Updated Mar 17, 2026 by Drake Star Partners
Q2 2024 saw a resurgence in M&A activity with 52 deals announced, totaling $3.5 billion in value.
The largest transaction of the quarter was EQT’s $2.8 billion acquisition of Keywords, signaling strong private-equity interest in high-growth industry assets.
Hardware and platform partners Logitech and KRAFTON experienced significant growth, reporting revenue increases of 54.9% and 53.7% respectively.
The indie and AA publishing segment outperformed legacy publishers, with companies like Devolver Digital, Team 17, and tinyBuild achieving double-digit year-to-date revenue growth.
Legacy publishers are facing persistent headwinds, including declining engagement on older franchises and difficulty adapting to modern monetization models.
The industry is undergoing a structural shift toward lean, agile development models that prioritize lower-cost production pipelines over traditional legacy structures.
Q2 2024 saw a resurgence in M&A activity with 52 deals announced, totaling $3.5 billion in value.
The largest transaction of the quarter was EQT’s $2.8 billion acquisition of Keywords, signaling strong private-equity interest in high-growth industry assets.
Hardware and platform partners Logitech and KRAFTON experienced significant growth, reporting revenue increases of 54.9% and 53.7% respectively.
The indie and AA publishing segment outperformed legacy publishers, with companies like Devolver Digital, Team 17, and tinyBuild achieving double-digit year-to-date revenue growth.
Legacy publishers are facing persistent headwinds, including declining engagement on older franchises and difficulty adapting to modern monetization models.
The industry is undergoing a structural shift toward lean, agile development models that prioritize lower-cost production pipelines over traditional legacy structures.