— Krafton, the South Korean publisher known for PUBG, has acquired Japan-based game developer Tango Gameworks, including the Hi-Fi Rush IP;
— Keywords Studios, a UK-based outsourcing company, has acquired Wushu Studios, another UK-based outsourcing company, to strengthen its development capabilities;
— FRVR, a Portugal-based multiplatform games developer, has raised $12.7 million to support the development of Forge, the company’s proprietary AI-powered game creation platform.

Our latest Weekly News Digest covered these three deals and nine more.

Our colleagues from GameDev Reports picked the most exciting gaming reports from the past week, covering the U.S. gaming market's performance in Jul'24, top-grossing games on Steam in h1'24, and key trends in the mobile gaming market:

— Circana: The U.S. Gaming Market grew by 10% in July'24;
— GameDiscoverCo: Top-Grossing Games on Steam in H1'24;
— AppsFlyer: The Mobile Gaming Market in 2024.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports picked the most exciting gaming reports from the past week, covering the global market outlook, RPGs' revenue shifts in South Korea, and Germany’s gaming market performance in H1'24:

— Aldora: The gaming market is projected to reach $250.2B by 2025;
— Sensor Tower: RPGs' mobile revenue in South Korea has fallen below 50%;
— game: The German gaming market declined in H1'24.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports picked the most exciting gaming reports from the past week, covering insights into the MENA gaming market, job openings across the globe in the gaming industry, and Japan's mobile gaming in H1'24:

— Niko Partners & Saudi Esports Federation: Insights into the gaming market in Gulf countries, with a focus on user preferences and the importance of localization in the MENA region;
— Amir Satvat: A detailed map of job openings across the global gaming industry, a valuable resource for industry professionals;
— Sensor Tower: Japan’s mobile gaming market faced a decline in H1'24, with key insights into this downward trend.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports picked the most exciting gaming reports from the past week, covering the casual gaming market growth in Western countries and the European gaming industry's critical data:

— AppMagic: The casual games market in Tier-1 Western countries saw a notable growth in the first half of 2024, with detailed insights on player behavior and trends;
— VideoGamesEurope & EGDF: The European Gaming Market in 2023 report provides comprehensive data on the industry's financial performance and its socio-economic impact across Europe.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports have highlighted the most exciting gaming reports from the past week, covering mobile monetization trends, PC & console gaming revenues for August 2024, and key sales data from Europe:

— Unity: Mobile User Acquisition and Monetization Trends in 2024;
— Newzoo: Top 20 PC & Console Games of August 2024 by Revenue and MAU;
— GSD & GfK: European Sales of PC & Console Games Surge in August 2024.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports have highlighted the most exciting gaming reports from the past week, covering the gaming market in India and the impressive growth of PC & console games sales in Europe and the UK in  September 2024:

— Niko Partners: India Gaming Market in 2024;
— GSD & GfK: UK PC & Console games market grew in September 2024 amid new releases;
— GSD & GfK: PC & Console game sales in Europe increased by 20% in September 2024.

A weekly recap with an overview of these reports is available here.

The InvestGame team proudly presents the Q3’24 Global Gaming Deals Report. In Q3’24, the gaming industry witnessed 176 closed deals totaling over $3.2B, a decline in deal value compared to $4.3B in the previous quarter.

Private Investments:

In Q3’24, private investment in the gaming sector saw $1B raised among 119 deals, mainly driven by few late-stage rounds (e.g. Infinite Reality $350m, Hybe $80m, ID planet $80m). While the total capital deployment remains stable, the focus has shifted toward platform and technology investments, with gaming content deals making up a smaller portion of the total investment landscape.

Mergers and Acquisitions (M&As):

Since the beginning of 2024, M&A activity has picked up with one mega-deal ($Bn+) announcement and roughly 40 deals per quarter. This marks a steadying after the COVID-driven surge in acquisitions, signaling a transition into a more normalized phase. This quarter the industry witnessed some high-profile mobile M&A, the $2B acquisition of Superplay, continuing a trend of strategic consolidation. However, the volume remains below the peak levels seen in the pandemic as companies focus on more selective deals.

Public Offerings:

Public offerings in the gaming sector remain under significant pressure. The industry saw its first major IPO of Shift Up in two years, yet broader public market activity continues to struggle amidst global macroeconomic volatility. Gaming stocks have been particularly vulnerable, contributing to a general reluctance for public listings. Many European public companies continue internal restructuring announcing layoffs, divestitures, and changes in leadership teams.

Early-stage Gaming Investment:

Early-stage gaming investments showed signs of stability, with over $106m raised across 30 rounds in Q3’24. Pre-Seed and Seed rounds are proving more robust, driven by increased investor interest in innovative indie PC & Console studios and emerging technologies. However, Series A rounds display volatility, reflecting this segment's heightened scrutiny and risk aversion. The total number of deals in early-stage gaming investments remains stable compared to previous years, though the size of these rounds has become more varied.

Late-stage Gaming Investment:

Late-stage investments are still grappling with the prolonged effects of market volatility and reduced liquidity. In Q3’24, late-stage VC and PE-backed gaming deals raised just over $150m, spread across a handful of transactions, with investors growing more cautious in deploying large amounts of capital. This slowdown may lead to down rounds or force some companies into early exits or M&A activity as fewer opportunities for large-scale funding become available.

Platform & Tech Investments:

This quarter's standout trend has been the significant growth in platform and technology investments since the beginning of the year. Platform & Tech deals, driven by corporate VC and PE activity, raised over $0.5B across 19 deals. The shift in investor focus from content to platform and technological solutions is becoming more apparent as companies look to build scalable and innovative tools for the gaming ecosystem, supporting the industry's broader digital transformation.

This quarter's figures reflect the gaming industry's maturation post-pandemic, where investors are more deliberate, focusing on sustainability and strategic value rather than chasing short-term gains.

We would love to thank our dear friends at MY.GAMES for supporting this Report.

According to our Q3 2024 Global Gaming Deals Report, in Q3'24 the gaming industry witnessed 176 closed deals totaling over $3.2B, a decline from the $4.3B recorded in the previous quarter. The results highlight a transition towards more consistent investment activity, with investors increasingly prioritizing sustainable and long-term growth prospects.

Our colleagues from GameDev Reports have highlighted the most exciting gaming reports from the past week, covering the indie games revenue on Steam and the U.S. gaming market shifts:

— V.G. Insights: Indie games on Steam grossed nearly $4 billion in 2024, nearing revenue parity with AA/AAA games;
— Circana: The U.S. gaming market saw a 7% decline in August 2024, driven by a 36% drop in hardware sales, although mobile gaming saw a 5% increase.

 A weekly recap with an overview of these reports is available here.

Private investment in the gaming sector reached $1B across 119 deals,mainly driven by a few late-stage rounds as per our Q3 2024 Global Gaming Deals Report. While the total capital deployment remains stable, the focus has shifted toward platform and technology investments, with gaming content deals making up a smaller portion of the total investment landscape.

Since the beginning of 2024, M&A activity has picked up with one mega-deal ($Bn+) announcement and roughly 40 deals per quarter as per our Q3 2024 Global Gaming Deals Report. This marks a steadying after the COVID-driven surge in acquisitions, signaling a transition into a more normalized phase. Notably, this quarter saw a significant $2B acquisition of SuperPlay, underscoring the ongoing trend of strategic consolidation. However, the overall deal volume remains below the peak levels witnessed during the pandemic, as companies become more selective in their acquisition strategies.

Public Offerings in Q3'24:

Public offerings in the gaming sector are facing considerable pressure. While the industry witnessed its first significant IPO in two years with Shift Up, overall public market activity continues to struggle due to global macroeconomic volatility.

Gaming stocks have been particularly susceptible, leading to a general hesitance toward public listings.

Early-stage Gaming Investment in Q3'24:

Early-stage gaming investments demonstrated stability in Q3 as per our Q3 2024 Global Gaming Deals Report, raising over $106m across 30 rounds. Pre-seed and seed rounds are intense, fueled by heightened investor interest in innovative indie studios and emerging technologies.

However, Series A rounds remain volatile, reflecting increased scrutiny and risk aversion. The total number of early-stage deals remains consistent with previous years, although the size of these rounds varies more than before.

Late-stage Gaming Investment in Q3'24:

Based on our Q3 2024 Global Gaming Deals Report, late-stage investments are still grappling with the prolonged effects of market volatility and reduced liquidity.

In Q3’24, late-stage VC and PE-backed gaming deals raised only $151m across a few transactions as investors became increasingly cautious. This slowdown could result in down rounds or prompt early exits and M&A activity due to fewer large-scale funding opportunities.

Our colleagues from GameDev Reports have highlighted the most exciting gaming reports from the past week, covering mobile market trends, gaming engagement in Southeast Asia, and shifts in the U.S. market:

— Mariusz Gąsiewski (Google): The mobile gaming market showcased key trends through the first three quarters of 2024, with insights into user behavior and revenue shifts;
— Niko Partners: Gaming time increased by 53.2% across the six largest gaming markets in Southeast Asia, reflecting a surge in regional engagement;
— Circana: The U.S. gaming market declined by 6% year-over-year in September 2024, indicating market adjustments despite steady mobile performance.

A weekly recap with an overview of these reports is available here.

Platform&Tech Investments in Q3’24:

This quarter's notable trend is the significant growth in platform and technology investments, with over $0.5B raised across 19 deals driven by corporate VC and PE activity.

Investors are increasingly shifting focus from content to infrastructure and tech solutions as companies aim to develop scalable tools for the gaming ecosystem and support broader digital transformation.

Our colleagues from GameDev Reports have highlighted the most exciting gaming reports from the past week, covering the Southeast Asian mobile gaming market, mobile growth trends, and shifts in game release volumes on Steam:

— Sensor Tower: The Southeast Asian mobile gaming market has seen notable growth in 2024, with insights into top-performing genres and region-specific revenue trends;

— Mistplay: Global mobile gaming growth continues, focusing on user demographics, in-app spending, and engagement patterns through Mistplay’s latest data;

— How to Market a Game: The number of games released on Steam has surged in 2024, raising questions on market saturation and the challenges developers face to gain visibility.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering record-breaking revenue in China, 4X strategy games, and the U.S. gamer demographics:

— South China Morning Post: The Chinese gaming market achieved a record-high revenue in Q3 2024, with Black Myth: Wukong playing a vital role in this success;

— AppMagic & MY.GAMES: Their latest research on 4X strategy games in 2024 explores trends, player engagement, and monetization strategies shaping the genre;

— Circana: The 2024 U.S. gamer segmentation report provides an in-depth look at U.S. gamers' evolving behaviors and demographics.

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering mobile market trends, UK gaming growth, and Japanese sales charts:

— Moloco: Insights into the mobile gaming market in 2024 reveal growth opportunities and strategies for developers targeting international audiences;

— GSD & GfK: The UK gaming market grew by 3.2% YoY in October 2024, driven by solid performances from Dragon Ball, Undisputed, and Call of Duty, which claimed the top sales position;

— Famitsu: Super Mario Party Jamboree leads Japan's physical sales chart for October 2024, showcasing Nintendo's ongoing dominance in the region;

A weekly recap with an overview of these reports is available here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering gaming job market trends in Europe, market growth in India, and European sales charts:

— Values Value & InGameJob: The 2024 European Gaming Job Market report analyzes industry trends, highlighting increased freelancing, AI's growing role, and workplace diversity challenges;

— Lumikai & Google: The Indian gaming market is projected to grow to $9.2 billion by FY29, fueled by the rapid adoption of mobile gaming and investment activity;

— GSD & GfK: European game sales in October 2024 increased by 12% YoY, driven by blockbuster launches and strong catalog performance;

A weekly recap with an overview of these reports is available here.