Apart from the impressive revenue growth, the most surprising factor for us has been the shift in the trajectory of marketing expenditures. We would like to note that in recent years, the company has reduced user acquisition costs around April-May, due to rising seasonal CPI, and returned to increasing marketing budgets at the turn of the 3rd and 4th quarter.
Currently, despite being in a period of seasonally unfavorable market conditions, the company continues to increase user acquisition investments simultaneously maintaining consistent expected returns. Further improvement of KPIs of this application contributed to such conditions.
Part of this improvement can be attributed to the content path and further growth in LTV, but significant changes have also taken place in terms of feature development, mechanics, and game economy optimization. Keeping this in mind, we expect that around the turn of 3Q/4Q'23, due to the seasonal decline in CPI, the impact of the changes made in this application will be even more noticeable in the company's results. The most significant changes regarding 'Unsolved' are still ahead of us.
Work is underway on a new metagame, which should significantly translate into an improvement of the application's KPIs. We assume that regardless of the form of its implementation ('Unsolved 2.0' or an update to the current version), it should have a similar overall economic effect. We anticipate the initial results of these changes around 2H'24.
