Dream Games is one of the biggest mobile gaming success stories of the past five years. Founded in 2019 and based in Istanbul, Dream Games made waves with Royal Match. The puzzle game quickly climbed the revenue charts and built a reputation for high production quality, aggressive user acquisition, and strong monetization.
Despite launching just one globally successful title so far, Dream Games has managed to compete with industry giants like King and Playrix. It’s backed by top investors, valued in the billions, and known for being laser-focused on creating long-lasting, premium mobile experiences.
In this article, we’ll break down Dream Games’ history, ownership, games, and most importantly, its revenue trends up to 2025. Whether you’re tracking industry benchmarks or just curious about how big Royal Match really is, this deep dive has you covered.
About Dream Games
Dream Games is an Istanbul‑based mobile game studio founded in 2019 by five former Peak Games executives: Soner Aydemir (CEO), Ikbal Namlı, Hakan Sağlam, Eren Şengül, and Serdar Yılmaz. Right from the start, the team focused on high‑end puzzle gaming, launching Royal Match in early 2021 after a soft test in mid‑2020.
With a compact team (roughly 80 people in 2021, expanding to about 280 by 2025) the studio prides itself on Pixar‑level polish backed by lean operations.
Since its launch, Royal Match has become a global blockbuster, earning over $3 billion lifetime revenue by late 2024 and generating approximately $1.4 billion in 2024 alone under a freemium model with no ads.
In November 2024, Dream Games rolled out its second title, Royal Kingdom, as a sequel to Royal Match – featuring PvP, ranked play, and a big‑budget marketing rollout with global stars like LeBron James and Shakira.
Dream Games also opened a London office in 2022 to support global expansion alongside its Istanbul HQ.
Who Owns Dream Games?
Dream Games is currently owned by the original five founders and partly owned by CVC Capital Partners.
The initial capital came from top VC firms including Index Ventures, Makers Fund, Balderton Capital, IVP, Kora, and BlackRock.
All early VCs exited in mid‑2025.
In a landmark private equity deal, CVC Capital Partners became Dream Games’ sole equity partner, acquiring the VC stakes. Debt funding for the deal was provided by Blackstone and other investors.
Despite this shift, the five founders remain majority shareholders and continue leading the company.
Key Ownership Snapshot for Investors
- Founders (majority owners): Soner Aydemir, Ikbal Namlı, Hakan Sağlam, Eren Şengül, Serdar Yılmaz
- Private equity partner: CVC Capital Partners (sole equity investor as of May 2025)
- Debt financing backers: Blackstone and others
- Former investors (exited): Index Ventures, Makers Fund, Balderton Capital, IVP, Kora, BlackRock
Why it matters
- Founder control remains strong, meaning strategic vision continuity despite the VC exit.
- CVC is positioned to support global scaling, injecting not only capital but long-term strategic experience.
- Delivered liquidity to early backers, timing is notable given the challenging VC exit environment.
Dream Games Valuation
As of May 2025, Dream Games is valued at $5 billion, following a major private equity transaction led by CVC Capital Partners (MENAbytes, 2025).
This valuation came without issuing new equity. Instead, existing VC investors exited, selling their stakes to CVC. The deal was partly financed with debt from Blackstone and other financiers, marking one of the most high-profile liquidity events in mobile gaming since 2022.
The $5 billion figure puts Dream Games in the same tier as public giants like Playtika and Zynga (pre-acquisition), despite having just two titles: Royal Match and the newly launched Royal Kingdom.
Valuation Growth Timeline
- 2021: $1 billion valuation after a $155M Series B
- 2022: $2.75 billion valuation following a $255M Series C
- 2025: $5 billion valuation via private equity (CVC)
That’s a 5x jump in under four years, and one of the strongest compounding growth stories in mobile gaming post-2020.
Why it matters
- Dream Games is one of the few mobile game companies attracting major PE money, a sign of sustainable profitability.
- The valuation reflects confidence in its long-term model: strong retention, low churn, and aggressive but efficient UA.
- With VC exits complete, the company has more freedom to operate long-term without IPO pressure.
Dream Games Titles
As of 2025, Dream Games has released two mobile games, both in the puzzle genre and set in the same universe.
Royal Match
Released globally in March 2021, Royal Match is a polished match-3 puzzle game centered around the character King Robert. The gameplay combines puzzle-solving with light decoration elements, though it avoids the home-building mechanics found in titles like Homescapes.
The game is known for its high production values, event-driven engagement, and zero ads. With over 370 million downloads worldwide, it’s one of the most downloaded mobile puzzle games of the decade.
Royal Kingdom
Launched in November 2024, Royal Kingdom is a spiritual sequel to Royal Match, expanding the world and adding features like PvP, ranked competitions, and deeper progression systems.
The game got a major global marketing push and surpassed 50 million downloads in its first six months.
Dream Games Revenue (All-Time)
As of 2025, Dream Games has generated over $4 billion in lifetime revenue, making it one of the most successful mobile-first studios globally.
That milestone places Dream Games as the #4 top-grossing mobile game publisher worldwide in 2025, ahead of many legacy studios with much larger portfolios.
Dream Games Revenue by Game
- Royal Match: $3.9 billion
- Royal Kingdom: Over $100 million
The overwhelming majority of revenue comes from Royal Match, which continues to perform as a top-10 grossing game globally, four years after launch. While Royal Kingdom is still new, its first-year performance already signals strong potential for long-term contribution.
Dream Games Revenue by Year (2020 – 2025)
Dream Games launched Royal Match in early 2021, but revenue began flowing in during 2020 through soft launch and regional tests. What follows is a breakdown of the company’s annual revenue performance, year by year, up to 2025.
These figures reflect gross revenue across all titles, with additional commentary starting in 2024 when multiple games entered the portfolio.
2020: $222 million
Even before its global release, Royal Match began monetizing strongly during soft launch, quickly proving its potential. Dream Games used this early traction to fine-tune monetization loops and event cadence, setting the foundation for its breakout year ahead.
2021: $169 million
After the global launch of Royal Match in March 2021, revenue slowed compared to soft launch peaks but remained strong. The game began building its loyal user base through high retention and performance marketing, establishing Dream Games as a rising player in puzzle gaming.
2022: $416 million
This was a major growth year for Dream Games. Royal Match continued climbing the charts, boosted by aggressive UA and consistent LiveOps updates. The company doubled down on content cadence and optimization, pushing it closer to the top 10 grossing mobile games globally.
2023: $956 million
Dream Games more than doubled its revenue in 2023. Royal Match reached peak performance, driven by seasonal events, VIP offers, and increasingly efficient user acquisition. By year’s end, it was firmly established as one of the top five puzzle games globally.
2024: $1.4 billion
Dream Games hit its highest annual revenue yet.
Royal Match remained the primary driver, while Royal Kingdom made a strong debut in Q4. With over $100 million in its first months, Kingdom proved that Dream Games could succeed beyond a single title, helping push the company past the $4 billion lifetime revenue mark.
2025: $1 billion (so far)
Revenue for 2025 is already nearing the billion-dollar mark, with several months still to go. Royal Match continues to deliver consistent returns, while Royal Kingdom is gaining traction with updates and competitive features. Dream Games remains among the top 5 highest-grossing mobile publishers globally this year.
Dream Games Revenue Trends Analysis
From 2020 to 2024, Dream Games showed a clear pattern of rapid growth, going from $222 million to $1.4 billion in just four years. The most significant jump came between 2022 and 2023, when revenue more than doubled thanks to scaling user acquisition and sustained engagement in Royal Match.
In 2025, revenue is already at $1 billion mid-year, but growth appears to be leveling off. Royal Match continues to perform, but it’s no longer in hyper-growth mode. Meanwhile, Royal Kingdom is still building momentum and hasn’t yet reached the scale of its predecessor.
The overall trend suggests Dream Games has moved from a high-growth phase to a more stable, high-performing position. The big question now is where future growth will come from – new titles, expanded monetization, or entering new categories.
Dream Games User Acquisition Strategy
One of the biggest reasons behind Dream Games’ explosive revenue growth is its aggressive and calculated user acquisition (UA) strategy and superb mobile game ads.
Pin-Pulling Ads That Went Viral
Dream Games is widely known for its pin-pulling style ads, also known as fake mobile game ads, which depict dramatic puzzle scenarios where the player saves King Robert from fire, water, or traps by pulling the right pin. These ads became so widespread they helped Royal Match achieve massive reach across Facebook, Instagram, YouTube, and TikTok.
What’s notable is that these mechanics don’t actually exist in the core gameplay. Despite the misleading nature, the ads consistently drove installs, thanks to smart targeting, engaging storytelling, and clean production quality.
This tactic worked. It allowed Dream Games to acquire millions of users at scale and funnel them into a highly polished, retention-optimized game.
Scaling Royal Kingdom with Brand Power
For Royal Kingdom, Dream Games shifted gears. UA campaigns featured celebrity endorsements from LeBron James and Shakira, signaling a move toward brand-driven performance marketing. This was paired with global media buys and localization strategies to hit high-value regions fast.
The strategy worked again. Royal Kingdom surpassed 50 million downloads in under six months, despite launching into a crowded genre with higher CPI.
Retention + Monetization = Long-Term Revenue
Dream Games doesn’t just rely on installs, it focuses on turning those users into high-LTV players. The studio is known for:
- Extremely high production quality
- Minimal bugs or crashes
- Regular seasonal events and updates
- VIP monetization funnels
- No ads, creating a premium experience
This UA + retention engine is a big reason why the company can sustain high revenue without needing to constantly release new titles.
What’s Next for Dream Games?
Dream Games has proven it can build billion-dollar titles with staying power. But with revenue growth beginning to slow in 2025, the next chapter will likely hinge on expanding its portfolio and evolving its game design formula.
Royal Kingdom introduced PvP and ranked play, signaling a push into more competitive, replayable content. That could pave the way for future games in genres like strategy, social casino, or hybrid puzzle formats.
There’s also the potential for new platforms, including web or console adaptations, though Dream Games has stayed mobile-only so far.
Internally, the company is still founder-led and now backed by CVC Capital Partners, giving it flexibility to grow without short-term pressure to exit or IPO. With two proven hits and a strong monetization engine, Dream Games is in a rare position: stable, profitable, and still early in its expansion phase.
The mobile gaming industry will be watching closely to see if it can repeat its success, or reinvent it.
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Data Sources
- MenaBytes, 2015. Turkey’s Dream Games, maker of Royal Match, valued at $5 billion in landmark exit for early backers
- AppMagic, 2025. Dream Games IAP Revenue Data
- Dream Games, 2025. About Us
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