2025年第三季度全球游戏报告

•EA’sannounced$55BbuyoutbytheSaudiArabia’sPIF/SilverLakeconsortium,thelargestleveragedbuyoutinhistory,madeQ3’25alandmarkquarterforgamingM&A. •OverallgamingM&Aactivityincreasedto50dealsinQ3’25,thehighestcountinfourquarters!NotabletransactionsincludedAonic’s$250MacquisitionofPrimeInsights,KRAFTON’s$96MpurchaseofEleventhHourGames,DoubleDown’s$76MdealforWHOWGames,andImpact46’s$53MbuyoutofKammelna.•Afterayear-longslowdown,Q3’25sawarecoverywith115privatefinancingrounds,thefirstincreasesinceQ1’24.Notableroundsincluded Lingokids($120M),GoodJob Games($60M),Appcharge($58M),Million Victories($40M),Kong Studio($36M),andDistinctPossibilityStudios($31M).InterestingrowthfinancingsformobilestudiossurgedagaininQ3,withfiveofthelargestroundsgoingtomobilegamedevelopers.•MostactiveinvestorsoverthepastyearincludedBITKRAFT,PlayVentures,andGriffinGamingPartnersamonglargerfunds,whileImpact46,1AMGaming,and1UPVentureswerethe leadingseed-stageinvestors.Onthestrategic side,Tencent,KRAFTON,andSmilegatedrovethemostactivity,whileAnimoca,Spartan,andArbitrumGamingVentureswerethemostactiveplayersinblockchaingaming.•WesternpublicgamingequitiesperformedexceptionallywellinQ3’25,withtheDrakeStarWesternGamingIndexup31.3%fortheyear.TopperformersincludedRoblox(+136.9%),Unity(+77.9%),andeverplay(+75.0%).ThebroaderDrakeStarIndex,trackingthetop35globalpublicgamingcompanies,isup23.7%YTD,faroutperformingtheS&P500’s14.3%gain.•Light&Wonder,includingitssocialcasinoarmSciPlay,announcedthepricingof$1Binnewdebtfinancing.AzerionGroupissued$260Minnewbonds,whileTurtleBeachsecureda$150Mseniorcreditfacility. •ThereboundinpublicgamingequitiesispavingthewayforasurgeingamingM&Athrough2026,asstrategicsareseizingtheopportunitytocapitalizeonhighervaluationsandfuelboldinorganicgrowthtosustaininvestormomentum. •PEmomentumingamingshowsnosignsofslowing,withmajorfundseyeingpublicgamingcompaniesfortake-privatesandtopprivatestudiosbecomingprimeacquisitiontargetsforgrowth-focusedinvestors.WiththeresurgenceofgrowthfinancingformobilegamestudiosinQ3’25,weareoptimisticthatfundingactivityacrossthegamingsectorwillcontinuegainingmomentuminthecomingquarters.AIandtoolscontinuetobehotsectors. •WeexpectCoffeeStainGrouptocompleteitsIPOfollowingthespin-offfromEmbracerbyyear-endandremainoptimisticabouttheprospectsforastrongDiscordlistingin2026. •Eleventh Hour Games, known for the ARPG LastEpoch, was acquired by KRAFTON for an initialconsideration of $96M.•The acquisition strengthens KRAFTON’s gamesportfolio through the addition of a popular IP on PC.The company intends to use its resources to helptheEleventh HourGames grow its audience and putout more content. •The research technology company Prime Insightswas acquired byAonic, a group of gaming andtechnology companies, for over $250M, signifyingAonic’slargest acquisition to date. •EA, the American developer and publisher knownfor its sports game franchises, announced itsacquisition by PIF, Silver Lake, and Affinity Partnersin the largest ever leveraged buyout for $55B.•Through the transaction, shareholders will receive a25% premium to unaffected share price, and currentCEO Andrew Wilson will stay on. The transaction isexpected to close in Q2 2026. •Among Prime Insights’ offerings isHeyCash, an appthat allows users to earn real money by playinggames. The acquisition builds onAonic’sexistingcapabilities in user acquisition and insights. •Take-Two Interactive made two acquisitions thisquarter: Color Block Jam, a popular mobile puzzlegame, and the team at YOOM who developed amarkerlessperformance capture solution.•The Color Block Jam acquisition gives Take-Two fullownership of the hit mobile game. Through theYOOM acquihire, Take-Two hopes to leverage theteam’s expertise to strengthen its developmentcapabilities. •WHOW Games, a former subsidiary of Azerion andsocial casino developer, was sold toDoubleDownInteractive for up to $76M.•With this acquisition,DoubleDownInteractive aims togrow its presence in the European market andcapitalize on synergies through its operationalexpertise, marketing capabilities, and IP. •Kammelna, the gaming studio that developed apopular digital version of the card gameBaloot, wasacquired by Impact46, a technology investment firm.•Through the partnership, Kammelna hopes to expandits reach and develop more games. The acquisition isalso part of Saudi Arabia’s strategy to grow itspresence in gaming and entertainment. •Mobile games developer Good Job Games raised$60M in a Series A round led by Menlo Venturesand Anthos Capital, bringing the total investmentin the company to $83M. •The investment will be used to scale thecompany’s hit game Match Villains across theglobe. •Appcharge, which provides DTC stores to mobilepublishers, raised $58M in a Series B fundinground led by IVP and brings the total investment inthe company to $89M.•The company has been expanding rapidly, and thenew funding will be used to further grow itsplatform through new products. •Lingokids, a platform that provides interactiveeducationa