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Investment, M&A World on August 18-24

Written by our partner, InvestGame. Gaming M&A Sell-side Advisory Ranking 2024–2025 YTD Here's the Sell-Side M&A Advisory Ranking. Since we first introduced this ranking in 2021, the role of financial advisors in gaming has grown significantly. Over the past 18 months, gaming M&A has rebounded from moderate post-pandemic levels. In the first half of 2025 alone, total disclosed deal value in control acquisitions has already exceeded $6.5B across 50+ transactions. This activity is unfolding in a rapidly evolving environment marked by shifting geopolitics, trade tensions, and the increasing importance of “portfolio management–type” deals in corporate strategy. In this increasingly complex landscape, strategic guidance has become more essential than ever: advisors navigate companies through the nuances of deal-making while structuring transactions to maximize value and ensure seamless execution. Designed for founders and investors, our analysis serves as a practical guide to […]

Gamigion August 27

Analysis

Inside Kingshot: The UA funnel every game needs

A few months back, I flagged Kingshot as a title to watch. Century Games’ fresh new take on the 4X genre. Back then, it had just soft-launched. We also talked about it on the podcast right after the global launch: Fast forward to today? It’s their next global hit. As suggested in the 2.5gamers episode! Monthly revenue now hits $55M+ and going to achieve $60Mil + in August It recently climbed into the Top 12 Worldwide mobile games by revenue in July, according to Sensor Tower It crossed $140M+ in total player spending in less than 6 months That puts Kingshot on the same level as Century’s previous juggernaut Whiteout Survival — and possibly even beyond. So the obvious question is: How the hell did they do it? Let’s break it down. What are you going to learn in this […]

Matej Lancaric August 27

Journal

Thoughts and predictions on Destiny: Rising

Destiny: Rising by NetEase Games is set to globally launch on mobile on August 28th, giving Bungie a fresh opportunity to reignite interest in the franchise. While Destiny and Destiny 2 have been hugely popular, daily active users have started to decline. Bungie’s live service model - constantly rolling out new seasons and content - has kept players engaged, but since Season 25, activity has cooled, making a mobile launch perfectly timed. Looking at the Steam charts, Bungie’s live service model has kept players engaged with regular content updates, generating noticeable peaks in activity. However, baseline concurrent players have gradually declined, and engagement appears to be cooling off since Season 25, making the timing for a mobile launch well-suited to reinvigorate the franchise. Why NetEase? Partnering with NetEase makes strategic sense. In 2018, NetEase invested over $100 million in Bungie, securing a minority stake and a […]

Bryan Cindell August 27

Journal

I bring a SPICY topic today!

I bring a SPICY topic today 🫣 🌶️ I just started a project with one of those grey / dark grey / black-af-hat ASO companies 😂😂Don't ask me ANY detail because obviously, I can't share anything but I have to say it...👉It fu***** works.We’re ranking top 5 and top 4 for keywords we could NEVER even touch the top 10 before (regardless of how much we put on UA)What happens if we pause it? No idea. The client understands the risk, and we’re testing one last month to see if it can really push sales with lower spend on paid ads.This is so fucking annoying and incredible at the same time.It proves that nothing but money matters in this industry.And that’s why I always see ASO as a complement to growth, never the foundation.You’ve got big pockets? You win.

David Vargas August 27

Journal

Solo Dev is tough; hello, Head of Everything.

What's the supreme boss level in game dev?A question comes up a lot from my students↳ especially those aspiring to be solo devs. Solo dev is tough; prepare to be:• Developer• Level Designer• Content Writer• Game Designer• UX / UI Designer• Release Engineer• Audio Engineer• 2D/3D Artist• Tech Artist• Animator• TesterAnd the list goes on and on and on...I'm not here to crush any dreams, but…solo ambitions may not always be realistic.Sure, there are exceptions. 🍀In truth, creating complex games solorequires exceptional talent and ample time.So, what's the "boss level" for aspiring devs? It's forming a hashtag#TEAM OF LIKE-MINDED. As simple and as challenging as it sounds.

Sergei Vasiuk August 26

Journal

Soon the real fight begins.

Can the Apex Predator hold its ground? 𝗔𝗽𝗽𝗟𝗼𝘃𝗶𝗻 𝗼𝘄𝗻𝘀 𝘁𝗵𝗲 𝗶𝗻-𝗮𝗽𝗽 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺.MAX mediates the majority of mobile game impressions.AXON trains on firehose-level first-party data.But for the first time in years, real challengers are closing in.Unity’s Vector is quietly stacking wins.It's still early, but the trajectory is clear.Meta is back on iOS with probabilistic attribution (AMM), giving advertisers clear ROAS for the first time since 2021.Google’s version, ICM, is coming next.𝗧𝗵𝗮𝘁'𝘀 𝗻𝗲𝘄 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻, 𝗮𝗿𝗺𝗲𝗱 𝘄𝗶𝘁𝗵 𝗳𝗿𝗲𝘀𝗵 𝘀𝗶𝗴𝗻𝗮𝗹, 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘁𝘄𝗼 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗮𝗱 𝗻𝗲𝘁𝘄𝗼𝗿𝗸𝘀 𝗼𝗻 𝗲𝗮𝗿𝘁𝗵.The question isn’t whether they’ll take share.It’s whether AppLovin’s structural advantages in auction control, data scale, and mediation lock-in are enough to hold them off.𝗧𝗵𝗲𝘆 𝗱𝗼𝗻’𝘁 𝗼𝘄𝗻 𝘁𝗵𝗲𝗶𝗿 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆.𝗧𝗵𝗲𝘆 𝗷𝘂𝘀𝘁 𝗵𝗮𝘃𝗲 𝘁𝗵𝗲 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗲.And all Unity, Meta, or Google need is to outbid them by 1%… to win 100% of that impression.That’s the loop that put AppLovin at […]

Josh Chandley August 26

Journal

I watched 12 gaming studios die the same way.

I've watched something like 12 gaming studios die the same way. Here's the playbook they all followed to failure. Step 1: Build their own engine"Unity takes 30%!" So they spend 18 months building tools instead of games. By the time they ship, competitors using off-the-shelf tech have already captured the opportunity.Step 2: Hire like a big studio20 people before soft launch. Nice office. Full marketing team. Burn rate: $300-400K/month. Revenue: $0.Step 3: Chase perfection"Just one more month to polish." That month becomes six. Meanwhile, player preferences shift, marketing costs spike, and that innovative mechanic isn't innovative anymore.Step 4: Ignore the dataSoft launch shows 20% D1 retention. "Our game is different; we need to spend more time to make sure our players understand it." No. If they don't get it on Day 1, they're gone.Step 5: Go darkStop sending investor updates. […]

Joakim Achren August 26

Journal

Beyond the App Store Fee Reduction

After Apple and Google lost in court, mobile game publishers are now able to steer users to their own off-platform storefronts. As a result, there will be a bifurcation between top game makers that can build out their own direct-to-consumer capabilities, and those that will come to rely on third-party providers. This week’s series B round by Appcharge, which has now raised a total of $89 million, plays into the $4.1 billion transfer. It bolsters the position of firms like it, and may yet prove an important innovation in pricing, monetization, and distribution for mobile gaming.

Joost van Dreunen August 26

Highlights

King in Crisis? Toxic Leaders, Forced AI and Low Morale

The Candy Crush empire is crumbling from the inside. Beyond the July layoffs... As reported by MobileGamer.biz, it isn’t just a restructuring, it’s a corporate implosion hiding behind AI buzzwords and HR doublespeak. Just concisely paraphrased it for you. 👇🏻 The Fallout Legal action is brewing: Several ex-staff are lawyering up over severance packages they say were borderline illegal. Performance didn’t matter: Cuts looked more like a salary spreadsheet purge than a performance-based decision. Veterans with 10+ years of contributions were tossed aside. Layoff chaos: Some were rehired weeks after being cut. Others got promoted right before being axed, apparently to qualify as expendable “middle management.” Toxicity protected at the top: Ethics investigations into abusive leaders—some repeated—ended in nothing. HR allegedly shielded bad managers while silencing “difficult” employees. Morale in freefall: Feedback is no longer anonymous, employees fear retaliation, and […]

Gamigion August 26

Journal

Meta Pass: A New Systems Paradigm for Live Games

As I perceive the world from a systems point of view, the Battle Pass is never the endgame. It’s a gateway to wider innovation. Yet somehow, it is stuck — treated by everyone as if it is the endgame. I believe we can do better through opening more layers for systems-wide interconnectivity, through a new design paradigm for live games. Note: Readers should keep in mind that this article can be interpreted in several ways. On one hand, it explores the next systems-level evolution by positioning a Pass System, or Pass-like System, as a “centerpiece” for how live games could evolve — leveraging what works in Battle Passes and taking it further. On the other hand, the Meta Pass discussion here is primarily a form of “theory crafting,” intended to highlight new ways of designing live games through deeper, more […]

Antti Kananen August 26

Highlights

Top 10 Hybridcasual Games in Q2 2025: How Voodoo & Rollic Took Over

Last year, Hybridcasual took center stage, transforming Hypercasual games with richer features and smarter monetization. This huge shift didn’t go unnoticed, and we adapted alongside the market, shifting from Hypercasual to Hybridcasual Top 10s in Q1 2025. It was no mere label revision: rather, it marked a real turning point. And since this trend shows no signs of slowing down, we’re staying right on it to explore where it’s headed next. IAP growth of the Hypercasual market There’s one catch, though: Hybridcasual is still a broad and evolving term, covering everything from lighter Casual games to the more accessible Midcore segment, depending on who is talking and their interpretation. To keep it simple and focus on the most relevant trends, we used the same proven method as in the last quarter: starting with the Hypercasual tag and filtering for top-grossing […]

Andrei Zubov August 26

Highlights

Welcome, Indian Game Publishers and Developers Association!

India Unites Its Gaming Industry With IGPDA Launch. India’s gaming industry has taken a major leap forward with the creation of the Indian Game Publishers and Developers Association (IGPDA). Formed in alignment with Prime Minister Narendra Modi’s vision to make India a global hub for gaming, esports, and innovation, IGPDA comes with strong backing from the recently introduced Online Gaming Bill. According to Lumikai, India’s game market is set to triple from $3B to $9B, making this a pivotal moment for the ecosystem. A Unified Industry Voice IGPDA’s mission is to bring Indian developers and publishers under one powerful body. The association aims to: Champion original Made-in-India IPs and AAA titles Showcase local stories through games and interactive experiences Strengthen collaboration between studios, investors, and training institutes Key Moves and Partnerships Maharashtra is the first strategic state partner, with Mumbai […]

Gamigion August 26

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