Identity V is NetEase’s take on the asymmetrical horror genre, where one player hunts and four try to survive. Since its release in 2018, the game has grown into one of the biggest multiplayer horror titles on mobile, thanks to its gothic style, tense gameplay, and steady flow of updates. Players are drawn to its mix of teamwork, strategy, and suspense, while its monetization model has turned it into a major earner for NetEase.
In this article, we’ll look at what Identity V is, who made it, when it came out, how many people play it, its downloads, revenue, and how it makes money.
What Is Identity V?
Identity V is an asymmetrical multiplayer horror game where one player becomes the Hunter and four others play as Survivors. The Survivors must work together to decode cipher machines that power up the exit gates, while the Hunter’s goal is to catch them and stop their escape.
The game is a mix stealth, teamwork, and strategy.
Survivors need to hide, rescue teammates, and make smart use of the environment. Hunters, on the other hand, use their unique skills to track and capture. Matches are tense, fast-paced, and often unpredictable, which is a big part of the game’s appeal.
What also makes Identity V stand out is its gothic art style and dark storytelling.
Characters look eerie and stylized, and the game world is filled with creepy, atmospheric settings. There’s also lore built into the game, giving it more depth than just the matches themselves.
Identity V Platforms
Identity V is available on iOS, Android, and PC.
Most people play on mobile, but the PC version lets players enjoy the same experience on a bigger screen. Cross-play ensures that players on different devices can still join the same matches.
Who Made Identity V?
The game was developed and published by NetEase Games, one of China’s biggest game companies. NetEase is known for making large-scale online games and mobile hits, but Identity V was its first real step into the survival horror genre.
It’s often compared to Dead by Daylight, and that’s not by accident. NetEase worked with Behaviour Interactive, the creators of Dead by Daylight, during development.
When Did Identity V Come Out?
Identity V was first released in China on April 2, 2018. The global version came a few months later: it launched on iOS on July 5, 2018 and on Android on July 11, 2018. The PC version followed soon after.
How Many People Play Identity V? 2025 Player Count
Even years after launch, Identity V still has a large and active community and is one of the most played games.
The game has managed to hold onto its audience thanks to regular updates, new characters, and seasonal events that keep matches fresh and competitive.
Identity V Daily Active Users 2025
On average, around 1 million people play Identity V every day in 2025 (AppMagic, 2025). That’s a strong figure for an asymmetrical horror game, especially when compared to other midcore mobile games that often struggle to maintain daily activity over time.
Identity V Monthly Active Users 2025
The game currently has about 8 million monthly active users (AppMagic, 2025). This shows that Identity V is thriving, with millions of players logging in throughout each month.
The steady engagement proves that its mix of horror gameplay, team dynamics, and ongoing content continues to resonate with fans worldwide.
How Many Downloads Does Identity V Have?
Since its release in 2018, Identity V has been downloaded more than 100 million times worldwide (AppMagic, 2025). That puts it among the biggest mobile horror titles ever released.
The majority of these downloads — about 54% — come from China, which isn’t surprising given that the game was first launched there and NetEase is a Chinese developer. Still, the fact that nearly half of its installs are from outside China shows how well Identity V has expanded into international markets, especially in Asia, North America, and Europe.
Identity V Revenue Stats 2025
Identity V has been a strong commercial success for NetEase, proving that asymmetrical horror can work at scale on mobile. Even seven years after release, the game continues to generate impressive revenue.
All-Time Revenue
Since launch, Identity V has earned more than $860 million (AppMagic, 2025). That makes it one of the top-grossing mobile games.
Its biggest markets are China (44%), Japan (38%), and the United States (9%), which together make up the majority of spending. This distribution highlights how the game resonates not just in its home market but also in Japan, where horror and competitive multiplayer genres have deep appeal.
Monthly Revenue
On a monthly basis, Identity V brings in between $10 million and $20 million (AppMagic, 2025).
Revenue tends to fluctuate depending on new events, skins, or collaborations, but the ability to stay in that range years after launch shows how well the game keeps players engaged and willing to spend.
How Does Identity V Earn Money?
Identity V uses a free-to-play model with multiple monetization layers built around characters, cosmetics, and premium currency.
The game is designed so that players can enjoy matches without paying, but spending speeds up progression and unlocks exclusive content.
Premium Currency
The main premium currency is Echoes, which players buy with real money. Echoes can be used to purchase new characters, cosmetics, or draw in gacha-style events. Other in-game currencies like Clues, Fragments, and Inspirations can be earned through play, but Echoes remain the fastest way to access top content.
Character Unlocks
Survivors and Hunters are the heart of the game, and while many can be unlocked by playing, some require premium purchases.
Limited-time characters, or those introduced during collaborations, often drive spending as players rush to get them before they disappear.
Cosmetics and Skins
Cosmetics are the biggest revenue driver. Identity V regularly introduces skins, accessories, and visual effects that let players personalize their Survivors and Hunters. Rare and event-exclusive skins are especially sought after, with players spending Echoes to secure them.
Gacha System
The game includes a gacha draw mechanic tied to Inspirations and Echoes. Players can pull for rare skins, accessories, or limited crossover items. Like most gacha systems, this creates excitement and FOMO, encouraging players to spend more for a chance at rare cosmetics.
Limited-Time Events and Collaborations
NetEase frequently runs events with exclusive bundles or crossover skins (for example, with popular anime or other games). These events drive spikes in revenue, as players don’t want to miss out on limited content.
Progression Boosts
While the game is not strictly pay-to-win, spending can make progression smoother.
Players can buy resources like Clues or Fragments, which help unlock characters or cosmetics faster. Ranked play and clan activities add social pressure, making premium purchases more appealing.
Final Thoughts
Identity V has proven that asymmetrical horror can thrive on mobile. With over 100 million downloads, millions of active players, and close to a billion dollars in revenue, it stands as one of NetEase’s most successful titles.
The game’s mix of eerie atmosphere, unique gameplay, and frequent content updates has kept it relevant long after its 2018 launch. While cosmetics and gacha-style monetization have drawn some criticism, they’ve also fueled the game’s long-term growth and allowed NetEase to keep expanding it with new characters, events, and collaborations.
Seven years on, Identity V remains a case study in how to build and sustain a multiplayer horror game on mobile, not just as a one-time hit, but as a lasting franchise with a dedicated global audience.
Data Source
- AppMagic, 2025. App Data
- Wikipedia, 2025. Identity V Overview
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