State of the Mobile Gaming M&A Market
summary
Global mobile gaming revenue hits about $68.5B in 2019 with IAP still dominant and a ~34% CAGR since 2013, and M&A shows mostly mid‑market deals ($10–500M) rather than $1B+ megadeals. Typical deal math averages 2.5x revenue and ~8.8x trailing EBITDA (≈10.5x including earnouts). Active acquirers include Playtika, Zynga, AppLovin and Tencent, while PE (Blackstone, KKR, CVC) and VC fuel exits. Five drivers sustain M&A: rising UA costs, scale advantages, games-as-service economics, small-studio innovation, and weak public exits.
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