How Does Call of Duty Make Money? Exploring Its Revenue Streams

To give you a short introduction to Call of Duty, let’s just list several of its world records: 

• the best-selling first-person shooter game series
• the most successful video game franchise created in the United States
• the second best-selling video game franchise of all time

The game is so well made that real-life soldiers admitted they used it to improve hand-eye coordination and tactical thinking. For us as a game dev company, this is an exciting case in game development and monetization design.

The story of Call of Duty starts in 2003, when the first game, a first-person shooter set in World War II, was released. Since then, many have wondered, how much money has Call of Duty made over the years? We’re here to tell you all that is known about the game financial side.

A Brief Overview of Call of Duty Franchise

History and Evolution of Call of Duty

The first episode, called just Call of Duty, was made by Infinity Ward and sold by Activision. The game was a big hit, liked by critics and players. It scored 91 on Metacritic and got Game of the Year at the 2004 Interactive Achievement Awards.

Since then, new titles have been released regularly. Looking back at over 30 titles that appeared in the last 20 years, we can trace Call of Duty’s curious evolution. First editions followed the World War II theme and later moved to modern-time war conflicts (Call of Duty 4: Modern Warfare 2007), futuristic settings (Black Ops II and Ghosts, 2012 and 2013), and Cold War era (Black Ops Cold War (2020).

With every new edition, the games developed cinematic storytelling. Inspired by popular war movies, the creators of Call of Duty tried to make the gaming experience similar to the film, and with advances in technology, this became increasingly prominent. Black Ops II introduced branching storylines with multiple endings affected by player choices to the franchise.

From 2007 on, Call of Duty advanced the multiplayer mode. Black Ops 4, released in 2018, was so focused on multiplayer that it removed the single-player campaign. That edition introduced Blackout, the series’ first battle royale mode.

The first free-to-play game in the series was Call of Duty Online, which was only out in China in 2015. In the rest of the world, CoD wasn’t free until 2020 when Call of Duty: Warzone showed up and became one of the best battle royale games of the time.

As with every big franchise, Call of Duty has more and less successful titles. The developers are not afraid to experiment with different aspects of the game while maintaining a consistent trademark of the series and committing to delivering top-quality results.

Key Titles and Their Impact on Revenue

The very first edition of Call of Duty, released in 2003, was a commercial success, with 4,5 million copies sold, but new records were set regularly in the franchise. Nowadays, since the revenue comes not just from direct sales but from other sources, it’s hard to have precise data in dollars, so let’s look at the number of copies sold.

The 2010 Call of Duty: Black Ops has sold over 31 million copies. It was the first edition set in the Cold War era and the first to introduce a zombie game mode (cooperative survival mode).

Some titles in the series reached exceptional numbers. Call of Duty: Modern Warfare 3 (2011), Modern Warfare (2019), and Black Ops Cold War (2020) each sold more than 30 million copies, which made them the franchise’s biggest successes.

The last episode of Call of Duty, Black Ops 6, came out in October 2024. It was called the biggest Call of Duty ever by the head of Microsoft, Satya Nadella. It set a record for day one players and Game Pass subscriber adds on launch day. It performed over 60% better in sales than the previous year’s release, Call of Duty: Modern Warfare III.

With new complex payment systems, like subscriptions and passes, sales are not as easy to count as they used to be, but the fact that Call of Duty manages to stay on top of the charts after more than 20 years of presence and surprise players with its new release in 2024 is clear.

How Much Money Does Call of Duty Make?

In 2022, it was announced that CoD money had gone past $30 billion from 2003. In October 2024, Activision Blizzard reported that the Call of Duty series had sold 500 million. We can guess that by 2024, the franchise made at least $33 billion in money, based on this and how well the latest one did.

Here is data on revenue generated by the mobile version of the game. The numbers fluctuate month by month, but there is no general tendency to decline or strong growth.

Looking at monthly downloads between 2019 and 2024, the launch year stands out. In 2019, downloads were far higher than in 2023 or 2024. That doesn’t mean revenue followed the same pattern. Since Call of Duty: Mobile is free to play, downloads alone are only part of the story. The real money comes later, through in-game purchases and seasonal content.

Revenue Streams for Call of Duty

Direct Game Sales

When the game was launched in 2003, direct sales became a core driver of Call of Duty revenue. Despite changes in monetization trends throughout the years, the game’s new releases have always sold well. In 2019, the new title Modern Warfare brought over $600 million in revenue in the first three days after release.

The price of the Call of Duty edition ranges from $60 to $100. For dedicated fans, Collector’s editions are sold, including extras like bonus maps, collectibles, or in-game content.

In-game Purchases

In-game currency first appeared in 2010 with Call of Duty: Black Ops. At the time, COD Points were part of the game’s internal economy but weren’t tied to real money. That changed in 2012, when Black Ops II introduced microtransactions. Players could now pay for personalization packs, maps, weapons, and other downloadable content.

The catalog of purchasable items grew even further in 2014 with the arrival of “Supply Drops,” or loot boxes. These were sets of random rewards, sold without revealing their contents in advance. By 2015, Black Ops III pushed the system to the forefront of progression. Supply Drops began including rare and powerful weapons, and the only way to unlock them was through loot boxes.

In the following years, these items became increasingly important in the gameplay, which caused a lot of criticism. People felt that the system was shifting to pay-to-win, a strategy that wasn’t appreciated by many fans. What’s more, Supply Drops even were prohibited in some countries like Belgium and the Netherlands because they were similar to gambling.

As a result, Supply Drops were phased out, even though they had been highly profitable. In-game purchases, however, remain central to the franchise’s business model. In October 2024 alone, Call of Duty: Mobile brought in around 22.65 million dollars from in-app purchases. Since launch, the mobile title has generated an estimated 1.7 billion dollars from in-game spending, proving that microtransactions continue to be one of the biggest revenue drivers for the series.

Battle Pass System

When Fortnite and Dota2 proved the success of battle passes, Call of Duty quickly caught up. In 2019, Call of Duty: Modern Warfare introduced a new kind of progression system. Instead of buying cosmetic items directly, players purchased a battle pass and unlocked rewards step by step through gameplay. Each skin, emblem, or weapon blueprint had to be earned, which made the grind feel more rewarding, challenging, and ultimately more fun to play.

Esports

The competitive scene grew in a similar way. In 2013, Activision and Xbox hosted the first official Call of Duty Championship with a $1 million prize pool, marking the franchise’s entry into esports. By 2015, the Call of Duty World League was launched and quickly established the game as a serious presence in the global competitive arena.

The modern version of CWL is called Call of Duty League, or CDL. Launched in 2020, the League had buy-in fees of about $25 million per team. Teams representing big cities play in 5v5 multiplayer mode. CDL follows a seasonal structure connected with many online and offline events.

However, in 2024, they decided to change the politics, canceled the fees, and introduced a two-year minimum revenue guarantee for the teams, thus providing more support and building a basis for a strong eSports league.

The growing CDL helps increase the franchise’s earnings. eSports events bring additional revenue from sponsorships, media rights, merchandise sales, ticket sales, and online streams.

Advertising and Sponsorships

Call of Duty started its history of big brand partnerships in 2009 when Modern Warfare 2 introduced promotional campaigns with Mountain Dew and Doritos offering promotional codes on their products.

Later, with the diversification of revenue streams, new partnership opportunities were opened. With the growth of microtransactions, bundles of downloadable content were created as crossovers with brands like Attack on Titan and Terminator. eSports events always attract big corporate sponsors. Call of Duty League was sponsored by Mountain Dew, Game Fuel, and Scuf Gaming.

Factors Contributing to Call of Duty’s Financial Success

Regular Updates and New Content

When many game series release new add-ons and packs every month, and others work for a decade to release a new masterpiece bestseller, Call of Duty has found a golden middle that works just fine. They keep their releases timely and accurate every year. With such a schedule, they can afford the risk of some episodes that don’t succeed and recover the following year. At the same time, seasonal packs and special DLC items are added throughout the year to support the subscription system.

Launched in 2003, Call of Duty hasn’t missed a year without release since 2005. That regularity is challenging to maintain in a turbulent gaming world, but it makes subscription revenue work well. When people know there will be a big release once a year, they know it’s worth paying regularly.

Regular updates and new content have kept the player base engaged. This strategic approach to releases maintains player interest and ensures that Call of Duty’s profit remains robust, even in a highly competitive market.

Diversity of modes

Like many best-selling titles, Call of Duty embraced the multiplayer experience and leveraged it to the fullest. There is also a battle royale and zombies mode, with a strong sub-community. For those who prefer single-player campaigns, Call of Duty is a great option, too. Cross-platform availability adds to the versatility of the game.

Community and eSports

Like all long-playing franchises, the game has a big fanbase of people who would buy every new release as well as subscriptions and merchandise. The Call of Duty team fosters community-building by integrating voice chats, Discord, friends lists, and other elements into the gameplay. There are many events that cement the community, such as in-game live events, double XP weekends, and special challenges.

Call of Duty League is also a strong boost to the community. Since its establishment in 2020, CDL hasn’t yet grown to millions of viewers like other eSports events. Yet, it has a solid fanbase and sets a place for CoD in the serious world of eSports.

Want to Develop a Game Like Call of Duty?

The secret to Call of Duty’s success is hard work and top-quality results. That’s why you need not only a professional and innovative team but also a dedicated one that can deliver results on time. At Kevuru, we have experience working with major AAA titles like Fortnite and Star Wars. Our 3D artists can create game art in a cinematic style like modern Call of Duty. Here is an example from our portfolio.

Contact us if you’re looking for a team of experienced professionals who can apply the latest innovations to the product and deliver the project on time.

Summary

Call of Duty didn’t get so big by inventing a new genre, revolutionary monetization system, or some groundbreaking innovation. The most important secret of their success is that they release top-quality games and do it regularly. Along with this, they are open to new trends in gaming and adopt them when they have proved to be efficient, as with the multiplayer mode or subscription system.

That’s why Call of Duty’s path of success is open to everyone willing to work hard and keep their standards high consistently. This strategy fits perfectly with Kevuru Games’ values. If you feel this way, too, learn more about our company, and let’s see if we match.