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Report
19 pages
Global Gaming Report Q1 2023
The Drake Star Gaming Index rose 12% in Q1 2023, signaling a robust public market recovery despite a temporary dip in M&A volume to 43 deals.
Private financing remained resilient with over 200 deals raising $1.3 billion, driven primarily by early-stage investments and a strategic pivot away from blockchain toward AI and gaming tools.
Embracer Group remained the most active consolidator, completing 18 deals totaling over $1.1 billion during the quarter.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Mar 2023
Report
15 pages
Q1'23 Gaming Deals Report
M&A activity hit a multi-year low in Q1 2023 with only 43 closed deals totaling $11.4 billion, representing a 94% year-over-year decline in value.
Private investment value plummeted 71% year-over-year to $3.3 billion across 141 deals, reflecting a broader market correction and stabilization.
The market is bifurcated, as early-stage venture capital remains robust while late-stage and public market activities are constrained by high interest rates and bearish sentiment.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Mar 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
24 pages
Global Gaming Report 2022
The global gaming market reached a record $127 billion in deal value across 1,320 transactions in 2022, driven by a threefold increase in M&A volume headlined by Microsoft’s $68.9 billion pending acquisition of Activision Blizzard and Take-Two’s $12.7 billion purchase of Zynga.
Public gaming stocks faced significant volatility with many market capitalizations dropping over 30%, while private financing deal counts rose 29% despite a decline in total capital raised to $11.1 billion due to cooling late-stage investment.
Blockchain gaming proved resilient, securing $4 billion in funding across nearly 400 companies, bolstered by over $13 billion in specialized venture capital fund commitments.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Jan 2023
Report
18 pages
H1 2023 Gaming Deals Report: Navigating Turbulence
H1 2023 saw a significant contraction in gaming deal-making, with private investments falling to $1.5 billion across 239 deals compared to the same period in 2022.
M&A activity experienced a sharp decline as strategic investors prioritized internal restructuring and portfolio management over new acquisitions.
Public offerings remained largely stagnant throughout the first half of 2023 due to unfavorable market conditions and necessary valuation corrections.
Market Analysis
Mergers & Acquisitions
Investment
+2
InvestGame
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
Presentation
14 pages
Results Presentation: First Nine Months 2022
People Can Fly is aggressively pivoting from a work-for-hire model to self-publishing, evidenced by a surge in development work in progress from 25.9 million PLN at the end of 2021 to 95.7 million PLN by September 30, 2022.
The company experienced a financial contraction in the first nine months of 2022, with EBITDA falling to 40.3 million PLN from 54.9 million PLN and net profit dropping to 42.1 million PLN, largely due to the termination of a major development agreement with Take-Two Interactive.
The studio is scaling its global operations rapidly, increasing its total headcount by 44% from 425 employees in September 2021 to 614 by September 2022 across nine locations in Europe and North America.
Investment
Game Publishing
Mergers & Acquisitions
PCF Group
Nov 2022
Report
29 pages
Gaming Industry Report: Q4 2022
The global gaming market reached $184.4 billion in 2022, a 2.3% year-over-year increase, with projections estimating growth to $283 billion by 2027.
Mobile gaming remains the primary revenue driver, accounting for 64% of total industry spend, or $116 billion in 2021.
Venture capital funding for the gaming sector contracted significantly in 2022, falling from $8.8 billion to $5.3 billion, with web3 gaming experiencing a global downturn and an 83% funding collapse in Latin America.
Market Analysis
Investment
Global
+2
Konvoy
Oct 2022
Report
22 pages
Drake Star Global Gaming Report Q3 2022
The global gaming industry recorded $123 billion in deal value across 976 transactions during the first nine months of 2022.
Blockchain and Web3 gaming dominated private investment in Q3 2022, accounting for 40% of all deal rounds and nearly half of total private financing value.
Public market volatility has significantly impacted valuations, with major entities like Ubisoft and Roblox experiencing stock declines exceeding 45% since early 2021.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Sept 2022
Report
21 pages
Global Gaming Report H1 2022
The gaming industry saw record-breaking activity in H1 2022 with $107 billion in total deal value across 651 transactions, dominated by $95 billion in M&A activity.
Strategic consolidation was driven by major acquisitions, most notably Microsoft’s purchase of Activision Blizzard and Take-Two’s acquisition of Zynga.
Blockchain gaming and metaverse infrastructure became the primary growth catalysts, accounting for over 50% of all financing transactions in Q2 and attracting $2.2 billion in funding.
Market Analysis
Mergers & Acquisitions
Investment
+3
Drake Star Partners
Jul 2022
Report
27 pages
Gaming Deals Activity 2021
The gaming industry saw record financial activity in 2021, with closed transactions totaling $71.3 billion across 937 deals, representing a 2.1x increase in value and 1.4x increase in volume over the previous year.
Mergers and acquisitions were the primary growth driver at $34.5 billion, with mobile gaming capturing 49% of that value, followed by 34% for PC and console gaming.
Public offerings, including IPOs and SPACs, generated $24.8 billion in value, while private investments doubled to $12 billion, primarily driven by late-stage funding.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jan 2022
Report
29 pages
Gaming Deals Activity Report: Q1–Q3 2022
The $124.5 billion total deal value for Q1–Q3 2022 is heavily skewed by Microsoft’s $69 billion acquisition of Activision Blizzard, masking a broader market cooling driven by macroeconomic instability and regulatory pressure.
Strategic M&A activity reached a record $101.4 billion despite a 40% decline in the number of closed transactions, with major activity led by Embracer Group, Sony, and Saudi Arabia’s Public Investment Fund.
Public offerings have nearly collapsed to their lowest point since early 2020, with deal values shrinking fivefold compared to 2021 levels.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jan 2022
Report
24 pages
Global Gaming Report 2021
The global gaming industry reached a landmark $85 billion in total deal value across 1,159 transactions in 2021, nearly tripling the previous year's figures.
Mergers and acquisitions totaled $38 billion, driven by strategic activity from major players like Tencent and Embracer Group, while private placements hit a record $13 billion.
Blockchain and NFT-based gaming emerged as a significant sector, securing $3.6 billion in total financing and accounting for nearly half of all private investment in the fourth quarter.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Jan 2022
Report
25 pages
Gaming Deals Activity Report: H1 2022
The global gaming industry reached a record-breaking $113.6 billion in total deal value during the first half of 2022, driven by high-profile mega-deals despite a decline in overall transaction volume.
Private investment remained resilient during H1 2022, contributing $4.6 billion to the sector despite broader public market downturns and macroeconomic instability.
Investment strategies are shifting toward mobile-focused acquisitions and a maturation of the blockchain gaming sector, which is moving away from speculative models toward content-driven development.
Market Analysis
Mergers & Acquisitions
Investment
+2
InvestGame
Jan 2022
Report
21 pages
Global Gaming Report Q1 2022
The global gaming industry reached a record $98.7 billion in total deal value in Q1 2022, surpassing the total deal value of the entire previous year.
Industry consolidation was driven by major acquisitions, including Microsoft’s $68.9 billion purchase of Activision Blizzard and Take-Two’s $11.8 billion acquisition of Zynga.
Strategic M&A activity is currently focused on cross-platform diversification, with PC and console giants aggressively acquiring mobile gaming expertise and established intellectual property.
Market Analysis
Mergers & Acquisitions
Investment
+1
Drake Star Partners
Jan 2022
Report
24 pages
Gaming Deals Activity Report: Q1'22 Supermassive Start of the Year
Total gaming industry deal value reached $15.2 billion across 262 transactions in Q1 2022, marking a significant contraction driven by a 90% drop in public offerings to $0.5 billion.
Blockchain-powered gaming saw a massive surge, accounting for $1.6 billion across 88 deals, representing an eleven-fold increase in deal count and a nineteen-fold jump in value year-over-year.
Mergers and acquisitions saw a 76% year-over-year decline in total value, though the period was defined by high-profile mega-deals including Microsoft’s $68.7 billion acquisition of Activision Blizzard and Take-Two’s $12.7 billion purchase of Zynga.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jan 2022
Report
21 pages
Gaming Deals Activity Report Q1‑Q3 ’21
The global video games industry saw a 2.5x year-over-year increase in deal value, totaling $57.7 billion across 667 closed transactions during the first three quarters of 2021.
Mergers and acquisitions dominated the market, accounting for 48% of total deal value, with mobile gaming specifically driving 84% of M&A value in Q3, exemplified by Electronic Arts' $1.4 billion acquisition of Playdemic.
Blockchain gaming experienced explosive growth, recording a 34x year-over-year increase in deal value to reach $1.56 billion, with investment focused on NFT infrastructure and play-to-earn platforms.
Mergers & Acquisitions
Investment
Market Analysis
+1
InvestGame
Sept 2021
Report
22 pages
Deals Report Q1 2021
The global gaming industry saw a record-breaking Q1 2021 with $25 billion in closed transactions across 249 deals, a twofold increase compared to the first half of 2020.
Mergers and acquisitions were the primary growth driver, accounting for 57% of total deal value at $14.3 billion, a nearly sixfold year-over-year increase fueled by major acquisitions like Microsoft’s $7.5 billion purchase of ZeniMax Media.
Public offerings reached $8.3 billion across 36 deals, bolstered by high market valuations and prominent listings from companies including Roblox, Playtika, and Huuuge Games.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Mar 2021
Report
21 pages
Gaming Deals Activity Report Q1-Q3’2021
The video game industry saw $57.7 billion in closed deal value across 667 transactions in Q1–Q3 2021, representing a 2.5x increase in value and 46% increase in deal volume compared to 2020.
Mergers and acquisitions were the primary growth driver, contributing $27.9 billion (48% of total value), headlined by Microsoft’s $7.5 billion acquisition of ZeniMax Media and ByteDance’s $4 billion purchase of Moonton.
Public offerings generated $21.2 billion, led by Krafton’s $3.75 billion IPO, though the market experienced a cooling trend and increased share price volatility during the third quarter.
Market Analysis
Investment
Mergers & Acquisitions
+1
InvestGame
Jan 2021
Report
27 pages
Gaming Deals Activity 2021: Smashing Previous Records
The global video game industry reached a record $80.4 billion in total deal value across 967 transactions in 2021, a 2.5-fold increase over the previous year.
Mergers and acquisitions accounted for nearly half of the total transaction volume, reflecting a significant consolidation trend within the sector.
Blockchain-integrated gaming experienced explosive growth, with deal value increasing 68-fold year-over-year.
Market Analysis
Mergers & Acquisitions
Investment
+3
InvestGame
Jan 2021
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