Data Points: Median Size of Acquired Game Studios Q4 2023

Source: DDM Games Investment Review Executive Summary Report Q4 + Annual 2023

Median Size of Acquired Game Studios Q4 2023:

28 Employees

Q4 2023 game developer M&As totaled $69.1B across 18 transactions (+1025% of the value and +29% of the volume), 11x compared to Q3’s $6.1B across 14 transactions, which is due to Microsoft’s behemoth $68.7B acquisition of Activision Blizzard. Not including this outlier transaction, the median acquisition value for game development studios in Q4 2023 was $40M.

The majority of acquired studios focused on console/PC development (58%) followed by mobile (25%) and MCG or Mass Community Games which include MMO, Roblox, and Fortnite type games (17%).

Comprising 36% of the number of acquisitions in Q4 2023, acquired studios employing 21-50 employees equaled the number of studios employing 10-20 employees (29%) and <10 employees (7%) combined. The median size of acquired game studios was 28 employees.

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