2025年第二季度游戏行业报告

Gaming industry: at a glance In gaming 2025 market size: estimated $189bn (+3.4% YoY)Private markets: grew 66% QoQ, driven by Tripledot <>AppLovin game studios and Sharplink Gaming investmentVenture funding in Q2-25: $373m across 77 deals(funding +35% QoQ, number of deals -6% QoQ) Key trends 1. M&A: moves toward industry consolidation2. Switch 2 launches, Xbox announces handheld3. Judge rules Google has an ad monopoly4. An Epic win: Apple's walled garden falls5. Roblox launches rewarded video ads6. Transmedia success: Minecraft Movie7.Update on industry-wide layoffs8. GTA Vl delayed: >$2bn hit to the industry in 2025 Source: IFPl, Newzoo, Arstechnica, MPAA, Mordor Intelligence, Konvoy KONVOY Gaming is expected to be a $189bn market in 2025 $ in billions KONVOY Gaming funding: private markets overview Private funding grew 66% QoQ, driven by Tripledot's $40Om acquisition of AppLovin's game studiosand the $425m private investment into the public company, SharpLink Gaming Gaming VC funding: $193m (-47% QoQ) in Q2-25 Sharp decline in gaming VC funding driven by growth funding contracting by two-thirds,early funding by one-thirdUnattributed vcLateGrowthEarly Gaming VC deals: 60 (-31% QoQ) in Q2-25 There were 6 less growth-stage rounds in Q2-25 than Q1-25 Public gaming companies hold $37bn in cashand eguivalents; a healthy M&A environment KONVOY Gaming M&A: 28 transactions in Q2-25 2025 is following a similar M&A transaction pattern from Q1 to Q2 as 2023 and 2024 KONVOY Largest gaming tech & platform Vc deals Comments: Funding for the top 10 tech &platform deals totaled $60.4m(-67% Q0Q)$2Om in VC funding went towardgambling-related companies thisquarter (sports betting, socialcasino, esports betting)There weretwo companies inthetop 1o T&P list that are focused onbuilding animation technology forthe gaming industry, LatentTechnology and Motorica ($13.8min funding total4of the top 10T&P investmentswere into companies that offersome kind of core Al feature Largest game content Vc deals Comments: The top 10 Content deals totaled$97.7m (-14% QoQ)4 of top 5 Content investmentswere in companies based in Asia(totaling $59.3m in funding)Only 2 of the top 10 Contentinvestments this quarter were intostudios based in North America4 of the top 10 Contentinvestments were intocompaniesexplicitly focused on mobile gamedevelopment (totaling $40.6m infunding) Top-backed founders this quarter Bigger Games Amplitude Studios "Our belief is simple but bold:fun is afeeling, not a feature. Bigger Gamesexiststocreateemotionallyimpactfulexperiences: games where every swipe,tap, and decision feels meaningful. " "[This partnership is] aboutacceleratingtowardthe futurewe'vealways envisioned. A future where wecanfullyrealizeourcreativevisionanddeliver the immersive experiences ourplayers expect." Hakan UlvanCo-Founder & CEO Romain de Waubertde GenlisCo-Founder & CEO $25m Series A (GamesBeat) $13.6m Series A (GamesBeat) Latent Technology Midnite "This capital enables us to hit the gasand accelerate our growth strategywhile continuing to build game-changingproducts.' "Our aim is to evolve the animationparadigm towards emergent physicalbehaviors, opening up new, creativepossibilities for developers and dynamicexperiences for players." Nick WrightCo-Founder & CEO Jorge de ValCo-Founder& CEO $8m Seed (GamesBeat) $1Om Series B (Business Cloud) Source: Business Cloud, GamesBeat, official company Linkedln profiles KONVOY Gaming deals globally: by region Us vs China: gaming demographic While US and China only make up ~27% of allgamers, the two countries accounted for 52%ofall gamingrevenuein2024 Source: NewzooKONVOY US vs China: 7.7x the amount of VC funding Overview (YTD): Europe Europe VC funding by stage in 2025 Investments into companies developingcontent has made up 79% of vc fundinginto gaming companies in Europe this year KONVOY M&A: moves toward industry consolidatiorSwitch 2 launches, Xbox announces handheldJudge rules Google has an ad monopolyAn Epic win: Apple's walled garden fallsRoblox launches rewarded video adsTransmedia success: Minecraft MovieUpdate on industry-wide layoffs8GTA Vl delayed: >$2bn hit to the industry in 2025 Trends + Current Events M&A: moyes toward industry consolidation Tripledot acquires AppLovin's gaming unit (s8oom): Last quarter, we had our eye on the rumored impending sale ofAppLovin's gaming unit driven by our historical scrutiny over the alignment of these studios to AppLovin's core business.developer at heart," explaining the strategic decision to focus on their core advertising technology business. For Tripledot, the acquisition represents a transformational leap from challenger to global leader, adding significant scaleand geographic diversification while ensuring no single game generates more than 1o% of total revenue. Analytics and Esports verticals see consolidation: Konvoy perspective: This quarter's activitydemonstrates the gaming industry'sevo