Capcom’s Q1 report: revenue falls 32.5% to $192 million, profits almost halve, 97% of game sales come from back catalog

Monster Hunter World: Iceborn

Financial highlights

• According to its earnings release, Capcom reached ¥29.6 billion ($192.6 million) in revenue in the first quarter, down 32.5% year-over-year.
• Operating income fell 46.4% year-over-year to ¥12.9 billion ($84 million), while net income fell 45.1% to ¥9.97 billion ($65 million).
• Digital Contents (video games) division reached ¥21.4 billion ($139.2 million) in revenue, down 44% compared to Q1 2023.
• Despite a 38% decrease, digital sales remained the main distribution channel with ¥17.8 billion ($115.8 million). Physical sales fell 73% to ¥2.4 billion ($15.6 million), while mobile revenue grew 150% to ¥1 billion ($6.5 million).

• Capcom attributed the decline in business metrics to a lack of new major releases, with titles like Monster Hunter Wilds scheduled for the second half of the year. For comparison, the company launched Street Fighter 6 in June 2023, which contributed to its growth during that period.
• The Japanese publisher still plans to set new financial records by the end of the current fiscal year ending March 31, 2025. Capcom expects its full-year revenue and operating profit to reach ¥165 billion ($1 billion) and ¥64 billion ($416 million), respectively.

Best-selling Capcom games in Q1 2024

In Q1, Capcom sold 9.53 million copies of games, down 29.4% year-over-year. Back catalog accounted for 97.1% of the total, while sales of new titles reached 274k units.

PC accounted for 52% of the total, followed by console (41%) and mobile (7%).

• Monster Hunter: World — 998k copies (lifetime sales — 26.3 million), including the Iceborne Master Edition
• Monster Hunter World: Iceborn — 819k copies (lifetime sales — 13.4 million)
• Monster Hunter Rise — 725k copies (lifetime sales — 15.4 million)
• Monster Hunter Rise: Sunbreak — 672k copies (lifetime sales — 8.4 million)
• Resident Evil 4 remake — 483k copies (lifetime sales — 7.6 million), including the Gold Edtion
• Street Fighter 6 — 469k copies (lifetime sales — 3.7 million)
• Dragon’s Dogma 2 — 461k copies (lifetime sales — 3 million)

Updates on Capcom’s best-selling franchises

• Resident Evil — 160 million copies (+3 million in the quarter)
• Monster Hunter — 103 million copies (+3 million)
• Street Fighter — 55 million copies (+1 million)
• Mega Man — 42 million copies (+1 million)
• Devil May Cry — 32 million copies (+1 million)
• Dead Rising — 17 million copies (+1 million)
• Dragon’s Dogma 2 — 12 million copies (+1 million)

Capcom noted that Resident Evil Village became the fastest game in the series to reach 10 million units sold — three years after its launch.