No wonder that revenues from social network games and services was the fastest-growing revenue segment for Mail.ru Group last year, the Russian social games market more than doubled to $200 million in 2011. The Russian market for social games is expected to reach $340 million in 2012.
One of the leading social and mobile gaming companies from Russia, Game Insight revealed its 2011 revenue number at Sociality Rocks! 2012 event in Moscow this week. Game Insight CEO, Alisa Chumachenko said revenues reached $50 million in 2011. The company aims to generate revenues of $150 million in 2012.
Founded in late 2009, Game Insight operates 14 game development studios. It publishes fifteen social games, six iOS and six Android game titles. Its social game titles include Resort World, Big Business, Cooking Mania, Life Story, MyCorp. and First Aid. Its mobile game titles include Paradise Island, Mystery Manor, Airport City, My Country, My Clinic and Crime Story.
According to Forbes.ru, Game Insight has been funded by Igor Matsanyuk, who sold a major stake in MMO games company Astrum Online to Mail.ru/DST before its IPO and then cashed-out at IPO of Mail.ru Group.
While major U.S. social gaming companies such as 6waves Lolapps seek to set up publishing operations in Russia, its Russian rivals head in opposite direction. Game Insight is opening a game publishing office in San Francisco.
See a list of top web startup CEOs in Russia.