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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
Report
22 pages
Global Video Game Investment Activity Report Q1 2021
Global video game investment reached $25 billion in closed deal value during Q1 2021, a twofold increase over the first half of 2020, with total announced deal value hitting $39 billion.
M&A activity was the primary growth driver, totaling $14.3 billion in closed deals—a nearly sixfold year-over-year increase—led by Microsoft’s $7.5 billion ZeniMax acquisition and ByteDance’s $4 billion Moonton acquisition.
Public offerings generated $8.3 billion in value, representing a 29-fold increase over the previous year, fueled by a tripling of IPOs and the rise of SPACs.
Investment
Funding
IPO
+1
InvestGame
Jan 2021
Report
21 pages
Gaming Deals Activity Report H1'2021
Gaming deal activity surged four-fold in H1 2021, reaching a cumulative value of $50.2 billion across 471 closed and announced transactions.
Mergers and acquisitions dominated the market with $22.4 billion across 154 deals, already surpassing the $12.6 billion total recorded for the full year of 2020.
The gaming segment specifically saw M&A value climb 486% year-over-year to $20.4 billion, contributing to a total segment value of $32.7 billion.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Jan 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
11 pages
Q1‑Q3 2020: Recap of the Investment Activity in the Video Game Market
The gaming industry demonstrated strong resilience in 2020, with a July rebound leading to 100 transactions worth approximately $2.78 billion in private investment.
M&A activity was significant, with the PC and console segment reaching $10.5 billion in value, largely driven by Microsoft’s $7.5 billion acquisition of ZeniMax.
The mobile gaming segment led in deal volume with 41 transactions totaling $4.6 billion, supported by ongoing consolidation from strategic buyers like Tencent, Embracer Group, and Stillfront Group.
Investment
Mergers & Acquisitions
Market Analysis
+1
InvestGame
Sept 2020
Report
28 pages
Global Video Game Deals Report 2020
The global video game industry reached a record $33.6 billion in total deal value across 664 transactions in 2020, driven by pandemic-induced demand for at-home entertainment.
Public offerings were the largest financial contributor at $15.1 billion, bolstered by high-profile IPOs from Unity Software and Kakao Games alongside corporate debt refinancing.
Mergers and acquisitions totaled $12.6 billion across 219 deals, with Tencent, Embracer Group, Stillfront, and Zynga accounting for 60% of that value.
Mergers & Acquisitions
Investment
Market Analysis
+1
InvestGame
Jan 2020
Report
29 pages
The Most Exciting Time in the Gaming Industry: 2020–2022
The gaming industry experienced a massive investment peak in 2021, with M&A reaching $41 billion, private equity hitting $12 billion, and public offerings peaking at $24.5 billion.
Market activity cooled significantly by 2022, with public offerings collapsing to $4.6 billion and late-stage transaction values dropping four-and-a-half-fold to $0.9 billion in early 2023.
Strategic acquisitions remain a primary driver of industry value, with the top 15 M&A deals—led by Microsoft’s purchases of Activision Blizzard and ZeniMax—accounting for approximately 80% of total announced deal value.
Market Analysis
Investment
Global
InvestGame
Jan 2020
Report
28 pages
InvestGame Deals Report 2020 – Game M&A
The 2020 gaming market hit a record $33.6 billion in total transaction value across 664 deals, driven by $15.1 billion in public offerings and $12.6 billion in M&A activity.
Tencent, Embracer, Stillfront, and Zynga emerged as the dominant market forces, collectively accounting for 60% of the total M&A value.
The United States led the global market by capturing 36% of total deal value and hosting four of the year's top-10 largest transactions.
Mergers & Acquisitions
Investment
Market Analysis
+1
InvestGame
Jan 2020
Report
29 pages
2020–2022: The Most Exciting Time in the Gaming Industry
M&A activity reached a historic peak in 2022 with $37.7 billion in closed deals, representing a 199% increase over 2021, largely driven by major consolidations like Take-Two’s acquisition of Zynga.
Public offerings for gaming companies collapsed in 2022, with an 82% decline in value as IPO and SPAC windows effectively closed due to macroeconomic headwinds.
Private investment value fell by 16% in 2022 following a doubling of investment the previous year, signaling a shift toward a more disciplined, cooling market.
Market Analysis
Mergers & Acquisitions
Investment
+1
InvestGame
Jan 2020
Report
11 pages
Investment Activity Report Q1–Q3 2020
The global gaming industry saw $27.5 billion in total deal value across 1,000 transactions during the first nine months of 2020, with gaming-specific deals accounting for $15.3 billion.
M&A activity was defined by large-scale consolidation, led by Microsoft’s $7.5 billion acquisition of ZeniMax and Zynga’s $2 billion purchase of Peak Games, with Tencent, Zynga, and Microsoft collectively exceeding $11 billion in deal value.
Public offerings were the primary driver of capital, generating $9.2 billion from 51 IPOs and PIPEs, while private venture investments contributed $4.7 billion across 254 rounds.
Investment
Funding
Mergers & Acquisitions
+2
InvestGame
Jan 2020
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