Gaming Industry Report Q4 2024

Gaming Industry Report
Q4 2024
1

Gaming industry: at a glance
In gaming
• 2024 market size: $188bn (+2.1% YoY)
• Public markets: leading public gaming ETFs grew
up to 50% in 2024 (vs S&P 500 = 24.5%)
• Venture funding in Q4 -24: $286m across 83 deals
(funding -47% QoQ, number of deals -25% QoQ)
Total gamers in 2024 by region (millions):
1: Per source ( Newzoo ), North America includes Canada and the US while Latin America includes Argentina, Brazil, Chile, Columbia, and Mexico; Sour ce: CB Insights (Konvoy -adjusted), Newzoo, public reporting, Drake Star
Key trends
• US vs Google (potentially divest Chrome, Android)
• TikTok loses bid to overturn US ban
• Google announces Android XR
• Switch becomes the most sold console in the US
• Child protection scrutiny of games, social media
2
1,809
(53% ) Asia -Pacific
244
(7% )
North America 1
355
(10% )
Latin America
454
(13% ) Europe
559
(16% )
Middle East & Africa
3,422m

Gaming is expected to be a $188bn market in 2024
$20 $22 $32
$55 $60
$68 $77
$122 $138
$180 $183 $188
$215 $223
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
$240
2003 2005 2007 2011 2013 2015 2017 2009 2021 2024 2029 2019
$23 $26 $28
$42 $64
2001
$85 $93 $107
$152
$71
$184 $194 $201 $208
$166
+3.5% CAGR
Source: IFPI, Newzoo, Arstechnica, MPAA, Mordor Intelligence, Konvoy
Actual Projected $ in billions
3

Gaming funding: private markets overview
4
1: Includes transactions such as Private Equity, Growth Equity, Corporate Minorities, PIPEs, and others. This excludes M&A; 2 : V C includes Pre -Seed through Series K VC; Note 1: Historical data across reports is subject to change, as source adds new deals as they become pub lic; Source: CB Insights (Konvoy -adjusted)
$ in millions
Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24 Q2 -24 Q3 -24 Q4 -24 Q1 -20
$1,278
$3,902
$1,745
$2,716 $3,130
$4,042
$5,025 $4,453
$7,155
$2,052
$1,352 $932 $632 $788 $518
$2,225
$707 $1,034 $571 $1,060
Other Transactions 1 VC 2
Private market funding in gaming grew 58% from 2023 -2024 (driven by Disney Epic)
2020: $7,985 2021: $14,914 2022: $15,012 2023: $2,870 2024: $4,536
$1.5bn of $1.6bn in Other Transactions 1for Q1 -24 attributed to Disney Epic
-45%

Gaming VC funding: $286m ( – 47% QoQ) in Q4 – 24
5
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Historical data across repo rts is subject to change, as source adds new deals as they become public; Source: CB Insights (Konvoy -adjusted)
$ in millions
Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24 Q2 -24 Q3 -24 Q4 -24 Q1 -20
$418
$780
$1,073
$2,003
$1,612
$3,018
$3,401
$2,962
$1,664 $1,400
$891 $831 $559 $575 $352 $631 $513 $539 $286 $553
Unattributed VC Late Growth Early
Lowest funding quarter in 5+ years; Majority of funding decline came from growth -stage
2020: $2,823 2021: $10,033 2022: $6,918 2023: $2,317 2024: $1,970

Gaming VC deals: 83 ( – 25% QoQ) in Q4 – 24
6
# of deals
83 78 96 105 138 121 127
237 267
182 143 137 137 118 106 98 135 98 89 75
17
23 17 22
27
23
7
1
2 3
1
3 6 5 7
9 8
10
10
9
Q1 -20
1 8
Q2 -20
12 2
Q4 -20 Q1 -21
3
Q2 -21 Q3 -20 Q3 -21
12
Q4 -21 Q1 -22
16
Q2 -22
13
Q3 -22
81
Q4 -22
88
Q1 -23
29
Q2 -23
57
Q3 -23
8 11
Q4 -23
69
Q1 -24
92
Q2 -24
69
Q3 -24
17
Q4 -24
10 93 113 131
172
141 160
277 300
208
97
153 153 129 118 117
150
109 104 83
165
Unattributed VC Late Growth Early
Despite flat early -stage funding, the number of early -stage deals continues to decrease
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Historical data across repo rts is subject to change, as source adds new deals as they become public; Source: CB Insights (Konvoy -adjusted)
2020: 434 2021: 750 2022: 826 2023: 517 2024: 446

Gaming VC: Drop in graduation to Series A
7
Seed stage startups in Gaming that graduated to Series A, cumulative percentage by Seed cohort
Cohorts with a drastic decline in graduation rates
Cohorts that positively outperformed
Comments:
• Since Q1 2018, 11.5% of Gaming
startups that raised a Seed round
raised a Series A round within 2 years
(vs 20 -30% of all startups)
• Graduation has steeply declined
within the last 3 years –only 4% of
Gaming startups that raised a Seed
since Q4 2021 have raised a Series A
• The Q4 2019 cohort was a significant
outlier and included Dream Games
($467m total raised) and Probably
Monsters ($270m total raised); Note:
Q3 and Q4 2021 were the two highest
quarters for gaming funding in the last
5 years
Source: CB Insights (modified by Konvoy to reflect extensions and follow -on financing properly), Carta

Gaming VC: AI funding (10% of funding in 2024)
8
There has been an increasing proportion of funding going into gaming x AI since 2020
1% 4% 6%
3%
12% 12%
8%
4%
7%
16%
6%
21%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
22%
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2%
Q3 -20 Q4 -20 Q1 -21
2%
Q2 -21
2%
Q3 -21 Q4 -21
5%
Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23
4%
Q2 -23 Q3 -23
3%
Q4 -23 Q1 -24
7%
Q2 -24 Q3 -24
1%
Q4 -24
$3 $19 $18
$67
$61 $33 $60
$424
$137
Q1 -20
$105 $32 $55 $20
$90
$202
$40 $35
$112
$2
Q2 -20
$12
% of VC funding Unattributed VC Late Growth Early
Note 1: AI = companies with “artificial intelligence”, “machine learning” or “AI” in their company description; Source: CB In sig hts (Konvoy -adjusted)
$ in millions, % of total Gaming VC funding
2020: $108 (4%) 2021: $578 (6%) 2022: $477 (7%) 2023: $178 (8%) 2024: $189 (10%)

Gaming in the public markets
Stock performance of gaming ETFs, % change from January 2020
-20%
0%
20%
40%
60%
80%
100%
120%
140%
2020 2021 2022 2023 2024
Source: Public reporting as of January 1, 2024; Note: ESPO seeks to track the MVIS Global Video Gaming and eSports Index (MVE SPO TR), HERO seeks to track a modified market -cap -weighted global index of companies in video games and esports industry
ESPO HERO S&P500
ESPO outperformed the S&P 500 this year by 25.9%
9
YTD Performance (12/1):
• ESPO: 50.4%
• HERO: 17.6%
• S&P 500: 24.5%

Public gaming companies hold $33bn in cash
and equivalents; a healthy M&A environment
Gaming companies Tech companies with gaming divisions
Company Cash & equivalents 2(USD)
$9.4bn
$2.9bn
$2.6bn
$2.5bn
$2.2bn
$2.1bn
$1.9bn
Others 1 $9.6bn
Total $33.0bn
Company Cash & equivalents 2(USD)
$75.1bn
$43.9bn
$20.8bn
$20.7bn
$20.0n
$12.1n
$7.5bn
$3.0bn
Total $203.0bn
1: Square Enix, Unity, Sega, Playtika , Ubisoft, TTWO, NCSoft , Roblox, Applovin , Embracer; 2: Does not include short -term investments; Source: Latest public reporting and converted to based on historical exchange rate on September 30, 2024
10

Gaming M&A: 24 transactions in Q4 – 24
11
29 24
45 50
57 60
72 68 71
52
45
35 40
30 26
44 40
26
40
24
Q1 -20 Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24 Q2 -24 Q3 -24 Q4 -24
Gaming M&A deal count -7% from 2023 to 2024
Note 1: Deals are not included in the private markets overview or the debt financing overview; Note 2: Deal transaction value s a re predominantly not disclosed; Note 3: Q2 -24 does not include BeReal’s acquisition of Voodoo ($500m) or Sensor Tower’s acquisition of data.ai; Note 4: Historical data across reports is subject to change, as source adds new deals as they become public; Source: CB Insights (Konvoy -adjusted)
2020: 148 2021: 257 2022: 203 2023: 140 2024: 130

Largest gaming tech & platform VC deals
Gaming tech & platform investments –Q4 2024
1: Tech & platform; Source: CB Insights (Konvoy -adjusted)
12
Stage Raise, $m Region Company name
Series B $13.9 North America Tilt Five
Seed $10.0 Asia Kratos Studios
Series B $10.0 North America Lucra
Seed $10.0 North America E-Pal
Seed $7.4 North America Thynk
Series B $6.9 Asia REJECT
Seed $6.5 Europe Ray Browser
Series B $5.6 Europe TG0
Seed $15.0 North America Winna
Comments:
• Funding for the top 10
T&P 1deals totaled
$111.3m ( -50% QoQ);
last quarter, there
were 2 deals >$50m
(ID Planet: $80m,
Volley: $55m)
• 0 of the top 10 T&P 1
deals are primarily
artificial intelligence
companies
• Only 2 of the top 10
T&P 1deals are
blockchain -related
companies
Series A $26.0 Asia Appcharge

Largest game content VC deals
Game content investments –Q4 2024
13
Stage Raise, $m Region Company name
Series A $19.0 North America Rukus Games
Series A $18.0 Europe BIT ODD
Series B $15.0 Asia NEKCOM
Series A $11.9 Asia Infinitar
Series A $10.0 Europe Top App Games
Series A $5.0 North America BitBall
Series A $5.0 Asia FunStop Games
Series A $5.0 Asia SPF Meta
Series A $18.0 Asia Agave Games
Seed $4.5 Asia 81RAVENS
Comments:
• 9 of the top 10
Content deals were
considered Series A
or later deals
• The top 10 Content
deals totaled $111.4m
(-55% QoQ; however,
last quarter, HYBE IM
raised $80m, an
outlier)
• 3 of the top 10
Content deals
($21.9m) were into
web3 -related studios
1: Bitball is considered both tech & platform and content, however, the deal did not qualify in the top 10 for the former; Source: CB In sights (Konvoy -adjusted)

Regional Breakdown 14

Gaming deals globally: at a glance
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Some funding amounts may no t be disclosed in source data; Source: CB Insights (Konvoy -adjusted)
Gaming venture funding in Q4 2024, $m
25
29
20
2
2
3
0
North America
0
Asia
1
Europe
1
South America
0
Africa
0
Australia
27
31
24
1 0 0
Number of gaming venture deals in Q4 2024
$91 $85
$53
$24
$22
$8
0
10
20
30
40
50
60
70
80
90
100
110
120
North America Asia
$3
Europe South America Africa Australia
$115
$107
$65
$0 $0 $0
15
Late Early Growth Unattributed VC

NA: flat funding ( – 1%) from 2023 – 2024
16
Late Early Growth Unattributed VC
Largest VC deals in Q4
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$293 $352 $681
$1,244 $755
$1,541 $2,012
$843 $716 $569 $325 $297 $193 $282 $154 $331 $144 $324 $115 $456
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
40 35 44 49 50 60
95 95
71 58 58 64 46 45 38 56 34 42 27 39
Size Company
‘20: $1,782 ‘21: $5,552 ‘22: $2,453 ‘23: $926 ‘24: $914
‘20: 158 ‘21: 254 ‘22: 282 ‘23: 193 ‘24: 159
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights (Konvoy -adjusted)
$15.0m Winna
$19.0m Rukus Games
$13.9m Tilt Five
$10.0m Lucra
$10.0m E-Pal
$7.4m Thynk
$5.0m BitBall

Asia: funding drops – 33% from 2023 – 2024
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights (Konvoy -adjusted)
17
Late Early Growth Unattributed VC
Largest VC deals in Q4
Size Company
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$73 $165 $225 $550 $476 $519 $725
$1,324
$603 $488 $347 $380 $252 $203 $121 $113 $286 $136 $107 $66
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
28 42 46 71 53 62
106 121
81 62 64 50 50 48 54 63 42 36 31 29
‘24: $641
‘20: 145 ‘21: 292 ‘22: 328 ‘23: 202 ‘24: 172
‘20: $529 ‘21: $2,270 ‘22: $2,762 ‘23: $956
$18.0m Agave Games
$26.0m Appcharge
$15.0m NEKCOM
$11.9m Infinitar
$10.0m Kratos Studios
$6.9m REJECT
$5.0m FunStop Games
$5.0m SPF Meta

Europe: funding +10% from 2023 – 2024
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights (Konvoy -adjusted)
18
Late Early Growth Unattributed VC
Largest VC deals in Q4
Size Company
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$49 $142 $160 $202 $373
$890
$615 $496 $305 $325 $219 $116 $106 $59 $77 $175 $81 $77 $65 $30
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
23 33 36 45 35 33
62 67
47 39 30 32 30 23 21 26 30 23 24 27
‘24: $398
‘20: 119 ‘21: 175 ‘22: 183 ‘23: 106 ‘24: 103
‘20: $381 ‘21: $2,079 ‘22: $1,344 ‘23: $358
$10.0m Top App Games
$18.0m BIT ODD
$6.5m Ray Browser
$5.6m TG0

South America: 1 deal 1 done in Q4
19
Late Early Growth Unattributed VC
1: Announced deals; Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Some fu nding amounts may not be disclosed in source data; Source: CB Insights (Konvoy -adjusted)
Largest VC deals in Q4
Size Company
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$0
$120
$0 $2 $0 $0 $10 $34 $12 $0 $0 $6 $1 $0 $0 $0 $0 $2 $0 $0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
0 1 0
3
0 0
5 5
3
1 0
4
1 0 0 0 0
2 1 0
‘24: $2
‘20: 1 ‘21: 8 ‘22: 9 ‘23: 5 ‘24: 3
‘20: $120 ‘21: $12 ‘22: $46 ‘23: $7
Unknown 0xFutbol

Africa: no deals 1 done in Q4
20
Late Early Growth Unattributed VC Early
Largest VC deals in Q4
Size Company
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$3 $0 $1 $0 $6 $0 $2
$46
$1 $1 $0
$27
$0 $0 $0 $0 $2 $0 $0 $0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1
2
1
2
1 1
2
4
2 2
0
2
0
1 1
2 2
1
0
1
‘24: $2
‘20: 5 ‘21: 6 ‘22: 8 ‘23: 4 ‘24: 5
‘20: $3 ‘21: $8 ‘22: $48 ‘23: $27
No deal data available
1: Announced deals; Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insigh ts (Konvoy -adjusted)

Australia: no deals 1 done in H2 2024
21
Late Early Growth Unattributed VC
Largest VC deals in Q4
Size Company
No deal data available
Gaming venture funding from Q1 2020 through Q4 2024, $m
# of gaming venture deals from Q1 2020 through Q4 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
$0 $0 $7 $5 $2
$68 $38
$219
$27 $17 $0 $6 $7 $30 $1 $12 $0 $0 $0 $1
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1 0
4
2 2
4
7 8
4 3
1 1 2 1
3 3
1 0 0 1
‘24: $12
‘20: 6 ‘21: 15 ‘22: 16 ‘23: 7 ‘24: 4
‘20: $8 ‘21: $113 ‘22: $263 ‘23: $43
1: Announced deals; Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insigh ts (Konvoy -adjusted)

Trends + Current Events 22
1 US vs Google: Google to potentially divest Chrome, Android
2 TikTok loses bid to overturn US ban
3 Google announces Android XR
4 Switch becomes the most sold console in the US
5 Heightened child protection scrutiny of games and social media

Google to potentially divest Chrome, Android
23
Context: The US Department of Justice (DOJ) filed an
antitrust lawsuit against Google, accusing them of
monopolizing the online search market. In August 2024,
Judge Mehta, ruled in favor of the DOJ.
In November 2024, the DOJ asked the federal court to:
1. Force Google to sell Chrome, its web browser
2. Either sell Android, its smartphone operating system (OS),
or be barred from making Google services mandatory on
phones that utilize Android
3. Stop Google from entering into paid agreements with
Apple 1and others to be automatically set as the default
search engine for smartphones and browsers
4. Force Google to shed any stake in artificial intelligence
(AI) companies that could compete with search engines.
Google is an investor in Anthropic (developer of ChatGPT
rival, Claude) and Character.AI
Judge Mehta is expected to issue a ruling by August 2025.
1: Google currently pays Apple $20bn a year to be the default search engine (5% of ’24 revenue); Source: Google, The Verge, N ew York Times, StatCounter
1
Konvoy perspective: While Google owns >70%
of the mobile OS market and 90% of the search
market, a divestiture is highly unlikely. We
expect a lengthy legal battle with a resolution
that leaves Google intact but strips away its
monopolistic capabilities. This may be achieved
through forcing Google to share the data it
collects and barring it from paid agreements to
become the default search engine for mobile. In
the background, the search market is seeing the
rise of AI -powered entrants such as ChatGPT
and Perplexity, which strengthens Google’s
argument against the DOJ’s concerns.
In tandem , the DOJ has a separate antitrust
lawsuit against Google over their monopoly over
digital advertising. A ruling is expected in early
2025.

TikTok monthly active users by country , millions
TikTok loses bid to overturn US ban
24
1: 14 not voting; Source: US House of Representatives, SEO.ai, The New York Times
2
Context: Early in 2024, President Biden signed
the Protecting Americans From Foreign Adversary
Controlled Applications Act due to concerns
around national security and data privacy.
TikTok petitioned to overturn the law, which was
unanimously denied by the US Court of Appeals,
upholding the previous decision in April 2024 that
requires TikTok owner, ByteDance, to sell the app
to a non -Chinese company by January 19, 2025,
or face a ban in the US.
While the law was upheld in the lower courts, the
Supreme Court heard out ByteDance’s arguments
on January 10. At the time of this report’s release,
no decisions have been made.
In tandem, in December 2024, attorneys
representing President -elect Donald Trump have
asked the Supreme Court to pause on enacting
this law. This has not yet been decided upon.
2018 2019 2020 2021 2022 2023 2024
133m
381m
700m 902m
1,366m
1,587m
1,800m
192m
Other
MENA
North America
LatAm
Europe
Asia Pacific
Total est.
Konvoy perspective: We expect the Supreme Court will further
delay the ban’s enforcement to allow for more time to consider
the case given the ~170m+ affected US users. Once in office, we
believe the Trump administration will likely work at an attempt to
undo the ban, either through a convoluted sale (that includes
access to the all -important algorithm) or through a reversal of the
ban. We anticipate TikTok in the US will survive in 2025.

Google announces Android XR
25
1: Android XR will be compatible with various XR devices, not just those manufactured by Google or Samsung; Source: Google
3
• In December 2024, Google announced Android XR, an operating system
(OS) for extended reality (XR) devices such as headsets and glasses 1
• The OS will include Gemini, a context -aware companion that understands
surroundings and user intentions, initially introduced in December 2023
• Android XR was built in collaboration with Samsung and will first launch on
a Samsung headset (Project Moohan )
Konvoy perspective: This is important because it is the first major XR –
specific OS not tied to any specific hardware ( HorizonOS Meta Quest,
visionOS Apple Vision Pro); Android XR will be compatible with any XR
device that wants to leverage their system. While AVP sales did not hit
expectations and Meta Quest usage has grown slowly, big tech still
believes that XR headsets are the future , and they will continue
investing resources to capture dominance on this platform. The inclusion
of Gemini in Android XR is also notable. AI, coupled with a voice interface,
can help unleash the true potential of XR devices by understanding and
visually contextualizing your surroundings and actions in real -time.

Switch becomes most sold console in the US
27
1: Xbox original (first generation); Source: Nintendo, Sony, Microsoft, Circana , VGChartz , Statista
4
According to Circana , the Switch has
reached 46.6 million units sold in the
US since the console’s release in 2017,
surpassing the previous record held by
the PlayStation 2 (PS2).
Nintendo
Switch
PlayStation
5
Xbox
Series X|S
46.6m
20.5m 14.5m
US unit sales, millions
Latest console release
Global unit sales of top models by company, millions
154 146 119 102 82
DS
Switch
Gameboy
Wii
Gameboy Advance
160 117 102 87 65
PS2 PS4 PS1 PS3 PS5
86 58 30 25
360 One X|S
Xbox
1
Konvoy perspective: The success of the Switch in the US is unsurprising
given the brands global hardware sales compared to Playstation and Xbox
and the model’s age (2017 vs the PS5 and the Xbox X|S which were both
released in 2020). With the Switch 2’s upcoming release in 2025,
Nintendo will continue to compete successfully with its cross -combability
as a console and handheld as well as its strong first -party content library.

Heightened child protection scrutiny of
games and social media
28
5
Roblox to implement new changes regarding underage players
• Players under 13 will need permission to access “certain chat
features”; those under 9 will need parental permission to
access content with “moderate violence or crude humor”
• Parent accounts allow parents to monitor what their children
access, including access to usage insights
• The study analyzed the vulnerability of teens to targeted
advertising and online dangers and found that teen accounts
were treated like that of adults
FTC study on how companies are failing to protect teens
Australia passes bill to ban social media for kids under 16
• According to Reuters, 77% of the population was in support of
the Social Media Minimum Age bill
Source: Roblox, GamesIndustry.biz, Reuters, The Federal Trade Commission (FTC)
This bill sets up Australia as a test case for
other governments interested in passing age
restrictions or bans amid concerns on the
impact of social media on minors.
Teens are not protected by legislation focused
on children’s privacy. If these underage
accounts are being treated like those of adults,
these children are at risk.
Roblox is the largest gaming platform for kids.
This requires them to invest heavily in tools and
infrastructure to maintain the appeal of the
platform while giving parents some control over
how their kids interact with other users and
features on the platform.
Konvoy perspective

Top gaming industry conferences / events
Event Location Dates Category
Consumer Electronics Show (CES) Las Vegas, NV January 7 -10 Technology
Pocket Gamer Connects* Multiple Multiple Gaming
Design, Innovate, Communicate, Entertain (DICE) Summit* Las Vegas, NV February 11 -13 Gaming
South by Southwest (SXSW) Austin, TX March 7 -15 Gaming, Media, Technology
Game Developers Conference (GDC)* San Francisco, CA March 17 -21 Gaming
Gamescom LatAm São Paulo, Brazil April 30 –May 4 Gaming, Media
GamesBeat Summit* Los Angeles, CA May 19 -20 Gaming
Augmented World Expo (AWE)* Long Beach, CA June 10 -12 Gaming, Technology
Siggraph* Vancouver, Canada August 10 -14 Gaming, Media, Technology
Gamescom (Germany)* Cologne, Germany August 20 -24 Gaming
Tokyo Game Show Tokyo, Japan September 25 -28 Gaming
Slush* Helsinki, Finland November 19 -20 Gaming, Technology
India Game Developer Conference (IGDC)* Hyderabad, India Unannounced Gaming
* denotes events our team at Konvoy plans to attend
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2025 events schedule

Konvoy: Overview and Team 30

Konvoy: by the numbers
Our top newsletters published in Q4 2024:
1. Roblox Is Not Aging Up
2. Where Have All the Kids’ MMOs Gone?
3. Ubisoft’s Future
4. AppLovin Should Buy Unity
5. Epic Games (33 Years)
$260m
Assets under
management (AUM) 3 Funds
52 Investments 1 38% Of all funds invested
outside of NA
31
1: Initial investments

Konvoy invests in the platforms and
technologies at the frontier of gaming
Investment Stage
Pre -Seed, Seed,
Series A
Check Size
$1m -$5m
Submit your company idea here
Fund III
$150m
32
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T h e Konvoy Team
Josh Chapman
Josh Chapman
Managing Partners
Jason Chapman
Jason Chapman
Jackson Vaughan
Jackson Vaughan
Dani TranSenior Associate
Dani Tran
Senior Associate
Taylor HurstPrincipal
Taylor Hurst
Principal
Anthony SchenaAssociate
Anthony Schena
Associate
Investment Team Platform Team
Profile photo of Dhinuka Perera
Dhinuka PereraHead of Platform
Dhinuka Perera
Head of Platform
Carly MartinAssociate
Carly Martin
Associate
33
Sam EpsteinEA Office Manager
Sam Epstein
EA & Office Manager
Operations