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.
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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 $80m). While the total capital deployment remains stable, the focus has shifted toward platform and technology investments, with gaming content deals making up a smaller portion of the total investment landscape.
Mergers and Acquisitions (M&As):
Since the beginning of 2024, M&A activity has picked up with one mega-deal ($B+) 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.
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We would love to thank our dear friends at MY.GAMES for supporting this Report.
