Aream & Co., the largest independent investment bank focused exclusively on interactive entertainment and working with Founders, CEOs, and Boards, has shared its Q4 2025 report on the games industry.
Below are the previous quarter reports:
The summary of the Q1 2025 report
The summary of the Q2 2025 report
The summary of the Q3 2025 report
Q4 2025 Key Turkiye Highlights
Private investments showed signs of recovery, rising to $0.9bn (+29% YoY) with capital flowing primarily into gaming tech and Turkish mobile studios.
Mobile IAP spend stabilized at $20.7bn, driven by monetization depth rather than install growth, with Asian and Turkish publishers outperforming the market.
TaleMonster Games was also listed in the top private investments.
Turkiye showed great performance in IAP revenue.
Q4 Summary
- M&A activity pivoted toward smaller, targeted transactions in Q4-25 with deal value settling at $0.5bn and volume growing 34% YoY to 39 deals, signaling sustained appetite for strategic consolidation.
- Asian publishers remained active acquirers expanding their global footprint, evidenced by NCSoft’s acquisition of Indygo Group ($104m) and Kakao Games’ buyout of Kakao VX ($114m). Interest in development tools and tech also persisted with SUD’s acquisition of the Cocos game engine ($72m).
- Capital markets financing normalized to $1.7bn following a historic high first half of the year. The quarter was headlined by the closing of Tencent’s $1.25bn PIPE investment in Ubisoft and Azerion’s senior bond issuance (~$0.3bn).
- Public listings also saw renewed activity with the debut of Coffee Stain, which listed at a ~$0.6bn market capitalization. Large-cap diversified publishers continued to trade at premium multiples, outperforming broader gaming indices.
- Private investments signaled a recovery in investor appetite, with fundraising rising to $0.9bn (+29% YoY) across 102 deals (+10% YoY). VC deployment remained disciplined and focused, with funds concentrating on gaming technology (including AI) and the thriving mobile studio ecosystem in Türkiye.
- Consumer spending remained resilient across all platforms. PC gaming on Steam sustained its double-digit trajectory (+20% YoY LTM), driven by the success of established franchises like Battlefield 6 alongside breakout new IPs.
- Console revenue expanded +13% YoY, supported by strong third-party performance (Sony and Nintendo) and sustained momentum from the Nintendo Switch 2 launch.
- Mobile IAP spend stabilized at $20.7bn as publishers focused on monetization efficiency.
- Roblox payouts surged 41% YoY to $1.3bn LTM, highlighting the continued expansion of the UGC economy.
