Super Mario Run has reached 90m downloads since its launch last December, but only 3m of those users have actually purchased the game, according to new data from Newzoo that's been printed in The Wall Street Journal.
Priced at 8.99 in the UK and $9.99 in the US, those 3m purchases means the game allegedly has a conversion rate of just 3.4 per cent worldwide. Previous estimates from App Annie and Sensor Tower had pegged it between 4-8 per cent.
Newzoo's estimates also state the game has grossed $30m in revenue in its first two weeks. Again, previous estimates had been more optimistic, with App Annie reporting an estimated revenue figure of roughly $14m after just first three days on the App Store.
At the time, App Annie said the game was performing strongest in the US, which made up 55 per cent of the worldwide consumer spend thanks to its reported conversion rate of over 7 per cent.
Either way, it clearly still has some way to go before it matches the success of Niantic's Pokemon Go, which grossed $200m in its first month.
This may well change with the imminent release of Super Mario Run on Android, however. Nintendo has yet to announce exactly when Super Mario Run will launch on Android, but interested users can now pre-register their interest for the game on the Google Play Store. Users will then be notified when the game is finally available to download.
"Nintendo was probably expecting a bit more," Niko Partners analyst Daniel Ahmad told MCV. "Whilst the conversion rate is similar to that of an average free to play game, it is important to note that Super Mario Run was not a traditional free to play game. Instead there is only a one off payment of 7.99. What this means is that there is a limit on how much users can spend in the game and when the conversion rate isn't much higher than an average free to play game then it's clear that there was a missed opportunity to give the user the ability to spend more in game.
"What remains to be seen is how much of a positive impact the game has had on the Mario brand and whether this will drive synergy with the upcoming and already released Mario games on console. The one star reviews over the games business model and the fact that the majority of gamers haven't experienced past the first three levels means it may not have the type of impact that Pokmon Go did."
Nintendo announced Super Mario Run had officially reached over 50m downloads on December 23rd, just a week after its release on iOS. However, the company has yet to release any official figures concerning conversion rates and overall revenue.
Nintendo's share price has since recovered slightly from the tumble it took immediately following Super Mario Run's launch, but its value remains down compared to where it stood on December 15th.