Case Study

As a top global publishing platform, 37Games is beloved by mobile game players all over the world. The company is among the top five mobile game publishers in China (by revenue), but it also serves the gaming community in South Korea, North America, Europe, and more countries throughout Southeast Asia. The top title in the 37Games portfolio is Trading Legend. This business simulation game lets players trade their way from local shop owners to fully fledged empires in the ancient capital city of Bianliang.

37Games has partnered with Tapjoy on Multi-Reward Cost-Per-Engagement campaigns promoting its numerous titles in various categories since 2020. Due to the high performance of those past MR-CPE campaigns, the company was confident in turning to Tapjoy’s team of mobile experts when it came time to celebrate Trading Legend’s one-year anniversary.


Scale increase (US)


Exceeded ROI (US)


Volume increase (JP)


Exceeded ROI (JP)

Urgent need to increase scale and RoAS in US and JP

While 37Games’ hold on the Chinese market is strong, the company urgently wanted to increase volume and revenue metrics in Japan and the United States. Together, 37Games and Tapjoy created a Multi-Reward Cost-Per-Engagement campaign timed to celebrate the one-year anniversary of Trading Legend in those markets.

Unlocking a dynamic approach to a standard user acquisition campaign

Because 37Games was already familiar with Tapjoy’s excellence around MR-CPE ads, the first step with the anniversary campaign was optimization. By adjusting the event depth and the structure of purchase vs. non-purchase events, 37Games and Tapjoy were able to successfully increase engagement by paying users in particular. A/B testing also supported this optimization phase; by testing out new events and providing users with multiple options, the team was able to identify the best combination of events to drive volume and revenue increases.

Per-app bidding was another critical element of the anniversary campaign. Trading Legend attracted more valuable users by focusing on Multi-Reward CPE placements with a per-app bidding approach.

MR-CPE ads deliver major gains in volume growth and ROAS

The Trading Legend Multi-Reward CPE campaign achieved impressive results for 37Games. Installs in both regions increased sharply and CPI stabilized simultaneously. On Tapjoy, the campaign led to an 40% increase in installs in the United States, representing a higher number of overall users converted through the Multi-Reward CPE ads. In Japan, the campaign led to a 30% increase in paying players of the channel. On top of that, ROAS exceeded the campaign target by 20% in Japan and 30% in the United States. The 37Games team is excited about the growth achieved through this campaign and continues to spread the word across various internal teams and groups about the powerful results Tapjoy’s Multi-Reward CPE ads deliver.

“Tapjoy’s MR-CPE product has powerfully increased scale and improved ROAS for us. We’re looking forward to collaborating with Tapjoy on advertising other games in the future.”

- Estella, Team Lead of Trading Legend

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