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Report
11 pages
Q1‑Q3 2020: Recap of the Investment Activity in the Video Game Market
The gaming industry demonstrated strong resilience in 2020, with a July rebound leading to 100 transactions worth approximately $2.78 billion in private investment.
M&A activity was significant, with the PC and console segment reaching $10.5 billion in value, largely driven by Microsoft’s $7.5 billion acquisition of ZeniMax.
The mobile gaming segment led in deal volume with 41 transactions totaling $4.6 billion, supported by ongoing consolidation from strategic buyers like Tencent, Embracer Group, and Stillfront Group.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Sept 2020
Report
82 pages
Annual Report 2020
Games Workshop achieved record-breaking financial results for the 2019/20 fiscal year, with revenue rising 5.1% to £269.7 million and profit before tax reaching £89.4 million.
The trade segment now accounts for 52% of total revenue, supported by a significant increase in royalty income from video game and media licensing.
North America remains the company's largest market, contributing £104.8 million to total revenue despite pandemic-related operational disruptions.
Investment
Market Analysis
UK
+1
Games Workshop Group
Aug 2020
Presentation
40 pages
3Q FY2020 Presentation Material
CyberAgent reported 112.8 billion yen in consolidated sales for 3Q FY2020, achieving 89% to 102% of its full-year operating profit forecast despite a marginal 0.7% year-over-year revenue decline.
The Game business generated 36.7 billion yen in quarterly revenue, bolstered by major title anniversaries and a strategy focused on both new IP development and lifecycle extension for existing games.
The media segment, anchored by the ABEMA streaming platform, grew sales by 19.2% year-over-year to 13.3 billion yen, supported by 56 million total downloads.
Market Forecast
Investment
Advertising
+1
CyberAgent
Jul 2020
Report
29 pages
The Most Exciting Time in the Gaming Industry: 2020–2022
The gaming industry experienced a massive investment peak in 2021, with M&A reaching $41 billion, private equity hitting $12 billion, and public offerings peaking at $24.5 billion.
Market activity cooled significantly by 2022, with public offerings collapsing to $4.6 billion and late-stage transaction values dropping four-and-a-half-fold to $0.9 billion in early 2023.
Strategic acquisitions remain a primary driver of industry value, with the top 15 M&A deals—led by Microsoft’s purchases of Activision Blizzard and ZeniMax—accounting for approximately 80% of total announced deal value.
Market Analysis
Investment
Global
InvestGame
Jan 2020
Presentation
1 pages
Slovak Game Industry Infographic
The Slovak game industry experienced significant workforce expansion between 2016 and 2019, growing from 436 to 762 employees.
The top ten companies in the sector generated over 48 million euros in annual turnover as of 2019.
The industry is geographically concentrated, with 52 percent of the 55 active companies based in Bratislava and 24 percent in Košice.
Market Analysis
Investment
Slovakia
+1
Slovak Game Developers Association
Jan 2020
Report
28 pages
Global Video Game Deals Report 2020
The global video game industry reached a record $33.6 billion in total deal value across 664 transactions in 2020, driven by pandemic-induced demand for at-home entertainment.
Public offerings were the largest financial contributor at $15.1 billion, bolstered by high-profile IPOs from Unity Software and Kakao Games alongside corporate debt refinancing.
Mergers and acquisitions totaled $12.6 billion across 219 deals, with Tencent, Embracer Group, Stillfront, and Zynga accounting for 60% of that value.
Mergers & Acquisitions
Investment
Market Analysis
+1
InvestGame
Jan 2020
Report
29 pages
2020–2022: The Most Exciting Time in the Gaming Industry
M&A activity reached a historic peak in 2022 with $37.7 billion in closed deals, representing a 199% increase over 2021, largely driven by major consolidations like Take-Two’s acquisition of Zynga.
Public offerings for gaming companies collapsed in 2022, with an 82% decline in value as IPO and SPAC windows effectively closed due to macroeconomic headwinds.
Private investment value fell by 16% in 2022 following a doubling of investment the previous year, signaling a shift toward a more disciplined, cooling market.
Market Analysis
Mergers & Acquisitions
Investment
+1
InvestGame
Jan 2020
Whitepaper
73 pages
Model Scheme and Manual for Game Incubation Programming and Financing: Baltic Games Industry
The report provides a structured operational manual for business support providers and intermediaries to establish and manage game development incubation programs.
The model scheme was developed through a collaborative partnership involving Ventspils High Technology Park, Erhvervsakademi Dania, Kaunas Science and Technology Park, and GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit).
The manual serves as a practical guide for organizations aiming to facilitate the growth and financing of game development companies within the Baltic region.
Investment
Funding
Game Development
+1
Ventspils High Technology Park
Jan 2020
Whitepaper
87 pages
Guideline for Set-Up and Maintenance of a Mentoring System for Game Business Incubation
A successful mentoring system requires a structured lifecycle that encompasses mentor recruitment, initial engagement, and long-term retention strategies.
Effective program management involves continuous monitoring of mentor performance combined with a formal feedback loop to ensure quality.
Mentors must be actively integrated into the incubation program to align their expertise with the specific needs of game business startups.
Game Development
Investment
Europe
BGI Project
Jan 2020
Report
11 pages
Investment Activity Report Q1–Q3 2020
The global gaming industry saw $27.5 billion in total deal value across 1,000 transactions during the first nine months of 2020, with gaming-specific deals accounting for $15.3 billion.
M&A activity was defined by large-scale consolidation, led by Microsoft’s $7.5 billion acquisition of ZeniMax and Zynga’s $2 billion purchase of Peak Games, with Tencent, Zynga, and Microsoft collectively exceeding $11 billion in deal value.
Public offerings were the primary driver of capital, generating $9.2 billion from 51 IPOs and PIPEs, while private venture investments contributed $4.7 billion across 254 rounds.
Investment
Funding
Mergers & Acquisitions
+2
InvestGame
Jan 2020
Report
43 pages
Games Industry 2019/20
Germany is the largest video-game market in Europe and the fifth-largest globally, generating a record €4.4 billion in 2018 with a 9 percent year-on-year growth rate.
The German government supports the industry with €50 million in annual non-repayable grants, which cover 25 to 50 percent of project costs for developers.
The sector comprises approximately 524 game-related firms, including 368 development studios, employing 11,000 staff directly and nearly 28,000 when including ancillary roles.
Market Analysis
Investment
Employment
+1
game – Verband der deutschen Games-Branche e. V.
Jan 2020
Whitepaper
26 pages
White Paper on Spanish Video Game Development 2020
The 2020 White Paper marks the seventh annual edition of the industry analysis published by DEV, the Spanish Association of Video Games and Entertainment Software Producers and Development Companies.
The report provides an in-depth analysis of the Spanish video game development sector to track industry growth and trends.
The publication of this edition was supported by the LÍNEA Covid-19 CULTURA initiative to assist the sector during the pandemic.
Market Analysis
Investment
Funding
DEV - Spanish Association of Video Games and Entertainment Software Producers and Development Companies
Jan 2020
Report
28 pages
InvestGame Deals Report 2020 – Game M&A
The 2020 gaming market hit a record $33.6 billion in total transaction value across 664 deals, driven by $15.1 billion in public offerings and $12.6 billion in M&A activity.
Tencent, Embracer, Stillfront, and Zynga emerged as the dominant market forces, collectively accounting for 60% of the total M&A value.
The United States led the global market by capturing 36% of total deal value and hosting four of the year's top-10 largest transactions.
Mergers & Acquisitions
Investment
Market Analysis
+1
InvestGame
Jan 2020
Report
42 pages
Serbian Gaming Industry Report 2018
The Serbian gaming industry comprises over 60 member entities and employs more than 1,500 professionals, anchored by major players like Nordeus, Ubisoft Belgrade, and 3Lateral.
Funding for the sector is diversified, with 40% sourced from angel investors, 30% from crowdfunding, and 20% from venture capital, with the largest single investment reaching €650,000.
A robust pipeline of technical talent is supported by approximately 30,000 university students in IT-related programs and the integration of programming into primary-school curricula.
Market Analysis
Investment
Employment
+1
SGA
Jan 2019
Report
14 pages
Tencent Games Strategy 2019
Tencent successfully recovered from a 2018 regulatory freeze by migrating 150 million monthly active users from PUBG Mobile to the compliant, self-developed title Peacekeeper Elite, resulting in $5.2 billion in quarterly gaming revenue.
The company is mitigating domestic regulatory risks through aggressive international expansion, including the acquisition of Western studios like Sharkmob and licensing major IP such as Call of Duty and Street Fighter.
Tencent is diversifying beyond mobile free-to-play models by growing its WeGame platform to 70 million monthly active users and securing an exclusive partnership to distribute the Nintendo Switch in China.
Market Analysis
China
Investment
Niko Partners
Jan 2019
Report
69 pages
Annual Report 2018
Games Workshop achieved record financial performance in the 2017/18 fiscal year, with revenue increasing 39% to £219.9 million and operating profit nearly doubling to £74.6 million.
The company’s growth was driven by a 54% surge in the trade segment and the global success of the Warhammer brand, which helped propel the firm into the FTSE 250.
To support international demand, which accounted for 76% of total sales, the company doubled its plastic injection molding capacity and increased inventory levels to £20.2 million.
Investment
Market Analysis
UK
Games Workshop Group
Aug 2018
Whitepaper
84 pages
Libro Blanco del Desarrollo Español de los Videojuegos
The Spanish video game industry is represented by the Asociación Española de Empresas Productoras y Desarrolladoras de Videojuegos y Software de Entretenimiento (DEV).
The industry operates through a defined value chain that encompasses the traditional stages of video game development and production.
The report serves as a foundational white paper ('Libro Blanco') documenting the structure and professional landscape of the Spanish gaming sector.
Market Analysis
Investment
Monetization
+1
DEV – Asociacion Espanola de Empresas Productoras y Desarrolladoras de Videojuegos
Jan 2018
Report
121 pages
Videojuegos en España: Impacto Económico y Escenarios Fiscales
The Spanish video game industry generates a total economic impact of €3.577 billion, with every €1 invested yielding €3 in total economic activity.
The sector supports 22,828 total jobs when accounting for indirect and induced effects, with each direct industry position sustaining 2.6 additional jobs elsewhere.
Implementing a tax-credit fiscal policy (Scenario E2) is projected to provide the strongest stimulus, adding €627 million in production and 4,000 full-time jobs to the economy.
Market Analysis
Employment
Investment
AEVI
Jan 2018
Report
70 pages
Annual Report 2017
Games Workshop achieved record financial performance in the 2016/17 fiscal year, with revenue increasing 34% to £158.1 million and operating profit doubling to £38.3 million.
The company maintained a 72.4% gross margin and a 72% return on capital, supported by a debt-free balance sheet and £17.9 million in cash reserves.
North America became the company's largest geographic market, contributing £57.0 million in revenue, while royalty income from licensed titles like Total War: Warhammer provided high-margin growth.
Investment
Market Analysis
UK
Games Workshop Group
Aug 2017
Report
9 pages
Dossier de Prensa AEVI 2016
The Spanish video-game market generated €996 million in 2014, marking a 6.8% year-over-year growth and establishing Spain as one of the four largest markets in Europe.
Piracy remains a significant economic challenge, with 240 million illegal downloads and 2 million physical infringements causing an estimated €226 million in lost revenue in 2014.
The sector served 13 million users in 2014, representing 36% of the population, with players aged 11–64 averaging 5.9 hours of gaming per week.
Market Analysis
Employment
Investment
AEVI
Jan 2016
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