How Studios Grow Up Through Their Numbers

When I look back on the studios I’ve worked with, the same story keeps showing up.

A team is excited, the game is performing, but the financial signals aren’t lining up. Sometimes it’s a missed runway forecast, sometimes a blind spot in scenario planning. Those are the moments that shape whether a studio survives or scales.

Every studio grows up through its numbers.

In the beginning, it’s all about the product. You’re glued to DAU curves, retention rates, and ARPDAU. Those signals tell you if players are hooked and if the game has a chance.

But as the studio grows, the questions shift. Suddenly it’s not just about is the game fun? but can we afford to keep building like this?

That’s when financial metrics start to matter. And making that shift isn’t always easy.

Early Stage -> Product First

In the early days, investors expect scrappiness. Product metrics are the clearest proof of life. But the blindside is believing those signals alone will carry you through the next stage. They won’t.

Growth Stage -> Financial Discipline

When headcount and spend go up, so does the need for financial clarity. This is where I’ve seen many studios stumble.

Runway, burn efficiency, and gross margin might not be glamorous, but they tell you whether you can fund the next launch or expansion. Scenario planning is the unsung hero here because one change in UA costs can completely reshape the year.

Scaling stage -> Both sides of the story

By the time you’re raising bigger rounds or going global, product metrics and financial metrics have to work together.

Investors are looking for signals like:

• Cash runway - do you have time to execute?

• Burn multiple - is your growth efficient?

• Forecast reliability - can we trust your next 12 months?

But here’s the thing: strong numbers aren’t enough on their own.

Storytelling matters

Numbers tell you what. Storytelling shows why it matters.

Saying “Our burn rate is $800k/month” is fine. But saying “We have 14 months of runway, enough to launch the next title and be investor-ready by Q3 next year”, that lands differently. It builds trust.

Studios rarely fail because of creativity. They stumble when their financial story isn’t clear, aligned, or credible.

Making the shift from product signals, to financial discipline, to storytelling - that's what separates the studios that survive from the ones that truly scale.

I’ll be sharing more on this theme at Pocket Gamer Connects Helsinki on October 7. If you’ll be there, I’d love to connect. And if not, I hope these insights help you think differently about the financial side of scaling.

Figures: Strategic CFO services and financial storytelling for growing studios.