Games Investment Reports

Quarterly Reports

The longest running series of reports on investments and M&As in the video game industry, produced quarterly with a free Executive Summary as well as a paid option for the quarter’s transactions in PDF and Excel formats.

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Free

Executive Summary Report

Q4 2024

Download the Q4 2024 Executive Summary covering the gaming industry’s investments and M&As

$399

Quarterly Report + Transactions

Q4 2024

Purchase the quarter’s transactions data (PDF and Excel)

$999

Quarterly Report Bundle for 1 Year

1 Year (4 Reports)

Save by purchasing the most recent and the next three quarterly transaction bundles

Financing Snapshot

FREE

Project & Studio Financing Snapshot

JANUARY 2025

Updated for the new year, the Project & Studio Financing Snapshot provides a business outlook on two main methods of video game financing, project and studio, from our business development and investment services teams.

Overall, the industry is showing signs of cautious optimism, viewing 2025 as the year the “industry turns the corner” after a rollercoaster hangover from COVID-driven record years. While both project and studio financing remain low, our outlook for both is slight warming as publishers close out their fiscal years and look towards content needs for 2026/2027, M&As continue to be a buyer’s market, and investment firms, including web3, have capital to deploy.

Industry Segment Reports

FREE

Game Developers Investment Report

MARCH 2025

Of the $7.7B invested across 812 deals in 2024, game developers accounted for $4.4B across 580 investments (representing 57% of the total value and 71% of the volume); since 2019, game developer investments by volume percentage have increased year-over-year from 49% to a record 71%, which marked the highest ever recorded across 17+ years of data.

2024 developer investments increased +84% in value and +25% in volume compared to 2023’s $2.4B across 465 developer investments; this 1.8x growth in value was driven by Disney’s $1.5B investment in Epic Games (accounting 34% of the value).

By removing Microsoft’s $68.7B acquisition of Activision Blizzard as an outlier, 2024 developer M&As decreased -8% in value and +23% in volume compared to 2023’s $7.0B across 73 developer M&As; despite the strong uptick in volume, the decline in value can be attributed to strategic and financial buyers purchasing distressed gaming companies at a lower valuation.

FREE

Console/PC Games Investment Report

SEPTEMBER 2024

A retrospective look at the 2023 Console/PC segment:

Console/PC investments and M&As totaled $69.5B across 200 transactions (+612% in value and -25% in volume compared to 2022’s $9.7B across 267 transactions), marking the largest year for the Console/PC segment and was 2x larger than the last 5 years combined (2018-2022) due to Microsoft’s colossal $68.7B acquisition of Activision Blizzard.

Without the acquisition, the Console/PC segment showed signs of trouble as it would have totaled $769.2M across 199 transactions (-92% in value and -25% in volume compared to 2022’s $9.7B across 267 transactions); this is the second consecutive year of declined value and volume and would have been the lowest yearly value across the past six years.

FREE

Mobile Games Investment Report

JUNE 2024

2023 mobile investments totaled $1.1B across 179 investments (-69% in value and -25% in volume compared to 2022’s $3.5B across 238 investments).

This drastic decline in value continues a three-year decline of value and volume since mobile games investment peak of $8.3B across 233 investments back in 2021 when Applovin and Playtika both went public with a combined value of $3.9B and market capitalization of $39.7B.