King.com, the maker of hit game Candy Crush, just filed its S-1 to go public.
There's just one problem: 78% of its revenue comes from one game. And as we've seen time and time again, mobile games are fads that get red hot before dying off.
Check out this Google Trends chart of Candy Crush versus previous mobile hits Draw Something, Words With Friends and Angry Birds. You can already see Candy Crush's decline.
Here's a similar chart from the start of Candy Crush's popularity decline a few months ago. King's S-1 showed a strong hint of the game's decline as well: A Recode's Peter Kafka points out, King's revenue dipped from $621 million in Q3 to $602 million Q4. King says Candy Crush's decreased gross bookings were to blame.
Of course, when a game is on the upswing, growth looks like a vertical line. Check out Flappy Bird, which has yet to see a dip in popularity despite it disappearing from mobile stores.