Game Developers remained the dominant driver of M&A activity in 2025, accounting for 52% or of total transactions equal to 98 deals. These transactions were primarily motivated by the acquisition of creative talent, proven IP, and live-service capabilities. Companies focused on technology and services—including AI tools, anti-cheat solutions, porting, and co-development support—represented 38% of transactions or 75 of these deals, reflecting buyers’ increasing need to strengthen operational efficiency and technical depth. Game Publishers accounted for the remaining 10% of transactions, as consolidation at the publishing level remained selective.