Ludus: Merge Arena Crosses $66 Million in Gross Revenue

While many studios chase fleeting trends, Cyprus-based developer Top App Games Ltd has quietly turned its flagship project into a major live-service earner. The findings were shared by Greek business outlet Newmoney, which reported that the title has now been played by more than 11 million people worldwide after starting as a small soft launch two years ago.

That net figure comes after deducting store commissions and other mandatory expenses from the gross revenue of Ludus: Merge Arena, leaving the creators with $50 million. The mobile PvP strategy game was able to earn this amount in just under three years, having debuted in October 2023. As reported by Top App Games, after deducting store commissions and other mandatory expenses from the gross revenue of Ludus: Merge Arena, they were left with $50 million, while also recording $66 million in gross revenue.

From 25 Launch Heroes to a 100-Character Roster

Top App Games said the game has evolved sharply over that period, growing from 25 heroes at launch to more than 100 today, with each character now able to be built and played in different ways. Top App Games described Ludus: Merge Arena as a real-time PvP strategy game in which players collect, combine and upgrade heroes with unique abilities to build decks capable of defeating opponents around the world.

To keep players engaged over a multi-year run, Top App Games rolled out a series of major structural updates. Top App Games said the expansion has been driven by a series of additions including Clan Wars, Divisions, Hero Perks, player-launched mini-events and Spells, all of which have reshaped the original merge-and-battle format. The studio also pointed to crossover content as part of that growth, including a recent collaboration that brought characters from Corvus Belli’s Warcrow into the game.

Seasonal tournaments, battle passes and event rewards have helped create a competitive but welcoming environment for both casual and serious players. To keep pace with its growing community, the studio regularly rolled out major gameplay features designed to expand choice and competition.

Vladimir Markov, chief executive and studio head of Top App Games Ltd

Markov added that the community played an active role in shaping the final product over the past two years. We soft launched with 25 heroes, and we always knew the game would find its real shape in players’ hands, said Vladimir Markov, chief executive and studio head of Top App Games Ltd. Two years and more than a 100 heroes later, the people who play every day are the ones who built this game with us. Almost every system we have added started with watching how they wanted to compete, Markov added.

Global Player Count and Corporate Backing

Developers also announced that to date, more than 11 million people worldwide have played Ludus: Merge Arena. Previously, they disclosed the game’s statistics in April 2026, when it had reached 10 million downloads. Thus, it took about three months to gather the additional one million.

The company, which was founded in 2024 in Cyprus and is part of Utmost Games holding, said it focuses on mobile strategy titles and combines real-time PvP mechanics with card-based RPG elements. Top App Games said the success of Ludus has helped push the business towards more ambitious projects and global expansion. Utmost Games, the wider holding company, is led by Vladimir Nikolsky and has interests in mobile as well as PC and console studios including Top App Games, Digital Vortex and Mamboo.