The Next Wave M&A Might Not Start Where You Expect.

“The next wave of gaming M&A might not begin where you expect, but it could very well begin in Đà Nẵng or HCM” Last week, on a call with a London-based fund, someone said something that made me pause: “Cyprus, Turkey, and India are clearly leading the charge, but Vietnam feels like the bridge between them, or them in the past” It wasn’t said lightly. Cyprus has clarity. Turkey has speed. India has scale. And Vietnam, long known for its creative density and production agility, is starting to build the structure that holds it all together. A Quiet Policy That Could Change Everything On September 1, 2025, something quietly historic happened: Resolution 222/2025/QH15 came into effect, officially launching two International Financial Centers (IFCs) in Ho Chi Minh City and Đà Nẵng. For most outsiders, it barely made a headline. But […]

Jenifer Vu October 8

Journal

Co-Publishing Revenue Does Not Equal Long Term Studio Value

1. The market is shifting but deck stay the same: Over the past few months, I’ve seen a growing number of pitch deck from game studio, not only in Southeast Asia, especially Vietnam and some others country. Many of them open with the same message: “We’ve generated $100K to $200K in revenue from one or two games.” But when you look closer, there is a clear pattern: 100% of that revenue come from co-publishing dealThe studio does not own the IPThey have no UA data and expertiseNo retention metricNo CAC to LTV modeling As a gaming investor, this is not surprising. What is concerning is how many team stay stuck in this pattern and mistake short term revenue for long term value. 2. VC funding is down while publishing dependency is up According to Konvoy’s report for the first half […]

Jenifer Vu October 7

Analysis

Fundraising Conditions for Vietnamese Gaming Market

Every week I meet talented Vietnamese founders shipping game with million of downloads. The creativity is there, no doubt. But when it comes to raising capital, the conversations often stall Why? Because a hit title is not enough. Without clear retention curves, payer funnels, ARPU vs CPI benchmarks, investors see ‘luck,’ not a system. And capital always chases systems.From my seat, the opportunity is huge: Vietnam already has scale, now we just need studio to show investor-ready playbooks (Which our team will launch a playbook guide soon). Build hybrid/midcore loop, embrace UGC + AI for faster iteration, prove cross-platform monetization. That’s when Vietnam stops being a “hit factory” and starts being a global gaming hub

Jenifer Vu October 6

Highlights

Vietnamese Gaming Studios Are Ready for the Next Leap

When investors reach out to me about Vietnam, the question I hear most often is: “Which studios are ready to be acquired today?” It’s a fair question, but also the wrong one. The more important conversation isn’t about who is ready to sell right now. It is about which teams are truly creating long-term value, building repeatable formulas rather than chasing one-off hits cre: nextbiggame Quote to Frame the Discussion “Strategy is a plan to create value.” – Felix Oberholzer-Gee, Harvard Business School This distinction matters. Numbers are outcomes, but strategy is about how much value a team creates for players, employees, and partners before capturing it as profit. Vietnam’s Current Foundation Vietnam already provides one of the most capital-efficient ecosystems globally. There are more than 400 active studios, but fewer than fifteen generate annual revenues above five million dollars. […]

Jenifer Vu October 5

Analysis

Why Mobile Gacha Games Still Win Big?

To be honest, until now, gacha games are still one of the hottest verticals in mobile. And if you check the number from AppMagic or Sensor Tower, it’s clear the magic isn’t just in the gameplay but in how studio design welfare systems and LiveOpsGenshin Impact from HoYoverse has already pulled in over $3.6B in lifetime revenue, most of it from mobile.While Honkai: Star Rail exploded out of the gate with $132M in its first month, averaging $4.6M a day with peaks close to $8M.And yet, Arknights by Hypergryph has also crossed $1B lifetime revenue.So what’s the common thread here? It’s welfare plus LiveOps. Stuff like: - Beginner bundle- Free event characters- Daily login rewards- Battle passesAll of that keeps players sticking around. Then you add limited gacha banner (huge IAP driven, whales show up), which create hype and FOMO, […]

Jenifer Vu October 1

Journal

Balancing Cash Flow or Long run Big Bet?

Puzzle Hybrid vs Mid-Core RPG which is your fav genre? Balancing Cash Flow or Long run Big Bet? As founder you may familiar with this question "Besides your main genre, what other secondary genres are you developing games in?" For most studio, you almost never get both a steady revenue stream and a breakout hit from the same title. The smartest studios don’t try to force it, they build portfolio that do both.Small Giant Games, Rollic Games, and Studio 42 all mastered the art of running short-term money makers along side long-term bet and in the process, they’ve faced the same headaches most founder do. 1. The Dual-Genre success Player:Small Giant Games: Empires & Puzzles keeps the lights on, Puzzle Combat chases future growth.Rollic Games: Color Block Jam print IAP revenue fast; Seat Away tests fresh niches.Studio 42: Hybrid-casual puzzles […]

Jenifer Vu September 29

Analysis

Supercell’s newest release, mo.co, is more than just a co-op ARPG.

Supercell’s newest release, mo.co, is more than just a co-op ARPG — it highlights where the mobile gaming industry is heading in 2025 and what it takes to capture and keep players’ attention. mo.co in Focus:- Gameplay: 3-player co-op, short sessions, approachable gear and skill systems.- Monetization: Cosmetic-driven, no pay-to-win, optional season pass.- Performance: 2.5M downloads and about \$570K revenue in its first week, about \$1.88M net revenue in month one (AppMagic).- Market Position: Still a small share of the global mobile market (around 0.03–0.05%), but promising traction for a brand-new IP.Why It Resonates compared to other ARPG titles:- Diablo Immortal: scaled quickly but faced backlash over aggressive monetization.- Torchlight: Infinite built loyalty with deep customization and PC cross-play.- Vampire Survivors: proved that a simple, sticky loop can ignite viral adoption with almost no marketing.mo.co lands in between — delivering […]

Jenifer Vu September 23

Jenifer Vu