Report: Games industry M&As valued at $10.5 billion in 2024 with 21% volume increase
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| Jan 30, 2025 | report | Andreessen Horowitz Bitkraft Ventures Drake Star Partners Krafton Play Ventures | $10.5 billion |
Games industry M&As saw a 21% increase in volume in 2024 compared to the year prior, with 198 deals announced at $10.5 billion in disclosed value.
According to Drake Star’s Global Gaming Report 2024, 38 of those M&A deals were in the mobile segment, compared to 53 between console and PC combined. The platforms and tools segment saw 32 M&As.
Meanwhile, between M&As and financings more broadly - investments included - 2024 saw disclosed value rise by 39% year-on-year to $27.3 billion, raised across 967 deals. Epic’s $1.5 billion round, led by Disney, was among the year’s "major financings".
The report noted that blockchain "remained the most active segment" with 250 deals, while mobile saw 111.
Big deals, big players
Two of 2024’s five biggest M&A deals occurred in Q4, those being Miniclip’s $1.2 billion acquisition of Easybrain and MTG’s huge Plarium purchase. However, the number of separate deals that took place in the quarter decreased after four consecutive quarters of growth, down from 57 in Q3 to 40 in Q4.
Across the full year, Bitkraft was the most active VC with 19 investment deals, followed by Andreessen Horowitz and Play Ventures with 15 each. The Games Fund was the most active seed-focused venture capitalist fund with nine deals.
Krafton, meanwhile, made the most investment deals of any games company with a total of 11, beating Tencent, Riot Games and Supercell’s seven each.
"We have a very positive outlook of the gaming and tech market in 2025 with strategic consolidations, private equity interest, and an evolving regulatory landscape shaping deal activity," the report stated.
"Key growth segments are expected to include AI, tech platforms and blockchain, driven by the strong recovery of the crypto market this year and the new US administration's endorsement of digital assets.
"With major releases such as the Nintendo Switch 2 and Grand Theft Auto 6, anticipated in 2025, the gaming industry is poised for significant growth in player engagement and revenues. This surge could further drive fundraising and M&A opportunities for gaming companies."
Drake Star’s full report delves deeper into 2025’s outlook, current IPOs and the past year’s stock performances.
In particular, DeNA was highlighted for its strong performance in 2024, likely a result of Pokémon TCG Pocket’s major success.
Companies
