PitchBook-新兴市场的游戏风险投资活动（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst, E-commerce and Gaming eric.bellomo@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Chloe Ladwig and Josie DoanPublished on December 3, 2025ContentsEMERGING TECH RESEARCHGaming VC Activity in Emerging MarketsHow emerging markets are redefining the gamePitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• Emerging markets have become the incremental growth engine for gaming: Their revenue share climbed from around 4% in 2010 to nearly 15% today, while VC funding across five tracked regions reached $2.3 billion in 2025 YTD even as deal counts stayed roughly flat, at about 150 rounds in 2017 versus 150-200 in 2024-2025.• East Asia remains the anchor, offering scale with system risk: China is now at revenue parity with the US, each earning about $50 billion, exporting hit IP (for example, Black Myth: Wukong), and translating mobile F2P expertise into PC and console platforms. Yet, regulatory shocks, such as NPPA licensing freezes and regulatory whiplash, as well as geopolitics keep valuation risk elevated.• South Asia and Southeast Asia have massive user bases and undermonetized economics: The region produced around 1.9 billion mobile downloads in Q1 2025 (plus around 2 billion from India) but generated only $600 million to $700 million in mobile revenue—about 10% of US and 20% of Japan gaming revenue—signaling a long runway for ARPU uplift.1 Funding spiked in 2021-2022 ($1.1 billion across 157 deals in 2022) and has now normalized (at $400 million across 70 deals annually). Singapore anchors capital flows, while India’s 2025 RMG ban is likely to redirect spend toward traditional games.• MENA and Israel are policy-led and exit-proven: Backed by Savvy Games Group and the Public Investment Fund to the tune of $37.8 billion and aided by infrastructure and education initiatives, the region posted $6.4 billion in 2024 player spend (up 7.5% YoY)2 and $2.6 billion in VC-backed exits across 4 deals—rare for an “emerging” ecosystem—while payments rails and 5G penetration reduce monetization friction.• Latin America is the second-fastest-growing market, but VC has retrenched there: Revenue grew 6.4% YoY to $8.3 billion (for a global share of nearly 4%) on Key takeaways 1Introduction 2South Asia and Southeast Asia 4East Asia and Central Asia 11Africa 16Latin America 21MENA and Israel 271: “Southeast Asia Mobile Game Market Insights 2025,” Sensor Tower, Donny Kristianto, May 2025. 2: “What Does the Monetization Landscape Look Like for Video Games in MENA?,” Niko Partners and Xsolla, March 2025.2Analyst Note: Gaming VC A