In 2025, the gaming M&A landscape showed a steady rebound in deal volume compared to previous years. By Q3, the industry recorded 156 deals, showing moderate recovery from the 2022 downturn. The majority of deals were driven by strategic buyers—gaming and tech companies aiming to expand IP, talent, or market reach. Financial buyers, such as private equity firms, were active but more selective, focusing on profitable studios and platforms with steady revenue. 

Through September 2025, total gaming M&A deal value reached an estimated $71B, driven primarily by the historic $55B acquisition of Electronic Arts by PIF, Silver Lake, and Affinity Partners. This single transaction accounted for the overwhelming majority of disclosed deal value and instantly positioned 2025 among the most valuable years in gaming M&A history—second only to Microsoft’s $69B purchase of Activision Blizzard in 2023.  
The EA acquisition represents a massive vote of confidence in the long-term value of gaming IP, live-service models, and global player ecosystems. 

The top buyers of 2025 reflected a clear divide between strategic expansion and capital-backed ambition. Apple and Virtuos Holdings were among the year’s most assertive acquirers, each completing three deals and demonstrating distinct yet complementary growth strategies. Following these two leaders, PE firm Bain Capital completed 2 deals through September. 

The number of VC deals in the Gaming sector has declined considerably in recent years, dropping from over 1,760 in 2022 to 611 during the first nine months of 2025. Venture capital investment in the Gaming sector has been incredibly volatile and that trend continued in 2025. The sharp decline in funding compared to 2021 levels reflects growing investor caution, especially in early-stage and content-heavy studios. Concerns about user acquisition costs, platform changes, and monetization challenges have made VCs more selective.