Etermax - Comprehensive Analysis Report
Summary
Etermax is a global technology and entertainment company founded in Argentina in 2009 by Máximo Cavazzani. The company has transitioned from a fintech pioneer to a significant force in entertainment technology, particularly known for its global mobile game successes like Trivia Crack (Preguntados) and Word Crack (Apalabrados). Etermax's core mission is to explore the future through gaming, crafting interactive experiences that transform emerging technologies into meaningful connections among people, communities, and ideas. The company is a leader in Latin America in social game development, with its Gaming division exceeding 700 million downloads. Etermax's industry significance comes from its continuous innovation within the mobile gaming sector, constantly experimenting with new ideas and building on successes to engage users with trivia-focused content, achieving market penetration in over 180 countries.
1. Strategic Focus & Objectives
Core Objectives
Etermax's main business objectives include pushing the boundaries of interactive entertainment, utilizing emerging technologies, and redefining how people interact with knowledge, technology, and each other. By blending technology, creativity, and knowledge, the company aims to design playful experiences that foster curiosity, learning, and collaboration across mobile, Extended Reality (XR), and beyond.
Specialization Areas
Etermax specializes in trivia-based casual games and has broadened its offerings into three primary business divisions:
Gaming: Develops and publishes multiplatform social mobile games that entertain, connect people, and foster knowledge.
Brand Gamification: A platform offering gamification solutions, licensing, and co-branding opportunities for brands to engage with audiences. This unit provides in-game advertising, game consulting, customized gaming experiences, and esports connections.
AI Labs: An Artificial Intelligence segment focused on applying AI in business solutions to optimize experiences and support digital transformation. The company also operates an XR Studio dedicated to creating immersive and trendsetting experiences using Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR).
Target Markets
Etermax targets a global audience, with substantial market penetration in the Americas and Europe. Their market positioning strategy emphasizes captivating users with trivia-focused content and building active, vibrant communities.
2. Financial Overview
Funding History
Etermax is a privately held, funded company founded in 2009. It has received funding from institutional investors, including Launchpad Accelerator and Google for Startups. One accelerator/incubator deal was recorded on January 29, 2018. Etermax successfully raised $500 million in private funding in December 2023, achieving a valuation of $700 million. These funds are intended to accelerate product development, expand the team, and scale operations globally.
Etermax has made one acquisition, merging with Performash on August 7, 2020.
3. Product Pipeline
Key Products/Services
Etermax continuously evolves its portfolio of interactive entertainment products.
Trivia Crack (Preguntados) / Word Crack (Apalabrados): Flagship mobile games in the casual games genre, known for trivia-based content and user-generated questions. Trivia Crack has over 500 million installs globally.
Trivia Crack for Twitch: An interactive extension launched in 2021, designed for trivia hosts and streamers to engage audiences.
Preguntados AR: An augmented reality experience for physical board games, launched in 2021.
Trivia Quest: An alliance in 2022 led to the launch of Netflix's first interactive trivia show.
Trivia Crack VR and Trivia Crack World on Meta Quest: Recent launches that strengthen Etermax's presence in the virtual and mixed reality markets.
Trivia Crack for Creators: An anticipated program to help content creators and influencers optimize audience engagement and monetize their efforts.
The company's approach involves continuous iteration and a focus on user feedback to plan and create engaging games, constantly testing new ideas to keep users captivated.
4. Technology & Innovation
Technology Stack
Etermax leverages an advanced tech stack that includes AI, XR, cloud services, and real-time communication tools. They utilize products like Amplitude, Gradle, and Adobe After Effects. The company also uses Flutter to boost developer efficiency.
Proprietary Developments
Etermax pioneered user-generated content (UGC) with its "Question Factory" for Trivia Crack, a crowdsourcing tool that has generated over 50 million trivia questions through community collaboration and moderation.
Scientific Methodologies
Etermax employs artificial intelligence (AI), extended reality (XR), cloud services, and real-time communication tools in its technical infrastructure. Its AI Labs division is dedicated to applying AI in business solutions for optimizing experiences and digital transformation. The company conducts extensive A/B testing, for example, in in-app messaging campaigns, which led to an 87% increase in gameplay for weekend users and a 50% increase in users playing a Triviathon mission.
Technical Capabilities
Etermax's XR Studio develops video games combining VR, AR, and MR to create immersive and trendsetting experiences. They also explore mobile, AI, voice, streaming, and connected ecosystems to design, prototype, and scale content.
5. Leadership & Management
Executive Team
Máximo Cavazzani: CEO & Founder. Cavazzani founded Etermax in 2009 at the age of 22 while studying Computer Engineering. He identified an emerging market in mobile applications, leading to the development of iStockManager, an early iOS app for stock trading.
Guido Farji: General Manager of Etermax Brand Gamification. Farji emphasizes the company's DNA in gaming, creativity, technology, and data intelligence to achieve engagement and loyalty for brands through playful practices.
Rodrigo Larrimbe: Country Manager of Etermax in Uruguay and CFO of the company. Based in Montevideo, he plays a key role in expanding the video game industry from Uruguay globally and strengthening technological development in the region.
6. Talent and Growth Indicators
Hiring Trends and Workforce
Etermax is a growing company with a global team distributed across Buenos Aires, Montevideo, Berlin, São Paulo, Mexico City, and Bogotá. As of 2025, Etermax has 252 total employees. In 2021, the company aimed to double its workforce in Uruguay, where it had already tripled its office space in less than five years and employed about 100 Uruguayans out of more than 500 total employees at the time.
The company actively recruits across various teams:
Product: Including Product Owners, UX/UI Designers, Content Producers, and UX Researchers.
Development & Tech: Including Software Engineers (mobile, backend), Site Reliability specialists, and QA (manual & automation) professionals.
Art & Animation: Including Product Artists, 3D Animators, and Technical Artists.
Marketing & UA: Including Performance, Marketing, Branding & Comms Specialists.
This consistent recruitment across creative, technical, and marketing roles indicates ongoing development and expansion of their game portfolio and brand engagement initiatives.
7. Social Media Presence and Engagement
Digital Footprint
Etermax maintains an active social media presence across platforms such as Twitter/X and Facebook. They also utilize Discord. Their content emphasizes their identity as "Game Changers" and highlights their commitment to exploring the future through gaming, creating interactive experiences, and fostering connections. Etermax's messaging focuses on innovation, curiosity, and the blend of technology, creativity, and knowledge. The company often shares news about its product developments, industry insights, and career opportunities. Etermax aims to leverage social media to reach wider audiences and engage actively with followers.
8. Recognition and Awards
Industry Recognition
Etermax has been recognized as a leading company in social games in Latin America, establishing itself as a model in cross-platform game development in the region. Its flagship game, Trivia Crack, has achieved over 500 million installs globally, reflecting its widespread appeal and success. The company's expansion, including tripling its surface area in Uruguay and aiming to double its workforce there, signifies its recognized growth and impact. Etermax's consistent innovation and ability to anticipate trends have contributed to its strong position in the entertainment tech world.
9. Competitive Analysis
Major Competitors
Etermax operates in the highly competitive mobile games industry. Key competitors include major players like Zynga, Tripledot, and Scopely. Other identified competitors also include MobilityWare, FreshPlanet, and EndGame. These companies generally focus on casual mobile games, leveraging various monetization strategies and aiming for broad user engagement.
10. Market Analysis
Market Overview
The gaming industry is a significant and rapidly expanding sector within entertainment, generating over $184 billion annually. Mobile gaming has been a primary driver of this growth over the last decade, accounting for 50% of total gaming revenues. Despite a slight decline in 2022 compared to the peak pandemic years, revenues are returning to their pre-COVID-19 positive trajectory. Globally, approximately 3.2 billion people play video games, with smartphones significantly lowering the barrier to entry. The industry is characterized by fierce competition, with over 1,100 video game applications uploaded daily to the Google Play Store and over 900 to the Apple App Store. Furthermore, the industry is increasingly embracing new technologies like virtual reality and cloud gaming, and it is a powerful source of social connection and community building. Esports also represent a fast-growing segment, though a smaller fraction of the overall gaming industry revenue.
11. Strategic Partnerships
Etermax engages in strategic collaborations to extend its reach and enhance user experiences. A notable alliance was formed in 2022, leading to the launch of "Trivia Quest," the first interactive trivia show for Netflix. Etermax also collaborates with platforms like Twitch, having developed "Trivia Crack for Twitch" to offer an interactive extension for streamers.
12. Operational Insights
Etermax differentiates itself through its strong focus on knowledge-based casual games and its continuous innovation across emerging technologies such as XR and AI. Unlike many competitors that may focus solely on entertainment, Etermax positions its games as platforms for knowledge, learning, and collaboration, as exemplified by the "Question Factory" and trivia-focused content. This emphasis on user-generated content and community moderation also creates a unique and sustainable content pipeline. The company's diversified business units, including Gaming, Brand Gamification, and AI Labs, allow it to tap into multiple revenue streams and apply its technological expertise beyond traditional game development, offering comprehensive solutions for brands and optimizing experiences across various sectors. Its strong presence in Latin America and international footprint further provide a competitive advantage by reaching a broad and diverse audience. Etermax's export of digital products, primarily mobile games, reached $4.44 million in 2023, with main destinations including Argentina, Uruguay, and Northern America.
13. Future Outlook
Strategic Roadmap
Etermax is committed to redefining immersive, knowledge-driven experiences. The company plans to continue its diversification by staying ahead of social and technological trends, exploring opportunities in digital platforms like Facebook, YouTube, Instagram, and Twitch, as well as physical formats such as books and board games. Etermax is also expanding into emerging technologies like augmented reality, virtual reality, streaming services, connected TV, and voice-activated devices. The upcoming "Trivia Crack for Creators" program indicates a strategic move to empower content creators and influencers, fostering audience engagement and monetization. By integrating its expertise in AI, XR, and gamification across various consumer and business applications, Etermax is well-positioned to expand its market share in interactive entertainment and beyond, focusing on new ways to play, discover, and connect.
