adminGaming M&A reached $2.3 billion across 54 transactions in the second quarter of 2026, its highest level since 2022, according to investment bank Aream & Co. The increase points to a stronger quarter for dealmaking, with mid-market acquisitions providing the main boost.
Image credit: Radission US via Unsplash
Gaming M&A growth led by mid-market acquisitions
Aream & Co’s latest Video Game Market Update identifies gaming content acquisitions valued at more than $100 million as the mid-market segment. Activity in this category reached its highest level since the pandemic-era boom, supported by PC gaming deals and mobile studios.
For readers following industry transactions, the report’s figures offer a useful distinction: the overall $2.3 billion total covers the quarter’s reported M&A activity, while the mid-market category highlights one source of growth. Notable deals and proposed transactions included:
- Scopely’s $1 billion acquisition of Loom.
- Wemade founder Park Kwan-ho’s plan to sell his 35% stake to Chinese investor NeoPulse.
- PC gaming-related activity involving Playstack and Fenris Creations/CCP.
The Wemade stake sale was described as a plan, rather than a completed transaction. Deal announcements and proposed sales can have different timelines, so they should not automatically be treated as closed acquisitions.
Mobile spending softens as established games hold ground
Mobile gaming in-app purchase spending fell 4% year-on-year, while game installs dropped 12% to multi-year lows. At the same time, older titles remained prominent: 65% of the top 20 grossing mobile games were at least four years old.
This mix suggests that mobile performance varied by measure. Spending and installs declined overall, but many leading games continued to generate substantial revenue years after release. For developers and publishers, the figures underline the value of tracking both new-user acquisition and the ongoing performance of established titles.
PC gains and a mixed console picture
PC gaming grew 13% year-on-year. The report linked the increase to franchise sequels and new intellectual property, including Forza Horizon 6, Subnautica 2, 007: First Light, Pragmata, Mecha Chameleon and Windrose.
The console market was stable overall, but results differed by platform. Nintendo revenue rose 90% year-on-year, supported by strong Switch 2 hardware and software sales. That growth offset declines at PlayStation and Xbox.
- PlayStation: Revenue fell 5%, with hardware weakness partly balanced by growth in PSN services and digital software.
- Xbox: Revenue declined 7%, including a 33% decrease in hardware and a 5% drop in content and services.
When comparing platform results, it is helpful to separate hardware from content and services: a change in one category may not reflect the direction of the others.
Fundraising and private investment also increase
Public-market fundraising rose 67% year-on-year. Developments cited in the report included Liftoff’s $0.5 billion IPO, PlaySimple’s $0.35 billion listing plan and Fellowship Entertainment’s planned spin-off from Embracer.
Private investment value increased sixfold year-on-year to $3.1 billion. Growth included AdTech, with AppsFlyer valued at $1 billion and investments from MoldCo, DeepMind, Meta and Unity, as well as AI technology companies General Intuition, Odyssey and Decart.
What the Q2 figures say about gaming M&A
The $2.3 billion total makes Q2 2026 the strongest quarter for gaming M&A since 2022, with mid-market content acquisitions a key contributor. However, the wider picture was mixed: PC gaming and Nintendo grew, mobile indicators weakened, and PlayStation and Xbox reported declines. Fundraising and private investment also rose, adding further evidence of increased financial activity across the games sector.
