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Mergers & Acquisitions
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Report
5 pages
Mobile Gaming M&A Playbook: How to Identify and Target High‑Growth Gaming Companies
The mobile gaming market is projected to reach $138 billion by 2025, driving significant M&A activity as publishers seek to diversify portfolios and acquire new talent and intellectual property.
High-profile acquisitions demonstrate the scale of industry consolidation, including Zynga’s $2 billion purchase of Peak Games and EA’s $2.1 billion acquisition of Glu Mobile.
Effective target identification requires a data-driven approach using platforms like Sensor Tower to track specific genre trends, revenue trajectories, and regional market share.
Mergers & Acquisitions
Market Analysis
Mobile
+1
Sensor Tower
Jan 2025
Report
13 pages
Interview with Frank Kang, Associate Partner at Antler: Malaysia
Korean entertainment and content startups must treat Southeast Asia as a primary growth engine rather than a peripheral market to achieve sustainable expansion.
Success requires deep localisation through local 'co-pilots' to navigate fragmented linguistic, regulatory, and payment landscapes in key hubs like Jakarta, Manila, and Bangkok.
Revenue models should shift toward mobile-wallet-driven micro-transactions, live-commerce, and hybrid free-plus-premium structures to align with local consumption habits.
Monetization
Mergers & Acquisitions
Investment
+1
KOCCA – Korea Creative Content Agency
Jan 2025
Report
31 pages
Sports Tech Market 2025
The sports tech market reached a record $200 billion in total deal value across 1,026 announced transactions in 2025.
M&A activity was dominated by two mega-deals: Netflix's $82.7 billion proposed acquisition of Warner Bros Discovery and Saudi PIF/Silver Lake's $55 billion acquisition of EA.
Private placements hit a record $14.3 billion in 2025, a 1.5x growth in value since 2023, despite the total number of financing deals declining to 500.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Jan 2025
Report
17 pages
Console/PC Games Investment Report September 2024
The 2023 fiscal year saw total deal value reach $69.5 billion, a 612% increase driven almost entirely by Microsoft’s $68.7 billion acquisition of Activision Blizzard.
While total deal value surged, the actual number of transactions fell by 25% compared to 2022, and investment volume dropped to $627.8 million across 161 deals.
M&A activity dominated the market with $68.8 billion across 39 deals, accounting for more than 99% of North American M&A value.
Investment
Mergers & Acquisitions
Global
+2
DDM
Sept 2024
Report
19 pages
Q2'24 Gaming Deals Report: Gradual Recovery
Steam full-game sales grew 27% year-over-year in Q2 2024, driven primarily by strong performance from independent and mid-sized titles.
Asia led global early-stage investment with $320 million across 28 deals, while North America dominated late-stage venture capital with $239 million across seven deals.
BITKRAFT was the most active early-stage investor by volume with 18 rounds, while a16z Games led in total deal value with $124 million invested.
Market Analysis
Investment
Mergers & Acquisitions
+1
InvestGame
Jun 2024
Report
19 pages
Q2’24 Gaming Deals Report
Private investment in the gaming industry reached a new quarterly benchmark of $1 billion across 116 rounds in Q2 2024, signaling a stabilization of the market.
Steam full-game sales grew by 27% year-over-year, driven primarily by a strong performance from indie and AA titles.
Early-stage venture capital is fueling current market activity, while late-stage deal-making remains sluggish due to persistent economic headwinds.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jun 2024
Report
43 pages
Keywords Studios FY 2023 Results
Keywords Studios reported €780 million in revenue for 2023, representing 13% total growth and 9% organic growth despite currency headwinds and U.S. labor strikes.
The company achieved an adjusted operating margin of 15.6% and an EBITDA of €158.3 million, supported by a strong cash conversion rate of 82.3%.
Management is pursuing a revenue target exceeding €1 billion, supported by a €225 million investment in five acquisitions during 2023 and a $400 million revolving credit facility.
Market Analysis
Mergers & Acquisitions
Investment
+1
Keywords Studios
Mar 2024
Report
37 pages
State of the Game Industry 2024
The industry is undergoing a severe market correction characterized by widespread layoffs affecting one-third of the global workforce and a surge in studio closures.
Support for unionization has reached 57%, driven largely by younger professionals (ages 18–24) facing economic instability and dissatisfaction with corporate management.
While 49% of developers have adopted generative AI, 84% of the workforce reports significant concerns regarding copyright infringement and potential job displacement.
Market Analysis
Employment
Diversity & Inclusion
+3
Game Developers Conference
Jan 2024
Report
17 pages
Global MSP Report
The global MSP market reached a valuation of $305 billion in 2024 and is projected to grow at a 7.2% CAGR to $571 billion by 2033.
Private-placement deal value surged from $34 million in Q3 2024 to $2.2 billion in Q4 2024, driven by a high volume of platform deals.
Strategic buyers dominated Q4 2024 activity, accounting for 83% of total transactions as they aggressively acquired multiple MSPs.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star
Jan 2024
Report
27 pages
Global Sports Tech Report 2024
The provided source text contains no factual data, metrics, or findings from the Global Sports Tech Report 2024.
The content consists solely of a request for additional information rather than report substance.
No specific growth rates, company names, or dates are available to summarize.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
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
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
13 pages
Digital Services Report
Q2 2024 saw robust activity in the digital services sector with over 350 M&A transactions totaling $7.4 billion and 880 fundraising deals raising $8.1 billion.
Major M&A activity was headlined by EQT’s $3.0 billion acquisition of Perficient and Cognizant’s $1.3 billion purchase of Belcan, signaling a strategic focus on digital transformation capabilities.
Generative AI and AI-powered technologies are identified as the primary catalysts for deal momentum, with expectations for increased M&A activity in Q3 2024.
Market Analysis
Mergers & Acquisitions
Global
Drake Star
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
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
16 pages
Gaming Deals Report: 2023 Q3
Gaming deal activity in the first three quarters of 2023 hit its lowest level since the pre-pandemic era, with private investment value falling to $2.3 billion across 325 deals.
M&A activity totaled $8.5 billion, excluding the Activision Blizzard acquisition, while public offerings saw a 29% year-over-year decline due to a closed IPO window.
Late-stage venture capital funding plummeted to $300 million as investors shifted focus from growth-at-all-costs to companies with proven financials and clear exit paths.
Market Analysis
Mergers & Acquisitions
Investment
+1
InvestGame
Sept 2023
Report
19 pages
Global Gaming Report Q3 2023
The global gaming industry saw a significant resurgence in consolidation during Q3 2023, with 120 deals totaling $11 billion in value, headlined by the Microsoft-Activision merger.
M&A activity was concentrated in PC and console segments at 40% of deal volume, while mobile accounted for 21%.
Tencent emerged as the most active strategic buyer with five deals, including the majority acquisition of Techland, while Goldman Sachs made a $1.72 billion offer for Kahoot!.
Mergers & Acquisitions
Market Analysis
Investment
+1
Drake Star Partners
Sept 2023
Report
9 pages
Microsoft’s Activision Acquisition: Implications for the Cloud Gaming Market and Industry
Microsoft’s $68.7 billion acquisition of Activision Blizzard includes a ten-year commitment to provide free streaming licenses for Activision PC games to third-party cloud providers.
The cloud gaming market is currently a nascent sector, valued at $446 million in 2022 and accounting for less than 0.3% of total global consumer spending on games.
The mandated 'bring-your-own-game' (BYOG) licensing model allows consumers to stream Activision titles on competing platforms, potentially forcing third-party providers to adopt these games to remain competitive.
Cloud Gaming
Mergers & Acquisitions
Market Analysis
+1
Ampere Analysis
Jun 2023
Report
18 pages
H1'23 Gaming Deals Report
The global video game industry saw a massive financial contraction in H1 2023, with private investment falling 81% to $1.5 billion and M&A deal value plummeting 97% to $0.9 billion.
Strategic investors shifted focus from aggressive expansion to internal restructuring and cost optimization, resulting in widespread layoffs at companies like Embracer.
Early-stage investment remained the primary driver of deal volume, though its total value contracted threefold as investors prioritized supporting existing portfolios over new ventures.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jun 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
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