Key insights
7 slides
Record quarter
Console revenue reached a record $21.7 billion in Q1 2026.
Sony and Microsoft experienced year-over-year revenue declines.
Mobile plateau
Mobile IAP revenue plateaued at $20.6 billion in Q1 2026.
Install volumes hit multi-year lows.
Deal activity
M&A activity reached $7.7 billion across 52 deals in Q1 2026.
Mobile studios accounted for the majority of headline acquisitions. The quarter saw a high deal value.
Public offerings
Public capital offerings totaled $1.0 billion across 11 deals in Q1 2026.
Activity remained subdued. Deals concentrated in mid-sized fixed income and strategic investments.
Private investment
Private investment totaled $0.8 billion across 101 deals in Q1 2026.
Early-stage activity fell to its lowest level in recent years at 43 deals.
Stock pressure
Gaming stocks opened 2026 under pressure with significant declines.
Some diversified and large-cap companies saw -42% year-to-date share price declines.
Rewarded growth
Rewarded platform monthly active users grew at a 58% CAGR.
Rewarded platforms are gaining traction as an alternative user acquisition channel.
CAGR growth. Selected rewarded platform monthly active users showed a 58% CAGR from Q1 2021 to Q1 2026.
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This report is provided for general information and discussion purposes only and is intended solely for subscribers. It does not constitute a financial promotion, investment advice, or a recommendation to engage in any investment activity. The content reflects the views of the authors at the time of publication and may be subject to change without notice.
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