Investments·Updated Mar 17, 2026 by Aream & Co
The video game market is shifting toward a differentiated growth model where mobile spending has stabilized at $20 billion per quarter, while PC and console segments show renewed vigor.
Steam revenue grew 20% year-on-year, and console performance remains strong with the record-breaking launch of the Nintendo Switch 2 and PlayStation reaching 120 million monthly active users.
M&A activity totaled $6.2 billion in Q2 2025, while private equity and late-stage venture capital inflows dropped to a five-year low of $0.4 billion.
Valuation spreads have diverged significantly, with PC and console firms trading at over 15 times EBITDA, while mobile-focused companies are currently at historic valuation lows.
User-generated content platforms remain dominant, with Fortnite and Roblox sustaining 16 million and 14 million concurrent users respectively, and creator payouts rising 25% year-on-year.
Financing trends show a shift toward non-dilutive capital, with debt providers now funding approximately 80% of user-acquisition costs.
AI-infrastructure startups dominated the investment landscape, accounting for 65% of all deals related to gaming technology.
The video game market is shifting toward a differentiated growth model where mobile spending has stabilized at $20 billion per quarter, while PC and console segments show renewed vigor.
Steam revenue grew 20% year-on-year, and console performance remains strong with the record-breaking launch of the Nintendo Switch 2 and PlayStation reaching 120 million monthly active users.
M&A activity totaled $6.2 billion in Q2 2025, while private equity and late-stage venture capital inflows dropped to a five-year low of $0.4 billion.
Valuation spreads have diverged significantly, with PC and console firms trading at over 15 times EBITDA, while mobile-focused companies are currently at historic valuation lows.
User-generated content platforms remain dominant, with Fortnite and Roblox sustaining 16 million and 14 million concurrent users respectively, and creator payouts rising 25% year-on-year.
Financing trends show a shift toward non-dilutive capital, with debt providers now funding approximately 80% of user-acquisition costs.
AI-infrastructure startups dominated the investment landscape, accounting for 65% of all deals related to gaming technology.