新兴市场游戏风险投资活动

EMERGING TECH RESEARCHGaming VC Activity in Emerging Markets PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research James UlanDirector of EmergingTechnology Research How emerging markets are redefining the game Institutional Research Group PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Analysis Eric BellomoSenior Research Analyst,E-commerce and Gamingeric.bellomo@pitchbook.com Key takeaways DataHarrison WaldockData Analyst •Emerging markets have become the incremental growth engine for gaming:Their revenue share climbed from around 4% in 2010 to nearly 15% today, whileVC funding across five tracked regions reached $2.3 billion in 2025 YTD even asdeal counts stayed roughly flat, at about 150 rounds in 2017 versus 150-200 in2024-2025. pbinstitutionalresearch@pitchbook.com PublishingDesigned byChloe LadwigandJosie Doan •East Asia remains the anchor, offering scale with system risk: China is now atrevenue parity with the US, each earning about $50 billion, exporting hit IP (forexample, Black Myth: Wukong), and translating mobile F2P expertise into PC andconsole platforms. Yet, regulatory shocks, such as NPPA licensing freezes andregulatory whiplash, as well as geopolitics keep valuation risk elevated. Published on December 3, 2025 Contents •South Asia and Southeast Asia have massive user bases and undermonetizedeconomics: The region produced around 1.9 billion mobile downloads in Q12025 (plus around 2 billion from India) but generated only $600 million to $700million in mobile revenue—about 10% of US and 20% of Japan gaming revenue—signaling a long runway for ARPU uplift.1Funding spiked in 2021-2022 ($1.1 billionacross 157 deals in 2022) and has now normalized (at $400 million across 70deals annually). Singapore anchors capital flows, while India’s 2025 RMG ban islikely to redirect spend toward traditional games. •MENA and Israel are policy-led and exit-proven: Backed by Savvy GamesGroup and the Public Investment Fund to the tune of $37.8 billion and aided byinfrastructure and education initiatives, the region posted $6.4 billion in 2024player spend (up 7.5% YoY)2and $2.6 billion in VC-backed exits across 4 deals—rare for an “emerging” ecosystem—while payments rails and 5G penetrationreduce monetization friction. •Latin America is the second-fastest-growing market, but VC has retrenchedthere: Revenue grew 6.4% YoY to $8.3 billion (for a global share of nearly 4%) on mobile-first usage and rising digital wallets. Web3 absorbs a disproportionateshare of activity, accounting for 40.2% of companies and 76.1% of capital, raisingexit and return risk near term. •Africa is a frontier-scale story with payment/connectivity bottlenecks: Withabout 350 million players and $1.4 billion market value, growth hinges on mobilemoney (there are now 330 million mobile money accounts in sub-SaharanAfrica) and infrastructure catch-up;3VC totals are the smallest among regions($231.3 million since 2017 with no VC-backed exits), and studios remain subscale,keeping outcomes further out on the horizon. Introduction The gaming industry’s global revenue distribution has shifted dramatically sincethe start of the 21st century. As recently as 2010, the US was a $25 billion gamingmarket—a figure that has nearly doubled to $50 billion as of Q3 2025—whiledeveloped Western economies generated nearly 80% of industry revenue. Over the past 15 years, emerging markets, now home to 86% of the world’spopulation and 60% of global GDP, account for approximately 15% of industryrevenues, up from 4% in 2010.4Across the five regions analyzed in this report,venture funding has reached $2.3 billion in 2025 YTD. While capital inflows haveaccelerated dramatically, deal volume is flat, or modestly higher, increasing from150 rounds in 2017 to 150-200 over 2024 and 2025. The rise of China most visibly exemplifies this trajectory. Now at revenue paritywith the US, China has incubated firms with global reach and distribution, suchas Tencent and NetEase. The country is able to support in-country sales that rivalbookings for global sales. It has emerged as an exporter of world-class titles likeBlack Myth: Wukong while demonstrating the portability of mobile expertise to PCand console platforms via Marvel Rivals. Krafton, based in South Korea, releasedPUBG, which set the stage for the battle royale genre and eventually Fortnite.Singapore’s Sea Limited exemplifies Southeast Asia’s ability to scale globally. Thecompany reached a $92 billion market capitalization by leveraging digital commerce(Shopee) and gaming (Garena), now centrally placed within the region’s growingdigital economy. Meanwhile, the Middle East & North Africa (MENA), Latin America, and India aretranslating smartphone proliferation, expanding middle classes, and favorabledemogra