PitchBook年二季度游戏风险投资趋势（英）

EMERGING TECH RESEARCHGaming VC TrendsVC activity across the gaming ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 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 Josie Doan, Jenna O’Malley, and Megan WoodardPublished on September 16, 2025Gaming landscape 3Gaming VC ecosystem market map 4VC activity 5Gaming VC deal summary 24CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Gaming VC TrendsGaming landscapeDevelopmentOperationsAccessContentExperienceCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Gaming VC TrendsGaming VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Gaming VC TrendsVC activitySummary and outlook Venture activity for gaming contracted sharply in Q2. $904.6 million was raised across 113 deals, QoQ declines of 27.2% and 17.5%, respectively. While deal value has been propped up in select quarters by a small batch of outsized rounds, deal count has consistently decelerated since Q1 2024. Gaming technology (gametech) and software-as-a-service (SaaS) activity continued to be robust in Q2 with $512.6 million invested across 39 deals (and $2.4 billion across 157 rounds on a TTM basis) due to advancements in multimodal generative AI (GenAI) and the need to rein in development costs and time to market. Nevertheless, content developers are the industry’s engine, capturing nearly half of all deals and more than two-thirds of disclosed exit value in Q2. The YTD median deal size increased by 19%, supporting growth across all deal stages, while the median pre-money valuation jumped by 41.7%.Demand for interactive entertainment remains strong. 50 million viewers livestreamed the Summer Game Fest in June,1 and another 72 million livestreamed Gamescom in August.2 Industry-wide spending is projected to exceed $188.9 billion, surpassing the previous pandemic-era high.3 Despite robust consumer demand, structural headwinds are mounting: Play patterns are ossified; content supply vastly outpaces demand, with intense competition for user attention; and spiraling user acquisition and development costs are eroding margins. Investors are signaling their trepidation: The number of VC investors actively backing content developers Source: PitchBook • Geography: Global • As of June 30, 2025Gaming VC deal activity$3.4$3.7$5.3$8.2$7.0$8.2$19.2$15.9$4.5$7.7$2.14044164645345956931,2571,22775773225020152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025Gaming VC exit activity$2.7$2.3$10.6$7.5$5.8$30.2$100.0$6.0$5.9$3.0$0.32632263444501147147532220152016201720182019202020212022202320242025Exit value ($B)Exit count1: “Summer Game Fest Viewership Jumps 89% to Record 50 Milli