New report claims games industry M&A volume “stable” over Q3 2025

Global games industry growth has remained chiefly “stable” over Q3 2025, with 49 mergers and acquisitions recorded across the period, including last month’s shock announcement that Electronic Arts is to be acquired by a group of investors comprised Saudi Arabia’s Public Investment Fund (PIF), Silver Lake, and Affinity Partners for $55 billion.

Bandai Namco’s minority stake sale to Sony and Prime Insight’s acquisition by Aonic were also noteworthy.

In the Video Game Market Update Q3 2025 report prepared by investment firm Aream & Co, mobile gaming IAP spend increased over the period to $21bn, with “Asian mobile publishers driving the majority of gains.”

PC gaming maintains a similarly strong performance, up 18% year-on-year, “powered by successful franchise releases on Steam,” including Borderlands 4, Dying Light: The Beast, and Team Cherry’s Silksong. The Nintendo Switch 2 also boosted console gaming, with Nintendo’s revenue growing “2.5x YoY while Sony and Microsoft posted double-digit growth.”

Public market fundraising cooled, however, with just $0.3bn raised through public offerings in Q3 2025 compared to $10.1bn in the first half of this year.

Similarly, private investment activity “remained subdued” at 82 deals in Q3 2025, and Series A rounds were down once again for the fifth consecutive quarter. Startup funding was focused on AI, web-shop, and VR and mobile studios, primarily in Türkiye.

For more insights, read Aream & Co‘s full report.