-RPG climbing.
Ludus: Merge Arena crossed $50 million in net revenue after two years, while Top App Games put gross revenue at $66 million. For a mobile strategy RPG built on merge mechanics, roster growth and live events, that scale says the core loop is still pulling players back.
The climb was visible long before the latest milestone. By Nov. 11, 2024, Ludus had passed £2 million in monthly revenue and 3 million installs. On March 12, 2025, it had moved beyond 5 million players and was generating more than $3 million a month, and Top App Games said the game posted a 74.6% year-over-year revenue increase as it launched in Vietnam to push deeper into Southeast Asia.
Live operations stayed central through 2025 and 2026. By Dec. 17, 2025, the game had surpassed 8 million installs worldwide after a year of new events and partnerships. On April 30, 2026, Top App Games said Ludus had crossed 10 million downloads worldwide and unveiled Divisions, a major new in-game system that replaced the old Leagues structure and added promotion and demotion tiers, giving PvP progression a sharper ladder.
The $50 million mark also lands after Top App Games secured a $10 million investment in December 2024 to support Ludus: Merge Arena and new titles. The Cyprus studio, which operates under Utmost Games, has kept the game on a steady growth track under CEO Vladimir Markov and chief business development officer Diana Korkina, and the latest revenue milestone shows how far a well-tuned merge-strategy loop can go when collection, progression and competitive resets keep feeding the same audience.
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