德雷克星全球游戏报告2025年第二季度

•Publicgamingstockssawastrongreboundinthefirsthalfof2025,withtheDrakeStarGamingIndexrising28%,significantlyoutperformingtheS&P500’s5%gain.ThestrongestoverallperformerswereSquareEnix,Roblox,andKonami.InEurope,leadingstocksincludedCDProjektRED,everplaygroup,andMTG,whileintheUSmarkets,Roblox,Corsair,andTake-Twostoodoutasthetopperformers. •Gaming M&A activity remained relatively stable in Q2’25,with 46 announced deals.The largest transaction wasKRAFTON’s$516MacquisitionofADK,aJapanesecompanyspecializinginadvertisingandanimationwithsomemobilegamedevelopment.OthernotabledealsincludedEpicGamesacquiringLoci,ApplepurchasingRAC7,andPlayVSacquiringGenerationEsportsandPlayFlyCollegeEsports.PCandconsolegamingtiedwithblockchaingamingforthemostM&Adealsafteranotableincreaseinblockchaingamingdealactivitythisquarter. •Q2’25featuredoneofthelargestandmostsuccessfulexitsforgamingVCswithCVC’ssignificantminorityinvestmentinDreamGames.Thedeal,comprisingbothequityanddebt,totaled~$2.5Bata$5Bvaluation.Overall,thequarterrecorded110 private placements with a combined disclosed deal value of$3B.Other notable financings includedTencent’s$80MinvestmentinArrowhead,WolvesEsportsClubraising$28MfromLvfaGroup,AIstartupSettsecuring$27M,TurkishmobilestudioBiggerGamescompletinga$25MSeriesA,andHybeIMraising$21M. •ThemostactiveinvestorsoverthepastyearincludedPlayVentures,BITKRAFT,andMakersFundamonglargerfunds,whileGoodwater,TIRTA,and 1AM Gamingwere theleadingseed-stage investors.On thestrategic side,Krafton,Tencent,andSamsungdrovethemostactivity,whileAnimoca,Spartan,andGam3GirlVentureswerethemostactiveplayersinblockchaingaming. •Take-TwoInteractiveannouncedaproposed$1Bpublicstockoffering,withanoptiontosellanadditional$150M,whileGameStopannouncedadebtraiseofover$2B.EmbracerplanstospinoffCoffeeStainGroupasanindependentpubliccompanybytheendoftheyearandDiscordisinlate-stagediscussionswithbanksforapotentialIPO. •Followingthestrongreboundofpublicgamingequitiesinthefirsthalfof2025,weexpectanewwaveofM&Aactivitythroughouttheremainderof2025and2026,asgamingcompanieslooktoleveragetheirhigherequityvaluationsforinorganicgrowth.Additionally,IPOactivityislikelytopickup,supportedbythebroadermarketrecovery.•Privateequityparticipationinthegamingecosystemisexpectedtoremainveryactive,withsomepubliclytradedgamingcompaniespotentiallybeingtakenprivateandPEfirmstakinggrowthequitypositionsinlargeprivategamingcompanies.•KeygrowthsegmentsareexpectedtoincludeAIandtechplatforms.Laterstagefinancingswilllikelycontinuetobechallenging. Sony & OrientalPearl JV •Sony acquired the remaining 51% of the joint ventureit had established with Oriental Pearl in 2014 todistribute PlayStation hardware in China, grantingSony full control of the entity.•Through the joint venture with Oriental Pearl, Sonyhad released the PlayStation 4 and PlayStation 5systems in China. •Epic Games acquired Loci, an AI company that hasdeveloped computer vision models for tagging 3Dassets.•Epic plans to integrate Loci’s computer visiontechnology within its products to improve thediscoverability of 3D content across its ecosystemand streamline workflows for artists. •KRAFTON acquired Japanese advertising andanimation company ADK for $516M. The servicesoffered by ADK include mobile game development.•The acquisition signals an effort by KRAFTON toexpand beyond gaming into new forms of media,especially animation. •Apple acquired RAC7, the developer of the gameSneaky Sasquatch for Apple’s gaming subscriptionservice Apple Arcade.•The acquisition marks Apple’s first ever acquisitionof a gaming studio. Apple sees the acquisition as anopportunity to support the growth of SneakySasquatch on Apple Arcade. •Xsolla, which provides tools for game monetization,acquired Ludo, a no-code platform for enhancingplayer engagement and retention.•Xsollaplans to integrate Ludo’s player engagementtools with its web shop and other products to helpdevelopers improve retention, engagement, andmonetization. •PlayVS, an amateur esports platform, purchasedGeneration Esports, which helps integrate esports inschools, and PlayFly College Esports, a collegiateesports league.•The acquisition expandsPlayVS’sesportsecosystem, unifying thousands of K-12 schools andhundreds of colleges under one platform. •Tencent invested $80M for a 15.75% stake ofSwedish game developer Arrowhead, known forthe multiplayer shooter Helldivers 2. The dealvalues the studio at over $500M.•Arrowhead founder JohnPilestedtbelieves thatTencent’s investmentopens upopportunities inthe Chinese market. •Wolves Esports Club, a subsidiary of Fosun Groupand the esports division of the WolverhamptonWonderers football club, received an investment of$28M fromLvfaGroup.•Part of the funds will be used in the construction ofa new arena that will serve as the team’s homevenue and is expected to open later this year. •Turkish mobile games developer Dream Gamesraised $2.5B through the sale of a minority staketo CVC and a debt financing led by Blackstone.This deal marks one of th