The InvestGame team proudly presents the 2024 Gaming Deals Report, analyzing the sector’s M&A activity, private investments, public offerings, and trends as the gaming industry transitions through recovery and transformation.

2024 in Review:
2024 was a year of recovery for the gaming industry, marked by strategic adjustments and shifting investments. Public companies struggled with weaker post-pandemic demand and macroeconomic pressures, leading to divestitures, layoffs, and restructuring. Examples include Embracer Group’s strategic review and SEGA’s asset divestment. The industry’s M&A focus shifted to long-term objectives, with notable deals like Aristocrat’s sale of Plarium and Superplay’s $2B acquisition.

Private Investments:
Private investments in gaming remained resilient in 2024, with private equity (PE) firms stepping into prominence. Valuations encouraged deals like Keywords Studios’ privatization and Jagex’s acquisition by PE firms. Corporate venture capital (CVC) arms, particularly from Asian giants like Tencent and Krafton, led content-focused funding, backing established studios like Build A Rocket Boy and HYBE IM. Venture capital activity shifted towards platform and technology startups, reflecting a focus on scalable solutions.

Mergers and Acquisitions (M&A):
M&A activity saw a strategic shift, with around 10 deals exceeding $100M upfront enterprise value. Miniclip and Playtika pursued aggressive acquisitions, including Easybrain. The work-for-hire segment gained momentum, with firms like Keywords Studios and Virtuos capitalizing on publishers’ increased outsourcing during layoffs. High-profile deals like the $2.8B Keywords Studios acquisition highlighted demand for gaming services.

Public Offerings:
Public markets were challenging for gaming companies, with limited IPOs in 2024. However, ShiftUp’s successful debut, with shares rising 50%, hinted at a reopening IPO window. Stabilizing conditions may encourage more gaming companies to consider public listings in 2025, providing liquidity and driving expansion.

Early-Stage Gaming Investments:
Early-stage investments remained steady in 2024, with significant backing for indie PC & console studios and emerging technologies. CVC funds played a vital role in supporting creators, particularly in pre-seed and seed stages. Series A rounds, however, faced scrutiny amid cautious investor sentiment.

Late-Stage Gaming Investments:
Late-stage investments stayed subdued, with reduced liquidity limiting large-scale funding. PE firms focused on scaling platform investments via add-on acquisitions, while late-stage VC rounds favored AI-driven innovations.

As the gaming industry matures, stakeholders emphasize sustainable growth, strategic value, and innovation, setting the stage for a dynamic 2025.

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

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering console gaming trends in 2024, Web3 monetization, and mobile market performance in January 2025:

— GameDiscoverCo: Top PlayStation and Xbox Games by DAU in 2024;
— Helika: 2024 Web3 Gaming ARPU and ARPPU Report;
— AppMagic: Top Mobile Games by Revenue and Downloads in January 2025.

Please find a weekly overview of these reports and more here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering mobile marketing trends, Epic Games Store performance, and rewarded advertising models in early 2025:

— Liftoff: Mobile App Marketers Survey – 2024 Results & 2025 Forecast;
— Epic Games Store: 2024 Year in Review;
— Almedia: Rewarded Returns.

Please find a weekly overview of these reports and more here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering the US gaming market, long-term industry forecast, and developer insights for 2025:

— Circana: The US Gaming Market in January 2025;
— MIDiA Research: The Gaming Market 2025-2031 Forecast;
— GDC: The State of the Game Industry in 2025.

Please find a weekly overview of these reports and more here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering top mobile games, how gamers engage with YouTube, and mobile game marketing trends:

— AppMagic: Top Mobile Games by Revenue and Downloads in Feb'25;
— Big Games Machine: How Gamers Watch YouTube in 2025 in the USA;
— SocialPeta: Mobile Game Marketing Trends in 2024.

A weekly overview of these reports and more can be found here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering shifts in the UK entertainment market, global gaming market projections, and forecasts for Asia and MENA in 2025:

— ERA: The UK Entertainment Market in 2024 – Games Are No Longer the Largest Segment;
— Newzoo: The Gaming Market Outlook for 2024-2027;
— Niko Partners: Forecast for Asia and MENA Markets in 2025.

A weekly overview of these reports and more can be found here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering the German gaming market slowdown, the US gaming market in February, and industry trends for 2025:

— game: The German Gaming Market Declined in 2024;
— Circana: The US Gaming Market in February 2025;
— Unity: The Gaming Industry in 2025.

A weekly overview of these reports and more can be found here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering language trends on Steam, top-performing mobile games, and insights into mobile gaming industry trends:

— Valve: Chinese Surpasses English as the Most Popular Language on Steam in 2024;
— AppMagic: Top Mobile Games by Revenue and Downloads in March 2025;
— PocketGamer.biz: Trends in the Mobile Gaming Industry (Winter 24/25).

A weekly overview of these reports and more can be found here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering mobile gaming insights, US market trends, and top-performing PC&console titles:

— Adjust: Mobile Games Insights Report 2025;
— Circana: The US Gaming Market in March 2025;
— Newzoo: Top 20 PC&console Games by Revenue and MAU in March 2025.

A weekly overview of these reports and more can be found here.

Our colleagues from GameDev Reports have highlighted some of the most notable gaming reports from the past week, covering hybrid-casual game performance, player engagement trends, and top mobile titles for April:

— AppMagic: Top 10 Hybridcasual Games in Q1 2025;
— MIDiA Research: A Third of PC and Console Gamers Play Less Than 5 Hours a Week;
— AppMagic: Top Mobile Games by Revenue and Downloads in April 2025.

A weekly overview of these reports and more can be found here.

Our colleagues at GameDev Reports have curated some of the week’s most insightful industry reads 🎮—diving into the latest trends in publishing deals, market performance, and in-game advertising:

— 📄 Voyer Law: Key clauses and evolving standards in Publishing Agreements in 2025
— 🇬🇧 UKIE: The UK Games Market shrank by 1.8% in 2024—what’s behind the dip?
— 🧠 Anzu: A deep dive into Intrinsic In-Game Advertising Trends shaping monetization

You can explore the full weekly roundup of these and other essential reports here.

Our colleagues at GameDev Reports have spotlighted some of this week’s most compelling reads from across the industry 🎮—covering breakout titles, platform-crossing IP, and April’s strongest performers on Steam:

— 🎮 Newzoo breaks down April 2025’s Top 20 PC&Console games by revenue and MAU
— 📈 Alinea Analytics dives into April’s Steam bestsellers—Indies, RPGs, and survival games stood out
— 🎥 Sensor Tower explores how gaming IP is leaping into film, TV, and beyond

You can explore the full weekly roundup of these and other essential reports here.