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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minutePitchBook reported that global gaming venture-capital deal value fell 67.5% year over year in Q3 2023, a decline rounded to 68% in the headline. The quarter recorded 113 deals and $857.0 million in disclosed deal value. This is historical data through September 30, 2023—not an estimate of gaming funding in 2026 or the latest quarter.
What does the 68% decline measure?
The figure is a comparison of the disclosed value of gaming VC deals in Q3 2023 with the value in Q3 2022. PitchBook’s Q3 2023 Gaming Report gives the exact year-over-year decline as 67.5%, conventionally rounded to 68%. Its activity chart specifies global coverage and data as of September 30, 2023. The reported Q3 2023 total was $857.0 million across 113 deals. PitchBook’s report is the source for these figures.
The 68% refers to deal value, not the number of deals, game sales, the size of the gaming industry, or a fall in every gaming company’s valuation. It summarizes the combined disclosed value of deals tracked in the report’s category and period.
How did deal value and deal count change?
Both measures fell, but deal value contracted more sharply. PitchBook reported a 67.5% year-over-year drop in deal value and a 50.2% year-over-year drop in deal count. The difference indicates that the total value of reported deals declined faster than the number of transactions; it does not, on its own, explain why.
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| Measure | Q3 2023 result | Comparison reported by PitchBook |
|---|---|---|
| Deal value | $857.0 million | Down 67.5% year over year; down 35.3% quarter over quarter |
| Deal count | 113 global deals | Down 50.2% year over year; down 10.3% quarter over quarter |
The year-over-year comparison is against Q3 2022; the quarter-over-quarter comparison is against Q2 2023. These are separate comparisons, not competing estimates of the same change. The figures are from PitchBook’s report, with global coverage and a September 30, 2023 cutoff.
Where did reported Q3 2023 investment go?
PitchBook’s category breakdown shows that content accounted for $514.2 million across 66 deals, while development accounted for $247.7 million. Those figures describe reported investment categories within the quarter; they do not identify the causes of the overall decline.
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The report also recorded $353.0 million in early-stage deals and $299.0 million in late-stage deals. GamesBeat summarized those amounts as 41% and 35%, respectively, of disclosed funding. GamesBeat’s coverage provides that percentage framing. The stage totals are not a complete breakdown of the $857.0 million total, so they should not be treated as if they account for every dollar.
Why was gaming VC funding falling?
The reported figures establish that deal value and deal count were lower than in both comparison periods. They do not quantify what caused the contraction. The category and stage totals show where PitchBook classified some of the investment, but they cannot establish why investors made fewer or smaller deals.
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There is also a difference between contemporaneous totals: Bloomberg reported $700.3 million invested in gaming in Q3 2023, while PitchBook’s gaming report gives $857.0 million. The reviewed coverage does not explain whether that gap reflects category definitions, deal coverage, or data vintages. These figures belong to separately reported series and should not be combined. For the specific claim attributed to PitchBook’s Q3 gaming report, the relevant total is $857.0 million and the year-over-year deal-value decline is 67.5%. Bloomberg’s October 5, 2023 report gives its separate figure.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is the 68% decline current?
No. It describes PitchBook’s Q3 2023 comparison and cannot be presented as the current state of gaming VC funding. PitchBook’s public index lists later gaming reports through Q3 2025, so readers seeking a newer trend should compare the same measures across later reports rather than carry forward the 2023 percentage as a present-day estimate. PitchBook’s report index lists its later coverage.
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The broader PitchBook-NVCA Venture Monitor tracks venture activity generally; it is not a gaming-specific substitute for PitchBook’s gaming reports.
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