Phantasy Star Online 2 NA Is Sega's #1 F2P Title and Earned $14M Between April - June

Phantasy Star Online 2 in North America has been a financial success for Sega so far. It's still far too early to tell if the game will generate meaningful revenues in the West, but in Sega's last earnings report (April-June 2020), the North American version of the game was the #1 highest grossing game in Sega's Free to Play category:

Phantasy Star Online 2's English version has generated 1.5B Yen so far (~$14M) according to the company's earnings report. In the image below 'Titles released in FY 2021/3' refers to the second quarter of 2020 and PSO2 was the only major free to play launch in the quarter, so this figure refers almost exclusively to PSO2. The only other F2P launch for Sega in the quarter was Sonic at the Olympic Games Tokyo 2020, which received almost no mention in the company's earning report, so almost all of the F2P revenue from titles released this last quarter can be attributed to PSO2 NA.

This table can be a bit confusing because the release dates are based on calendar year, but financial reporting for SEGA is done on their own Fiscal Year. The table below shows that SEGA's free to play game launches this last quarter did 1.5B Yen in sales:

We also have an idea of what Sega expects their free to play games expect to earn for the full year, but we can't attribute this entire 13.5B Yen (~$128M) figure to PSO2, as its inclusive of all free to play games launched this year, but I suspect the vast majority of this 13.5B Yen would come from PSO2 in North America, especially since the game's PC launch has been incredibly strong and the game is averaging 12,500 players on Steam alone.

Keep in mind that the PC version of PSO2 launched on May 27, 2020, so it was only out for about 1 month of the quarter, so next quarter should be even better!

Source: SEGA FY 2021 Q1 Earnings Report

Free to Play is a big part of Sega's gaming business. It generated 10.4B in sales (~$100M) for the quarter out of a total 32.4B Yen for the entire gaming division, so nearly a third of Sega's video game revenues come from free to play games. Sega's roster of free to play games include: Phantasy Star Online 2, Puyo Puyo Quest, Chain Chronicle 3, Hortensia Saga, Magia Record : Puella Magi Madoka Magica Side Story, SHIN MEGAMI TENSEI Liberation Dx2, SEGA Pocket Club Manager, Ryu ga Gotoku ONLINE, IDOLA PHANTASY STAR SAGA, Fist of the North Star LEGENDS ReVIVE, Kemono Friends 3, and Sonic at the Olympic Games –Tokyo 2020.