2026年第一季度全球游戏报告

LOS ANGELES | SAN FRANCISCO | NEW YORK | LONDON |PARIS | MUNICH | BERLIN | DUBAI DEAL ACTIVITY IN GAMING & ESPORTS AND MARKET OUTLOOK Q1 2026 Summary •Q1’26gamingM&Ahita15-monthhighwith51dealsandover$100Bindisclosedvalue.Mobileledtheactivity,whilethetotalvaluationwasdrivenbyParamount’smassiveWarnerBros.Discoverydeal,includingWarnerBros.Games,andSavvyGames’$6BacquisitionofMoonton.•OthernotabledealsincludedmajoritystakeacquisitionsbyScopely(LoomGames,valuedat$1B+)andNCSOFT(JustPlay,$202M).Furthermore,NazaraacquiredacontrollingstakeinBluetileGames,MattelboughtoutNetEase’sshareinMattel163,andHaveliagreedtoacquireBudgeStudios.•Inprivatefinancings,Q1’26saw106dealswithdiscloseddealvaluetotaling$785M.The3largestdealswereintheAR/XRhardwarecategorywithRayNeo($143M),Xreal($100M),andVITURE($100M).OthernotableroundsinincludeAresInteractive($70M),VAST($50M),andZBD($40M).•Overthelast12months,GriffinGaming,PlayVentures,andArcadiatoppedlarge-fundactivity,whileImpact46,Merak,andForsVCledattheseedstage.Tencent,Sony,andKRAFTONdominatedstrategicdeals,withArbitrum,Animoca,andTBVleadinginblockchain.•Public deals were headlined by massive refinancings from Light&Wonder($2.13B)and Playtika($500M).Hasbro added to themomentumbypricing$400Minnewnotes,whileLYCorp.doubleddownonKakaoGameswitha$201Mstakethroughequityandconvertibledebt•TheDrakeStarGamingIndexrosesignificantlythroughmid-2025beforegivingbackthosegains,endingaboutflatsincethestartoflastyear.GamingstocksralliedinQ2/Q3’25,followedbyacorrectioninQ4’25andadditionalpressurefromthebroadermarket/softwaresell-offinQ1’26.PCandconsolecompanies,alongwithAsianpublishers,significantlyoutperformedtheirmobile-focusedandWesternpeers.PearlAbyssledwitha149%gain,fueledbyastrongQ12026andthesuccessofCrimsonDesert. Outlook •WeexpectarobustM&Amarketwithahealthyamountofmid-marketdealsandsomebigticketdealsfortherestoftheyear.WearehopefulthatexcitementaboutgamingequitieswillaccelerateaswenearthelaunchofGTA6,likelythebiggestgamereleaseever,nowtargetedforNov’26.OtherhighlyanticipatedgamesincludeMarvel’sWolverinefromInsomniacGamesand007FirstLightfromIOInteractive. •KeystrategicstowatchincludePIF/Scopely,KRAFTON,NCSoft,Tencent,MTG,Take-Two,Netflix,everplay,andKeywordsStudios.WeexpectPrivateEquitytoremainamajormarketcatalyst,particularlyasmorepubliclylistedgamingfirmsbecomeattractivetargetsfortake-privatetransactions.•AI,UGC,andtechplatformswillstayattheforefrontofinvestment,likelyjoinedbyasurgeinARactivity.Withstudioequitystillfacingheadwinds,projectfinancinghasbecometheprimarypathforward.Meanwhile,theriseofdedicatedUAfundsoffersanewlifelineformid-stagemobilestudioslookingtoaccelerategrowth.•AlleyesareontheIPOpipelineasDiscordandPlaySimplegearupforpotentialpublicofferings. GAMING KEY HEADLINES: Q1 2026 GAMING M&A TRANSACTIONS Q1 2026 51 DEALS AND $117.6B IN ANNOUNCED DEALS GAMING M&A TRANSACTIONS Q1 2026 51 ANNOUNCED DEALS AND $117.6B IN DISCLOSED DEAL VALUE •Moonton, the developer of the hit mobile gameMobile Legends was acquired by Savvy GamesGroup for $6B.•Through the acquisition, Savvy aims to strengthenits mobile games and esports capabilities. Moontonwas previously owned by ByteDance as part of itsgaming division,Nuverse. •Loom Games, the developer of the fast-growingmobile puzzle game Pixel Flow has been acquiredin a majority deal byScopely, a subsidiary of SavvyGames Group, at a valuation of over $1B.•Pixel Flow launched in 2025 and has alreadybecome one of the top 20 highest grossing mobilegames in the U.S. Loom Games’ acquisition quicklyfollowed the announcement of its seed round inJanuary. •Warner Bros. Discovery, including Warner Bros.Games, agreed to an acquisition by Paramount atan enterprise value of $110B after Netflix, which hadentered into a definitive agreement to acquireWarner Bros., declined to raise its offer.•Warner Bros. Games includes well-knowndevelopment studios, such as Rocksteady,NetherRealm, and TT Games. •Nazara Technologies will acquire a 50% controllingstake in Spain-basedBluetileGames for $100.3Mthrough its UK subsidiary with performance-basedearnouts expected to be around $98.2M.•The deal is Nazara’s largest acquisition yet andsupports its strategy to expand AI-enabled mobilegaming and player engagement. •NCSOFT agreed to acquire a 70% stake in Berlin-based mobile games developerJustPlayfor $202M.•In 2025,JustPlaygenerated $173M in revenue and$19M in operating profit. The deal is part ofNCSOFT’s strategy to expand its presence in casualmobile games and is one of several recentacquisitions in the mobile casual space that thecompany has done. •Mattel agreed to acquire NetEase’s 50% interest injoint venture Mattel163 for $159M, taking fullownership of the mobile games studio valued at$318M.•Founded in 2018, Mattel163 develops Mattel-brandedmobile titles including Uno!, Phase 10, and Skip Bo.Its games have roughly 20 million monthly activeusers and 550 million downloads worldwide. GAMING PRIVATE PLACEMENTS Q1 2026 106 DEALS AND $785M IN DISCLOSED PRIVATE P