DrakeStar：2025年第一季度全球游戏行业报告

•GamingM&AactivityreboundedinQ12025,with48announceddealstotaling$4.4billionindisclosedvalue.ThismarksthehighestquarterlydealvalueinnearlytwoyearsandastrongrecoveryfromthedipseeninQ42024.•Scopely’s$3.5BacquisitionofNiantic’sgamesdivisionwasthelargestgamingdealofQ1andthebiggestsinceScopelyitselfwasacquiredbySavvyfor$4.9Bin2023.OthernotablemobileM&AactivitythisquarterincludedTripledot’sreported$900MacquisitionofAppLovin’sgamesdivision,Miniclip’sacquisitionofGermanmobilestudioLessmore,andKrafton’spurchaseofNautilusMobile.•VoldexstrengtheneditspositionasaleadingRobloxgamesoperatorwiththeacquisitionofBrookhaven,whileEAacquiredTRACABtointegrateitsmotiontrackingtechnologyintofuturegamedevelopment.•Q1saw149privateplacementstotaling$3.5Bindiscloseddealvalue.Thelargestwasareported$3BinvestmentreceivedbyInfiniteRealityatavaluationexceeding$12B.OthernotablefinancingsincludedroundsforTurkishmobiledevelopersGrandGamesandGoodJobGames.AspartoftheScopelytransaction,NianticSpatialsecured$50M,whilemobileadtechfirmBigabigraised$25MfromMobilityWare,andAIgamedeveloperBeyondOScloseda$20Mround.Laterstagefinancingsforgamingstudioscontinuetobechallenging.•NewgamingfundsannouncedinQ1’25includedTiltingPoint’sUAfund($150M),ArcadiaGamingAdvisors($100M),Skillz($75M)andLatonVentures($50M).•MostactiveinvestorsoverthepastyearincludedBITKRAFT,PlayVentures,andAndreessenforlargerfundsandTIRTA,TheGamesFund,andGEMCapitalattheseedstage.Krafton,Tencent,andSamsungledstrategicactivity,whileAnimoca,Spartan,andBigBrainwerethemostactiveinblockchaingaming.•AsmodeehadasuccessfulIPOpost-Embracerspin-off,whileUbisoftraised$1.25BfromTencentfollowingspeculationsofafullsale.AMD,GameStop,andLogitechannouncedmajordebtdeals.•TheDrakeStarIndexrose16.4%sincetheendof2023.SEA/Garena,DeNA,andKonamiwerethetopperformers,whileUbisoft,Unity,andWeMadelostmostinvalue. •WeanticipateagradualuptickinM&Aactivityovertherestoftheyear.KeybuyerstowatchincludeSavvy/Scopely,Tencent,KRAFTON,KeywordsStudios/EQT,Jagex/CVC,InfiniteReality,SonyandAsmodee.•Privateequityfirmsareexpectedtoremainveryactive,withseveralpubliclytradedgamingcompaniespotentiallybeingtakenprivate.•KeygrowthsegmentsareexpectedtoincludeAI,techplatforms,andblockchain.Laterstagefinancingswilllikelycontinuetobechallenging.•Ifpublicmarketsstabilize,CoffeeStainisexpectedtogopublicsoonaspartofaspin-outfromEmbracer.Othergamingcompanies,includingDiscord,arealsoreportedlypreparingforIPOs. 48 DEALS AND $4.4B IN ANNOUNCED DEALS 48 ANNOUNCED DEALS AND $4.4B IN DISCLOSED DEAL VALUE Games Division •Miniclip, a subsidiary of Tencent, acquired Germanmobile games developer Lessmore for anundisclosed amount.•Lessmore is known for its hybrid casual gamesEatventureand We Are Warriors.•The acquisition is the latest in a string of deals forMiniclipthat includesEasybrain,FuturLab, andSYBO. •Scopely, a subsidiary of Savvy Games Group, willacquire the games division of Niantic, most well-known for its mobile AR game Pokémon GO, for$3.5B.•Niantic’s games division has 30M+ monthly activeusers and took in $1B+ in revenue in 2024.•Along with the sale of its games business, Niantic willspin off its technology platform into a new companycalled Niantic Spatial. •AppLovinwill spin off its games business, consistingof 10 studios, for $900M. The buyer is reportedly UKmobile games companyTripledot.•The deal will consist of $400M in cash and $500M inequity.•The divestment allowsAppLovinto focus on itshigh-growth and high-marginadtechbusiness. •Roblox games companyVoldexacquiredBrookhaven, one of the top titles on the Robloxplatform, for an undisclosed amount.•Brookhaven is a life simulation game with 120Mmonthly active users and 60M lifetime visits.•The acquisition was enabled by an equity financingled by Raine Partners and a debt financing led byShamrock Capital. •Krafton acquired a 75%+ stake in Indian mobilegames studio Nautilus Mobile for $14M.•Nautilus Mobile is known for its Real Cricketfranchise, which has licensing partnerships with topcricket teams.•Krafton sees the Indian market as a key avenue ofgrowth and has invested heavily in Indian companies. •Electronic Arts acquired Swedish motion trackingcompany TRACAB for an undisclosed amount.•The company will join EA Sports, the division of EAknown for licensed sports games, such as those inthe EA Sports FC and Madden NFL franchises.•EA aims to leverage TRACAB’s technology toimprove animations within its games and bettersimulate real-world sports. 149 DEALS AND $3.5B IN DISCLOSED PRIVATE PLACEMENTS 149 DEALS AND $3.5B IN DISCLOSED PRIVATE PLACEMENTS •Niantic Spatial, a geospatial AI company, receiveda $50M investment from mobile gaming companyScopely.•The company is being spun out of Niantic inconjunction withScopely’sacquisition of Niantic’sgames business. •Infinite Reality, a company that provides tools forbuilding virtual experiences, raised $3B from anundisclosed private investor and achieved avaluation of $12.25B.•The company plans to use its new funding onacquisitions, partnersh