PitchBook reported that global gaming venture-capital deal value fell 67.5% year over year in Q3 2023, to $857.0 million across 113 deals. The figure is commonly rounded to a 68% decline, but it describes a historical quarter ending September 30, 2023—not the gaming funding market in 2026.
What does the 68% decline measure?
The percentage refers to the year-over-year change in disclosed deal value in PitchBook’s global gaming VC activity series: Q3 2023 compared with Q3 2022. PitchBook’s report gives the more precise decline as 67.5%; 68% is the rounded headline figure. The quarter recorded $857.0 million in disclosed value and 113 deals.
Deal value is the reported dollar amount invested, while deal count is the number of transactions. PitchBook recorded fewer deals as well as less investment, but the dollar total dropped more sharply.
How did Q3 2023 compare with the other periods?
| Measure | Q3 2023 change | Comparison |
|---|---|---|
| Disclosed deal value | Down 67.5% | Year over year, versus Q3 2022 |
| Disclosed deal value | Down 35.3% | Quarter over quarter, versus Q2 2023 |
| Deal count | Down 50.2% | Year over year, versus Q3 2022 |
| Deal count | Down 10.3% | Quarter over quarter, versus Q2 2023 |
These are distinct comparisons: the 67.5% figure is not the change from Q2, and the 50.2% figure is a change in the number of deals, not dollars invested. All figures are from PitchBook’s Q3 2023 Gaming Report, which specifies global coverage and a September 30, 2023 cutoff.
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Where did the reported investment go?
PitchBook’s category breakdown shows investment going to both content and development. The amounts describe reported allocations within the quarter; they do not explain why the overall market contracted.
| Category | Reported amount | Deals |
|---|---|---|
| Content | $514.2 million | 66 |
| Development | $247.7 million | Not stated for this category in the cited report figures |
Separately, the report lists $353.0 million for early-stage deals and $299.0 million for late-stage deals. GamesBeat described those as 41% and 35% of disclosed funding, respectively. These stage figures are not interchangeable with the content and development categories.
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Does the report explain why gaming VC funding fell?
No cause is established by the figures cited here. The data show that disclosed deal value and deal count declined, but they do not quantify the reasons for the change. It would be speculation to attribute the fall to a particular factor on the basis of these numbers alone.
Why might another report give a different total?
Bloomberg’s October 5, 2023 coverage reported $700.3 million invested in gaming during Q3 2023, rather than PitchBook’s $857.0 million. The reviewed sources do not explain whether the difference reflects category definitions, deal coverage, or data vintages. These are separate reported series, so their totals should not be combined. For the statistic in PitchBook’s Q3 gaming report, use PitchBook’s $857.0 million total and 67.5% year-over-year decline.
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Is 68% the latest gaming VC trend?
No. It is a Q3 2023 result, not a current estimate. PitchBook’s public index lists later gaming VC reports through Q3 2025. A present-day assessment would require comparing later periods using a consistent series and methodology; the 2023 headline alone cannot describe the market in 2026. PitchBook’s report index lists its published coverage. Its broader PitchBook-NVCA Venture Monitor covers venture activity generally and is not a gaming-specific substitute.
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