Gaming Public Comp Sheet and Valuation Guide

Global Gaming Report 2021

The global gaming industry experienced an unprecedented surge in financial activity during 2021, reaching a landmark $85 billion in total deal value across 1,159 transactions. This performance nearly tripled the previous year's figures, signaling a period of aggressive consolidation and capital infusion. Mergers and acquisitions accounted for $38 billion of this total, while private placements reached a record $13 billion. This growth was largely propelled by strategic acquisitions from major players such as Tencent and Embracer Group, alongside a significant emergence of blockchain and NFT-based gaming, which secured $3.6 billion in financing. Investment trends shifted toward high-growth platforms and mobile gaming, exemplified by substantial private rounds for companies like Epic Games and Jam City. While the broader public markets exhibited volatility, specific segments such as hardware and development tools demonstrated robust health, averaging 47% revenue growth. Large-scale entities including NVIDIA, Sony, and Tencent continued to dominate the landscape by market capitalization, even as valuations for some established publishers began to cool toward the end of the year. The geographic and sectoral scope of this activity was global, with a particularly strong finish in the fourth quarter where private companies raised $4.1 billion. The rapid maturation of the blockchain segment, which accounted for nearly half of all fourth-quarter financing, suggests a fundamental shift in investor interest toward decentralized gaming technologies. Ultimately, the industry transitioned into a high-stakes environment characterized by massive strategic buyouts and a diversifying ecosystem of hardware, mobile platforms, and emerging digital assets.