Contest of Champions 2025 Q3 earnings report

Presented without editorializing, the 2025 Q3 (July-September) Netmarble/MCOC Earnings results:

Netmarble generated revenue of 696b in KRW for the fiscal quarter, of which Marvel Contest of Champions accounted for 7%. This equates to 48.72b in KRW, or $33,811,680 in USD based on 11/6/25 posted conversion rate of 0.000694.

The 7% share is equal to the Netmarble games Jackpot World, Lotsa Slots and Cash Frenzy.
MCOC Q3 earnings are down 24.6% Quarter to Quarter (2025Q2-Q3) and down 5.92% Year over Year (2024Q3 to 2025Q3). It is down 60% from the Q3 (and entire history of Netmarble reporting) high mark of 2020, where it accounted for 15% of 642.3b KRW, or $86,325,120 (est) USD (historical conversion of report date of 11/20). It is the lowest reported quarter since 2024Q1, where it accounted for 8% of 585.4b KRW. However, depending on conversion methods, the $33,811,680 (est) for 2025Q3 is lower than the $34,327,856.00 (est) historical conversion rate of 2024Q1, potentially making this the lowest grossing quarter in MCOC Netmarble history.

Overall 2025 YTD earnings are up 1% from same timeframe 2024.

Source: https://company.netmarble.com/en/invest/library
conversion: https://www.x-rates.com/average/

I'd post the master spreadsheet I upkeep but nah.

Enjoy Summoners Fest!

Comments

Herbal_Taxman

My favorite posts, well done analyst summoner.

Ever see anything in their filings about the terms or duration of their agreement with Marvel / Disney?

If Im running gaming or licensing for Marvel, I’m was looking at the rest of the netmarble portfolio and wondering if I’m in business with the right guys…

ahmynuts

Damn. Arise fell off

MakaveliThizzle

You sure are right, Herbal.

Like, am I the only one who is surprised on how little Kabam makes?

And how it's all really reflective of how poorly the company is run?

GroundedWisdom

https://forums.playcontestofchampions.com/en/discussion/comment/2896229#Comment_2896229

If you detest them that much, why are you still here? I've seen you spread vitriol and conspiracy in every comment, and it stands to reason, if you're that miserable, why don't you just live your life? Honest question.

Demonzfyre

https://forums.playcontestofchampions.com/en/discussion/comment/2896229#Comment_2896229

The United States is generally the largest spending base. The economy is steadily going down here in the states. There's a ton of uncertainties plus now a govt shutdown (which did not impact q3 earnings).

I am not sure what you think a well run company looks like but MCOC has been around now for 11 years and still competes with other games out there. How much do you think Kabam (actually netmarble since they are the owners of Kabam) should make or be making?

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896230#Comment_2896230

Honestly, it goes to my worldview, my politics.

To begin, I started this game during a difficult time in life. It was something of a security blanket, which turned out to be a security blanket more traumatic than the issues I was facing at the time. Nevertheless, I am emotionally and economically invested in the game, stuck like so many others. And although Kabam once agreed to refund every dime to get me out of their hair, in typical Kabam fashion, they welched.

Continuing on, I truly like the game. Big Marvel fan, always liked fighting games growing up. So, there is a component of "romanticizing the past." But, unfortunately, this game is administered atrociously.

Politically, I'm quite far left. Accordingly, I loathe corrupt institutions and bureaucracies, such as Kabam. And I truly enjoy being a thorn in their side. I also find it satisfying to complete content by Kabam, knowing I succeeded when they rigged their AI, rigged their crystals, rigged their BG's, rigged everything to create false disadvantages for us. It's always fun to win, but it's extra special to do so against Kabam.

As for why I am here on the forums in particular, I'm considering filing a suit against Kabam pro se. And I am here to document every questionable and potentially illegal thing they do. And I post, saying slightly inflammatory things, in hopes to get them to slip.

And they know this. That's why they don't ban me. That's why they don't respond to me. That's why they turn off my posts, so they get buried in the back pages.

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896236#Comment_2896236

Economy is predicted to go down, as it always is. Same happened with inflation, COVID. But for all intents and purposes, we kept chugging along. But I agree the shutdown, if it is to continue, will knock a rather large hole into GDP.

But, I mean, 34 million in revenues? 10 million a month?

It's a Mortal Kombat rip off, which should make money. They also have Marvel licensing rights, and many films have made a billion dollars.

It's an international game.

They say there's around 100,000 players. Of course, that isn't true. But if it were, it seems Kabam can only get their players to spend $100 a month? When they have a $1,000 sale every three months?

10 million a month with all the advantages they have is really… lackluster? At least, I think so.

GroundedWisdom

What lawsuit would that be, and what proof do you have?

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896241#Comment_2896241

Oh, GW, if you think I am going to spill EVERYTHING to you - A Kabam employee - you are sadly mistaken.

😉

GroundedWisdom

https://forums.playcontestofchampions.com/en/discussion/comment/2896242#Comment_2896242

I'm not a Kabam employee, and I can prove that in a court of law.

Can you prove you have a case against their ToS?

GroundedWisdom

Anyway, I'll move on to respect the OP's Thread.

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896243#Comment_2896243

Don't need a court. Just your bank statements. Besides, I'm sure you're classified incorrectly for tax and liability purposes.

And, yeah, I got 'em. 😊

But yeah, let's get back to OP. Have a great weekend, Everyone!

JollyHawk

https://forums.playcontestofchampions.com/en/discussion/comment/2896247#Comment_2896247

You're a special kind of stupid.

GroundedWisdom

The self-righteousness is astounding.

I'm going to take this rare occasion and suggest something on a personal level.

Get help. Seek professional help.

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896252#Comment_2896252

Still waiting on that addy!

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896253#Comment_2896253

GW, I wouldn't expect you to understand righteousness, so I take that as a compliment.

Joker1976

How can it be that MCOC forums is actually more entertaining than the game itself?😅

NoahSansman

https://forums.playcontestofchampions.com/en/discussion/comment/2896237#Comment_2896237

What in the trauma dump? Man listen, Kabam doesn't respond to you not because they're scared you'll sue them, but because you aren't saying anything constructive that is worth a response.

TotemCorruption

Thanks for the post OP.

I'm interested in looking at these numbers just for curiosity sake.

I will just say however it is pretty weird to see some commenters celebrate what they perceive to be the downfall of a game they clearly spend a large portion of their free time engaging with.

Like for me, if I play a specific game routinely, I want it to succeed. And if I don't play it, I really don't care whether it succeeds or fails.

Joker1976

https://forums.playcontestofchampions.com/en/discussion/comment/2896267#Comment_2896267

honestly,..i think everyone who plays it wants the game to succeed.

Everyone can state economic struggles and there is some validity to that,..though the economy wasn’t hot 💩 when Covid went down and shortly afterwards,..and that was the industries peak with sales.

I think some look at this as justification for listening to your customers and player base.

I could list a whole bunch of example such as paywalling champs and continuous performance issues with the game,…but here’s one example:

“Adaptive EQ”,..restricting and boring monthly content that a big chunk of the player base despises.

Kabams response “we will add options for different difficulty levels”…oh yeah,..when?

Sounds like a bunch of smoke and mirrors to me,.,are they waiting for their precious data to come in? 😂..instead of fixing the the job they did butchering EQ?,..a game node that at one point was easily accessible and not very restrictive to all 🤷‍♂️

Idk,..maybe they should start listening to their customers,…🤔,..that could possibly help.

BringPopcorn

Lol I think its funny a Marvel game with most likely a pretty damn expensive license from Marvel brings in the same revenue a Slot machine game brings.. 🤣

Demonzfyre

https://forums.playcontestofchampions.com/en/discussion/comment/2896240#Comment_2896240

There are more than 100,000 active players. Not sure where or who you heard that from. There was only 2 ish big spending events in the last 3 quarters. They're down because there hasn't been that much excitement and there's been problems.

You're also completely underestimating what big spenders put into this game. Sales are down everywhere because of what's happening in the United States. Tariffs are making everyone be hesitant about making frivolous purchases. 10mil a month is extremely respectable for an 11yr old game that everyone keeps saying is dying every month.

Good luck on your lawsuit. Good luck going against Kabams ToS and their lawyers. But if I was going to sue someone, I wouldn't be talking about it like you are.

Anyway, have the day you deserve.

TotemCorruption

https://forums.playcontestofchampions.com/en/discussion/comment/2896276#Comment_2896276

I mean we can each pick out our own specific complaints about the game and say "Kabam is struggling because they don't listen to the players."

But the players don't all agree on every specific issue. And a lot of times the biggest splits are between what the big spenders want and what the other players want.

I assume it's not easy. A few years ago many people at Kabam were laid off and Crashed was tasked with saving the game, and he succeeded. But of course almost everyone on the forum thinks they're smarted than Crashed or know how to run a gacha mobile game despite having zero experience doing that job.

Anyway, that's what forums are for, so it's not like I think it's weird for everyone to offer opinions.

For me personally there are a couple of issues with the game that are making me question both my spending and engagement as a whole. But I don't work for Kabam, I don't have access to their data or their logistical capabilities. All I can do is decide for myself if the game isn't worth it for me because of the issues that bother me.

peixemacaco

https://forums.playcontestofchampions.com/en/discussion/comment/2896247#Comment_2896247

No.

You dont have any case against Kabam.

Only complains about modders

Live healthy out of Forums without this anger and hate against Kabam while you still play their game.

Thanks Kabam 🥳

Joker1976

https://forums.playcontestofchampions.com/en/discussion/comment/2896297#Comment_2896297

Fair points,..and well said.

I don’t doubt there are different wants from the player base,..and i don’t disagree that it isn’t easy pleasing everyone at all the player levels of this game.

I just feel that the game is moving in a direction that is more restrictive and there needs to be a place for casual interactive game play (not just arenas).

EQ was my example because after the change (which is quite restrictive and mind numbingly boring and unnecessary…imo),..what’s left besides arenas?

I just don’t think it’s healthy for the game.

Kabam could have made EQ : fun/ not restricting/ reasonable and engaging,..but imo chose a different path.

There is lots of challenging time consuming content already out there and more frequently (as of late),.,introduced.

EQ is not remotely the place for it,..and it was their mistake to make that miscalculation.

There needs to be more “casual” places in the game for people who log in just for that,..and who also may spend.

It’s an important business practice to serve all your customers imo, not just one end of that spectrum

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896262#Comment_2896262

He asked. I figured that as much as we go back and forth, I'd speak to him like an adult.

The response is not as critical for me. They rarely respond to anyone, constructive or not. But the lack of a ban is interesting. Also turning off my posts, yet not banning? Legal was definitely consulted.

Or, maybe they're just giving up after the lowest grossing quarter in MCOC/NM history?

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896291#Comment_2896291

Thanks, Demon.

There’s not 100,000 players playing this game. Basic math and realm events demonstrate such. It’s 20,000 people at best, and they’re counting abandoned and bot accounts for their prospectus.

I’m not greatly interested in discussing macroeconomics. But you’re trying to hold up a game’s abysmal numbers on the US economy. There’s no indication a recession has begun, and I’m sure the shutdown will be cleared soon, infusing empty pockets with payments. In the meantime, it’s extremely confusing you’re selling on the American economy, yet buying on Kabam.

10 million for any decade-long, established business in the tech sector is beyond underwhelming.

I thank you for your sarcastic well-wishes. May you be as caddy with another male adult in public, and get what you deserve as well.

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896297#Comment_2896297

The whales are going to do what they do best. They’re going to ask for exclusivity, privilege, and their interests met first.

That’s why we’re moving to R5’s after 9 months.

But I think, generally, we all just want a functioning game. Communication. Some confidence as consumers.

And, I think, the only reason we and the whales differ on that is because they inherently receive such. So, it’s not a focus for them

MakaveliThizzle

https://forums.playcontestofchampions.com/en/discussion/comment/2896318#Comment_2896318

Fam, you’re an utter imbecile. And you can’t even play.

This is the first and last time I acknowledge you.

Do the same.

Demonzfyre

https://forums.playcontestofchampions.com/en/discussion/comment/2896331#Comment_2896331

lol. You a full blown idiot. Lol.