According to the Global Game Industry Report 2025, published by Drake Star (the Bank for Science and Technology Investment, which focuses on M&As, business finance and strategic advice), last year the sales of M&As in the game industry reached an all-time high of $161 billion.
Mergers and financing highlightsThe record number of M&As was driven by two major super-transactions: the PIF consortium ‘ s 55 billion-dollar sovereign acquisition of EA and Netflix ‘ s announcement of $82.7 billion for the Warner brothers (including game operations). At the same time, the Pailamon-Ten dance launched a $1084 billion malice competition against the Warner Brothers Explorer, highlighting the scale and intensity of the integration of the media and the game industry. In addition to the two super-mergers, Savvy/Scopely purchased Niantic for $3.5 billion and Applovin for $800 million to Tripledot. Netflix purchased the Virtual Image Technology company Ready Player Me in the fourth quarter.
Private fundraising is mainly focused on mobile games and AI technology. The areas of movement include CVC/Blackstone, which invests $2.5 billion to Dream Gomes; the AI area, which is represented by $900 million in Luma AI financing, and companies such as Runway ($308 million) and General Investment ($134 million), which have received significant funding and are committed to developing an AI world model for a possible change in the way games are made. Overall financing activity reached its bottom in the second quarter of 2025 (105 rounds), rebounding strongly in the second half of the year, rising to 118 in the third quarter and 137 in the fourth quarter. Among the most active investors in 2025 were large funds such as Play Ventures, BITKRAFT and Griffin Gaming Partners, while Impact46, Merak Capital and TITTA led seeder investments. At the strategic level, telecommunication, KRAFTON and Smilegate are the most active, while Animoca, Arbitrum Gaming Ventures and Spartan are the most active players in the area of block chain games.
On the open market, Nubella received $1.25 billion in telecommunication finance, Take-Two completed an increase of $1.19 billion, and GameStop financed $3.75 billion through debt.
The Drake Star game index tracks the world ‘ s top 35 game companies with equal weights, and this year ‘ s increase of 12 per cent is largely due to the strong performance of Unity (92 per cent), NEXON (63 per cent) and Internet ease (57 per cent). Outlook 2026Drake Star expressed great optimism about the 2026 game and technology merger market. Among the buyers of concern are PIF/Scopely, Netflix, Paramount, Quetzen and Krafton. Private fund-raising will continue to dominate the market, and many listed game companies may be targeted for privatization. Seed wheels and early financing will continue the positive trend of the past few quarters, maintaining the growth momentum, and AI, UGC, Tools and Technology Platforms remain a hot spot for investment. Access to the Fund by new users will help to expand mobile play studios in the medium term. The anticipated release of GTA6 will take place on 19 November 2026 or will be the largest game in history. Other highly expected works include ” The Wolverines of Manoeuvres ” , ” Biochemical Crisis 9: The Spirits ” , ” Lord of Decline 2 ” and ” 007: Dawn Dawn ” .
In addition, with the recovery of the open market, players such as Discord, Animoca Brands and SimplePlay under MTT are expected to land on the capital market during the year. In 2025, the game industry was characterized by a “strength of strength” at the capital level, with AI and the mobile sector becoming a twin engine of innovation and investment. By 2026, industry will be associated with the release of phenomenon-grade products and the recovery of capital markets into a new growth cycle.
