2025年第四季度视频游戏报告

AreamC2This

report

is

provided

for

general

information

and

discussion

purposes

only

and

is

intended

solelyforsubscribers.Itdoesnotconstituteafinancialpromotion,investmentadvice,ora

recommendationto

engage

in

any

investment

activity.The

content

reflects

the

views

of

the

authors

at

the

time

of

publication

andmaybe

subject

to

changewithoutnotice.

Nothing

inthis

report

should

be

construed

as

an

offer,

invitation,

or

solicitation

to

buy

or

sell

any

financial

instruments

or

to

engage

in

investment

activity,

as

defined

by

the

Financial

Servicesand

MarketsAct

2000

(FSMA).This

presentation

is

intended

solely

for

the

use

ofthe

recipient

and

may

not

be

distributed

to

any

other

company

or

personwithoutthe

priorwritten

consent

ofAream&

Co.Aream

&

Co.

is

a

shared

trading

name

with

Aream

Group

LLP,

Aream

Advisors

LLC

and

Aream

Advisors

GmbH.AreamGroupLLPis

a

Limited

Liability

Partnership

registered

in

England

andWales,

Registered

Number:

OC426365,RegisteredOffice

Address:1CavendishPlace,London,England,W1G0QF,United

Kingdom.Aream

Group

LLP

(FRN

839407)

is

an

anAppointed

Representative

ofSentinel

Regulatory

Services

Ltd

(FRN

1007903)

which

is

authorized

and

regulated

by

the

Financial

Conduct

Authority.

Aream

Advisors

LLC

is

a

US

regulated

Broker

Dealer

CRD#318177

and

is

registered

with

the

Financial

Industry

Regulatory

Authority(FINRA).AreamAdvisors

GmbH

operates

in

the

European

Union

as

a

Tied

Agent

of

NFS

Netfonds

Financial

Services

GmbH

(NFS).

NFS

is

authorized

and

regulated

by

the

Bundesanstalt

für

Finanzdienstleistungsaufsicht

(BaFin).Aream&Co.COMPANY

SNAPSHOT105+M

&

A

AND

FINANCINGTRANSACTIONS$38bn+TRANSACTIONVALUE23GAMING

BANKERS

Passionate

aboutVideo

Gamesand

our

craft-

core

dealteam

togetherfor

12+

yearsDeep

institutional

knowledge

of

the

sector,

current

markettrends

and

strategic

capital

allocationamong

buyer

universeBroadtransaction

experienceacross

PC,

console,

mobile

andthe

widergaming

ecosystemUnparalleled

relationshipswith

strategic

acquirers

and

financial

investors

interested

inthe

sectorExpert

execution

underpinned

by

our

heritage

in

global

financialinstitutions

and

constant

market

participationAream

&

Co.gaming

and

interactive

entertainmentAream

&

3Co.

WORLDWIDE

COVERAGEOUR

STRENGTHSAN

FRANCISCOSINGAPORELONDONB

E

R

LI

NA,

APP

LOVINApps

BusinessSale

to南triple

dot$800

millionJuly

2025Sale

ofselected

assetstoJuly

2025BlackstoneDebtfinancingtodreamAugust

2025Less

more,Sale

toJanuary

2025Aream

&Note:

Transaction

values

include

upfront

and

earnout

considerations

4TRANSACTIONS

ADVISED

BY

AREAM

&

CO

.

IN

2025

Aream

&CoInvestmentfromimpact46$53+

millionNovember2025$4bn+GAMINGTRANSACTIONSTRANSACTION

VALUEupto

$820

million

February2025Easy

brainSale

to$1.2

billionJanuary

2025AcquisitionofAcquisitionofMay

2025Co.ofoce

punch

国Fuse

boxMagma

tiepeak曾ubit

us

A,

APP

LOVINSelected

Assetsapp

li

fier)GAMELABSLess

more.※NANO

BITEasybrainRORTOS会woo

gaAream

&

Confidential5Aream

&CoTÜRKIYE

&

MENAAMERICASEUROPEASIACo.UKExecutive

summary1•PCgaming

on

Steam

maintained

its

double-digit

growthtrajectory

(+20%YoY)with

a

balanced

mix

between

established

franchises

like

Battlefield

6,

and

breakout

newtitles

such

asArc

Raiders•

Console

revenue

expanded

+13%YoY,

driven

by

robustthird-party

content

performance

(Sony

and

Nintendo)

and

sustained

momentumfromthe

Nintendo

Switch

2

launch•Mobile

gaming

IAP

spend

remained

stable

at

$20.7bn,

driven

by

monetization

depth

ratherthan

install

growth.Asian

and

Turkish

publishers

significantly

outperformed

the

broader

market•

Roblox

payouts

grew

41%YoYto

$1.3bn

LTM,

highlightingthegrowing

importance

of

UGC•M&Avolume

grew

34%YoY

(39

deals)

signaling

sustained

appetite

for

strategic

consolidation.

However,

transaction

valuewas

significantly

lower

at

$0.5bnvs.

$4.9bn

in

Q4-24•Asian

publishers

continueto

be

active

acquirers

asthey

expand

their

product

and

geographic

footprint,

as

evidenced

byNCSoft's

announcement

of

Indygo

Group

acquisition

($104m)

and

Kakao

Games'

buyout

of

its

remaining

stake

in

KakaoVX

($114m)•

Ongoing

strategic

interest

in

developmenttools

andtech

continued

with

SUD's

acquisition

ofthe

Cocos

game

engine

for

$72m•$1.7bn

ofcapital

markets

financing

in

Q4,

anchored

bythe

closing

of

Tencent's

$1.25bn

investment

(PIPE)

in

Ubisoft

and

Azerion's

senior

bond

issuance

(~$0.3bn).

The

quarter

also

sawthe

notable

public

listing

of

Coffee

Stain,

debuting

at

a

$0.6bn

market

capitalization•

Growth

in

quarterly

private

capital

fundraisingto

$0.9bn

(+29%YoY)

across

102

deals

(+10%

YoY),

suggesting

a

recovery

in

investor

appetite•Investments

mostly

flowing

into

gamingtech

(including

AI)

and

mobilegaming

studios

in

TürkiyeAream

&

7Co.GAMINGMARKETENVIRONMENTDEALMAKING

ACTIVITYCAPITAL

MARKETSAream

&

Source:

InvestGameCo.Notes:

(1)

Incl.

minority

and

majority

stake

deals;

(2)

Incl.

equity

offerings

(IPOs,

direct

listings),

private

investments

in

public

equity

(PIPE),

and

fixed

income

offerings;

(3)

Incl.VC/PE-

and

CVC-led

financing

rounds;(4)

Incl.

$104mIndygo

deal

announced

in

Dec-25$3.8$3.3$1.7$1.7$0.7

$0.5

$0.6$0.5bn

39DEALVALUE

#OF

DEALS$1.7bn

12DEALVALUE

#OF

DEALS$0.9bn102DEALVALUE

#OF

DEALS

Closed

DealValue

($bn)Announced

DealValue

($bn)#

of

Deals

$69.6

42

45

49

51

3929

32

29

33$4.9$2.1

$1.8$0.6Deal

making

activity

inQ425$3.5$2.4$0.5$0.7

$0.515106MERGERS

&

ACQUISITIONS

1130

86$2.3102$0.9136$1.1PRIVATE

INVESTMENTS

3PUBLIC

OFFERINGS

2$0.7

$0.518121239316$5.6Q4-25STATSQ2-25Q3-25Q4-25Q4-23Q1-24Q2-24Q3-24Q4-24Q4-23Q2-24Q1-24Q1-25Q4-24Q3-24Q2-25Q3-25Q4-25Q4-23Q1-24Q2-24Q3-24Q4-24Q1-25Q3-25Q4-25Q2-25Q1-25$59.4114115119$0.5$0.7$4.0121017848.0TARGETBUYERVALUECATEGORY$160m1

Mobile

ka

kao

games$114m2

Tech

3

$104m4

Mobile

$72m

TechCOMPANYINVESTORVALUECATEGORY$205m

Hardware$134m

Tech$48m

Techcloud

x

ADDITION

$30m

TechCOMPANYDEALTYPEVALUECATEGORYPIPEIPOSeniorbonds$1.25bn6PC

&Console$616m(market

cap

at

listing)PC

&Console$266mTechka

kao

games

PIPE$78mMobileiG

invest

g

anneAream

&

Source:

InvestGameCo.Notes:

(1)

Reverse

merger

announced

in

Feb-25,

closed

in

Oct-25;

listed

under

ticker

NASDAQ:CHAI,

Siyata

divested

in

Dec-25;

(2)

Buyout

of

financial

investors'

stake

of

35%in

Kakao

VX

(~$114m),

excl.

$149m

intra-group

transferofKakao

VXfrom

Kakao

Games

to

IVG;

(3)

Parent

company

ofVietnamese

mobile

games

developer

Lihuhu;

(4)Announced

in

Dec-25;

(5)Management

buyoutfinanced

byXD;

(6)Announced

in

Mar-25,

closed

in

Nov-25MostnotablegamingtransactionsinQ4-25Golden

Arc

$30m5

PC

&——ConsolePIPE

$38m

MobileMERGERS

&

ACQUISITIONS$30mMobilePRIVATE

INVESTMENTSPUBLIC

OFFERINGS9ACCELERATEDGROWTH$225$204POST-COVIDCORRECTION$228

$2192022

2023STEADYGROWTH$235$261

$244$1612018/p>

20212024

2025E

2026EMobile

advertising

accelerates

market

expansion

as

traditional

spend

stabilizesGLOBAL

VIDEO

GAME

SOFTWARE

REVENUE

BY

TYPE

($BN)Aream

&Source:

Boston

Consulting

Group,

Ampere

Analysis,

BCG

GEMS

data,

BCG

internal

analysis

10Co.Note:

(1)

Gross

IAP

revenue

including

in-app

transactions

from

Apple/Google

incumbent

stores,

third-party

payment

systems,

alternative

app/web

stores,

and

mobile

subscriptions(e.g.,Apple

Arcade)

CA

GR

‘18

-

21‘21

-24‘2

4

-26PC

&

ConsoleSoftware$83.3bnREVENUE,25E

12%

1%

5

%Mobile

IAP1$128.7bnMobile

IAA$31.9bn10%

0%3%MARK

ET

GROWTHTotal

$244bn21%12%17%12

%0%5%2Mobile$21.0

$31.0m

$28.5m

$20.3m

$16.4m

$15.7m

$15.0m

$11.2m

$10.9m

$10.6m

$9.0m

$8.1m

APAC

$7.7m

WesternAream

&

Source:

SensorTower

(as

of

2-Jan-26)Co.Notes:

(1)

Gross

IAP

Revenue

inclusive

of

platform

fees

(30%store

commission)

and

covers

app

store

receipts

for

iOS

App

Store

and

Google

Play

Store

only(China:

iOS

only).

Excludes

web

store

transactions

and

third-party

paymentsystems;

(2)

Incremental

gross

IAP

revenue

growth

in

the

United

States

(incl.

30%

store

commission)IAp

spend

posts

modest

gains(+1%yo

y),despite

download

volumes

hitting

multiyear

lowsGLOBAL

MOBILE

GAMING

CONSUMER

SPEND

(GROSS

IAP

REVENUE)

1

①sensor

Tower★

···★

···★

···14.0

14.4

14.2

14.1

14.1

14.6

14.3

13.9

13.7

14.3ID

FA&MACRO

TURBULENCE$20.4$20.512.7

12.9

12.311.811.0

Gross

IAP

Revenue

($bn)Downloads

(bn)INCREMENT

ALI

APREVENUE

2

(

Q

4

vs.Q

3

-

25)9randsmile

gate'TOP

-

GROWINGPUBLISHERSINU.S.$21.2$19.9STABILIZATION

GRADUAL

RECOVERY14.114.013.1$21.0$20.2$19.4$18.6$20.3$19.6$20.6

$19.9PANDEMIC

BOOST$18.6

$18.4

$18.4MICR口FUNplay

rix13.6

13.3net

marbleQ4-23Q2-23Q3-23Q1-24Q2-24Q3-24Q4-24Q4-22Q3-22Q1-23Q2-21Q4-20Q1-21Q4-21Q2-22Q1-22Q3-21Q1-25Q2-25Q3-25Q4-25$20.5$19.2$20.5$20.4$20.712.912$12.05.1k4.9k4.1k3.4k

3.2k2.3kMOBILE

GAMES

RELEASES

ON

APP

STORE

1

①sensor

Tower#

OFNEWMOBILEGAMES

WITH

5

K

+U

.

S

.LIFETIMEINSTALLS

5.5kAream

&Source:

SensorTower

13Co.

Note:

(1)

New

App

Store

game

releases

with

over5,000

U.S.

downloadsMOBILE

IA

P

REVENUE

CONCENTRATION

①sensor

Tower%

OF

TOTALMOBILE

IA

PREVENUEBY

YEARSINCERELEASELegacy

titles

capture

most

of

spend

as

new

ga

nme

releases

drop

to

historic

lows2019

2020

2021

2022

2023

2024

2025 Currentyear1

Year2-3Years>3Years201920202021202220232024202538%33%18%11%50%31%13%6%57%26%10%7%63%18%12%7%64%23%9%4%65%18%10%7%67%17%10%6%$2.1

$2.0$2.0$1.6$1.3$1.1$1.0

$1.0

$0.9Last

War:WhiteoutRoyalMonopoly

HonorofCandyCoinRobloxGame

forPokémonGossipGarenaClashPokémonKingshotTownshipGarden-PUBGCoD:eFootballSurvivalSurvivalMatchGO!KingsCrushSagaMasterPeace2

TCG

PocketHarborFree

FireRoyaleGOscapesMOBILEMobileRELEASE

DATE20232023202120232015201220162014201920242022201720162016202520132016201820192017Aream

&Source:

SensorTower

14Co.Notes:

(1)

Represents

top-grossing

IAP

revenue

(incl.

30%

store

commission);(2)

PUBG

Mobile

version

developed

for

China

market$2.4$2.1$1m$1m70%of

top

20grossing

games

are4+years

old,proving

liveservice

resilienceAPPAGE<2

years2-4

years>4

years#

OFAPPS2

(10%)4

(20%)14

(70%)TOP-20

GROSSING

1

IA

P

MOBILE

GAMES

WORLDWIDE

IN

2025

($BN)$0.8

$0.8

$0.8$0.8

$0.7

$0.7$0.7

$0.6

$0.6①sensor

Tower418m293m265m226m$1.9$1.3$0.8$0.6Aream

&Source:

SensorTower

15Co.Note:

(1)

Based

on

top-10,000

apps

by

DAU/Net

IAP

Revenue

across

each

category

worldwide

across

iOS

and

Android

platformsTOP-5

DA

U

GROWING

CATEGORIES

1

①sensor

Tower%

Yo

YDAILY

ACTIVEUSERS

’GROWTH(

2

0

2

5

vs.

2

0

2

4

)TOP-5

IA

P

NET

REVENUE

GROWING

CATEGORIES

1

①sensor

Tower%

YoYIAPNETREVENUEGROWTH(

2

0

2

5vs.2

0

2

4

)Gaming

secures

atop

5position

for

both

engagement

and

monet

iz

ation

growth

in2025ProductivityUtilitiesCommunicationGamesFinance.

Other

apps

.

Top-1

appProductivityEntertainmentGamesSocialPhoto

&Video Otherapps

Top-1

app15%

7%

4%

10%

11%77%20%2%14%21%NET

IA

P

R

EV

E

N

U

E

GROWTH

(

$

BN

)AVG

.

ANNUALDA

U

GROWTH(

M

)241m$3.44

Singapore5

Türkiye$3.9$3.2$3.06Pakistan

+37%0.8bn10Finland$2.8

(15%)

-fastest-growing

countries

by

publisher

HQAream

&

Source:

SensorTower

(as

of

2-Jan-26)

16Co.Notes:

(1)

Based

on

the

top10,000mobile

games

by

IAP

gross

revenue

(incl.

30%

store

commission)

in

2025;

(2)

Based

on

the

top10,000

mobile

games

by

MAU

in

20256

South

Korea

7

Israel8United

Kingdompublisher

HQ

countries

ranked

by

Revenue

and

MAU

$26.1$11.8$8.210

United

Kingdom

0.5bn

+3%8

France

0.6bn

+0.5%9

Türkiye

0.6bn

+10%5

Hong

Kong

1.3bn

+32%4Cyprus1.3bn

(3%)3Vietnam

1.7bn

+23.0%9HongKong$3.0

+30%2

●

China

1.8bn

+11%1

US

2.0bn

+7%7Singapore0.7bn

+20%RANKPUBLISHERHQAVG.

MAU,25

(BN)YoY

(%)RANKPUBLISHERHQREVENUE,25($BN)YoY

(%)ANNUAL

GROSS

I

AP

REVENUE

BY

PUBLISHER

HQ

1ANNUAL

COMBINED

AVG

.

MAU

BY

PUBLISHER

HQ$4.2

+22%$4.6

+26%(4%)(1%)+0.6%+3%(16%)+4%ChinaUSJapan①sensor

Tower123女:Aream

&

Source:

SensorTower

(as

of

2-Jan-26)

17Co.publishers

leverage

rewarded

engagement

asa

proven

alternative

to

traditional

ad

networks24m20m16m12m8m4m0mMONTHLY

ACTIVE

USERS

OF

SELECTED

REWARDED

PLATFORMSCAGR

2021-2025:

+42%①sensor

TowerDec-25May-22May-23May-21May-24May-25Sep-22Sep-21Sep-23Sep-24Sep-25Jan-25Jan-22Jan-23Jan-21Jan-24$600m$500m$400m$300m$200m$100m$0mCAGR

Q4-23-Q4-25:

+265%

OtherReelShortDramaBoxDramaWaveGaming

studios

pivoting

to

new

entertainment

formats,

leveraging

F2PbestpracticesSTUDIOMOBILE

GAMESMICRO-DRAMA

APPS•Chapters

(2017)•

LT

IAP

revenue:$515m•ReelShort

(2022)•

LT

IAP

revenue:$962mGaming-focused

VCs

are

proactively

deploying

capitalinto

new

forms

of

entertainmentCOMPANYAPPLEAD

INVESTORSDESCRIPTIONGAMMATIME曲v

games•

Premium

micro-dramastreaming

platform

dppi

tango

•

Raised

$14mSeed

round

in

Oct-2025Large

strategicsbacking

emerging

playersin

the

spaceCOMPANYAPPSTRATEGICDESCRIPTION•Equity

stake

acquired

in

Oct-2025•Committedto

200+verticalshort-dramatitlesAream

&

Sources:

SensorTower,

The

Gaming

and

InteractiveMedia

Opportunity

in

India

(Bitkraft-Redseer2025

report)

18Co.Note:

(1)

Global

micro-drama

market

CY2024case

study:rapid

expansion

of

the$9bn

interactive

micro

dranavideonarketi•Strategic

investment

in

Sep-2024•

KRW

120B

(~$86-90M),

largest

non-gaming

bet•

Micro-dramavideo

platformfor

Indian

market•

Part

of$85MSeries

C

round

in

Oct-2025GLOBAL

IA

P

NET

REVENUE

OF

MICRO

-DRAMA

APPS

($M)GROWING

INTEREST

TOWARDS

EMERGING

NICHE•DramaBox

(2023)•

LT

IAP

revenue:$847m•GoStory

(2022)Granite

AsiaKRAFT

ONQ4-25Q3-25Q2-25Q1-25Q4-24Q3-24Q3-23Q2-24Q1-24Q4-23STORYMATRIXKUKU

FMPc&console3$397m7.3m10-Oct-25$52m6.6m14-Nov-25$208m6.6m30-Oct-25$46m2.0m22-Oct-25$54m4.1m16-Oct-25$35m0.6m2-Oct-25Aream

&Source:Alinea

Analytics

(as

of

2-Jan-26)

20Co.Notes:

(1)

Concurrent

users;

(2)

Estimated

worldwide

full-games

revenue

in

Q4-25,

incl.

revenue

from

F2P

games

(IAP

purchases)27.4$4.1$3.7$2.9$2.53.43.12.21.8+20%YO

YLTM

growth

driven

bya

strong

mix

of

franchise

and

new

Ip

releasesLT

REVENUEUNITSRELEASELT

REVENUEUNITSRELEASE$4.1$3.63.3

2.80.8

0.8$3.2$2.82.7

2.20.6

0.6TOP

-

GROSSINGRELEASE

S

Q

4

-

252

STEAM

GROSS

REVENUE

&

PEAK

ONLINE

USER

ACTIVITYQ4

-

20

-

Q

4

-

25:|

11%

Paid

|

11%

Peak

CCU

132.7$3.53.00.531.9$3.22.60.6$5.14.11.0CA

GR13%

F2P24.8$4.63.61.0$4.63.51.1

F2Pgames

($bn)Paid

games

($bn)Peak

online

CCU

(m)$4.23.30.9$3.93.00.9$3.83.10.6$3.52.70.741.739.30.7

0.7

0.7

0.7

0.7

0.6NEW

IPNEW

IPNEW

IPFRANCHISEFRANCHISENEW

IP$3.02.4$2.51.92.40.62.40.5$3.0

$3.0Q4-24Q1-24Q3-24Q4-22Q1-23Q3-23Q4-23Q3-22Q2-23Q2-24Q4-20Q1-21Q2-21Q1-22Q4-21Q2-22Q3-21Q4-25Q3-25Q2-25Q1-250Bn0Bn0Bnground

amida

growing

catalogue#

OF

NEW

GAMES

RELEASED

ON

STEAMAream

&

Source:

SteamDB,

Newzoo

21Co.38%52%9%2023New

releases14.1k3.4k

2.8kTOPRELEASESIN

20