PitchBook年一季度游戏风险投资趋势（英）

EMERGING TECH RESEARCHGaming VC TrendsVC activity across the gaming ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Gaming VC TrendsInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Megan Woodard and Jenna O’MalleyPublished on June 6, 2025Gaming landscape3Gaming VC ecosystem market map4VC activity5Gaming VC deal summary22CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Gaming VC TrendsGaminglandscapeDevelopmentOperationsAccessContentExperienceCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Gaming VC TrendsVC activityQ1 deal activity extends the current equilibriumGaming VC investment decreased slightly in Q1 2025 to $1.2 billion (-3% QoQ) across 134 deals (-5% QoQ). Excluding Disney’s outlier investment in Epic Games in Q3 2024, deal activity has largely stabilized since H1 2023, averaging $1.3 billion across 172 transactions per quarter, albeit with pressure to the downside on deal volume.Deal count in Q1 was the lowest quarterly figure since Q2 2019, underscoring that investors are increasingly discerning as the industry awaits the next platform shift, focusing on distribution innovation in the interim while grappling with the lack of breakout hits from exuberant funding between 2021 and 2022. Exit pathways remain largely blocked, with closed VC and PE exits generating $128 million in disclosed value across 13 deals.Tariff headwinds shiftUS President Donald Trump’s sweeping “Liberation Day” tariffs announced in April came after months of speculation about the ultimate depth and breadth of levies expected from the administration. Global gaming hubs Vietnam, China, and Japan were ensnared, as was the rest of the world, roiling markets in uncertainty and driving the CBOE Volatility Index, or VIX, upward.1Source: PitchBook • Geography: Global • March 31, 2025Gaming VC deal activity$3.4$3.7$5.3$6.9$6.9$6.2$18.3$13.8$4.5$5.7$1.24004044585225856701,2291,19873168013420152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • March 31, 2025Gaming VC exit activity$2.7$2.3$12.6$7.5$5.8$30.4$99.2$6.0$5.8$2.9$0.126302733444811069455010Exit value ($B)Exit count201520162017201820192020202120222023202420251: “The VIX, Wall Street’s ‘Fear Gauge,’ Is Soaring. Here’s Why,” The Wall Street Journal, Caitlin McCabe, April 8, 2025.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q1 2025 Gaming VC TrendsVC ACTIVITYThe worst of the impact was avoided due to the announcement of delays and deals. Gaming’s primary exposure to the tariffs is in hardware and peripheral components, which amount to a $40 billion market.2 One degree removed, toymakers and intellectual property (IP) holders, like Mattel and Hasbro, saw their stock prices plunge following