Aream & Co: Gaming M&A hits $2.3bn in Q2, highest level since 2022

The games industry recorded $2.3 billion in mergers and acquisitions (M&A) across 54 transactions during Q2 2026, marking the highest level of activity the sector has seen since 2022. According to the "Video Game Market Update" report from investment bank Aream & Co., published by GamesIndustry.biz, this surge represents a significant rebound in overall deal-making.

Mid-Market Acquisitions and Key Deals

Aream & Co. identified the "mid-market" segment—defined in the report as gaming content acquisitions exceeding $100 million—as the primary driver of the quarter's M&A revenue growth. Supported by PC and mobile studio acquisitions, the mid-market segment reached its highest activity levels since the "pandemic boom."

The investment bank specifically credited PC gaming and mobile studios for this recovery, citing companies like Playstack and Fenris Creations/CCP. This momentum was further supported by a 13% year-on-year increase in PC gaming revenue.

Several notable transactions anchored the quarter's activity. The report highlighted Scopely’s $1 billion acquisition of Loom, alongside the planned sale of Wemade founder Park Kwan-ho’s 35% stake to NeoPulse.

Investment Surges and Mobile Market Shifts

Beyond traditional mergers and acquisitions, both public and private investments saw substantial year-on-year increases. Public market fundraising rose 67% compared to the previous year. Meanwhile, the total value of private investments grew sixfold year-on-year, reaching $3.1 billion.

This investment growth occurred despite shifting dynamics in the mobile market. Mobile gaming saw in-app purchase spending decline by 4% year-on-year, while total installs fell 12% to multi-year lows. Additionally, established titles continue to maintain their dominance in the ecosystem, with 65% of the top 20 grossing mobile games being at least four years old.

Console Performance and Hardware Discrepancies

The console market remained stable overall, though individual platform manufacturers experienced vastly different outcomes during the quarter. Nintendo led the sector with a 90% year-on-year revenue increase, which the report attributes to Switch 2 hardware and software sales.

Conversely, other major platform holders faced declines. PlayStation revenue dropped 5% due to "hardware weakness," which was only partially offset by growth in digital sales and PlayStation Network (PSN) activity. Xbox saw a 7% decline in overall revenue, weighed down by a 33% drop in hardware sales alongside a 5% decrease in content and services.

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