1、1PitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisEric Bellomo Senior Research Analyst,E-commerce and Gaming DataHarri

2、son Waldock Data APublishingDesigned by Chloe Ladwig and Josie DoanPublished on December 3,2025ContentsEMERGING TECH RESEARCHGaming VC Activity in Emerging MarketsHow emerging markets are redefining the gamePitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to

3、-find data for professionals doing business in the private markets.Key takeaways Emerging markets have become the incremental growth engine for gaming:Their revenue share climbed from around 4%in 2010 to nearly 15%today,while VC funding across five tracked regions reached$2.3 billion in 2025 YTD eve

4、n as deal counts stayed roughly flat,at about 150 rounds in 2017 versus 150-200 in 2024-2025.East Asia remains the anchor,offering scale with system risk:China is now at revenue parity with the US,each earning about$50 billion,exporting hit IP(for example,Black Myth:Wukong),and translating mobile F2

5、P expertise into PC and console platforms.Yet,regulatory shocks,such as NPPA licensing freezes and regulatory whiplash,as well as geopolitics keep valuation risk elevated.South Asia and Southeast Asia have massive user bases and undermonetized economics:The region produced around 1.9 billion mobile

6、downloads in Q1 2025(plus around 2 billion from India)but generated only$600 million to$700 million in mobile revenueabout 10%of US and 20%of Japan gaming revenuesignaling a long runway for ARPU uplift.1 Funding spiked in 2021-2022($1.1 billion across 157 deals in 2022)and has now normalized(at$400