NetEase reported that Marvel Rivals had more than 40 million registered users as of February 20, 2025. The separate $2.9 billion figure is NetEase’s Q4 2024 net revenue from games and related value-added services—not revenue attributed to Marvel Rivals.
What does the 40 million figure mean?
In its February 20, 2025 earnings release, NetEase said Marvel Rivals had surpassed 40 million registered users. The company also said the game passed 10 million registered users within 72 hours of its December 6, 2024 launch. These are publisher-reported registration milestones, not counts of players active at a particular time. NetEase did not provide an active-player or concurrent-player figure with the 40 million milestone. NetEase’s Q4 and fiscal 2024 earnings release
Did Marvel Rivals make $2.9 billion?
No. NetEase reported RMB21.2 billion, or US$2.9 billion, in Q4 2024 net revenue for its company-wide games and related value-added services segment. That figure covers the segment, not Marvel Rivals alone; the release does not state how much revenue the game generated.
NetEase reported total company net revenue of RMB26.7 billion, or US$3.7 billion, for the quarter. The release labels the figures unaudited and provides the US-dollar equivalents for convenience; NetEase says percentage changes are calculated based on RMB. NetEase’s Q4 and fiscal 2024 earnings release
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How do the quarterly and annual figures compare?
The quarterly and fiscal-year figures cover different periods. In both comparisons below, revenue is NetEase-reported net revenue, and the dollar equivalents are those given in its February 20, 2025 release.
| Period and scope | 2023 | 2024 | Change reported by NetEase |
|---|---|---|---|
| Q4 games and related value-added services | Not stated in the cited release | RMB21.2 billion (US$2.9 billion) | Up 1.5% year over year |
| Q4 total company | Not stated in the cited release | RMB26.7 billion (US$3.7 billion) | Down 1.4% year over year |
| Fiscal-year games and related value-added services | RMB81.6 billion | RMB83.6 billion (US$11.5 billion) | Up from 2023 |
| Fiscal-year total company | RMB103.5 billion | RMB105.3 billion (US$14.4 billion) | Up from 2023 |
NetEase’s release gives the Q4 year-over-year percentage changes and the two fiscal-year RMB values; it does not state Q4 2023 revenue values in the cited figures. The US-dollar amounts are NetEase’s equivalents, not independently calculated exchange rates. NetEase’s Q4 and fiscal 2024 earnings release
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What kind of game is Marvel Rivals?
NetEase Games and Marvel Games announced Marvel Rivals on March 27, 2024 as a cooperative, team-based PvP shooter. Their announcement described 6v6 action featuring Marvel heroes and villains, team-up skills, destructible environments, and seasonal additions of characters and maps. Those are descriptions from the official announcement, not independent gameplay findings. NetEase and Marvel Games’ announcement
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How NetEase described its 2024 games business
In the earnings release, NetEase CEO and director William Ding said, “We boldly pushed the boundaries of innovation once again in 2024, delivering groundbreaking gaming experiences that captivated players worldwide,” as part of his prepared corporate statement. The quote is the company’s characterization of its year, not a specific financial result for Marvel Rivals. NetEase’s Q4 and fiscal 2024 earnings release
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