DDM Games Investment Review

An invaluable resource for the games industry, providing detailed, qualified information companies and investors need to drive their businesses. Already in use by DDM to help clients worldwide, DDM is pleased to offer its analysis via free and paid quarterly reports and dedicated research services.

Contact UsFollow Us on Twitter »

STAY UP TO DATE: Sign Up for Our Newsletter

Illustration of people playing computer games

Latest Report

2023’s $81.1B Investments/M&As/IPOs Achieves an Unprecedented Record-Shattering Year and Quarter

Microsoft’s $68.7B Acquisition of Activision Blizzard Represents 85% and 97% of the Year’s/Quarter’s Value; Camouflaging Drop in Total Investments and M&As

For the last two years, the games industry navigated macroeconomic headwinds, slower economic growth, a crypto and now eSports winter. Post COVID boom, companies are restructuring their operations through closures, layoffs, and divestitures. 2023 was a historic year for games investments and M&As breaking 2021’s previous record of $74.8B across 1,250 transactions thanks to Microsoft’s colossal $68.7B acquisition of Activision Blizzard that represented 85% of the year’s total of $81.1B across investments and M&As.

However, beneath these shiny totals, the industry struggled to maintain the incredible momentum it achieved during the pandemic and displayed pullback to pre-pandemic growth. For instance, without Microsoft’s $68.7B acquisition, 2023 would have totaled $11.4B across 643 investments and M&As (-85% in value and -45% in volume from 2021’s top of $74.8B across 1,250 in investments and M&As), still significantly higher compared to 2019’s 529 transactions (+22% in volume across investments and M&As).

As we head into 2024 with slower growth, DDM believes that the games industry will struggle to find its footing throughout 2024. Gaming companies will continue to downsize and focus on core products and services bringing many closures, layoffs, restructuring programs, and divestitures to levels not seen previously. However, as macroeconomic headwinds ease in conjunction with a need to deploy dry capital held by venture capital and gaming funds, deep pockets of Saudi Arabia, the need for publishers to shore up their 2026+ release schedules, the continued strength of consumer spending on games plus traction from blockchain games sparked by Bitcoin ETF approval, these factors could help the games industry stabilize heading into 2025.

In 2023, the M&A news was indicative of what’s been going on in the broader video game industry. As DDM advises clients on investments, M&As, and consults throughout a studio’s life cycle, we see many shifts in the market. Here are some of the top highlights through an investment/M&A lens that our industry navigated throughout 2023 with details in the Executive Summary:

• Microsoft’s $68.7B acquisition of Activision Blizzard showed no company is too large for acquisition
• Saudi Arabia’s impact on the gaming industry is just beginning
• Embracer Group is so large, its actions cause a ripple effect
• China’s pullback will be long-lasting
• eSports is having its own winter
• 2023 shook out FOMO and short-term players within blockchain
• Artificial Intelligence is the latest shiny thing
• Poland continues to be the global gaming IPO hub
• African companies receive interest from foreign investors and acquirers
• Australia wants to rival Canada and UK in growing their games industry
• Game studios who develop user-generated content or develop experiences within Fortnite, Minecraft, and Roblox continue to receive interest from investors

Executive Summary – New Free Report Format!
Since the inception of the Games Investment Review, DDM strives to continuously improve our dataset and reports so our clients can level up their businesses from our insight. In Q3 2023, DDM conducted a survey and found that our clients wanted an easier-to-digest summary of the report. Taking their feedback to heart, DDM has decided to update our free report to the Executive Summary and release additional content that we still gather and analyze throughout the quarter.

Games Investments by Quarter

Source: DDM Games Investment Review

Games M&As by Quarter

Source: DDM Games Investment Review

Games Investment Values by Segment Q4 2023

Source: DDM Games Investment Review

Games M&A Values by Segment Q4 2023

Source: DDM Games Investment Review

Q4 Vs Q3 2023

Source: DDM Games Investment Review

2023 vs 2022

Source: DDM Games Investment Review



Investment and M&A

The DDM GIR is the industry’s longest-running dataset, covering over fourteen years of meticulously tracked video game industry investment and M&A data updated daily. Data points include industry sector, region, investment round, investors and acquirers and many other demographic criteria.

Comprehensive Reporting

DDM gathers information directly from companies and reliable industry sources; all fact-checked and cross-reviewed to ensure accuracy and consistency of annual comparisons.

Quarterly Report

Offered quarterly for over a decade, this definitive industry report is affordably priced for companies of all sizes, with a free quarterly summary also available. Each report contains the quarter’s investment and M&A activity.

Get the Report

Research Services

DDM provides custom research ranging from gathering Steam metrics to market surveys for product launches. We tailor investment and acquisition reports by specific criteria such as comparable companies, location, platform, investors or acquirers and funding stage. Find our free, topical articles, such as our in-depth dive into development studio investments, here. Contact us for research services.

Contact Us

A Trusted Industry Resource at Your Service

Our research team uses the powerful DDM Games Investment Review data platform on behalf of our Consulting and Investment Services clients. We combine our industry experience with customized reporting from the DDM GIR to provide uniquely informed expert counsel. Additionally, DDM sells quarterly reports for your direct use.


With a dedicated global team and a consulting network of industry veterans, DDM provides thoughtful business and product strategies to companies seeking opportunities in video games.

Investment Services

For teams and companies seeking investment or acquisition, we globally source prospects aligned with your business strategy and your investment criteria.

Purchase Options

Exceptional data.
Priced for Everyone.

Free Report


Download a summary of the most recent quarterly report

One Quarterly Report


Purchase and download the most recent quarterly report.

A Year of Reports


Save 50% by purchasing the most recent and the next three quarterly reports.

The DDM Games Investment Review is just one asset DDM leverages for its clients and partners. As the video game business experts, DDM is committed to helping its clients succeed. Please visit us at www.ddmagency.com to learn more about our services, sign up for our newsletter using the field in the footer below and email us to start a conversation.

Follow DDM Games Investment Review on Twitter:


Contact Us

Digital Development Management
PO Box 180
Northampton, MA 01061-0180