Games industry M&A hit a record $161bn in 2025

• Netflix continued to build out its games and tech strategy with Ready Player Me acquisition.
• Scopely’s $3.5bn acquisition of Niantic’s games business marked one of the year’s biggest strategic moves.
• Private financing in 2025 was led by mobile and AI.
• AI, UGC, tools, and tech platforms are tipped as the standout investment themes going into 2026.

Stay Informed

Get Industry News In Your Inbox…

Sign Up Today

Games industry M&A reached $161 billion in 2025 fueled by Electronic Arts’ $55bn buyout and Netflix’s $82.7bn acquisition of Warner Bros. 

That’s according to Drake Star’s 2025 Global Gaming Report, which showed that Netflix continued to expand its games and technology footprint in Q4 2025 with the acquisition of avatar tech company Ready Player Me. 

Scopely’s $3.5bn acquisition of Niantic’s games business and Tripledot Studios’ $800 million purchase of AppLovin’s gaming division were also significant strategic moves of the year. 

Private financing activity during the period was dominated by mobile and AI, with major mobile deals including CVC and Blackstone’s $2.5bn investment in Dream Games. 

Funding rounds also include Lingokids raising $120m, Good Job Games’ $60m, and Million Victories’ $40m.

Positive M&A outlook

The report also found that games financing activity hit a low point in Q2 2025 with 105 rounds before rebounding strongly in the second half of the year, rising to 118 rounds in Q3 and 137 rounds in Q4. 

The most active investors in 2025 included Play Ventures, Bitkraft, and Griffin Gaming Partners among larger funds, while Impact46, Merak Capital, and TIRTA led seed-stage investment activity.

Furthermore, the outlook for games and tech M&A in 2026 is strongly positive, with private equity expected to remain a major driver as more publicly listed gaming companies are viewed as attractive take-private targets. 

The report anticipates continued momentum in seed and early-stage financings, supported by select mid-to-late-stage rounds, while new user acquisition funds are expected to help scale mid-stage mobile studios. 

In terms of focus areas, AI, UGC, tools, and tech platforms are expected to remain standout investment themes.

You can access the report here.

Connect with investors, developers and publishers at Pocket Gamer Connects London on January 19th and 20th, 2025.