KONVOYGaming Industry ReportQ22025
Gaming industry:at aglanceIngamingTotal gamers in 2024 by region'(millions):2025marketsize:estimated$189bn(+3.4%YoY)Privatemarkets:prew66%QoQ,driven by Tripledots;MiddleEast&AfricaAppLovin game studios and Sharplink Gaming investment559Venture funding in Q2-25;$373m across 77deals(16%)Key trendsM&.A:moves toward industry consolidationEuropei5%3,422m1,809(53%)Asia-Pacific3.JudgerulesGooglehas an admonopoly3554.AnEplcwin:Apple'swalled gardentflls(10%)5.Robloxlaunches rewardedvideoadsLatin America2446.Transmediasuccess:MinecraftMovie(7%)7.UpdateonindustrywidelavoffsNorth America8.GTAVIdelaved:>$2bnhitto the industry in2025Source:IFPl,Newzoo,Arstechnica,MPAA, Mordor Intelligence,KanvayKONVOY
Gamingisexpected to be a$189bnmarket in 2025$inbillionsActual]Projected$240+5.6%CAGR$224$220$202-$209$217$200$185$183-51895190$180$173$174$177$160$140$135$139XCOn$121$120$105$100$85$77#80$55$60$64$68$22$23$26$282001200320052007200920112013201520172019202120252030Source:IFPl, Newzoo,Arstechnica, MPAA,Mordr Intelligence, KonvayKONVOY
Gaming funding: private markets overviewPrivate funding grew 66% QoQ, driven by Tripledot's $400m acquisition of AppLovin's game studiosand the $425m private investment into the public company, SharpLink Gaming$inmillionsOtherTransactiong?VC32023:$2,9172024:$4,7312025:$1,835$15,082$15,146KONOY$1,187$1,145$941$804$647$708$691$58220212022Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Saurce:CB Insights(Konvay-adjusted)KONVOY
Gaming VC funding:$193m(-47%QoQ) inQ2-25Sharpdecline in gamingVC funding driven by growth funding contracting by two-thirds,early fundingby one-third$inmillions|UnattributedVCLateGrowthEarly2023:$2,3662024:$2,0512025:$560$10,197$635$616$7,045$572$589$511$364$366$289$19320212022Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q2-25Source:CB Inaights(Konvoy-adjusted)KONVOY
Gaming VCdeals:60(-31%Q0Q)in02-25There were 6 less growth-stage rounds in Q2-25 than Q1-25UnattributedVCLateGrowthEarly#ofdeals2021:8442022:9402023:6052024:5142025:147340313244Ive17161881781316816010153923117133265211134155142161150159124110Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q3-24Saurce:CB Insights(Konvay-adjusted)KONVOY
Public gaming companies hold $37bn in cashand equivalents; a healthy M&A environmentGamingcompaniesech companies with gaming divisionsCompanyCashposition*AQoQCompanyCashpositiontAQoQ(Ninlendo$10.6bn13%amazon$66.2bn-16%$5.8bn22%Microsoft$28.8bn65%BANDAINAMCO$2.4bn4%00Meta$28.8bn-34%ZEXDN$2.3bn7%Tencent腾讯$28.2bn55%ElectronicArts$2.1bn30%魏Apple$28.2bn-7%KONAMI$2.0bn7%Google$23.3bn-1%SQUAREENIX$1.7bn9%SONY$19.9bn26%Others5$9.9bn12%NETFLIX$7.2n-8%Total$36.7bn3%Total$230.6bn-2%Source: Latest publ reporting and converted to based on hlistorical exchange rate onMarch31,2025KONVOY
Gaming M&A:28 transactions in Q2-252025 is following a similar M&A transaction pattern from Q1to Q2 as2023 and 20242021:2572022:2052023:1382024:1322025:73aNVaQ1-21Q2-21Q3-21Q4-21Q1-22Q3-22Q4-22Q1-23Q2-23Q2-26Note:M&Adeals arenotincludedin the private marketsoverview or the debt financing overview and their deal transaction values are predominantly notdisclosed; ...
