FinancialDrake Star Partners
Global Gaming Report 2024
1 Jan 202426 pages~37 min full read
Global gaming M&A activity surged in 2024, reaching $27.3 billion across 960 transactions, representing a 39% increase in disclosed value and a 21% rise in deal volume compared to 2023.
See it on page 3Private placements raised $4.8 billion across 711 rounds, marking a 30% increase in total value despite a slight decline in the number of deals.
See it on page 3The PC/Console segment led market activity with 53 deals, followed by Mobile (38) and Platform/Tools (32), with major acquisitions including EQT’s $2.8 billion purchase of Keywords and Playtika’s $1.95 billion takeover of SuperPlay.
See it on page 3Mobile gaming remains a high-value sector, with over $2 billion in transaction value driven by strategic acquisitions like Scopely’s $1.2 billion purchase of Miniclip and increased integration of ad-tech, such as LoopMe’s acquisition of Chartboost.
See it on page 12Valuation multiples for gaming firms currently average 2–3× EV/EBITDA and 10–30× EV/Revenue, with Chinese firms like 37Games and Kingnet showing stronger growth and higher multiples than many Korean counterparts.
See it on page 21The industry is positioned for continued growth, with market data indicating an environment primed for further M&A activity and potential IPOs heading into 2025.
See it on page 23The 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.
