【行业研究报告】互联网-GLOBAL GAMING REPORT 2025

•Q4sawtwogaming-relatedM&AannouncementsfromstreaminggiantNetflix:WarnerBros.andReadyPlayerMe
(DrakeStarwasadvisor),markinganotableshiftgivenNetflix’srelativelylimitedM&Aactivityinrecentyears.Other
(DrakeStarwasadvisor),markinganotableshiftgivenNetflix’srelativelylimitedM&Aactivityinrecentyears.Other
significanttransactionsincludedKakaoGames’$150Mdivestmentofitsgolfsimulationsubsidiary,NCSoft’s$104M
acquisitionofmobiledeveloperIndygoGroup,SUD’s$72MpurchaseofgameenginecompanyCOCOS,and
Nintendo’sacquisitionofBandaiNamcoStudiosSingapore.
•Q4sawstronggrowthinprivatecompanyfinancings,with136rounds.HighlightsincludedLumaAI’s$900MSeries
C,GeneralIntuition’s$135Mseed,andmultiple$30MroundsfromCloudX,CypherGames,andTaleMonster
Games,plusLexip’s$22.4Mraise.
•Inpublicmarkets,EmbracerspunoffCoffeeStain,Asmodeeannounceda$371Mdebtraise,andKakaoGames
announceda$78Mcapitalincrease.
Q4’25Summary
2025Summary
PublicMarketsPPM&A
$161B
DisclosedValue(Announced)
759
Deals(Announced)
•2025wasalandmarkyearforgamingM&Awithtwomegadeals:the$55BleveragedbuyoutofElectronicArts(EA)
byaconsortiumledbyPIFandtheNetflix’s$82.7BannouncedacquisitionofWarnerBros.,includingWarnerBros.
Games!Inparallel,Paramount–Skydancelaunchedahostile$108.4BbidforWarnerBros.Discovery,underscoring
thescaleandintensityofconsolidationacrossmediaandgaming.
•OthernotableM&Adealsincludedthe$3.5BacquisitionofNiantic’sgamingbusinessbySavvy/Scopelyandthe
$800MsaleofApplovin’sgamingdivisiontoTripledot.NetflixalsoacquiredtheavatartechcompanyReadyPlayer
MeinQ4’25(DrakeStarwastheexclusivefinancialadviseronthedeal).
•PrivatefinancingswereledbymobileandAI.MajormobiledealsincludedCVC/Blackstone’s$2.5Binvestmentin
DreamGames,alongsideraisesbyLingokids($120M),GoodJobGames($60M),andMillionVictories($40M).On
theAIside,companiesbuildingAIworldmodelswiththepotentialtotransformhowgamesaremaderaisedlarge
rounds,includingLumaAI($900M),Runway($308M),GeneralIntuition($134M),andDecart($100M).
•OverallfinancingactivitybottomedoutinQ2’25at105rounds,thenreboundedstronglyinthesecondhalfofthe
year,risingto118roundsinQ3and137roundsinQ4.
•Mostactiveinvestorsin2025includedPlayVentures,BITKRAFT,andGriffinGamingPartnersamonglargerfunds,
whileImpact46,MerakCapital,andTIRTAweretheleadingseed-stageinvestors.Onthestrategicside,Tencent,
KRAFTON,andSmilegatedrovethemostactivity,whileAnimoca,ArbitrumGamingVentures,andSpartanwere
themostactiveplayersinblockchaingaming.
•ThemostnotablepublicdealsincludedEmbracer’sspin-outsofAsmodeeandCoffeeStain,andUbisoft’s$1.25B
raisefromTencent.Take-Twocompleteda$1.19Bequityoffering,andGameStopraised$3.75Bindebt.
•TheDrakeStarGamingIndex,whichtracksthetop35globalgamingcompaniesonanequal-weightedbasis,rose
12%fortheyear,drivenbystrongperformancesfromUnity(up92%),NEXON(up$63%)andNetease(up57%).