2025年第四季度视频游戏市场更新

Disclaimer Thisreportisprovidedforgeneralinformationanddiscussionpurposesonlyandisintendedsolelyforsubscribers.It does not constitute a financial promotion,investment advice,or a Thecontentreflectstheviewsoftheauthorsatthetimeofpublicationandmaybesubjecttochangewithout notice.Nothinginthisreport should beconstrued as an offer,invitation,orsolicitationtobuyorsellanyfinancialinstrumentsortoengageininvestmentactivity,asdefinedby ThispresentationisintendedsolelyfortheuseoftherecipientandmaynotbedistributedtoanyothercompanyorpersonwithoutthepriorwrittenconsentofAream&Co. Aream&Co.isasharedtradingnamewithAreamGroupLLP,AreamAdvisorsLLCandAreamAdvisorsGmbH.AreamGroupLLPisaLimitedLiabilityPartnershipregisteredinEngland andWales,RegisteredNumber:OC426365,RegisteredOfficeAddress:1CavendishPlace,London,England,W1G0QF,UnitedKingdom.AreamGroupLLP(FRN839407)isananAppointedRepresentativeofSentinelRegulatoryServicesLtd(FRN1007903)whichisauthorizedandregulatedbytheFinancialConductAuthority.AreamAdvisors LLCisaUSregulatedBrokerDealerCRD#318177andisregisteredwiththeFinancialIndustryRegulatoryAuthority(FINRA).Aream Advisors GmbH operates in the European Union as a Tied Agent of NFS global, independent investment bank specialized ingaming and interactive entertainment transaction activity in 2025 TRANSACTIONVALUE$4bn+ Q4-25 executive summary Dealmaking activity in Q4-25 Deal value concentrates in gaming tech and mobile studios Most notable gaming transactions in Q4-25 Market transitions to steady growth Mobile advertising accelerates market expansion as traditional spend stabilizes Mobile Mobile IAP spend stabilizes as monetization efficiency improves IAP spend posts modest gains (+1% YoY), despite download volumes hitting multi-year lows Barriers to entry intensify as new mobile titles struggle to gain traction Established titles build lasting competitive moats 70% of top-20 grossing games are 4+ years old, proving live-service resilience Gaming remains an attractive segment within the mobile ecosystem Gaming secures a top-5 position for both engagement and monetization growth in 2025 Asian publishers lead mobile gaming growth Publisher HQ countries ranked by Revenue and MAU Rewarded apps emerge as a scalable high-growth UA channel Publishers leverage rewarded engagement as a proven alternative to traditional ad networks Consumer apps adopt gaming playbook to unlock strong growth Case study: rapid expansion of the $9bn interactive micro-drama video market1 PC & Console PC gaming sustains double-digit revenue growth +20% YoY LTM growth driven by a strong mix of franchise and new IP releases Established PC titles hold majority of playtime, while new releases gainground amid a growing catalogue Indie success stories are becoming more common, accounting for over25% of Steam revenue in 2025 Growing Chinese player base fuels Steam expansion Chinese users doubled over five years, significantly outpacing other languages US and European developer hubs fuel PC market expansion Consoles demonstrate sustained double-digit growth Nintendo hardware momentum and Sony software revenue strength drive +13% sector growth Streaming platforms maintained consistent engagement levels The mix of fresh IPs and franchises sustains streaming as market stabilizes UGC platforms see record engagement levels Roblox expanding user base presents monetization upside when benchmarked against Steam Transaction activity in the UGC space has gained momentumLargest UGC investments & acquisitions in 2025 Mergers & Acquisitions M&A activity pivots to smaller targets Quarterly activity incl. both minority & majority stake transactions $100M+ gaming M&A transaction volume at pre-pandemic levelsM&A activity across game developers & publishers Buyers target scaled gaming publishers with established IPsM&A activity across game developers & publishers Transactions involving public entities have dominated recent M&A Largest gaming acquisitions in 2025 Institutional investments in gaming at an all-time high PE-backed transactions surge as institutional capital targets opportunities in gaming Public Markets Public capital raising normalizes in H2-25 following historic H1 surge Major European publishers drive Q4-25 public market activity Largest public market transactions in 20251 Diversified and PC/console publishers maintain a valuation premium Wide performance dispersion within segments underscores company-specific execution quality Diversified publishers sustain revenue growth while most mid-cappeers experience revenue headwinds regardless of platform Growth and Profitability drive premium valuations Regression analysis: forward-looking valuation vs. growth + profitability Large publishers are sitting on billions of deployable capital Private Investments Gaming private investments facing continued pressure Early-stage activity stabilizes at pre-pandemic baseline VC-led early-stage rounds1 Non-dilutive user a