The global games industry maintained steady dealmaking momentum in Q3 2025, closing 49 mergers and acquisitions valued at a combined $56.9 billion, according to investment firm Aream & Co’s latest quarterly report.
The period was dominated by Electronic Arts’ record-setting $55 billion acquisition by a consortium including Saudi Arabia’s Public Investment Fund (PIF), Silver Lake, and Affinity Partners — marking the largest all-cash, sponsor-led leveraged buyout in gaming history.
Despite the megadeal, overall transaction volumes were largely unchanged from the previous quarter, signaling sustained consolidation in the gaming sector amid tighter funding conditions. Aream & Co highlighted 12 institutional-led gaming transactions announced in 2025 so far, underlining growing investor interest in established publishers with strong IP portfolios.
On the consumer front, mobile gaming spending rebounded to $21 billion, reversing previous quarters of stagnation. The recovery was driven by Asian publishers, particularly from China, Singapore, and Türkiye, which collectively led revenue and user growth across global app stores.
SensorTower data cited in the report shows China-based publishers accounted for $12.3 billion in net in-app purchase revenue, up 7% year-over-year, while U.S. publishers saw a 13% decline over the same period. Emerging markets such as Vietnam and Pakistan also posted double-digit user growth, signaling a geographical broadening of mobile engagement.

PC gaming continued its strong performance, with Steam revenues climbing 18% year-over-year, powered by successful franchise launches and sustained user engagement. Concurrent player counts across major platforms such as Roblox, Fortnite, and Steam reached new highs in September, reflecting a post-pandemic normalization of gaming habits.
Meanwhile, the console segment surged 31% year-over-year, largely fueled by the global release of the Nintendo Switch 2, which sold 5.8 million units during its launch quarter. Sony and Microsoft also reported double-digit gains in content and service revenues, reinforcing the resilience of premium console ecosystems.
Despite healthy consumer and M&A activity, capital markets slowed sharply. Public market fundraising totaled just $0.3 billion in Q3, compared to $10.1 billion raised during the first half of 2025. Private investments followed a similar trajectory, reaching $0.6 billion across 82 deals — the fifth straight quarterly decline in Series A funding rounds.
Early-stage VC activity hit a five-year low, as investors continued to favor gaming tech, AI, and VR ventures over new content studios.
Asian strategics intensified their dealmaking during the quarter, expanding beyond traditional gaming assets into transmedia projects such as anime and interactive entertainment. Meanwhile, Western public companies, particularly large-cap publishers, outperformed mid-tier peers in share price performance and valuation multiples, reflecting investor preference for diversified portfolios and stable cash flow generation.
While Q3’s numbers suggest stability in core gaming fundamentals, the report warns that both public and private financing headwinds could continue into early 2026. However, with new hardware cycles, live-service expansions, and renewed M&A appetite from institutional investors, the sector remains poised for strategic realignment rather than contraction.
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