2025年第三季度视频游戏市场更新

Disclaimer Thisreportisprovidedforgeneralinformationanddiscussionpurposesonlyandisintendedsolelyforsubscribers.It does not constitute a financial promotion,investment advice,or arecommendationtoengageinanyinvestmentactivity. Thecontentreflectstheviewsoftheauthorsatthetimeofpublicationandmaybesubjecttochangewithout notice.Nothinginthisreport should beconstrued as an offer,invitation,orsolicitationtobuyorsellanyfinancialinstrumentsortoengageininvestmentactivity,asdefinedbytheFinancialServicesandMarketsAct2000(FSMA). ThispresentationisintendedsolelyfortheuseoftherecipientandmaynotbedistributedtoanyothercompanyorpersonwithoutthepriorwrittenconsentofAream&Co. Aream&Co.isasharedtradingnamewithAreamGroupLLP,AreamAdvisorsLLCandAreamAdvisorsGmbH.AreamGroupLLPisaLimitedLiabilityPartnershipregisteredinEngland andWales,RegisteredNumber:OC426365,RegisteredOfficeAddress:1CavendishPlace,London,England,W1G0QF,UnitedKingdom.AreamGroupLLP(FRN839407)isanAppointedRepresentativeofFrankInvestmentsLimited(FRN627697)whichisauthorisedandregulatedbytheFinancialConductAuthority.AreamAdvisorsLLCisaUSregulatedBrokerDealerCRD#318177andisregisteredwiththeFinancialIndustryRegulatoryAuthority(FINRA).AreamAdvisorsGmbHoperatesintheEuropeanUnionasaTiedAgentofNFSNetfondsFinancialServicesGmbH(NFS).NFSisauthorisedandregulatedbytheBundesanstaltfürFinanzdienstleistungsaufsicht(BaFin). global, independent investment bank specialized ingaming and interactive entertainment COMPANY SNAPSHOT OUR STRENGTH Passionate about Video Gamesand our craft–core deal teamtogether for 12+ years GAMING M&A AND FINANCINGTRANSACTIONS79 Deep institutional knowledge ofthe sector,current market trendsand strategic capital allocationamong buyer universe TRANSACTION VALUE$38bn Broad transaction experienceacross PC, console, mobile and thewider gaming ecosystem Unparalleled relationshipswithstrategic acquirers and financialinvestors interested in the sector GAMING BANKERS24 last twelve months deal activity TRANSACTIONS ADVISED BY AREAM & CO. (FROM Q4-24 TO Q3-25) LTMGAMINGTRANSACTIONS12 $6bn+ LTMTRANSACTIONVALUE Executive Summary Q3-25 in a nutshell •Mobile gaming IAP spend returns to growth reaching $21.0bn in Q3-25,with Asian mobile publishers driving the majority of gains•PC gaming maintains strong performance with +18% YoY growth, powered by successful franchise releases on Steam•Console gaming delivers a robust quarter following the Nintendo Switch 2 launch; Nintendo's revenue grew 2.5x YoY whileSony and Microsoft posted double-digit growth in console contentGAMINGMARKETENVIRONMENTDEALMAKINGACTIVITY•Transaction volume remains stable, with three notable announcements this quarter:I.Public takeover of Electronic Arts for $55bnled by a consortium comprising PIF, Silver Lake, and Affinity PartnersII.Two strategic-led deals: Bandai Namco’s minority stake sale to Sony and Prime Insights acquisition byAonic•Institutional investors are accelerating gaming industry consolidation, with 12 transactions announced in 2025, includingthe Electronic Arts acquisition–the largest all-cash sponsor-led leveraged buyout in history•Asian strategics are increasing investment activity, pursuing transmedia opportunities (incl. anime) and expanding internationalportfoliosCAPITALMARKETS•Public market fundraising slowed in Q3-25 with only $0.3bn raised vs. $10.1bn in H1-25•Private investment activity remained subdued at 82 deals in Q3-25.Series Arounds declined for the fifth consecutive quarter•Startup funding concentrated in gaming tech (AI, web-shop, VR) and mobile studios, with the latter primarily in Turkey M&A holds steady as public and private investments face pressureDealmaking activity in Q3-25 Broad-based deal flow across multiple segments Mostnotable gaming transactions in Q3-25 Mobile gaming IAP spend returns to growth Asian publishers lead the US spending recovery as Western studios catch up Asian mobile publishers continue to lead the mobile gaming market Publisher HQ countries ranked by key performance metrics (2025 YTD) PC gaming maintains strong performance trajectory+18% YoY growth over the last twelve monthson Steam Consoles demonstrate a strong quarter amid new hardware launchNintendo Switch 2 launch drives +31% YoY market revenue growth UGC and streaming platforms reach record engagement levels Roblox breakout hits drive platform growth, while Kick challenges Twitch’s market share Mergers & Acquisitions M&Avolume holds steady, with value driven by megadeals Quarterly activity incl. both minority & majority stake transactions Buyers target scaled gaming publishers with established IPsM&A activity across game developers & publishers Transactions involving public entities have dominated recent M&ALargest gaming acquisitions of the last twelve months Largest public gaming takeovers side-by-side Institutional investments in gaming at all-time high PE-backed transactions surge as institutional capital targets opportunities in gaming GROWTH E