Eleventh Hour Games

Global Gaming Report Q3 2025

Drake Star's Q3 2025 analysis portrays the quarter as a landmark for gaming M&A and a recovery period for private financing, set against strong public equity performance.

• Investors are heavily favoring platform-centric companies over traditional hardware manufacturers, with high-growth firms like AppLovin and Nvidia commanding EV/EBITDA multiples exceeding 25x, compared to roughly 1x for legacy hardware firms like Dell and HP.
• Roblox led equity performance with a 136.9% year-to-date appreciation, driven by successful user engagement and monetization strategies.
• Unity recorded a 77% year-to-date gain, underscoring the market's high valuation of cross-platform development tools and real-time 3D content adoption.