Drawing on Aream & Co.’s advisory work and InvestGame’s transaction intelligence, the Q4 2025 Gaming Market Update breaks down where deals closed, capital concentrated, and platform growth persisted in the global gaming market.
Here’s what defined Q4 2025:
- M&A activity remained robust: deal volume rose 34% YoY to 39 transactions, even as total value declined sharply to $0.5B.
- Capital markets activity totaled $1.7B across 12 transactions. The quarter was anchored by Tencent’s $1.25B PIPE investment in Ubisoft, Azerion’s senior bond issuance (~$0.3B), and the public listing of Coffee Stain, which debuted at a $0.6B market capitalization.
- Private investment activity increased to $0.9B (+29% YoY), with capital concentrated in gaming technology and mobile studios in Türkiye.
- Global mobile gaming consumer spend from in-app purchases totaled $20.7B in Q4 2025. Spending levels were primarily supported by the monetization of established titles, rather than download growth or new releases, with Asian and Turkish publishers outperforming the broader market.
- PC gaming on Steam delivered another year of strong growth (+20% YoY), supported by both established franchises and successful new releases.
- Console gaming revenue increased 13% year-on-year, supported by third-party software performance and continued sales following the launch of the Nintendo Switch 2.
For a comprehensive breakdown of deal flow, platform performance, and capital-market trends, access the Aream & Co. Q4 2025 Gaming Update below.
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