April 2026 Gaming Data Update: Mobile Is Moving

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April 2026 Gaming Data Update: Mobile Is Moving

TD SECURITIES (USA) LLC INDUSTRY UPDATE

May 15, 2026

■Media: Video Games April 2026 Gaming Data Update: Mobile Is

■Media: Entertainment

Moving

Doug Creutz, CFA THE TD COWEN INSIGHT

415 646 7225

Our April video game data checks suggest that Playtika is having another strong quarter, while

douglas.creutz@tdsecurities.com

Roblox's user trends continue to be challenging. TTWO remains our top overall pick; we also

Mei Lun Quach, CFA think PLTK looks very interesting at current levels given what we believe to be an inflection in

415 646 7342 revenue trends.

meilun.quach@tdsecurities.com

Industry View: Mobile Had a Really Strong Q1; Tempering Console Expectations

We believe U.S. mobile game spending grew +14% y/y in Q1, comfortably above our

expectations, based on reported results at public companies. Note that our model does at

least attempt to incorporate the impact of what are rapidly growing DTC businesses across

the industry. We now expect +10% y/y growth in U.S. mobile game spending for 2026. On the

other hand, we are reducing our 2026 console global software/services spending estimate

from +7% y/y to +1% y/y based on (1) the impact of the recent price cut to Xbox Game Pass and

(2) the apparent lack of a tentpole title in Nintendo's 2026 slate.

Roblox: Engagement Trends Remain Below Historical Norms

Our Q1 Roblox bookings projection of $1.60B (-7% q/q, +12% y/y) is towards the top end

of management's Q2 guidance range and in line with our (recently) published estimate.

Engagement trends remain below historical norms; April ACUs declined -4% m/m vs. an

average decline of -1% m/m over the prior four years. We expect another -5% m/m decline

in May vs. an average of -1% m/m over the past four years. We think current company FY