Maya Robertson
Mergers and acquisitions in the global games industry totaled $7.7 billion in the first quarter of 2026, marking a sharp increase in dealmaking activity compared to previous quarters, according to a new report from Aream & Co.
The total value spans 52 transactions and represents more than three times the $2.4 billion recorded in Q1 2025, as well as a significant jump from the $400 million reported in Q4 2025. Excluding large-scale transactions seen during the pandemic period, the latest figures indicate the highest quarterly deal value in the post-COVID market.
A substantial portion of the total was driven by Savvy Games Group, which accounted for $6 billion through its acquisition of Moonton. The deal was the dominant transaction of the quarter and underscored the continued consolidation within the mobile gaming segment.
Mobile-focused acquisitions were a consistent theme throughout the period. Scopely, a subsidiary of Savvy Games Group, acquired Loom Games for $1 billion. Other notable transactions included NCSOFT purchasing a 70% stake in JustPlay for $202 million, Mattel moving to fully acquire Mattel163 for $159 million, and Nazara agreeing to a $100 million deal for a controlling stake in Bluetile.
Despite the surge in M&A activity, other forms of investment showed mixed performance. Public market offerings remained limited, totaling $1 billion across 11 deals, while private investments reached $800 million across 101 deals — up year-over-year but lower compared to the previous quarter. Venture capital activity in early-stage gaming companies declined to its lowest level since the pandemic period, reflecting broader market caution.
The report attributes subdued public investment to macroeconomic pressures and a shift in capital toward artificial intelligence sectors, which have weighed on gaming-related equities alongside the broader software market.
Alongside deal activity, the report highlights shifting revenue dynamics across platforms. Console gaming generated $21.7 billion in revenue during the quarter, surpassing mobile in-app purchase revenue, which totaled $20.5 billion. The growth in console revenue was largely driven by strong performance from the Nintendo Switch 2, offsetting declines in other console segments.
Meanwhile, PC platform Steam recorded a quarterly revenue high of $5.6 billion, supported primarily by Western developers. Mobile gaming revenue remained stable, marking its seventh consecutive quarter above $20 billion, although downloads declined year-over-year.
The report also notes continued momentum among mobile publishers, with companies such as Microfun, Century Games, Bandai Namco, and Voodoo ranking among the fastest-growing in the U.S. market. Developers based in Asia and Türkiye were also identified as gaining a larger share of global mobile gaming revenue.
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