Aream & Co. has released its Q2 2026 Video Game Market Update, keeping track of all the major trends and changes in the industry throughout the second quarter of 2026. The report details the dealmaking activity, capital markets, private investment, and consumer spending data from the quarter. We’ve summerized the key points from the report below, but the whole document can be read in full here.
When it comes to dealmaking, mergers and acquisitions (M&A) activity continued improving in Q2-26, reaching 54 transactions with $2.3bn of capital deployed. The quarter was led by the closing of the $1bn Loom acquisition and the announced $0.6bn sale of WeMade founder’s stake. Mid-market activity remained the major driver, with $100m+ gaming content acquisitions reaching their highest level since the pandemic boom and spanning PC gaming (Playstack, Fenris Creations/CCP) and casual mobile studios (Loom, JustPlay, Bluetile).
Public capital markets picked up meaningfully, with deal count surging +67% YoY to 25 transactions worth $1.7bn. Notable announcements included Liftoff’s $0.5bn IPO, PlaySimple’s $0.35bn listing plan, and a public spin-off intention from Fellowship Entertainment. That said, public gaming stocks remained under pressure, posting year-to-date declines across the board despite robust reported results. Private investment was the standout, surging 6x YoY to $3.1bn on a broadly stable deal count (108 deals), led by mega-rounds in AdTech (AppsFlyer ~$1bn) and AI tech (General Intuition, Odyssey, Decart).
Consumer spending was mixed across platforms. PC gaming on Steam sustained its double-digit trajectory (+13% YoY LTM), with peak concurrent users near all-time highs in Q2 despite the usual seasonal softness, reinforcing PC as one of the most resilient gaming platforms. Console revenue was broadly flat (+3% YoY), as the Nintendo Switch 2 cycle drove +90% YoY quarterly growth and more than offset continued declines at PlayStation (-5% YoY) and Xbox (-7% YoY). Mobile IAP spend posted softer results, with quarterly gross revenue down 4% YoY and installs down 12% YoY, hitting multi-year lows.