2025年第三季度全球游戏报告（英文版）-DRAKE STAR

GLOBALGAMINGREPORTQ32025LOSANGELESISANFRANCISCO⃞NEWYORKILONDONIPARISIMUNICHIBERLINIDUBAIDRAESTARDRAESTARmichael.metzger@drakmichael.metzger@drak**/Analytics*PowerRangersSALETO************2*TransactionsexecutedbycurrentDrakeStarPartnersemployeeswhileemployedatotherfirms2DrakeStarSecuritiesLLCisregulatedbyFINRAandisamemberofSIPC.AllsecuritiesintheUK,aretransactedthroughDrakeStarUKLimited(FRN942020)anappointedappointedrepresentativeofRazlinLtd(FRN730805),whichisauthorizedandregulatedbytheFCADEALACTIVTYINGAMING&ESPORTSANDMARKETOUTLOOKimpact46Tencen广•EA,sannounced$55BbuyoutbytheSaudiArabia,sPIF/SilverLakeconsortium,thelargestleveragedbuyoutinhistory,madeQ3,25alandmarkquarterforgamingM&A.50•OverallgamingM&Aactivityincreasedto50dealsinQ3,25,thehighestcountinfourquarters!NotabletransactionsincludedAonic,s$250MacquisitionofPrimeInsights,KRAFTON,s$96MpurchaseofEleventhHourGames,DoubleDown,s$76MdealforWHOWGames,andImpact46,s$53MbuyoutofKammelna.50•Afterayear-longslowdown,Q3,25sawarecoverywith115privatefinancingrounds,thefirstincreasesinceQ1,24.NotableroundsincludedLingokids($120M),GoodJobGames($60M),Appcharge($58M),MillionVictories($40M),KongStudio($36M),andDistinctPossibilityStudios($31M).InterestingrowthfinancingsformobilestudiossurgedagaininQ3,withfiveofthelargestroundsgoingtomobilegamedevelopers.•MostactiveinvestorsoverthepastyearincludedBITKRAFT,PlayVentures,andGriffinGamingPartnersamonglargerfunds,whileImpact46,1AMGaming,and1UPVenturesweretheleadingseed-stageinvestors.Onthestrategicside,Tencent,KRAFTON,andSmilegatedrovethemostactivity,whileAnimoca,Spartan,andArbitrumGamingVentureswerethemostactiveplayersinblockchaingaming.•WesternpublicgamingequitiesperformedexceptionallywellinQ3,25,withtheDrakeStarWesternGamingIndexup31.3%fortheyear.TopperformersincludedRoblox(+136.9%),Unity(+77.9%),andeverplay(+75.0%).ThebroaderDrakeStarIndex,trackingthetop35globalpublicgamingcompanies,isup23.7%YTD,faroutperformingtheS&P500,s14.3%gain.•Light&Wonder,includingitssocialcasinoarmSciPlay,announcedthepricingof$1Binnewdebtfinancing.AzerionGroupissued$260Minnewbonds,whileTurtleBeachsecureda$150Mseniorcreditfacility.$55.5B$55.5Boutlook•ThereboundinpublicgamingequitiesispavingthewayforasurgeingamingM&Athrough2026,asstrategicsareseizingtheopportunitytocapitalizeonhighervaluationsandfuelboldinorganicgrowthtosustaininvestormomentum.•PEmomentumingamingshowsnosignsofslowing,withmajorfundseyeingpublicgamingcompaniesfortake-privatesandtopprivatestudiosbecomingprimeacquisitiontargetsforgrowth-focusedinvestors.WiththeresurgenceofgrowthfinancingformobilegamestudiosinQ3,25,weareoptimisticthatfundingactivityacrossthegamingsectorwillcontinuegainingmomentuminthecomingquarters.AIandtoolscontinuetobehotsectors.•WeexpectCoffeeStainGrouptocompleteitsIPOfollowingthespin-offfromEmbracerbyyear-endandremainoptimisticabouttheprospectsforastrongDiscordlistingin2026..dralkestar,Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage.Dealcountincludesannouncedand/orclosedM&A,privateplacement,IPOs,SPACs,andpublicfinancingdeals.PublicMarketsincludeIPOs,SPACs,andpublicfinancings.Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispageGAMINGKEYHEADLINES:Q32025 •EA,theAmericandeveloperandpublisherknownforitssportsgamefranchises,announceditsacquisitionbyPIF,SilverLake,andAffinitySILVERLAKEPartnersinthelargesteverleveragedbuyoutfor$55B.•PrimeInsights,aresearchtechnologycompanyknownforitsrewardsappHeyCash,whichpaysuserstoplaygames,hasbeenacquiredbyAonic,ina•PrimeInsights,aresearchtechnologycompanyknownforitsrewardsappHeyCash,whichpaysuserstoplaygames,hasbeenacquiredby•EleventhHourGames,knownfortheARPGLastEpoch,wasacquiredbyKRAFTONforaninitialconsiderationof$96M.•Kammelna,thegamingstudiothatdevelopedapopulardigitalversionofthecardgameBaloot,wasacquiredbyImpact46,atechnology•WHOW•Kammelna,thegamingstudiothatdevelopedapopulardigitalversionofthecardgameBaloot,wasacquiredbyImpact46,atechnologyinvestmentfirm.impact46•Take-TwoInteractivemadetwoacquisitionsthisquarter:•Take-TwoInteractivemadetwoacquisitionsthisquarter:ColorBlockJam,apopularmobilepuzzlegame,andtheteamatYOOMwho•Lingokids,aplatformthatprovidesinteractiveeducationalentertainmentforchildren,raiseda$120Mround.•MobilegamesdeveloperGoodJobGamesraised$60MinaSeriesAroundledbyMenloVenturesandAnthosCapital,bringingthetotalinvestmentinthecompanyto$83M.•Appcharge,whichprovidesDTCstorestomobilepublishers,raised$58MinaSeriesBfundingroundledbyIVPandbringsthetotalinvestmentinthecompanyto$89M.appcharge•KongStudio,amobilegamesdeveloper,raised$36MinaroundledbyAtinumInvestment.•MobiledeveloperMillionVictories,knownforthegameMillionLords,•KongStudio,amobilegamesdeveloper,raised$36MinaroundledbyAtinumInvestment.•DistinctPossibilityStudios,whichisdevelopingashootergamewithWeb3elements,raised$31MinafundingroundledbyBITKRAFTandBrevanHowardDigital. •Light&Wonderannouncedthepricingof$1Bofseniorunsecurednoteswiththeprimarygoalofrepayingoutstandingdebt.•AzerionGroupannouncedthesuccessfulplacementofmorethan$260Mofnewbondstohelppayoutstandingdebt.facilitytoreduceitscostofcapitalandhelpprovidetheresourcestofacilitytoreduceitscostofcapitalandhelpprovidetheresourcestofuelfuturegrowth.Source:CapIQ,Pitchbook&DSPResearchNote:Voodoo’sacquisitionofBeRealisexcludedfromdealvolumeanddealvalueinQ224.DrakeStardidnotactasfinancialadvisorontransactionslistedonthispageGAMINGM&ATRANSACTIONSQ320255ODEALSAND$55B+INANNOUNCEDDEALS#OFDEALSBYREGIONQ3#OFDEALSBYREGIONQ32025Q320255969663NorthAmericaEuropeANNOUNCEDM&ADEALSBYQUARTER6Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispageGAMINGGAMINGM&ATRANSACTIONSQ320255OANNOUNCEDDEALSAND$55B+INDISCLOSEDDEALVALUE••EA,theAmericandeveloperandpublisherknownforitssportsgamefranchises,announceditsacquisitionbyPIF,SilverLake,andAffinityPartnersinthelargesteverleveragedbuyoutfor$55B.•Throughthetransaction,shareholderswillreceivea25%premiumtounaffectedshareprice,andcurrentCEOAndrewWilsonwillstayon.ThetransactionisexpectedtocloseinQ22026.eo•WHOWGames,aformersubsidiaryofAzerionandsocialcasinodeveloper,wassoldtoDoubleDownInteractiveforupto$76M.•Withthisacquisition,DoubleDownInteractiveaimstogrowitspresenceintheEuropeanmarketandcapitalizeonsynergiesthroughitsoperationalexpertise,marketingcapabilities,andIP.$25OM•TheresearchtechnologycompanyPrimeInsightswasacquiredbyAonic,agroupofgamingandtechnologycompanies,forover$250M,signifyingAonic’slargestacquisitiontodate.•AmongPrimeInsights’offeringsisHeyCash,anappthatallowsuserstoearnrealmoneybyplayinggames.TheacquisitionbuildsonAonic’sexistingcapabilitiesinuseracquisitionandinsights.•Kammelna,thegamingstudiothatdevelopedapopulardigitalversionofthecardgameBaloot,wasacquiredbyImpact46,atechnologyinvestmentfirm.•Throughthepartnership,Kammelnahopestoexpanditsreachanddevelopmoregames.TheacquisitionisalsopartofSaudiArabia’sstrategytogrowitspresenceingamingandentertainment.impact46国国$96M•EleventhHourGames,knownfortheARPGLastEpoch,wasacquiredbyKRAFTONforaninitialconsiderationof$96M.•TheacquisitionstrengthensKRAFTON’sgamesportfoliothroughtheadditionofapopularIPonPC.ThecompanyintendstouseitsresourcestohelptheEleventhHourGamesgrowitsaudienceandputoutmorecontent.colorBlockJamcolorBlockJam•Take-TwoInteractivemadetwoacquisitionsthisquarter:ColorBlockJam,apopularmobilepuzzlegame,andtheteamatYOOMwhodevelopedamarkerlessperformancecapturesolution.•TheColorBlockJamacquisitiongivesTake-Twofullownershipofthehitmobilegame.ThroughtheYOOMacquihire,Take-Twohopestoleveragetheteam’sexpertisetostrengthenitsdevelopmentcapabilities.Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispageGAMINGPRIVATEPLACEMENTSQ32025115DEALSAND$68OM+INDISCLOSEDPRIVATEPLACEMENTSQ32025:115DEALSQ32025:Q32025:115DEALS22$347M$295M$347M井OFDEALSBYSEGMENT井OFDEALSBYSEGMENT522592628$40M522592628$40M$121M$40M$324M$140MPRIVATEPLACEMENTS($B):BYQUARTERGAMINGPRIVATEPLACEMENTS:Q32025TOPPRIVATEPLACEMENTSVALUATION($M)TARGETCOUNTRYDEALVALUE($M)VALUATION($M)TARGETCOUNTRYDEALVALUE($M)TARGETDATESELECTINVESTORSSep-25Mobile--Sep-25Mobile--Jul-2560Mobile--Jul-2560Mobile--appchargeAug-2558Platform/Tools--IVP,appchargeAug-2558Platform/Tools--40Jul-25Mobile--HaveliInvestments40Jul-25Mobile--MobileJul-2536--AtinumInvestment,SmilegateInvestmentBlockchainJul-2531--BITKRAFT,BrevanHowardDigitalBlockchainJul-2520--RollmanManagementBlockchainAug-2520--GalaGames,GriffinGamingPartnersEsportsAug-25--Rewired.GGMobileSep-25--Accel,Tencent8Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage9Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispageGAMINGGAMINGPRIVATEPLACEMENTSQ32025115DEALSAND$68OM+INDISCLOSEDPRIVATEPLACEMENTS$12OM$12OMRaised•Lingokids,aplatformthatprovidesinteractiveeducationalentertainmentforchildren,raiseda$120Mround•TheinvestmentwillhelpLingokidsexpanditscontentofferingsandharnessAItoincreaseboththespeedofcontentproductionandthevarietyofcontentavailableonitsplatform.•MobiledeveloperMillionVictories,knownforthegameMillionLords,raisednearly$40MinafundingroundledbyHaveliInvestments.•Theinvestmentwillhelpthestudiodoubleitsteamsizeby2027aswellasfunduseracquisitioneffortsinEurope,NorthAmerica,andAsia.O•MobilegamesdeveloperGoodJobGamesraised$60MinaSeriesAroundledbyMenloVenturesandAnthosCapital,bringingthetotalinvestmentinthecompanyto$83M.•Theinvestmentwillbeusedtoscalethecompany’shitgameMatchVillainsacrosstheglobe.$36MRaised•KongStudio,amobilegamesdeveloper,raised$36MinaroundledbyAtinumInvestmentwithparticipationfromotherinvestors,includingSmilegateInvestmentandSVInvestment.•Thefundswillbeusedinthedevelopmentofanewgame.Thestudio’sexistinggamesincludeGuardianTalesandDungeonLink.$58MRaised•Appcharge,whichprovidesDTCstorestomobilepublishers,raised$58MinaSeriesBfundingroundledbyIVPandbringsthetotalinvestmentinthecompanyto$89M.•Thecompanyhasbeenexpandingrapidly,andthenewfundingwillbeusedtofurthergrowitsplatformthroughnewproducts.•DistinctPossibilityStudios,whichisdevelopingashootergamewithWeb3elements,raised$31MinafundingroundledbyBITKRAFTandBrevanHowardDigital.•Thestudioisworkingontheopen-worldshootergameREAPERACTUALthatwillbereleasedonPC.Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionsMOSTACTIVEINVESTORSTOPINVESTORSBYLTMDEALCOUNTlistedonthislistedonthispage.Theleaguetablesabovedonotincludeacceleratorinvestments.LARGEVCFUNDS:SERIESAANDBFCUSEDVCDEALSSELECTINVESTMENTSLOCATION口eirkRAFr15beyondos.9心PUSMAJ心R6544333SEEDFOCUSEDGAMINGVCFUNDSVCDEALSSELECTINVESTMENTSLOCATION855444B/ddy.ai443Born3STRATEGlcGAMINGSTRATEGlcGAMINGINVESTORSINVESTORDEALSSELECTINVESTMENTSLOCATIONTencen广9KRAFTON86533333MOSTACTIVEINVESTORSTOPINVESTORSBYLTMDEALCOUNTSource:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage.Theleaguetablesabovedonotincludeacceleratorinvestments.BLOCKCHAININVESTORSVCDEALSSELECTINVESTMENTSLOCATION15PIION串SPARTAN7PIION6HYVELABS55PIION444sferm_44Source:CapIQ,Pitchbook&DSPResearchNote:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage.Dealvalueonlyincludespubliclydisclosedtransactionvalues.GAMINGLEAGUETABLES:TOPBUYERSTOP10STRATEGCBUYERSLTMBUYERSBUYERSLEAGUETABLEDISCLOSEDDEALCOMPANY#OFDEALSSELECTDEALS4GamesDivisionTencen广YIQ4Lessmore,1GamesDivision1313colorBlockJamWSVOOM324VALUE($M)PUBLICMARKETVALUATIONSONLINE/MOBILEGAMEDEVELOPERS&PUBLISHERSCOMPANYNAMELight&WonderNorthAmerica/Europe-PC/ConsoleFocusedTTWOtinyBuildA276040DRAKESTAR.dralkestar,con13Source:CapIQ,AsofSeptember30,2025,in$Mexceptshareprice.EV/EBITDAandP/Emultipleslessthan0andgreaterthan100aredenotedasNM.Growthratesshowingagreaterthan200%changeorlessthan-200%changearedenotedasNM.PUBLICMARKETVALUATIONSSource:CapIQ,AsofSeptember30,2025,in$Mexceptshareprice.EV/EBITDAandP/Emultipleslessthan0andgreaterthan100aredenotedasNM.Growthratesshowingagreaterthan200%changeorlessthan-200%changearedenotedasNM.DEVELOPERSINJAPAN/KOREAANDCHINA(SHENZHENLISTED)COMPANYNAMEJapan/KoreaLTMLTMLTMNTMA259960A251270A036570A462870A263750GungHoOnlineA293490A192080WeMadeEntertainmentA112040A181710A078340A201490A063080A067000A204610PUBLICMARKETVALUATIONSSource:CapIQ,AsofSeptember30,2025,in$Mexceptshareprice.EV/EBITDAandP/Emultipleslessthan0andgreaterthan100aredenotedasNM.Growthratesshowingagreaterthan200%changeorlessthan-200%changearedenotedasNM.ONLINE/MOBILEGAMEDEVELOPERSINCHINA/INDIA/SEASIAANDHARDWARE/PLATFORMS/ADVERTISING/TOOLS/ESPORTSCOMPANYNAMETICKETencentHoldingsZengamesTechnologyWinkingStudiosWKSHardware,Platforms,Adv27-Jul-25Applovin31-Jul-25UAcerAtari31-Jul-25YTDStockReturnYTDStockReturnCompanyCompanyReturnCompanyCompany網易reasc72.6%16.squAREENX58.5%3.1%KONAMl45.6%41.8%kakaogames-4.7%T240.0%KRAFTON-6.4%T239.8%涉R?4x-12.6%SONY33.3%SONY33.3%DRAKESTARDRAKESTARSource:CapIQasofSeptember30,2025Note:DrakeStarGamingindexisnotafund.Itanequalweightedindexof35publicgamingcompanies(listedonthetableabove).DrakeStarGamingIndicesbyregionandplatformareequallyweightedindicesusingtherelevantDrakeStarGamingIndexconstituents.Stockreturnisbasedonthelocalcurrencyofthestockexchangeandadjustsfordividends.S&P500performanceisgivenintermsoftotalreturn.ThepercentagesprovidedinthelegendareasoftheendofQ32025.TOPCOMPANIESINDRAKESTARGAMINGINDEX1H'25PERFORMANCEBYREGIONANDPLATFORMPc/consoleTOP1oYTDStockPerformancesquAREENIX58.5%KONAMl45.6%SONY33.3%DrakeStarGamingIndex-PC/Pc/consoleTOP1oYTDStockPerformancesquAREENIX58.5%KONAMl45.6%SONY33.3%DrakeStarGamingIndex-PC/Console26.4%CompanyT2westernTOP1oYTDStockPerformanceDrakeStarGami