The number of VK Play accounts increased by almost 30% over the year. However, MAU dropped by 1.7 million
Yesterday, on March 20, VK Corporation published its annual report for 2024. According to the report, the company is facing significant challenges—it ended the reporting period with a loss and considerable debt. Additionally, its gaming division is losing its audience.
Key figures from VK's report for last year include:
- revenue — 147.6 billion rubles;
- adjusted EBITDA — negative 4.9 billion rubles;
- net loss — 94.9 billion rubles;
- net debt — 174 billion rubles.
We are particularly interested in the state of the gaming division, VK Play. Unfortunately, there is no detailed breakdown for it. It is part of the "Ecosystem Services and Other Directions" segment, which also includes Mail Clouds, RuStore, smart devices, and "other ecosystem services." Despite having revenue of 24.6 billion, the segment ended negatively: its adjusted EBITDA was negative 1.8 billion rubles.
From the published data, it can be concluded that VK Play specifically is not performing well either. Although the number of accounts grew by a third last year, it lost its monthly audience.
By the end of 2024, VK Play had 49.4 million registered accounts, while the average monthly audience for the project in the fourth quarter of 2024 was 14.7 million users.
For comparison, at the end of 2023, VK Play had 38.5 million registered accounts, but the average monthly audience for the project in the fourth quarter of 2023 was at the level of 16.4 million users.
