Global Gaming Report 2024

The Global Gaming Report 2024 demonstrates a robust acceleration in the industry’s financial activity, with mergers and acquisitions reaching $27.3 billion across more than 960 transactions—an increase of 39% in disclosed value and a 21% rise in deal volume compared with 2023. The PC/Console segment dominated the market, accounting for 53 deals, followed by Mobile (38) and Platform/Tools (32). Private placements also expanded, raising $4.8 billion in 711 rounds, a 30% rise in value despite a slight drop in count. Key transactions include EQT’s $2.8 billion purchase of Keywords, CVC’s $1.1 billion acquisition of Jagex, and Playtika’s up‑to $1.95 billion takeover of SuperPlay.

Mobile acquisitions continue to command high valuations, with deals such as Easybrain’s sale to Tencent’s Plarium for up to $820 million and Scopely’s $1.2 billion purchase of Miniclip. Other notable moves include MTG’s $34.5 million acquisition of Chengfeng Studio, Tencent’s stake increase in Kuro Games to 51.4%, and DoubleU Games’ $27 million purchase of a majority stake in Paxie Games. LoopMe’s acquisition of Chartboost further consolidates ad‑tech within the mobile ecosystem, bringing total transaction value in this segment to over $2 billion. These deals underscore a strategic focus on expanding mobile intellectual property, live‑ops capabilities, and ad‑tech integration.

Valuation analysis across Korean, Chinese, and international firms reveals EV/EBITDA multiples averaging 2–3× and EV/Revenue ranging from 10 to 30×. Chinese peers such as 37Games and Kingnet exhibit higher multiples and stronger revenue growth than many Korean titles, indicating a rebound in listed gaming valuations. The data suggest an environment primed for increased M&A activity and potential IPOs as the market moves into 2025, with geographic coverage spanning Asia and global markets and a time frame focused on the year 2024.