Gamified non-gaming apps have surpassed mobile games in net revenue, generating $21.2 billion in Q2 2025 compared to $19.8 billion for games.
02
Gamified apps are driving a 24% year-over-year growth in mobile consumer spending, while traditional mobile gaming revenue has stagnated.
03
EdTech, Fitness & Wellness, and Entertainment & Social account for $20.7 billion in transaction value, with EdTech dominating deal volume (43%) and exit activity (45%).
04
Capital flow for gamified apps has recovered from the post-2021 decline, with 2025 year-to-date investment already exceeding the total figures for 2024.
05
Fitness & Wellness shows high growth potential with capital spread across many platforms, despite being anchored by mega-deals like the $3 billion Headspace and $2.1 billion Fitbit acquisitions.
06
Entertainment & Social investment favors IPO pathways, such as Reddit and NetEase Cloud Music, due to limited strategic buyer appetite for M&A in the sector.
07
Early-stage capital is currently concentrated in Fitness & Wellness and Entertainment & Social, while EdTech shows limited early-stage activity due to market consolidation.
Insights
01
Gamified non-gaming apps have surpassed mobile games in net revenue, generating $21.2 billion in Q2 2025 compared to $19.8 billion for games.
02
Gamified apps are driving a 24% year-over-year growth in mobile consumer spending, while traditional mobile gaming revenue has stagnated.
03
EdTech, Fitness & Wellness, and Entertainment & Social account for $20.7 billion in transaction value, with EdTech dominating deal volume (43%) and exit activity (45%).
04
Capital flow for gamified apps has recovered from the post-2021 decline, with 2025 year-to-date investment already exceeding the total figures for 2024.
05
Fitness & Wellness shows high growth potential with capital spread across many platforms, despite being anchored by mega-deals like the $3 billion Headspace and $2.1 billion Fitbit acquisitions.
06
Entertainment & Social investment favors IPO pathways, such as Reddit and NetEase Cloud Music, due to limited strategic buyer appetite for M&A in the sector.
07
Early-stage capital is currently concentrated in Fitness & Wellness and Entertainment & Social, while EdTech shows limited early-stage activity due to market consolidation.