2025年第四季度视频游戏报告_57页_8mb

Aream & Co. Video Game Market Update - Q4 2025

Core Content

Aream & Co. is a global, independent investment bank specializing in gaming and interactive entertainment, with a strong track record of over 105+ M&A and financing transactions, totaling $38bn+. The firm has 23 gaming bankers and operates in multiple regions including London, San Francisco, Berlin, and Singapore.

Market Overview

PC & Console

• PC gaming on Steam continued to grow at a double-digit rate, with +20% YoY LTM growth, driven by a mix of established franchises (e.g., Battlefield 6) and new IP releases.
• Console revenue grew +13% YoY, with Nintendo Switch 2 contributing significantly to the momentum. Sony's software revenue remained strong, and Microsoft's and Nintendo's CAGR were 15% and 12%, respectively.
• The top-grossing PC/console games in Q4-25 were largely from established titles, with many of the top-20 games being over 4 years old, indicating the resilience of live-service models.
• Indie games gained traction, contributing over $25% of Steam revenue in 2025, with several notable titles showcased.
• The Chinese market showed strong growth, with Chinese users doubling over five years, outperforming other language groups in terms of engagement and revenue.

Mobile

• Mobile IAP spend remained stable at $20.7bn, with monetization efficiency improving rather than growth in downloads.
• Asian and Turkish publishers outperformed the broader market, highlighting their strong presence in the mobile space.
• Rewarded apps became a scalable UA channel, with publishers leveraging them as an alternative to traditional ad networks.
• Legacy titles dominated the mobile IAP revenue, capturing most of the spend, while new game releases dropped to historic lows.
• The top-5 DAU growing categories and top-5 IAP net revenue growing categories in 2025 showed the continued dominance of gaming in the mobile ecosystem.

UGC (User-Generated Content)

• Roblox saw a 41% YoY increase in payouts, reaching $1.3bn LTM, underscoring the importance of UGC.
• Streaming platforms maintained consistent engagement levels, with Twitch leading in top streaming gaming experiences.
• UGC platforms experienced record engagement levels, with Roblox and others showing strong growth in user base and monetization potential.

Deal Activity

M&A

• M&A volume increased +34% YoY in Q4-25, with 39 deals, but transaction value decreased compared to Q4-24.
• Large publishers were the main targets, with deals including:
  • IndyGo acquired by Core Gaming for $142m (Dec-25)
  • AppLovin Apps Business sold to Tripledott for $800m (Jul-25)
  • Grackshell sold to Everplay for $800m (Jul-25)
  • VirtuOS acquired by PipeLudorhs (Jul-25)
  • MTG acquired by Plarilum up to $820m (Feb-25)
  • Easybrain sold to Miniclip for $1.2bn (Jan-25)
  • Lessmore sold to Miniclip for $1.2bn (Jan-25)
• Total M&A deal value in 2025 reached $4bn+, with notable deals involving Blackstone and Silver Lake.

Public Offerings

• Public market activity saw $1.7bn in Q4-25, with Coffee Stain launching at a $0.6bn market cap.
• Large-cap publishers continued to outperform, with diversified and PC/console publishers maintaining a valuation premium.

Private Investments

• Private capital fundraising in Q4-25 reached $0.9bn, a +29% YoY increase, across 102 deals, indicating a recovery in investor appetite.
• Investments were heavily concentrated in gaming tech and mobile gaming studios in Türkiye.
• Non-dilutive user acquisition financing became more mainstream, with PvX Partners and Metica providing performance-linked funding.
• Several gaming-focused VC funds launched their own UA financing services, including General Catalyst and BITKRAFT.

Key Trends and Insights

• Asian publishers led mobile gaming growth, with NCSoft and Kakao Games being active acquirers.
• Gaming tech and mobile studios attracted significant institutional capital, with Tencent investing $1.25bn in Ubisoft and Azerion issuing a $0.3bn senior bond.
• Rewarded apps emerged as a high-growth UA channel, with platforms like ReelShort and DramaBox showing substantial IAP revenue.
• Large publishers have substantial deployable capital, with $10bn+ in cash reserves and $3.5bn+ in debt.
• Growth and profitability were key drivers of premium valuations, with regression analysis showing a clear link between these factors and valuation levels.
• Performance dispersion within segments highlights the importance of company-specific execution and market positioning.

Conclusion

The Q4-25 video game market showed signs of steady growth, with PC and console maintaining strong revenue trajectories, mobile gaming focusing on monetization efficiency and UGC, and M&A and private investments reflecting increased strategic interest and institutional capital flow. Aream & Co. remains a key player in this evolving landscape, advising on significant transactions across the globe.