The number of VK Play accounts increased by nearly 30% over the year. However, the MAU dropped by 1.7 million
Yesterday, on March 20, VK Corporation released its annual report for 2024. According to the report, the company is facing significant challenges—ending the reporting period at a loss and with substantial debt. Additionally, its gaming division is losing its audience.
Key figures from VK's report for the past year:
- revenue — 147.6 billion rubles;
- adjusted EBITDA — minus 4.9 billion rubles;
- net loss — 94.9 billion rubles;
- net debt — 174 billion rubles.
However, we are naturally most interested in the state of the gaming division — VK Play. Unfortunately, there is no detailed breakdown for it. It is included in the "Ecosystem Services and Other Directions" segment, which also includes "Mail Clouds," RuStore, smart devices, and "other ecosystem services." Despite having a revenue of 24.6 billion, the segment ended in the red: its adjusted EBITDA is minus 1.8 billion rubles.
The published data suggests that specifically, the VK Play platform is not doing very well. Even though it increased its account base by a third over the past year, it lost monthly active users.
By the end of 2024, VK Play had 49.4 million registered accounts, and the average monthly audience during the fourth quarter of 2024 was 14.7 million users.
For comparison, by the end of 2023, VK Play had 38.5 million registered accounts, but the average monthly audience during the fourth quarter of 2023 was at the level of 16.4 million users.
