After reviewing the full FY24 income statement of The Pokémon Company, I came away not just impressed by the revenue, but fascinated by how diversified and well-integrated their monetization model has become. With total revenue crossing $2.2B and multiple product streams reinforcing each other, Pokémon has mastered the art of turning emotional engagement into economic return.

Here’s my breakdown of their FY24 revenue by segment, how in-app purchases (IAP) function across their digital platforms, and why their flywheel keeps spinning stronger year after year.

FY24 Highlights at a Glance

• Total Revenue: $2.2B (↑22% Y/Y)

• Operating Profit: $568M (↑16% Y/Y)

• Net Profit: $402M (↑13% Y/Y)

• Total Operating Costs: $1.63B (↑25% Y/Y)

Compared to FY23 ($1.8B total revenue), this is a significant leap—driven primarily by trading cards, licensing, and digital experiences.

Revenue Breakdown by Segment

*Estimated adjusted number based on various sources.

How Each Product Monetizes

1. Mobile Gaming – $515.6M

Pokémon’s mobile games are a stable and growing source of revenue. Here’s how IAPs work in key titles:

Pokémon GO (by Niantic):

• Monetized via PokéCoins, which are purchased using real currency

• Players spend coins on:

  • Extra Pokémon storage

  • Incubators for hatching eggs

  • Remote Raid Passes

  • Event tickets (limited-time content access)

• Seasonal and themed events drive recurring spending

Pokémon Masters EX:

• Uses gacha mechanics to unlock sync pairs (characters + Pokémon)

• IAPs fund currency packs (gems) used for pulls

Pokémon Sleep:

• Monetized through premium passes, sleep aid items, and Pokémon biscuits

• A niche but unique monetization model that capitalizes on lifestyle gamification

Pokémon Home:

• Offers paid subscription tiers ($2.99/month)

  • Expands storage to 6,000 Pokémon

  • Adds multiple device access and transfer priority

Pokémon UNITE

• MOBA-style battle game on mobile and Switch

• Monetized via:

  • Battle Pass system with free and premium tiers

  • HoloWear (cosmetic skins for Pokémon)

  • In-game currency (Aeos gems) for items and unlocks

• Emphasizes cosmetic and convenience upgrades, avoiding pay-to-win

Pokémon’s mobile gaming strategy uses a hybrid of subscription models, freemium IAP, and live-ops design to sustain revenue across gameplay styles—from lifestyle gamification (Sleep) to real-time competition (UNITE) and collection-based progress (GO, Masters). Each game monetizes depth of engagement rather than dependency on new users alone.

2. Trading Card Game (TCG) – $687.5M

In FY24, Pokémon printed 11.9 billion cards, up 22.7% from FY23. Here’s how this translates into revenue:

• Physical Sales:

  • Booster packs, trainer boxes, and collector sets sold in retail

  • Special promotions tied to game releases and holidays

• Digital: Pokémon TCG Live / TCG Mobile:

  • Offers in-game purchases of:

    • Booster packs

    • Card sleeves and coins

    • Battle Pass upgrades

  • Physical cards include redeemable codes for digital unlocks, connecting real-world purchases to digital engagement

What makes Pokémon’s TCG model brilliant is how it turns play into collecting—and collecting into competitive deck-building—which sustains repeat purchases.

3. Console Software – $309.4M

The decline from FY23 is due to no new RPG launch (FY23 had Scarlet/Violet). Monetization methods include:

• Base game sales at $59.99

• Expansion passes (DLC) for $34.99 (e.g. The Hidden Treasure of Area Zero)

• Reissues and remakes of classics

• All digital purchases are done through the Nintendo eShop

Nintendo doesn’t rely on microtransactions here—the model is classic premium software—but strong legacy sales and downloadable content still generate significant revenue.

4. Licensing & Merchandise – $550.0M

This segment is powered by Pokémon’s position as a top-10 global licensor, with over $10.8B in worldwide retail sales.

• How TPC earns: Royalties from licensing deals (typically ~10–15%)

• Key partners include: Bandai, Takara Tomy, Uniqlo, McDonald's, etc.

• Merchandise includes:

  • Plush toys

  • Stationery

  • Clothing & accessories

  • Home decor

Pokémon also runs its own retail channel via Pokémon Center stores (online + flagship locations), which feature exclusive, high-margin merchandise.

5. Media, Events & Other – $137.5M

This includes revenue from:

• TV anime syndication/licensing

  • Major networks and streaming platforms (e.g. Netflix)

• Movies and music

  • Box office, DVD/Blu-ray, and digital licensing

• Global tournaments

  • Pokémon World Championships draw thousands of players and spectators

  • Generates income from sponsors, exclusive merch, and brand exposure

While not the biggest contributor in pure revenue terms, this segment is critical for brand equity and funneling fans toward other revenue streams.

My Take: Pokémon Monetizes Emotion, Not Just Transactions

What sets Pokémon apart is how it doesn’t rely on a single hit product. Instead, it runs a flywheel model:

• Games introduce characters and regions → Anime deepens emotional ties

• Anime builds global brand equity → Drives card and merch demand

• Cards drive collectability and competition → Connect back to the games

• Merchandise allows fans to “own” the brand → Amplifies offline presence

• Events and digital platforms create touchpoints year-round

Pokémon’s monetization is cross-platform, multi-generational, and fan-first. And FY24 proves it works.

Sources & Citations

1. GameBiz.jp – FY24 & FY23 Financial Reports:
   https://gamebiz.jp/news/387032
   https://gamebiz.jp/news/369415

2. Nintendo Co., Ltd. Financial Reports
   https://www.nintendo.co.jp/ir/en/

3. License Global – 2023 Top Global Licensors
   https://www.licenseglobal.com/rankings-lists/top-150-leading-licensors

4. SensorTower, PocketGamer.biz – Mobile Revenue Estimates
   https://www.pocketgamer.biz/news/81268/pokemon-go-lifetime-revenue-6bn/

5. Pokémon Official – Pokémon Home Premium Plan Details
   https://home.pokemon.com/en-us/premium/

6. Pokémon TCG Live (Digital Platform)
   https://tcg.pokemon.com/en-us/tcgl/

7. Circana (NPD) – Top Toy IP 2023
   https://www.circana.com/newsroom/top-10-toy-properties/

8. KAI-YOU / Famitsu – Pokémon Card Production & Sales Figures
   https://kai-you.net/article/88731

9. The Pokémon Company – Anime & Event Licensing
   https://corporate.pokemon.co.jp/en/aboutus/