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Report
67 pages
Studie Vlaams Gamebeleid: Eindrapport
The Flemish game industry lacks a 'missing middle' of mid-sized companies, with growth concentrated among a few major players despite an increase in total studio numbers between 2020 and 2024.
To compete in the $187.7 billion global market, Flemish policy must shift from project-based subsidies toward business scaling and private capital access for the 2026–2030 period.
Existing support mechanisms like the VAF/Gamefonds and the Tax Shelter are currently insufficient to match the aggressive fiscal incentives offered by international competitors such as Canada and France.
Market Analysis
Game Development
Funding
+1
Departement Cultuur
May 2025
Report
8 pages
Dynamics of Gaming Deals
Global gaming VC investment peaked at $5.3 billion across 186 deals in 2021 before contracting sharply to $874 million in 2023.
The decline in total capital was primarily driven by a scarcity of Series A-plus growth-stage funding, even as early-stage financing remained relatively stable.
A modest market rebound is underway in 2024, supported by the entry of new funds and expectations for higher returns despite ongoing user-acquisition challenges.
Investment
Funding
Market Analysis
+1
The Games Fund
Jan 2025
Report
19 pages
Global Gaming M&A and Growth Financing Advisory: Q1 2025
Q1 2025 saw 48 M&A deals totaling $4.4 billion, headlined by Scopely’s $3.5 billion acquisition of Niantic’s games division.
The private placement market recorded 149 deals worth $3.5 billion, with capital primarily flowing into mobile developers and AI-integrated entertainment platforms.
The Drake Star Gaming Index rose 16.37% in Q1 2025, though performance remains volatile across the top 35 public gaming companies.
Market Analysis
Mergers & Acquisitions
Investment
+2
Drake Star
Jan 2025
Report
12 pages
Financing Video Games: Spain
Investment agreements (IAs) serve as a hybrid financing model for Spanish developers, bridging the gap between equity and debt by granting investors shareholder-like rights without requiring immediate capital increases.
Unlike traditional bank loans, IAs replace fixed repayment schedules with returns tied directly to project profitability, often including conversion mechanisms that turn credit into equity if revenue targets are missed.
IAs typically structure capital as lump-sum or milestone-linked payments, with returns defined by a percentage of commercial revenues, such as a €100 investment targeting a €120 return.
Investment
Funding
Europe
AEVI
Jan 2025
Report
36 pages
Gaming Industry Report: Q3 2024
The global gaming market reached a valuation of $188 billion in 2024, representing a 2.1% year-over-year growth.
Public gaming ETFs outperformed the S&P 500 year-to-date, posting gains between 22% and 36% compared to the S&P's 21%.
Venture funding in Q3 2024 totaled $517 million across 92 deals, marking a 1% increase in funding despite a 14% decline in deal volume quarter-over-quarter.
Market Analysis
Investment
Funding
+5
Konvoy
Oct 2024
Report
1 pages
Project & Studio Financing Snapshot July 2024
Publishers are prioritizing low-risk projects with budgets between $500k and $3 million, though there is an emerging demand for titles under $500k.
Investment is heavily skewed toward early-stage (pre-seed/Series A) and late-stage (Series C) rounds, leaving Series B financing scarce.
Funding trends show a shift toward smaller, more frequent capital raises, evidenced by a decline in total new capital value despite an increase in deal count.
Investment
Funding
Market Analysis
+1
DDM
Jul 2024
Report
11 pages
Gaming Report: Q1 2024
Global gaming venture capital reached $1.3 billion across 153 deals in Q1 2024, marking a 22.1% quarter-over-quarter increase in total deal value.
The market is trending toward stabilization with a shift away from speculative Web3 and metaverse funding in favor of sustainable development and infrastructure-focused investments.
Despite a 17.3% year-over-year decline in deal volume, current funding levels put the industry on track to exceed the total aggregate capital deployed in 2023.
Market Analysis
Investment
Funding
+4
PitchBook
Jan 2024
Report
6 pages
The Alumni Effect: A Deep Dive into Studios Founded by Ex-Rioters
Startups founded by former Riot Games employees have raised nearly $500 million across 27 companies since 2020.
Ex-Riot founders command a 53% premium in average round size, securing $11 million per round compared to the $7 million industry average.
Venture capital firms Andreessen Horowitz and Bitkraft Ventures are the primary backers, participating in deals worth $339.3 million and $236.3 million respectively.
Investment
Funding
Market Analysis
+1
InvestGame
Jan 2024
Report
33 pages
Q1 2024 Gaming Deals Report
The gaming industry is shifting toward disciplined, long-term profitability as high interest rates and macroeconomic pressures reduce late-stage financing and public listing activity.
Over $15 billion in dry powder remains available across more than 65 gaming-focused funds, ensuring a steady pipeline for early-stage seed investments despite broader capital constraints.
PC and console sectors show resilience through strong independent studio performance and consistent engagement on platforms like Steam, while mobile gaming faces a contraction due to privacy-related advertising headwinds.
Market Analysis
Mergers & Acquisitions
Investment
+2
InvestGame
Jan 2024
Report
24 pages
From Volatility to Stability: Q3 2024 Gaming Deals Report
The gaming industry has transitioned to a normalized market environment, with Q3 2024 private investment totaling approximately $1 billion across 120 rounds.
AA and indie publishers are outperforming the broader market, driving a 35% year-over-year growth in gross revenue while AAA titles remain stagnant.
Investor capital is shifting away from traditional content toward infrastructure, payment systems, and development tools.
Market Analysis
Mergers & Acquisitions
Investment
+3
InvestGame
Jan 2024
Report
30 pages
Gaming Industry Report: Q4 2023
The global gaming industry reached a $184 billion valuation in 2023, reflecting a modest year-over-year growth of 0.6%.
Venture funding for the gaming sector dropped 33% quarter-over-quarter in Q4 2023 to $308 million, signaling a return to pre-pandemic capital levels.
Approximately 10,500 industry layoffs occurred in 2023 as companies prioritized operational efficiency, asset consolidation, and high-retention projects.
Market Analysis
Investment
Funding
+2
Konvoy
Jan 2024
Report
13 pages
FY2024 Report: Australian Game Development Survey
The Australian game development industry generated $339.1 million in revenue during FY2024, reflecting a minor 1.9% year-over-year decline despite global economic headwinds.
The sector is highly export-focused, with 93% of total revenue derived from international markets and 85% of studios prioritizing the development of original intellectual property.
Employment remains stable at 2,465 full-time equivalent workers, with 61% of studios planning to increase their headcount in the coming year.
Market Analysis
Employment
Funding
+1
Interactive Games & Entertainment Association
Jan 2024
Presentation
12 pages
Wyniki Finansowe 9M23
PCF Group S.A. grew its total workforce to 722 employees by September 30, 2023, up from 612 in 2022 and 495 in 2021.
The company maintains a global footprint with 473 employees in Europe and 249 in North America, operating across hubs including Warsaw, Newcastle, Dublin, Montreal, and New York.
The organizational structure is heavily weighted toward production, with the majority of the 722 staff comprised of developers and quality assurance professionals.
Investment
Funding
Game Publishing
PCF Group
Nov 2023
Presentation
17 pages
Financial Results 1H23
PCF Group raised 235.3 million PLN through a secondary public offering, including a 144.5 million PLN investment from Krafton Inc., which acquired a 10% stake and right of first refusal for select future titles.
Financial performance declined in 1H23, with revenue falling to 68.7 million PLN from 90.6 million PLN in 1H22 and a net loss of 13.1 million PLN reported.
Adjusted EBITDA dropped significantly to 4.0 million PLN from 29.7 million PLN in 1H22, driven by a high comparative base from the previous year and increased operational costs.
Investment
Market Analysis
Europe
+1
PCF Group
Sept 2023
Report
4 pages
スペイン、カナリア諸島の州政府機関から「ビデオゲーム業界視察ミッション」のご案内
The Canary Islands government is hosting a business mission for Japanese video game and animation firms from October 9–15 to promote the region as a strategic production hub.
The mission covers all travel expenses, including economy-class airfare, accommodation, meals, and local transport, for qualified Japanese companies interested in expansion or outsourcing.
The Canary Islands offer a competitive business environment featuring reduced corporate tax rates and specific financial incentives for game development, animation, and film production.
Game Development
Investment
Funding
+2
CESA – Computer Entertainment Supplier's Association
May 2023
Report
30 pages
Gaming Industry Report: Q1 2023
The global gaming market is projected to reach $201 billion in 2023, reflecting a 9% year-over-year growth rate.
Major industry players possess $48 billion in cash reserves, signaling a stable environment for future M&A activity despite regulatory headwinds.
Venture capital funding totaled $761 million across 109 deals in Q1 2023, with investment heavily concentrated in early-stage ventures rather than late-stage rounds.
Market Analysis
Investment
Funding
+3
Konvoy
Apr 2023
Presentation
11 pages
Aktualizacja Strategii Nowe Otwarcie: Polska
People Can Fly aims to generate at least 3 billion PLN in combined revenue between 2023 and 2027 through a portfolio of six new releases.
The studio is transitioning from a single-title developer to a multi-project, self-publishing entity capable of simultaneous AAA production.
The development pipeline includes the AAA work-for-hire title Gemini (2026), three self-funded AAA projects (Dagger, Bifrost, and Victoria) slated for 2025-2026, and various compact-AAA and VR titles.
Investment
Funding
Mergers & Acquisitions
+1
PCF Group
Jan 2023
Report
81 pages
2023 European Video Games Industry Insight Report
The European video games industry comprises 7 major developer studios across the region.
The sector currently employs 8 individuals directly within the industry.
Women account for 9 percent of the total workforce employed in the European video games industry.
Market Analysis
Funding
Employment
+1
European Games Developer Federation
Jan 2023
Report
15 pages
Q1 2023 Gaming Deals Report: Cooling Off After Years of Blistering Growth
Q1 2023 marked a significant industry-wide cooling period, characterized by a sharp decline in private investments, M&A activity, and public offerings compared to previous years of rapid growth.
M&A activity hit a low point in Q1 2023, recording approximately half the volume seen in previous years.
Late-stage funding has stalled significantly, with only two closed transactions recorded throughout the entire first quarter.
Market Analysis
Mergers & Acquisitions
Investment
+2
InvestGame
Jan 2023
Report
1 pages
Ayudas AEVI Innovación: Edición 2023
The AEVI Innovation program provides financial grants of up to €10,000 to support the development of innovative video game prototypes.
Applications must be submitted by the deadline of 31 October at 23:59 via the official AEVI website.
Eligible projects must be non-commercial and cannot have been previously published on any platform.
Funding
Game Development
Global
AEVI
Jan 2023
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