Games industry mergers and acquisitions reached US$2.3 billion across 54 transactions in Q2 2026, the highest quarterly total since 2022, according to boutique investment bank Aream & Co.

The figure, drawn from Aream's Video Game Market Update, matches dealmaking levels recorded during the pandemic-era boom. Mid-market gaming content acquisitions, deals valued above US$100 million, drove most of the activity.

What deals led the quarter?

Scopely's US$1 billion acquisition of Loom Games topped the period. Scopely, the mobile-first studio owned by Saudi Arabia's Savvy Games Group, accounted for nearly 44% of disclosed M&A value on its own.

The proposed buyout of Playstack, publisher of Balatro, by Integrated Media Company, parent of GameSpot, Fandom, Fanatical and Screen Junkies, added another sizeable transaction. Aream cites "other major deals in the mobile market" without naming them.

How is private investment moving?

Private capital surged alongside the M&A rebound. Year-on-year private investment rose six-fold, Aream reports, driven by AdTech and gaming AI "mega-rounds."

Beneficiaries included AppsFlyer, General Intuition, Odyssey, and Decart. Aream attributes the rebound to investor appetite for tooling and infrastructure plays rather than pure content bets.

Where is platform revenue headed?

Console results diverged sharply. Nintendo revenue climbed 90% year-on-year as the Switch 2 and its launch lineup landed. PlayStation revenue fell 5%, weighed down by slowing hardware sales. Xbox revenue dropped 7%, with hardware down 33% and content and services down 5%.

PC held the brightest line on distribution. Steam spending rose 13% year-on-year to US$5.5 billion, Aream says, with franchise sequels 007: First Light, Subnautica 2 and Forza Horizon 6 anchoring the increase.

What does the data say about new IP?

New IP emerged as a "swiftly growing" segment. Aream points to Capcom's Pragmata, indie multiplayer title Meccha Chameleon and the PvE pirate survival release Windrose as standout performers.

The mix signals continued investor comfort with established franchises while leaving room for breakout originals, particularly in multiplayer and survival categories.

What does it mean for studios in Australia?

Australian consumer spending rose 12% in 2025 to A$4.2 billion, per IGEA's annual consumer sales report. New Zealand sales climbed 9%. IGEA forecasts sustained growth of 4.8% between 2025 and 2028, stating that "Australians' passion for playing video games remains robust across all formats."

Digital sales dominated Australian spending at A$1.42 billion, up 8% year-on-year. In-game purchases generated A$717.6 million, while full-game digital sales contributed A$527.9 million.

Live services continue to outpace one-off purchases in the region, a pattern that aligns with the mobile-first M&A tilt Aream documented for Q2.

What should studios watch next?

Aream's mid-year data lands against a backdrop of decelerating console hardware and accelerating infrastructure investment. The next quarter will reveal whether Scopely's US$1 billion mobile bet, the largest single content deal since the 2022 peak, signals a return to blockbuster-size M&A or remains an outlier.

Watch Aream's Q3 update, alongside the close of the Playstack-IMC transaction, for confirmation.