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OUR THESIS · PERSISTENT PLAY

Producing, consuming, playing, belonging, buying and creating have collapsed into a single investment category.We call it Persistent Play.

01The shift

Historically, the venture ecosystem placed rigid boxes around distinct consumer verticals. Games were for entertainment, social networks were for connection, utility apps were for productivity.

Those distinctions have moved away from operating reality. A single category now runs across all six layers, defined by one shared property: these products are always running, and they are operated daily.

Then · rigid boxes
Gameswere for entertainment
Social networkswere for connection
Utility appswere for productivity

Capital drew a rigid box around each vertical.

Now · one category
ProductivityConsumptionPlayBelongingTransactCreate

A single category now runs across all six layers.

01The six persistent behavioursWhat the user does
01ProductivityTools people return to every day
02ConsumptionContent that keeps you coming back
03PlayGames run as live economies
04BelongingWhere the community is the product
05TransactBuying that becomes a daily habit
06CreateMaking something and being seen
02Shared mechanicsThe operational engines
Retention LoopsThe core habit-building cycles that bring users back daily.
LiveOpsEvent-driven content updates that keep the ecosystem fresh.
Virtual EconomiesDual-currency systems, sinks and faucets (e.g. coins to diamonds).
ROAS-Based UAPerformance marketing and predictive lifetime-value modelling.
Progression DesignXP, leveling and milestone tracking applied to any vertical.
Variable RewardsGacha mechanics, loot boxes and randomized drops that drive dopamine.
Social GraphsGuild mechanics, friend systems and viral sharing loops.
Discovery AlgorithmsRecommendation engines solving visibility across massive UGC pools.
Intent CaptureSystems that turn passive scrolling into active conversion or lead generation.
03InfrastructureThe foundational layers
01IntelligenceProduces and delivers intelligence
02AgentExecutes work over time
03Identity & TrustWho and what can be believed
04CommerceLets software transact
05Personal DataDurable memory about a person
06CreatorIndustrialises content production
07SpatialModels the physical world
08VoiceConversation as the interface
09RoboticsIntelligence to physical action
10DistributionFinds and surfaces products
02The six layers

The behaviour decides the product.

Humans have always kept count. Of debts owed, harvests stored, days passed, distance covered. The impulse to record progress and return to it is older than writing.

How the form factor changed
Tally marks on boneAbacusBahi khata ledgerWall calendarSpreadsheetHabit tracker on a lock screen
The mechanics that carry it
Streaksleaguesvariable rewardsloss aversionLiveOps calendarsdaily reset loops
What runs it today
Global
DuolingoStravaHeadspaceFinchNotion
India
CredJarGroww

Stories told at night, in episodes, ending on a hook so the audience returns tomorrow. One light source, a group facing it, a serialised structure. That format is prehistoric.

How the form factor changed
Firelight storytellingTemple muralsNautanki in the village squareRadio serialSingle-screen cinemaTelevisionVertical phone screen
The mechanics that carry it
Coin walletsepisode gatingcliffhanger pacingdiscovery algorithmswatch-time optimisationad and subscription mix
What runs it today
Global
YouTube ShortsTikTokNetflixReelShortDramaBox
India
Pocket FMKuku FMMojInstagram Reels

Two people, a shared surface, an agreed set of rules, and a reason to return tomorrow. Pachisi was played on cloth boards in India more than a thousand years ago on exactly those terms.

How the form factor changed
Pachisi and chauparCarrom boardArcade cabinetHome consoleMobile phone
The mechanics that carry it
Core loopsprogressionvirtual economiesLiveOps eventscompetitive laddersdaily returns
What runs it today
Global
Royal MatchClash RoyaleRobloxFree Fire
India
Ludo KingBGMI

Humans organise into groups with membership, status and shared language. The village chowk, the guild, the temple committee, the adda. Everyone knows who is inside and what standing they hold.

How the form factor changed
Village squareLetterTelephoneMessage boardForumGroup chatServer
The mechanics that carry it
Social graphsroles and status tiersstreaksnetwork effectscreator toolsmoderation systems
What runs it today
Global
DiscordRedditWhatsApp CommunitiesTelegram
India
ShareChatMojWhatsApp Communities

Exchange, negotiation, and the pleasure of a good deal. The haat, the bazaar, the mandi. Buying has always been social, habitual and partly recreational.

How the form factor changed
BarterCowrie shellsCoinsWeekly marketMail-order catalogueCardQR code taped to a chai stall
The mechanics that carry it
Intent capturevariable rewardsstreaks and membership tiersgamified discoverypayment railspersonalised merchandising
What runs it today
Global
AmazonTemuShein
India
MeeshoBlinkitZeptoSwiggyZomatoCred

Making a mark and showing it to someone. Some of the oldest art in India is a set of handprints pressed into rock. The impulse to produce something and be seen producing it has never lapsed.

How the form factor changed
Handprints on rockPotteryMiniature paintingCameraDarkroomPhotoshopA filter applied in two seconds
The mechanics that carry it
Creator toolstemplates as a distribution enginediscovery algorithmscreator payoutsgenerative AIsocial proof loops
What runs it today
Global
CapCutCanvaRoblox StudioSnapchatLightroom
India
PicsartInVideoInstagram filters
03GLOBAL MARKET EVIDENCE

The mechanics have outgrown their medium.

In 2025, for the first time in app-store history, consumers spent more on in-app purchases in non-gaming apps than in games. The same happened in user-acquisition spend.

The playbooks built for games now run everywhere. Whether a product is built for social, media or utility, retention, virtual economies and live operations are the universal standard.

In-app purchase revenue, 2025
Non-gaming apps
$85B+21%
Games
$81.75B+1.3%
User-acquisition spend
Non-gaming apps
$53B
Games
$25B

2025: for the first time, non-gaming apps out-earned games on in-app purchases.

TikTok

Built a live gifting economy on top of a social feed, converting Coins to Diamonds through five-minute competitive battles, and became the first app to cross $6 billion in annual in-app purchases.

Roblox

Fundamentally a social and UGC platform, operated entirely like a live-service game: $1.7 billion in quarterly bookings and 132 million daily active users in a persistent world.

Duolingo

Surpassed $1 billion in bookings by running an edtech platform on gamified streaks and leagues, acquiring the NextBeat gaming studio team in 2025 to embed live game mechanics into its daily loops.

04THE INDIA MACRO CASE

India is where Persistent Play scales fastest.

If the global market proves play mechanics have crossed over, India is the geography scaling them with the highest velocity: an unmatched volume of attention paired with sovereign micro-payment infrastructure that removes friction from virtual economies.

1.23THours on mobile apps in 2025, up 9% year-over-year
5.8 hrsAverage daily screen time per active smartphone user
25.5BApp downloads in a single year, the world's largest download market
241.6BUPI transactions in FY25-26, 85% of domestic digital payments
₹7.51Cost per GB of data, among the cheapest on earth
$300MMicro-drama revenue in its first year in India, on coin-wallet gating
05CHIMERA'S RIGHT TO WIN

We prefer to underwrite mechanics over content trends solely.

The edge is not predicting what people will watch or play next. It is reading the machine underneath: currency sinks, retention curves, live-ops calendars and paid-acquisition payback windows.

Chimera learned these inside gaming, the hardest and most metrics-literate version of this category to build in. That expertise transfers directly to everything under Persistent Play.

Building something in Persistent Play? We want the first look.