Plarium Global Ltd

What is Plarium?

Plarium is an Israeli game studio founded in 2009 and headquartered in Herzliya, best known for developing and publishing Raid Shadow Legends. It operates as a wholly owned subsidiary of Swedish gaming group MTG AB.

Who owns Plarium?

Plarium is owned by Modern Times Group MTG AB, which acquired it from Aristocrat Leisure in early 2025 for $620 million upfront plus earn-outs. MTG is listed on Nasdaq Stockholm.

Is Plarium a public company?

No. Plarium is privately held as a subsidiary of MTG AB. Its parent company trades publicly on Nasdaq Stockholm.

When was Plarium founded?

Plarium was founded in 2009 in Israel and initially built browser-based strategy games before shifting to mobile.

What games does Plarium make?

Plarium's portfolio includes Raid Shadow Legends, Vikings: War of Clans, Throne: Kingdom at War, Stormfall, Sparta: War of Empires, Soldiers Inc., Mech Arena, and others.

How much revenue does Plarium generate?

Plarium generated $613 million in revenue and $137 million in adjusted EBITDA in the twelve months ending September 2024. Raid Shadow Legends accounts for the large majority of that figure.

Plarium was founded in 2009 in Israel during the browser gaming era, initially building social strategy games for Facebook and its own portal. Its early titles, including Stormfall: Age of War and Soldiers Inc., established the midcore strategy formula it would carry into mobile: deep progression systems, alliance mechanics, and monetization through competitive spending rather than casual play.

The studio shifted to mobile in the mid-2010s with titles such as Vikings: War of Clans, which became a significant revenue driver, but its defining moment came with Raid Shadow Legends in 2018. The game paired production values unusually high for the genre with an influencer and performance marketing campaign so extensive that Raid ads became an internet phenomenon. By the early 2020s Raid was the overwhelming majority of Plarium's revenue.

Aristocrat Leisure, the Australian slot machine and gaming company, acquired Plarium in October 2017 for approximately $500 million, seeking mobile gaming exposure to diversify its casino business. The ownership lasted seven years. In November 2024 Modern Times Group announced it would acquire Plarium for $620 million upfront, plus a $30 million earn-out tied to Raid's 2025 revenue and a stretch earn-out of up to $170 million tied to Plarium's 2028 performance. The deal closed in the first quarter of 2025.

Under MTG, Plarium has retained operational independence with CEO Schraga Mor leading the studio and a senior team of twelve executives. The workforce spans Israel, Poland, Ukraine, and Finland, with the Kharkiv studio continuing to operate through the war in Ukraine. In 2026 Plarium's direct-to-consumer web stores became a strategic priority, with over half of midcore revenue flowing through its own channels rather than Apple and Google.

Plarium's principal independent recognition is commercial rather than formal awards: Raid Shadow Legends' position among the top-grossing mobile RPGs globally and its longevity as an evergreen title are the primary markers of success. The MTG acquisition itself, valued at up to $820 million with earn-outs, serves as third-party validation of the studio's value.

Plarium's most visible controversy is marketing related. The Raid Shadow Legends influencer campaign of 2019 to 2022 was so extensive it became a cultural joke about ad saturation, and critics flagged early ads as unrepresentative of actual gameplay. No regulator took enforcement action, but the campaign is routinely cited in discussions of mobile gaming's advertising excesses.

The studio also faced scrutiny over its operations in Russia and Ukraine. Following the 2022 invasion, Plarium exited Russia and managed layoffs across its Ukrainian offices, including the Kharkiv studio that continued operating through the war. The decisions drew internal criticism but no formal regulatory action.