Hi I'm James. This post is part of foundation works for my Free Fire coverage and it's also published on yuinausicaa.com July 5, 2020. Hope you find Free Fire Series & Others interesting 😀 Now I've found Notion is such a great tool to collect information and make them easier to navigate so I put most the material here. Maybe I should create a new page for these notes after the series actually becomes a coverage. I can be reached via james.yeh@yncm-rs.com 😊

<aside> 💡 This note tries to understand the traction of Free Fire. Generally, I would start with metrics which are more top of funnel such as downloads, number of active users, conversion, number of paying users or even engagement metrics. However, I was triggered by a Sensor Tower blog post the other day which mentioned Garena Free Fire revenue in 1H2020. I was confused by my back of the envelop growth rate calculation because I only had some rough ideas on how well Garena Free Fire performed financially before putting together this post. The confusion probably came from that there're few financial metrics available in the market - revenue from third party analytics, Non-GAAP adjusted revenue from Sea's Digital Entertainment, and GAAP revenue from Sea's Digital Entertainment. It seems I encountered some difficulties when collecting those data to understand Garena Fire Fire financial performance. This post shows the traction of price-driving metric - adjusted revenue and digs out the history of a parameter which is key to determine Garena Free Fire adjusted revenue but not being disclosed anymore.


Official Numbers

Announcement from Sea Limited

As of the end of October 2019, Free Fire had recorded a total cumulative adjusted revenue of over US$1 billion since launch.

6-K Reports Third Quarter 2019 Results on November 12, 2019

Estimation: Free Fire's Contribution to Adjusted Revenue in Sea's Digital Entertainment (DE)

Basic Info

1st Attempt to Estimate Garena Free Fire Adjusted Revenue Contribution

Filing Walk-Through to Gather Additional Info



20-F FY 2019 ended 12/31/19

20-F FY 2019 ended 12/31/19

20-F FY 2019 ended 12/31/19

20-F FY 2019 ended 12/31/19

Third Party Analytics - Senor Tower

Cross Check with Official Data