Mobile gaming accounted for 61% of total gaming deal value (excluding ATVI) between 2020 and H1 2025, with strategic buyers and private equity firms driving nearly all deal volume in the first half of 2025.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": Mobile gaming accounted for 61% of total gaming deal value (excluding ATVI) between 2020 and H1 2025, with strategic buyers and private equity firms driving nearly all deal volume in the first half of 2025.

Strategic consolidation has replaced VC-led growth, highlighted by $7 billion in mobile M&A activity across six major deals, including Af’s $12.7 billion acquisition of 2yga and Scopely’s $4.9 billion purchase of GamesGroup.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": Strategic consolidation has replaced VC-led growth, highlighted by $7 billion in mobile M&A activity across six major deals, including Af’s $12.7 billion acquisition of 2yga and Scopely’s $4.9 billion purchase of GamesGroup.

Venture capital interest has shifted heavily toward casual gaming, which now captures 65% of all deals due to its broader audience reach and faster iteration cycles.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": Venture capital interest has shifted heavily toward casual gaming, which now captures 65% of all deals due to its broader audience reach and faster iteration cycles.

Mid-core gaming investment has collapsed, with deal volume falling from 49 rounds in 2021 to only eight by H1 2025 as investors prioritize sustainable unit economics over high-growth scaling.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": Mid-core gaming investment has collapsed, with deal volume falling from 49 rounds in 2021 to only eight by H1 2025 as investors prioritize sustainable unit economics over high-growth scaling.

While early-stage funding remains stable with median check sizes around $10 million, Series A and later-stage rounds have become increasingly rare due to heightened scaling challenges.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": While early-stage funding remains stable with median check sizes around $10 million, Series A and later-stage rounds have become increasingly rare due to heightened scaling challenges.

Geographic specialization persists, with Turkey accounting for 27% of casual gaming deals, while Europe and Asia remain the primary hubs for mid-core genres like 4X, RPGs, and shooters, contributing 66% of those transactions.

According to "The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned": Geographic specialization persists, with Turkey accounting for 27% of casual gaming deals, while Europe and Asia remain the primary hubs for mid-core genres like 4X, RPGs, and shooters, contributing 66% of those transactions.

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Key Insights

The Great Mobile Reversal: Why Buyers Pay Billions for What VCs Abandoned

InvestGame~7 min full read

01
Mobile gaming accounted for 61% of total gaming deal value (excluding ATVI) between 2020 and H1 2025, with strategic buyers and private equity firms driving nearly all deal volume in the first half of 2025.
See it on page 2
02
Strategic consolidation has replaced VC-led growth, highlighted by $7 billion in mobile M&A activity across six major deals, including Af’s $12.7 billion acquisition of 2yga and Scopely’s $4.9 billion purchase of GamesGroup.
See it on page 2
03
Venture capital interest has shifted heavily toward casual gaming, which now captures 65% of all deals due to its broader audience reach and faster iteration cycles.
See it on page 2
04
Mid-core gaming investment has collapsed, with deal volume falling from 49 rounds in 2021 to only eight by H1 2025 as investors prioritize sustainable unit economics over high-growth scaling.
See it on page 2
05
While early-stage funding remains stable with median check sizes around $10 million, Series A and later-stage rounds have become increasingly rare due to heightened scaling challenges.
See it on page 6
06
Geographic specialization persists, with Turkey accounting for 27% of casual gaming deals, while Europe and Asia remain the primary hubs for mid-core genres like 4X, RPGs, and shooters, contributing 66% of those transactions.
See it on page 5

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