Garena's user base increased significantly in 2024

Garena, a gaming unit of Sea Limited, has shown signs of recovery in 2024, with its user base increasing from 529 million to 618 million quarterly active users. The company reported a 19% rise in bookings and a 30% increase in adjusted EBITDA. Despite its success, Garena relies heavily on its flagship game, Freefire, which has over 100 million daily active users. This dependence raises concerns about potential revenue declines if user interest wanes or if new games are not developed. Garena is expanding its presence in markets like Africa and India, where user growth is strong. The company is also localizing content to engage users better. Garena expects to see double-digit growth in user base and bookings in 2025.