Global gaming industry growth remained largely “stable” in the third quarter of 2025, with 49 mergers and acquisitions recorded during this period, including last month's shocking announcement that Electronic Arts would be acquired by a group of investors that included Saudi Arabia's Public Investment Fund (PIF), Silver Lake and Affinity Partners for $55 billion.
Sale of minority stake of Bandai Namco to Sony and Aonic's acquisition of Prime Insight is also noteworthy..
In the report “Video Game Market Update Q3 2025” prepared by the investment firm. District and companySpending on IAPs for mobile games increased to $21 billion during this period, with “the majority of profits coming from Asian mobile publishers.”
PC gaming continued to perform similarly strongly, up 18% year-over-year, “thanks to strong franchise releases on Steam,” including Borderlands 4, Dying Light: The Beast and Team Cherry's Silksong. The Nintendo Switch 2 also fueled the growth of console gaming, with Nintendo's revenue up “2.5 times year-over-year, while Sony and Microsoft reported double-digit growth.”
However, public market fundraising has slowed, with just $0.3 billion raised through public offerings in the third quarter of 2025, down from $10.1 billion in the first half of this year.
Likewise, private equity activity “remained subdued,” with 82 deals completed in the third quarter of 2025 and Series A rounds declining again for the fifth consecutive quarter. The startup's funding has focused on AI, online shopping, VR and mobile studios, mainly in Turkey.
For more information read District and companyfull report.
