Market (PC & Console)·Updated Jun 25, 2026 by DDM
The 2023 fiscal year saw total deal value reach $69.5 billion, a 612% increase driven almost entirely by Microsoft’s $68.7 billion acquisition of Activision Blizzard.
While total deal value surged, the actual number of transactions fell by 25% compared to 2022, and investment volume dropped to $627.8 million across 161 deals.
M&A activity dominated the market with $68.8 billion across 39 deals, accounting for more than 99% of North American M&A value.
IPO activity contracted significantly in 2023, with only six offerings generating $46 million in market capitalization, an 85% decline from the previous year.
Private investment was concentrated in Europe and North America, which contributed 57% ($358.8 million) and 29% ($184.7 million) of investment volume, respectively.
Investors showed a preference for micro-studios with a median of six employees, while strategic acquirers targeted larger teams with a median of 39 employees.
Blockchain-related deals represented 15% of total investment value and 13% of transaction count, exemplified by Mythic Protocol’s $6.5 million seed round.
The 2023 fiscal year saw total deal value reach $69.5 billion, a 612% increase driven almost entirely by Microsoft’s $68.7 billion acquisition of Activision Blizzard.
While total deal value surged, the actual number of transactions fell by 25% compared to 2022, and investment volume dropped to $627.8 million across 161 deals.
M&A activity dominated the market with $68.8 billion across 39 deals, accounting for more than 99% of North American M&A value.
IPO activity contracted significantly in 2023, with only six offerings generating $46 million in market capitalization, an 85% decline from the previous year.
Private investment was concentrated in Europe and North America, which contributed 57% ($358.8 million) and 29% ($184.7 million) of investment volume, respectively.
Investors showed a preference for micro-studios with a median of six employees, while strategic acquirers targeted larger teams with a median of 39 employees.
Blockchain-related deals represented 15% of total investment value and 13% of transaction count, exemplified by Mythic Protocol’s $6.5 million seed round.