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Report33 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

InvestGameJan 2024

Report16 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

InvestGameSept 2023

Report18 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

InvestGameJun 2023

Report15 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

InvestGameMar 2023

Report15 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

InvestGameJan 2023

Report18 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

InvestGameJan 2023

Report27 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

InvestGameJan 2022

Report29 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

InvestGameJan 2022

Report25 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

InvestGameJan 2022

Report24 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

InvestGameJan 2022

Report21 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

InvestGameSept 2021

Report22 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

InvestGameMar 2021