Game Publishing

The leadership team of Bain & Company's Global Gaming Sector practice prepared this report, with special direction from Anders Christofferson, partner and Global Gaming Sector lead, and Brandon Rogers, Media practice manager. The authors would like to thank Danielle Schwenker, Aman Sharma, Gunjan Dawar, Shray Arora, Rohan Doomra, Shagun Jain, and Christoffer Karlsmose for their contributions to this work.

The German games industry demonstrated remarkable resilience throughout 2022, maintaining a stable market valuation of 9.87 billion euros despite global economic headwinds, inflationary pressures, and hardware supply constraints. This performance represents a 1% growth rate, bucking international trends of market decline. The sector’s expansion is further evidenced by a 15.5% increase in the number of companies and a 7% rise in the workforce over the past year. Mobile gaming continues to dominate revenue streams, while digital distribution has solidified its position as the primary purchasing method for PC users and younger demographics.

Despite this growth, the industry faces structural challenges that threaten its long-term international competitiveness. A critical shortage of skilled labor in programming, technical art, and production persists, exacerbated by bureaucratic hurdles that impede the recruitment of international talent. Furthermore, the intermittent availability of federal funding has created an environment of instability, hindering strategic planning. To address these issues, the industry is advocating for a transition toward tax-based incentives, improved educational standards, and the establishment of specialized academic institutions to foster domestic expertise.

Beyond economic metrics, the sector is increasingly focused on professionalizing its ecosystem and enhancing its global footprint. Events such as Gamescom and the devcom Developer Conference have reinforced Germany’s status as a central hub for digital innovation, attracting significant international attention and political engagement. Simultaneously, the industry is prioritizing sustainability through climate-neutral initiatives and strengthening youth protection frameworks to ensure a safe gaming environment. By aligning advocacy efforts with a commitment to diversity and educational outreach, the German games sector aims to secure its position as a leading global player in the digital economy.

The Polish video game industry has matured into a globally recognized sector, characterized by a robust ecosystem of over 300 studios and a growing presence on the Warsaw Stock Exchange. While the industry experienced a temporary revenue dip in 2016 following a record-breaking 2015, it remains a vital component of the national economy, supported by institutional initiatives like the GameINN program. The sector’s primary thesis centers on its successful transition from a local market to a global powerhouse, driven by high-profile AAA titles and a burgeoning mobile development scene that increasingly targets international audiences.

Market dynamics within Poland reflect broader global trends, including a decisive shift toward digital distribution and the dominance of mobile platforms, which now account for nearly half of the domestic market value. While physical media remains resilient due to console adoption, consumer behavior is evolving toward Free-to-Play models and microtransactions. Despite this growth, the industry faces structural challenges, including a significant talent shortage for specialized roles like programming and design, as well as bureaucratic hurdles and complex tax laws. Employers report that recent university graduates often lack the practical skills required for immediate integration, forcing firms to seek foreign talent despite logistical difficulties.

Looking ahead, the industry is navigating the experimental stages of VR and AR while solidifying its status as a hub for eSports. Although Polish developers are increasingly competitive, they must contend with stiff international pressure from German and Asian firms. To sustain long-term growth, the sector is prioritizing "Games as a Service" models to mitigate piracy and enhance player engagement. Ultimately, the industry’s trajectory is defined by a move toward professionalization, where success is increasingly contingent upon effective brand management, international partnerships, and the ability to overcome domestic infrastructure and payment-trust limitations.

The Kodeks Dobrych Praktyk w Sprawie Stosowania Ratingu Gier Wideo (Code of Good Practice for Video Game Rating in Poland), established in November 2016 by the Stowarzyszenie Polskie Gry and the Indie Games Polska foundation, serves as a self-regulatory framework for the Polish video game industry. Its primary objective is to protect minors from exposure to inappropriate content by standardizing the information provided to consumers regarding age-appropriate game classifications. The code functions as an industry-wide commitment to transparency, ensuring that producers, publishers, and distributors clearly label games regardless of the platform or distribution method.

The framework establishes five distinct age-based categories—3+, 7+, 12+, 16+, and 18+—which align closely with the established Pan European Game Information (PEGI) system. These categories define acceptable levels of violence, language, sexual content, and fear-inducing elements. By adopting these standards, participating entities agree to provide clear, legible, and accessible age ratings on all digital and physical product packaging. The code emphasizes that responsibility for accurate labeling lies with the producers and publishers, who are required to assess the effectiveness of their rating practices at least every two years.

Enforcement of these standards is managed through an internal Sąd Koleżeński (Peer Court), which oversees compliance and adjudicates potential violations. While the code is a voluntary, industry-led initiative, it is designed to complement existing Polish consumer protection laws and European Union directives regarding the protection of minors in digital environments. By formalizing these ethical and professional norms, the industry aims to foster greater social trust and ensure that consumers, particularly parents, can make informed purchasing decisions. Entities that choose to adopt the code must formally register their commitment, and any false claims of adherence are subject to scrutiny under national regulations concerning unfair market practices.

The Polish video game industry is represented by two primary organizations established in 2015: Stowarzyszenie Polskie Gry (SPG) and Fundacja Indie Games Polska (IGP). SPG focuses on the country’s largest developers, such as CD Projekt, Techland, and 11 bit studios, aiming to enhance the international competitiveness of the sector through research and development initiatives like the GameINN program. Conversely, IGP serves as the representative body for micro and small independent developers, focusing on promotional activities, industry networking, and professional development through conferences and seminars.

The sector has experienced significant growth, with the value of domestic game production exceeding 1 billion PLN in 2015. This expansion mirrors global trends, where the video game market has reached an estimated value of 99.6 billion USD, rivaling the film industry in both cultural impact and economic contribution. Countries that provide robust institutional support, such as Canada, the United States, and the United Kingdom, have successfully leveraged this industry to foster scientific and infrastructural development, resulting in billions of dollars in annual gross value added.

These organizations collectively advocate for the interests of Polish game developers, particularly regarding legislative changes and the need for a unified voice in national and international forums. By bridging the gap between large-scale commercial studios and independent creators, these entities seek to sustain the momentum of a sector that has become a source of national pride, attracting significant investor interest and earning prestigious global accolades. The collaborative efforts of SPG and IGP are intended to ensure the continued professionalization and strategic growth of the Polish gaming ecosystem.

The mobile gaming industry is undergoing a fundamental structural shift toward direct-to-consumer (DTC) distribution models, a transition that has already established a $17 billion market. By bypassing traditional app store ecosystems, publishers are successfully reclaiming profit margins previously lost to platform fees while simultaneously securing ownership of first-party player data. This evolution represents a strategic pivot from passive reliance on third-party storefronts to the active cultivation of proprietary, data-driven player relationships that foster long-term retention and competitive differentiation.

While the transition presents significant hurdles regarding technical infrastructure and player acquisition, the industry is increasingly adopting a hybrid model. This approach balances internal, player-facing strategies with specialized external partnerships for payment processing and regulatory compliance. Early adopters of these DTC frameworks are already demonstrating superior revenue growth and improved engagement metrics, creating a widening performance gap between firms that have integrated these channels and those that remain tethered to traditional distribution methods.

Looking toward the next decade, the broader digital economy is poised to mirror the success of mobile gaming, with the global in-app purchase market projected to reach $721.4 billion by 2034. DTC strategies are no longer the exclusive domain of large-scale enterprises; they have become a scalable imperative for developers of all sizes. By leveraging personalized experiences and sophisticated marketing analytics, firms can achieve higher year-over-year growth and greater valuation stability. Ultimately, the ability to control the end-to-end user experience has emerged as the primary driver of economic sustainability and long-term success in the modern mobile landscape.

The Gamescom Awesome Indies Show serves as a premier international platform for independent developers, studios, and publishers to debut new titles, gameplay, and trailers. By highlighting creative and emerging projects, the event functions as a high-visibility showcase within the broader Gamescom ecosystem. The 2025 iteration successfully engaged a global audience, demonstrating the significant reach of indie-focused programming through a combination of live streaming and on-demand content.

Performance metrics for the 2025 event underscore its substantial digital footprint. The showcase featured 24 indie titles and generated 36,500 hours of watch time during the live broadcast. Audience engagement remained strong, peaking at 44,000 concurrent viewers, while the event was supported by 116 co-streams. Furthermore, the program achieved 57,800 views on video-on-demand (VOD) platforms, confirming sustained interest in the showcased content beyond the initial live window.

To sustain and expand these efforts, the event offers structured sponsorship opportunities for the 2026 cycle. These commercial tiers range from $10,000 for spotlight trailers to $50,000 for official product partnerships, which include product placement and custom content integration. The sponsorship model is designed to integrate brands directly into the broadcast through branded snipes, developer interviews, and booth tours. By leveraging IGN Entertainment’s production capabilities and established digital channels, these partnerships provide brands with direct access to a dedicated gaming audience, ensuring that the showcase remains a viable and professional vehicle for industry promotion.

The analysis examines venture capital activity in the gaming sector from 2020 to early 2024, focusing on whether investment priorities are shifting from traditional content creation and publishing toward technology‑driven startups. Data show that, across all stages, content creators and publishers continue to dominate VC allocations, representing over half of both capital deployed (≈$1.76 billion) and the number of deals in early‑, mid‑, and late‑stage rounds. However, a closer look at seed and Series A financing reveals a notable trend: PC and console studios now secure more funding than mobile startups, indicating a pivot toward higher‑budget, platform‑centric projects.

In the last twelve months, gaming‑focused VC funds have increased their exposure to technology and platform companies. Capital deployed by select funds such as VENTURES, BEHOLD Venture, and Lightspeed Lvp. rose from roughly $1.3 billion in early 2020 to over $2.4 billion by H1 2024, while the number of rounds led by these funds grew from 67 to 289. This shift is evident across multiple funds, with several moving a larger share of their capital into tech‑centric ventures rather than pure content studios.

Geographically, the data encompass global markets with a concentration in North America and Europe, covering all major gaming segments—mobile, PC, console, and emerging platform technologies. The methodology aggregates publicly disclosed VC‑led rounds from 2020 through H1 2024, using capital deployed and round counts as primary metrics. The findings suggest that while content remains the core focus, gaming VCs are progressively allocating more resources to technology and platform innovations, reflecting an evolving investment landscape in the industry.

The analysis examines the post‑IDFA mobile gaming landscape, focusing on revenue dynamics, user acquisition spending, profitability trends, and market valuation shifts across key publishers. Data reveal that annual reported revenue growth has slowed markedly, with many companies experiencing negative organic revenue and overall declines in 2023‑24. User acquisition expenses have surged, reaching peaks of $40 million for some firms, yet returns from these campaigns have weakened, driving higher operating expenses and compressing EBITDA margins. Consequently, publishers are pivoting from aggressive scaling toward profitability, reflected in tighter cost controls and a renewed emphasis on player retention and lifetime value.

Daily active user metrics illustrate the broader market contraction, with average DAU figures falling across the sector. Valuation impacts are stark: aggregate market capitalisation for major publishers has fallen by more than 50 % since January 2022, and most stocks remain below their pre‑IDFA peaks. An exception is MTG, whose disciplined mergers and acquisitions strategy and operational efficiency yielded 9 % organic growth in Q4 2024, translating into a 50 %+ share price increase and outperforming the S&P 500.

The study covers global mobile gaming publishers over a 2022‑2025 timeframe, drawing on quarterly financial statements and market data. Methodology includes analysis of reported revenue, user acquisition spend, EBITDA adjustments for capitalised development costs, and market cap changes. The findings underscore a sector in transition, where resilience hinges on profitability focus, retention strategies, and disciplined capital allocation.

The document evaluates the trade‑offs between building an in‑house data pipeline and purchasing a third‑party solution for game analytics, using GameAnalytics’ PipelineIQ Pro as the primary example. It argues that while custom pipelines offer full control, they demand significant upfront investment in infrastructure, skilled personnel, and ongoing maintenance. The cost of hiring a data team—engineers, scientists, analysts—and cloud services (ingestion, storage, query, visualization) can reach nearly $50 k per month for a mid‑size studio with 5 million MAU, with human capital accounting for 89 % of the expense. In contrast, a vendor‑managed pipeline costs approximately $5.9 k per month, with the same headcount but lower operational overhead; human capital represents 78 % of that budget. The analysis highlights additional benefits of third‑party solutions, such as standardized event schemas, economies of scale in storage, rapid deployment (hours to days versus months), scalability without knowledge silos, and delegated privacy compliance. Methodologically, the comparison uses a hypothetical studio scenario to calculate total cost of ownership (TCO), breaking down monthly allocations into human, storage, query, and visualization costs. Geographic scope is global, with no regional restrictions noted; the time frame covers current market conditions and projected growth. The conclusion favors purchasing a proven pipeline for studios that lack the resources or urgency to build internally, citing lower TCO, faster time‑to‑insight, and reduced risk of technical debt.

The analysis demonstrates that the video‑gaming sector remains fragmented in its approach to carbon accounting, with only a minority of companies—12 out of 222 surveyed—committed to science‑based targets. This shortfall stems largely from uncertainty around measuring Scope 3 emissions, particularly in categories such as purchased goods and product use. The report underscores a growing industry momentum: the Playing for the Planet Alliance now includes 42 members, and initiatives like the Green Games Guide and Ubisoft’s Climate School illustrate a shift toward embedding climate action within both operations and game content. Concrete progress is evident, for example, the Games Consoles Voluntary Agreement’s 54 TWh energy savings and the documented dominance of Scope 3 categories 1 (purchased goods) and 11 (use of sold products) in studios’ footprints.

Carbon intensity across the supply chain varies markedly by hardware, display technology, and regional electricity mix. Current‑generation consoles draw 150–200 W during gameplay, while PCs can reach 100–300 W; mobile devices consume only a few watts. A high‑end 4K TV can match console power when running HDR, and the carbon intensity of 200 Wh ranges from ≈13 gCO₂e in France to ≈81 gCO₂e in the United States. These disparities highlight opportunities for reducing emissions through hardware efficiency, extended device lifetimes, and the adoption of renewable electricity or green tariffs.

The report calls for consistent, industry‑aligned reporting frameworks—particularly the GHG Protocol Scope 3 categories—and greater granularity by business unit or product. It recommends iterative, data‑quality‑driven methods for estimating Category 1 and 2 emissions, prioritising primary supplier data for high‑spend items while applying spend‑based factors elsewhere. For Category 7 (employee commuting) and Category 11 (use‑phase emissions), detailed calculation examples illustrate the need to account for lifetime usage, regional grid intensity, and potential double‑counting. Real‑time accounting of use‑phase emissions is identified as a critical research gap, with cloud and CDN providers’ inconsistent reporting underscoring the need for standardized data.

Overall, the sector is moving toward greater transparency and actionable climate messaging, yet significant gaps remain in measurement, reporting consistency, and the integration of emerging technologies such as cloud gaming and AI. Addressing these challenges will be essential for credible net‑zero pathways across the global video‑gaming industry.

The Vietnamese mobile gaming market represents a significant growth sector in Southeast Asia, reaching a valuation of approximately $825 million in 2025. With an estimated 54 to 58.5 million mobile gamers and a year-on-year revenue growth rate of 9.16%, the market is characterized by high engagement, with users averaging 2.5 hours of daily gameplay. The industry is supported by a robust digital infrastructure, serving 79.8 million internet users, and is projected to exceed $1 billion in annual revenue by 2030.

Market performance is dominated by specific genres, with MMORPGs leading at 23.12% of total revenue, followed by team battle and 4X strategy games. Payment ecosystems are heavily localized, with e-wallets, bank transfers, and domestic card schemes—primarily through the NAPAS network—accounting for the vast majority of transactions. This preference for local financial infrastructure necessitates strategic partnerships for international entities seeking to enter the region.

Regulatory compliance remains the most critical barrier to entry for foreign developers. Under Decree No. 147/2024/ND-CP, all game distribution requires a formal license, and foreign companies must operate through a local legal entity or a licensed domestic publisher. Mandatory requirements include strict KYC identity verification, a 180-minute daily playtime limit for minors, and the physical hosting of server systems within Vietnam. Furthermore, upcoming advertising regulations effective in 2026 will mandate shorter, user-friendly ad formats, prompting a shift toward rewarded ads and enhanced in-app purchase strategies. To navigate these complexities, stakeholders are increasingly relying on local advisory and publishing ecosystems to manage licensing, legal documentation, and market-specific operational requirements.