2025年第四季度视频游戏市场更新

Disclaimer This report is provided for general information and discussion purposes only and is intended solelyforsubscribers.It does not constitute a financial promotion,investment advice,or arecommendation to engage in any investment activity. The content reflects the views of the authors at the time of publication and may be subject tochange without notice. Nothing in this report should be construed as an offer, invitation, orsolicitation to buy or sell any financial instruments or to engage in investment activity, as defined bythe Financial Services and Markets Act 2000 (FSMA). This presentation is intended solely for the use of the recipient and may not be distributed to anyother company or person without the prior written consent of Aream & Co. Aream & Co. is a shared trading name with Aream Group LLP, Aream Advisors LLC and Aream AdvisorsGmbH. Aream Group LLP is a Limited Liability Partnership registered in England and Wales, RegisteredNumber: OC426365, Registered Office Address: 1 Cavendish Place, London, England, W1G 0QF, UnitedKingdom. Aream Group LLP (FRN 839407) is an an Appointed Representative of Sentinel Regulatory ServicesLtd (FRN 1007903) which is authorized and regulated by the Financial Conduct Authority. Aream AdvisorsLLC is a US regulated Broker Dealer CRD#318177 and is registered with the Financial Industry RegulatoryAuthority (FINRA). Aream Advisors GmbH operates in the European Union as a Tied Agent of NFSNetfondsFinancial Services GmbH(NFS).NFS is authorized and regulated by the Bundesanstalt fürFinanzdienstleistungsaufsicht (BaFin). global, independent investment bank specialized ingaming and interactive entertainment OUR STRENGTH M&A AND FINANCINGTRANSACTIONS105+ TRANSACTIONVALUE$38bn+ GAMING BANKERS23 transaction activity in 2025 TRANSACTIONS ADVISED BY AREAM & CO. IN 2025 advising on deals across the globe Executive Summary Q4-25 executive summary M&A volume holds steady while financing activity gains momentumDealmaking activity in Q4-25 Deal value concentrates in gaming tech and mobile studiosMost 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 tractionLegacy titles capture most of spend as new game releases drop to historic lows 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 growthCase study: rapid expansion of the $9bn interactive micro-drama video market 1 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 Developer HQ countries by Steam gross revenue in 2025 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 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&ALargest 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 publis