CONTENT

Don’t Play With Your Food

Restaurants are benefiting from the lessons learned in games & apps

$100m+ Gaming Exit Founders

The demographics of founders who have built $100m+ Gaming Companies

In Reddit We Trust

Reddit curates through trust, but struggles with complexity

Flow to Flaws: Vibe Coding

Vibe coding is great, but it comes with security risks and backend scalability concerns

Realism in Games

A framework for games to continue to move toward more extreme and realistic experiences

The Great Sensory Rebalancing

How digital natives are reclaiming reality through off-screen entertainment

Drowning In Decisions

Technology places a burden on decision-making processes

Rewiring: A Screenless Future

The future of personal computing could be fewer interactions with technology

Sports Betting: Take A Gamble

Alternatives to sports betting (sweepstakes, prediction markets) to compound growth of regulated markets

Grand Theft Auto VI

The most highly anticipated video game of all time: May 26, 2026

3D: From Standardized to Scaled

Standardization improves network effects

AI Guardians: Nurturing Young Minds

AI's future relies on being able to be fine-tuned to the user's needs

IP Licensing: Weathering the Storm

Licensing IP in games will increasingly be used in a world of increased competition

Evolution of Console Business Models

How console business models have evolved since the 1970s

The Lifeblood of Robotics

Robotics is expected to intersect with gaming in multiple ways.

PC Gaming Challenges, Unpacked

The PC gaming market faces difficult headwinds in the coming years

Praying For Hits: Amazon Bets On Religion

The House of David series is currently #2 on Amazon Prime and is the beginning of a religious content wave across entertainment

Agentic Advertising

Personal agents will filter ad content and recommendations for users

Empathetic Machines

Gaming could benefit from measuring human emotion

The Sound of Music

Innovation in music in gaming unlikely in the coming years

Gaming Will Revitalize Consumer Investing

Gaming will be responsible for kicking off the next wave of consumer investing

Gaming Subscriptions Are Losing Their Value

Player trends are not aligned with subscription economics in gaming

Switch 2 Expectations

Switch 2 likely to sell 25-40% less than the Switch 1

Game Engines & Synthetic Data

Game engines will help with the AI data shortage

The Breakout Gaming Companies of 2024

The 2024 breakout gaming companies in Content and Tech & Platform

2024

A year in review

What is the Internet?

The internet is an amalgamation of ever-evolving networks

Edutainment and the Digital Native Generation‍

Benefits and challenges of game-based learning for the digital native generation

Collectibles ($142bn)

Video game collectibles market overview

Oil to Games: The Great Transition

Saudi Arabia’s rush to become the metropole of entertainment

AI Won’t Save Mediocre Games

AI’s problems are a problem for gaming

AppLovin Should Buy Unity

AppLovin needs data to keep growing

Where Have All the Kids’ MMOs Gone?

Past technical challenges around scale and safety can be largely solved today

Epic Games (33 Years)

Most likely to stay private for longer, IPO is unlikely in the near term

Ubisoft's Future

Ubisoft has lost its competitive edge (investors are watching, players keep waiting)

Roblox Is Not Aging Up

Roblox audience is misrepresenting their age on the platform

Breaking the Mold

Time for a new business model in games to emerge

Local AI’s Impact on Gaming

What on-device inference means for AI in games

Open Source: Brace for Impact

90% of corporations use open source software and the cost is going up

The Web: Tearing Down the Walled Garden

The web is the largest network; it will be the next distribution platform

Failure to Launch: The Series A Crunch

Gaming companies have a lower success rate moving from Seed to Series A vs industry average

The Invisible $2.8b Company

Keywords Studios - the biggest gaming company you’ve never heard of

Games Are For Everyone… Except You

Video games are a great tool for engagement, but not every platform is a good fit

Augmented AI

Contextual data unlocks personal AI

Let the Games Begin

Esports is now on a path towards becoming an official Summer Olympic sport

Gaming Industry Report - Q2 2024

Early-stage funding hits 12-month high despite depressed growth and late-stage activity

Press Release: Gaming VC Konvoy Launches Second Quarter Report in 2024

Q2 2024 - the State of Gaming and Venture Capital as Consumer Demand Continues to Grow

Fundraising Challenges in Gaming

Why it is so hard to fundraise in gaming right now and predictions for what’s next

Building a Foundation for Esports

University adoption of competitive gaming can drive a culture around esports

Apple Pushed Game Streaming Forward

Apple and Anstream partner for retro game streaming

UEFN: A Sleeping Giant

UEFN has made a splash in gaming, but faces a few roadblocks before mass adoption

The AI Copyright Battle Intensifies

The legality of using copyrighted training data for generative AI models

Voodoo Gets Real

Voodoo values BeReal users for >50% less than Snap, Pinterest, Instagram

Mobile Gaming Post-IDFA Deprecation

How has mobile gaming fared since IDFA was deprecated

Virtual Pets

Virtual pets can fulfill the human need to care for something in a scalable way

Netflix Gaming (81m downloads)

Netflix drove 81.2m gaming downloads in 2023, 0.15% of all mobile gaming downloads

Version Control For 3D Assets

Game assets are exploding in volume and version control systems need improvement

TikTok For Games: A Pipe Dream

TikTok for Games as a product concept will not work, here's why

Who Buys TikTok?

An analysis of potential buyers of TikTok in gaming, big tech, telecoms, e-commerce, and advertising

Gaming IPO Watch List (2024)

Prediction: 1-2 IPOs in 2024, large M&A in 2025 due to regulatory overhang

The Inflection Point for Cloud Gaming

The next wave of consoles in 2028 is likely a tipping point for cloud gaming adoption

Accessibility in Gaming: “We All Win”

Charting the evolution of gaming accessibility, from its origins to a future of enhanced play

AI Workers vs AI Pilots

AI agents add another layer to the complexity of AI in games

Digital Fashion Failures

Digital fashion is failing to deliver innovative products and experiences

Identifying The Right Gamers

Gaming is global but not homogenous

The Era of the Indie Game

Enhanced developer tools are elevating indie game quality (rated almost the same as AAA games now)

Adaptive Learning

Gaming can play a pivotal role in adaptive learning

Anime ($31b) is Underutilized in Gaming

Anime IP is underutilized and underdelivered in video games

A Whole New ($1.5b) World: Epic + Disney

The UGC ecosystem is accelerating with new entrants and IP integrations

Building a Feedback Machine

Player feedback needs physiological data

Vision Pro's Developer Dilemma

Looking beyond the Lens, how will the developer ecosystem evolve around the Vision Pro platform

Betting on Yourself

Lack of opportunities to monetize skill in esports are structural

China’s Tumultuous Relationship with Gaming

The CCP has a strong belief that gaming is a negative influence on the Chinese population

A Shifting Esports Landscape

Games that hope to have a long life in esports should lean towards an open ecosystem

2023

Key events and trends in gaming from 2023

Brick by Brick

LEGO and Epic Games has the potential to be one of the most transformational partnerships of the decade

Gaming is our Best Defense

gaming has become core to the continued training and development of the defense industry

Unlocking Role-Play For The Masses

Player tools will unlock TTRPG mass appeal, easing entry, and enhancing the player experience

The Rise and Challenges of Free-to-Play Models

Free-to-play model creates problems for developers and players

Digital Building Blocks

Gaming can play a role in early childhood development

Revenue Per Gamer ($59)

The gaming industry is leaving $10-30 billion in annual revenue on the table

Playable Ads + Cloud Gaming

Cloud gaming tech could be best used in playable game advertising

Verifiable Anonymity

The repercussions of anonymity in virtual worlds

India’s Real Money Gaming Tax

Dissecting the Indian 28% GST Tax on Real Money Gaming

The Complexity Of Game Engines

An evolving landscape, charging for the value they provide

Haptic Technology

Spatial computing needs compelling haptics

Virtual Characters and Live Streaming

VTubing is a sizable and rapidly growing sub sector within live streaming.

A Fast Growing Market of High Spenders

Cosplay is a growing industry with a user base that has a high propensity to spend.

The Future of Handheld Gaming

We are beginning to see a new chapter in console wars with renewed development of the handheld gaming access ecosystem

Distributing Games on TV

We believe that the Smart TV is still an underutilized channel for gaming

Copyright Law and GenAI Content

What does copyright law and generative AI content mean for the gaming industry?

AI Non-Player Characters

NPCs can elevate experiences through AI

Influencer-led Publishing

Influencer-driven marketing for games: future of UA or cost sink?

Forever Apps

Gaming platforms have similar profiles to Forever Apps

Snapchat’s Future in AR

Snapchat has struggled to become a significant player in AR (outside of Lenses) and missed a serious opportunity within gaming.

LatAm Gaming Market

Looking at gaming, venture capital and factors for growth in the region

Virtual Reality and Misaligned Expectations

The Future of Game Shows

The origins and history of game shows and matching consumer demands for the future

Gen Z

Gen Z is starting to shape the future of consumer applications

Future of User Generated Content

Our view is that successful UGC platforms will not win with tool differentiation alone, IP will be core

Federal Ban on Microtransactions

Our views regarding a federal ban on microtransactions

Influencer Monetization at Scale

Influencer monetization, Call of Duty franchise

Apex Legends (25M Players) + OWL S2

Apex Legends' impressive launch, Overwatch League returns

What is a Game?

Roblox's changes to App Store terminology during the Epic v Apple legal battle

Axie Infinity and Play to Earn

Axie Infinity and the emergence of decentralized game economies

Gaming = $2.1 Trillion Market Cap

The gaming market continues to grow as it takes center stage in media and entertainment

Aging Gamers

Constantly evolving gamer demographics are shaping the industry

Microsoft: 3 Platforms

Microsoft is casting a wide net in gaming

No-Code Parallels in Game Tech

A comparison of the no-code trends between web and game development

Netflix in Gaming: 4 Ways

Netflix's opportunity to expand their offering through gaming

Are NFTs Showing Adoption or Hype?

The role of NFTs and the importance of utility and gaming

Evolution of Monetization

Growing importance of the subscription model and what it means for gaming monetization

Value Chain in Gaming VC

The current investment landscape in gaming

Community Driven Game Development

Community ownership and self-determination in games

Should Cheating be Legal?

Mobile gaming market update and the growing problem with cheating

Apple & Google are About to Hate Instant Games

The new way to circumvent the app stores

Tech for Gaming on Demand (Part 2)

An exploration of the systems and techniques to deliver gaming on demand

Gaming x Crypto Wars

The relationship between gaming and crypto, and why Microsoft and Discord are a great match

ByteDance: The Next Mobile Publisher?

Bytedance's future in gaming through a massive user base, available capital, and global reach

Epic is the Place to "Be"

Epic's ecosystem, Unity aims for the construction industry

Investment Landscape

Gaming investment landscape and Facebook's role in gaming

Tech for Gaming on Demand

An exploration of the systems and techniques to deliver gaming on demand

Persistent Worlds

SPACs focus in on gaming, engagement in persistent worlds

The Rise of Player Ownership

NFTs are changing the way gamers view their assets

Narrowing the Uncanny Valley

Unity gaming report and the realism of graphics

VR Hits and Google Fails

The future of VR and Google's gaming graveyard

GameStop

The risks of GameStop equity, Sony's financial services business

Discord: The Bull and Bear Case

The debate on Discord's future

$57B in US Video Gaming Sales (+27% y/y)

Exclusive content and the incredible growth of the American gaming market

Could Casinos Follow the Fate of Arcades?

Roblox, Epic Games, Pokémon, and Casinos

2020 in Review

A look back at the gaming market in 2020

SnapchatU

The acceleration of mobile gaming, Snapchat x Unity integration

Turkey's Gaming Market

Fitness meets gaming, Turkey's thriving gaming market

Roblox IPO

Potential concerns following Roblox's IPO announcement, Unity Q3 results

Embracer Group Acquires 13 Companies

Player Improvement: A Feature Not a Company

Underwhelming growth of player improvement businesses, Fortnite potentially back on iOS

EA

Stillfront Group contributing to M&A activity, EA's underperformance

Roblox #1 Spending Choice for Kids

Children increasing digital spend, Scopely raises at a $3.3B valuation

Twitch Violations (DMCA)

Playtika files for IPO, content creators face DMCA violations on Twitch

Key Topics in Gaming

Summary of the most pressing topics in gaming and interesting industry updates

AppLovin (IPO)

AppLovin IPO, challenges for emerging markets

Will Roblox Have a $30B+ Market Cap?

The future of Roblox as a public company, Epic Games acquires SuperAwesome

Amazon

Amazon launches Luna, acceleration of M&A for exclusive content

Console Gaming Without Hardware

The future of Microsoft's cloud gaming strategy

Skillz Going Public at $3.5B

New Konvoy investments and Skillz going public through a SPAC

Unity Files for IPO

Unity's IPO filing and reflections

Apple Threatens Unreal Engine

Growing tension between Apple and Unreal, mobile gaming optimization, flight simulator

Tencent vs US Government

Fortnite banned by Apple and Google app stores, tension between Tencent and the US government

Machine Built Video Games

Generative content in gaming, acceleration of hypercasual games on mobile

Virtual Learning + Video Gaming

Learning in a virtual world, gaming as a tool for career development and self-discovery, Netflix using gaming IP for a show

Game Localization

Localization of game content, Microsoft console bundling, esports broadcasting rights

$0.80 Per Hour of Entertainment

Consumer spending on gaming, console games unable to raise prices

Discord is Undermonetized

Discord unable to effectively monetize, Caffeine raises a Series D, Sony invests in Epic Games

Cloud Gaming & Negative Latency

Cloud gaming promises negative latency, India bans 59 Chinese apps, growth of streaming platforms

Microsoft Partners with FB Gaming

Microsoft shuts down Mixer, Apple's mobile advertising changes, Riot Games philanthropic efforts

First FDA Approved Video Game

AT&T selling Warner Interactive for $4B, Epic Games valued at $17B, FDA approves first game

Gaming Trends During COVID-19

Unity's report on how COVID-19 is impacting gaming, OWL spots go to non-endemics, VALORANT launch

In-Game Advertising

Early days of in-game advertising, crossover between traditional sports and gaming

Amazon Game Studios

Amazon's first AAA title, TikTok's new CEO

M&A in Gaming

Overview of recent M&A transactions in gaming

The State of Gaming

Gaming market update, plummeting Overwatch viewership

Mobile In-App-Purchases +30%

United States GDP falls, mobile engagement rises, Microsoft Gaming revenue drops

Roblox + March Sales (+35% y/y)

Video game sales growth, Roblox's favorable position for the future, influencer philanthropy

Amazon in Cloud Gaming

Gaming's resilience, pre-launch game tools, Amazon AAA titles + cloud gaming, ESPN broadcasts 2k League

Mobile Gaming CPIs

eRacing takes off, CPI drops for mobile game studios, esports betting legal in Nevada

Gaming Internet Traffic

Gaming engagement grows as the world turns to digital experiences

COVID-19

Konvoy's macro view of the market in light of COVID-19

Riot's New FPS

Live streaming report, Riot launches Valorant, HBO making a show out of game IP, Envy buys into Flashpoint

Leisure Time = 5.2 Hours / Day

COVID-19 closures, leisure time in America, esports jobs growth

U.S. Gamers = 164M Adults (78%)

Benefits of gaming, Facebook Gaming growth, youth and their smartphones

Content Buying Spree

Game content consolidation, Roblox's focus on safety

A Modular Game Engine for the Cloud

A new era for game engines, Steam exhibits impressive growth

Mobile Gaming (72% of All Mobile Spend)

Consumer spending on mobile, time and spending by genre, ad dollars geared towards gaming

Epic Games Store = $680M in 2019

Epic Games store brings in $680M in first year, game developer survey

Fintech in Gaming

Twitter and gaming, fintech in gaming and esports, gaming as a leader in interactive media

IMAX + Vindex (Wishful Thinking)

Esports experiences in IMAX, Pokemon Go success, ESL broadcast rights

FB, Mixer, YT, Twitch

Streaming hours watched, mobile battle royale, dedicated esports VISA in Germany, Twitch sued

2019 in Review

A look back at 2019 in gaming

Gaming Engines + Facebook

The opportunity for game engines, Facebook's opportunity in gaming

Cloud Gaming's Crowded Race

Cloud gaming's competitive landscape, media rights in China

Washington Post + Stadia Launch

Konvoy's Washington Post feature, Google Stadia's tough start, game subscriptions

Freemium Conversion: 2-4% in Gaming

Live streaming growth, gamer spending habits, esports org broadcasting deals

War for Human Attention

Call of Duty launch, gaming winning battle for consumer attention, esports media rights, questionable IPO

Mixer Signs Shroud

COD: Mobile's successful launch, Mixer signs Shroud, Call of Duty franchising, the future of gaming

The Information Summit & Riot Games

Notes from The Information Summit in San Francisco, Riot Games' new projects

Activision and Hong Kong

Activision vs. Hong Kong, data points on streaming

Edge Computing

Esports highlights, edge computing gains traction, game bundling, CDL vs. OWL

YT Gaming (50B), Netflix (52B), Hulu (9B)

Highlights from the Esports Business Summit

CDL Media Rights = $24M Per Season

Call of Duty League media rights overview

Call of Duty Franchising

City-based franchising coming to Call of Duty

Fan Trends

Newzoo consumer research, Ninja and Fortnite, esports jobs

Streaming Channel Ownership

Gaming and Starbucks, Ninja's Twitch channel, Mixer vs. Twitch, DOTA 2 world championship

Our Investment in Muxy

Why Konvoy invested in Muxy

Ninja Joins Mixer (Microsoft)

Exclusive deals for streamers

Fan Supported Prize Pools ($30M)

Esports prize pools, points of interest

New Investment: EQU8 (Anti-Cheat)

Why Konvoy invested in EQU8

Streamers vs Esports Athletes

Professional gamers and the difference between streamers and esports athletes

Slack + AB's Trademark

Gaming vs. Hollywood, Slack's IPO, media deals, "The Official Beer of Esports"

How to Invest in Gaming: 3 Ways

Investing in gaming, M&A activity, OWL talent flight

E3 Reflections

Notes from the E3 conference

Walmart + Overwatch Turnover

Gaming and culture, interesting updates from this week

E3 and Fortnite + Nike

Fortnite x Air Jordans, Riot Games governing body for collegiate esports

Esports Teams Becoming Media Conglomerates

The struggle for esports organizations

Apple's Vision for the Future

The Vision Pro is exactly what we expected from Apple; a premium device that showcases their vision of an XR future

Can Gaming be a Healthier Social Media?

We believe the social fabric of the gaming industry offers a healthier (and safer) alternative to social media today.

PWAs Will Shape the Future

Exploring Progressive Web Apps (PWAs)

The Invisible Arcade

The past, present, and future of cloud gaming

Digital Vandalism

AR and its technology suite creates new challenges for the governance by tech platforms as well as the government (local and federal).

Achievement Unlocked: Grandmaster

As the global population continues to age, gaming can be applied to and even tailored to make everyday tasks easier

Playing by the Rules

Epic vs Apple || Microsoft + ATVI

OTT: Gaming’s Next Unlock

Potential for game distribution though OTT

Combating Loneliness

Can realistic NPCs and digital companions make people feel less lonely?

Implications of Banning TikTok

Milestone-Based Financing

Can milestone-based financing be the next phase of gaming content VC?

Mobile Monetization Challenges

Headwinds across advertising and in-app purchases

Augmented Mapping

Augmented Reality is missing a core piece of infrastructure when it comes to positioning and orienting user devices in the real world

A Consumer’s Digital Footprint

The future of personalization needs more innovation

Future of Transmedia Entertainment

The convergence of active + passive content consumption

Where AR We Going?

AR is still waiting on its moment; large tech companies will take us there

Brands: Loosen Your Gr-IP

Strict copyright infringement will hinder fan growth and engagement

Artificial Advantages

Broader infrastructure improvements are being conflated with the success of individual assets that stand to benefit in the near term

The Good and Bad of Free-To-Play

F2P, while being one of the greatest business model innovations in gaming, has caused problems that it's going to need to fix

Will AI Kill UGC?

Playing out the bear case for generative AI’s impact on UGC platforms

All Eyes on MENA

Savvy Gaming Group will struggle to fulfill its goal of establishing Saudi Arabia as a hub for innovation and gaming

2022

Key events and trends in gaming from 2022

End of Consolidation?

Microsoft's acquisition of Activision Blizzard faces steep regulatory hurdles

Browsers: An Answer to Walled Gardens

Browsers offer a future for game developers that would give mobile and PC developers the ability to circumvent any and all walled gardens

New Quest: Postsecondary Education

The belief that gaming can increase user retention and engagement is not limited to “traditional” subjects taught in schools

Blockchain Gaming’s Infrastructure Problem

Blockchain gaming infrastructure must be built to solve relevant problems for players and developers

Apple's Pro-Privacy Bet

We believe that Apple’s efforts on the privacy side are positioning them for the launch of their own internal ads business

Healthcare x Gaming

Games as a way to manage and build healthy lifestyles

Gaming’s Next Distribution Channel?

We do not believe that location-based virtual reality will be a sustainable distribution channel for digital experiences

Owning the Entire Ecosystem

We believe there will be a shift back to hardware-driven strategies

Seeking Player Two

By introducing game mechanics to increase engagement and monetization, dating applications are the perfect candidate for disruption

State of Gaming Investment: Q3 2022

Gaming investment has not been immune to the global economic downturn

Subscriptions’ Place in Gaming

Although subscription services are growing meaningfully in adoption, consumers have high expectations

Can Roblox Age-Up?

As a public company, Roblox has pressure from the public markets to optimize for earnings calls and top/bottom line growth

Understanding Gamers

The future of analytics within gaming will be driven by tools that help developers understand their audiences in a deeper way

Android is Pulling Ahead

With XR continuing to gain popularity, Android has found a new and likely quite lucrative opportunity

Amazon’s Future in Gaming

We believe acquiring content will round out Amazon's development, marketing, and distribution capabilities to become a key tenant in gaming

Digital Identity Update: One to Rule Them All?

We believe the winners in the space of digital identity adoption will enable a federated identity

What's Next for AppLovin?

We believe AppLovin will double down on its software business and will be aggressive in pursuing value-add acquisitions

The End of Hypercasual?

Hypercasual is facing significant headwinds due to the business model’s misalignment with current advertising policies and user trends

FTC Scrutiny of Supernatural is Misguided

The FTC’s scrutiny of Meta’s Within acquisition is inconsistent with the FTC’s track record we have seen within gaming

Gaming's Gray Market

Ownership and re-selling creating a $1b gray market

What is a AAA Game?

There has been a notable increase in studios in the early stages of development self-branding their upcoming games as AAA

US Regulation Likely to Expand Mobile Gaming

We focused on what two key antitrust bills could mean (if passed) for innovation in gaming

Mid-Year Review: Gaming

Halfway through 2022, we wanted to dive into how the gaming industry has fared so far this year

Super-Apps via Gaming

There may be an open door for a super-app to emerge from the gaming ecosystem that works for the West

Distribution: A Problem Worth Solving

One of game distribution’s key problems over the last 20 years: distribution is not built for the consumer

Discord's Vulnerability

Despite its current market leadership position, we believe that Discord’s existing product leaves it vulnerable

Companions in Virtual Worlds

In the future, we expect that the majority of gamers will have a consistent companion that accompanies them across virtual worlds

Gaming: Is It Recession-Proof?

We believe there is a strong case for gaming to be viewed as “recession-resilient”

Nintendo's "What If?"

What if Nintendo had released a mobile phone and how it might have worked

Southeast Asia: Primed for Growth

We believe that Southeast Asia has the opportunity to be one of the most innovative markets globally

A Framework for the Community Fund

Balancing community-forward strategy with ensuring successful execution of a game’s economy

Twitch’s Obituary

Why we expect Twitch’s position in the gaming industry to shrink dramatically over the next 2-3 years

Gaming's Investment Climate

Gaming will remain resilient in this VC slowdown

Case Against Branded Platforms

Two primary ways for brands to enter games that we believe have a higher rate of success

Epic’s Mega Deal

Epic’s history is important to understanding its current position and future ambitions

The Future of Clipping

Game clipping is potentially walking into a perfect storm of consumer trends and accessible technologies

Communities in Web3

How web3 is impacting the role of social interaction in gaming

Building Social Experiences

Social experiences across gaming

VR is Anti-Social

VR needs intentional social experiences

Gaming Won't Save Music

The music industry's structural issues will not be fixed by gaming

Education x Gaming

Gaming as a platform for learning

Controversy of Blockchain Gaming

NFTs, economies, and innovation

Interoperability is a Myth

5 key issues: ownership, identity, visuals, utility, protocols

India's Gaming Market

433m gamers, only 35% mobile adoption, 60% of gamers under 25 years old

Meta’s Expensive Metaverse

Meta's grand ambitions for the metaverse

Guilds and P&E

Accretive or dilutive to the play-and-earn ecosystem?

Era of Consolidation

Microsoft acquires Activision, Take-Two Acquires Zynga

Gaming: Financial Reward vs Entertainment

Play-to-earn or play-and-earn?

Is 2022 the Year for VR?

Oculus sold more headsets than Xbox, PS, or Nintendo in 2021

2021

A summary of the key trends we observed

Virtual Land: buying land in virtual worlds

Opportunities and roadblocks for virtual land

Deep Dive: PC Distribution Platforms

Steam, GOG, Epic Games Store

Publisher-Specific Blockchains

Solutions for AAA game developers

Our Perspective on Blockchain Gaming

Ability to Earn → Ease of Crypto Adoption → Games-First Mentality → Genre Alignment → Creator Economies

Virtual Influencers

Virtual influencers are a scalable way for brands to reach their fans

Was Steam Right to Ban NFT Games?

Steam's controversial decision to block NFT games stirs controversy

Netflix Keeps Pushing Into Games

Netflix Games is going to market

Digital Identity + Pixelated Fashion

Digital identities are the new frontier for self-exploration and expression

Game Subscriptions Have a User Experience Problem

Can cloud gaming fix game subscriptions' adoption problem?

Evolution of In-Game Marketing

A brief history of branding in games and where it's going next

Axie Infinity ($3B valuation)

Our follow-on investment in Sky Mavis, initial investment in Echo3D, and an update on the latest market data

Esports Heading in a New Direction

Esports organizations continue to create well-rounded brands that go beyond competition

FB's Strategy for Virtual Worlds

Facebook is well-positioned to be a leader in the future of virtual worlds

Influencer Marketing + Gaming

Influencer marketing as a critical marketing channel within gaming

Emergent Gameplay

Enabling player creativity continues to be a key tailwind across gaming

Korea Takes a Bite Out of Apple

An update on the contentious Epic v. Apple litigation

Open Gaming Licenses (OGL)

Version 3.0 of Virtual Worlds

The current state of the metaverse and mobile gaming's impressive growth

CCP Threatened by Games

China's increasingly hostile stance towards gaming and what it means for the industry

Gaming + Uniswap

Decentralized protocols and their roles within gaming

The Digital Animal Kingdom

Growing opportunities for NFT utility and digital identity within the metaverse

Apple + Google Don't Care About You

Apple, Google, and the different approaches to targeted advertising

Ads in VR (Not a Good Fit)

Advertising in virtual reality and how it detracts from the user experience

Metaverse ETF

Xbox's continued cloud gaming efforts and the Metaverse ETF

Leveraging IP

EA's mobile ambitions and Disney's role in gaming

Every IP Needs Gaming

Gaming as the go-to medium for deriving value from IP

The Identity Problem

Anonymity and the prevalence of toxicity in gaming

Social Distribution

The shift towards more scalable mobile distribution channels

Gaming Industry Report - Q1 2025

Gaming market size to reach $186bn in 2026

Game Developer Survey 2025

Key industry trends and insights from our 2025 game developer survey

Gaming Industry Report - Q4 2024

Lowest funding quarter for early- and growth-stage gaming VC funding in 5+ years

Gaming Industry Report - Q3 2024

Q3 2024

Gaming Industry Report - Q2 2024

Q2 2024

Gaming Industry Report - Q1 2024

Q1 2024

Gaming Industry Report - Q4 2023

Q4 2023

Gaming Industry Report - Q3 2023

Q3 2023

Gaming Industry Report - Q2 2023

Q2 2023

Gaming Industry Report - Q1 2023

Q1 2023

Gaming Industry Report - Q4 2022

Q4 2022

Why We Invested in Root

Our investment in Root

Why We Invested in Diversion

Our investment in Diversion

48 Venture Capital Statistics in 2025

Key venture capital statistics for 2025 so far

How Does Vertical Integration Work? Full Guide (2025)

How to Start a Venture Capital Firm: A Step-by-Step Guide

What are Blockchain Games and how they work? (2025)

Merger and Acquisition Examples (Updated in 2025)

What are Flash Games? Will they still exist in 2025?

Venture Capital vs Hedge Fund: What You Need to Know

What Are MOBA Games? A Complete Guide

What Are the Stages of Venture Capital?

Venture Capital vs Private Equity: What You Need to Know

How to Start Investing in Gaming: The Best Ways

How to Get Venture Capital Funding: A Step-by-Step Guide for Founders

Why We Invested in Minno

Our investment in Minno

Best Books on Venture Capital in 2025

What is Capital Raising: A Detailed Guide (for 2025)

What Are RPG Games: Everything You Need to Know

Discover what RPG games are, their meaning, and why they captivate players worldwide.

Why We Invested in Battle Road

Our investment in Battle Road

What Are MMO Games? A Quick Guide (2025)

Learn what MMO games are and why they’re so popular in 2025. Dive into the world of massive multiplayer online gaming and discover the top titles today.

What Are the Benefits of Video Games? Top Reasons to Play in 2025

Uncover the benefits of video games, including enhanced cognitive skills, better problem-solving, and social connections.

What Are the Most Popular Games: A 2025 Guide 

Discover the most popular games in 2024, from trending console hits to top mobile games. Explore what gamers worldwide are playing.

What Are Idle Games

What are idle games?

Why We Invested In Nerd Street

Our investment in Nerd Street

Why We Invested in Magic Potion Games

Our investment in Magic Potion Games

Angel Investor vs. Venture Capital: Which is Right for Your Startup?

Discover the key differences between angel investors and venture capital to find the perfect funding option for your startup.

What are AAA games: Everything you need to know | Konvoy

AAA games are the blockbusters of gaming! Learn what they are, how they’re made, and why they’re the future of epic adventures.

What is a Venture Capital Firm? A Beginner’s Guide (2025)

Learn what a venture capital firm is and how it supports startups with funding, expertise, and growth strategies.

Why We Invested in k-ID

Our investment in k-ID

How to Raise Venture Capital: A 2025 Guide for Founders

Learn how to raise Venture Capital with this step-by-step guide for founders. Learn the VC essentials and set your company up for success.

What are Indie Games and why are they so popular? | Konvoy

Learn what indie games are, why they’re so popular, and discover the best indie games in this complete 2024 guide.

What Are Video Games: A 2025 Guide

Discover what video games are with this 2025 guide. Learn about genres, how to play, and the benefits of gaming, all explained for beginners

Best Gaming Newsletters to Follow in 2024

Discover the best gaming newsletters. Get to know the latest industry news, game releases, and insights delivered to your inbox.

Why We Invested in Afference

Interacting with the digital world

Our Investment in Canopus Networks

A terabit-scale, encryption-proof customer insights platform for telecoms with real-time network traffic analytics.

Our Investment in The Mirror

An all-in-one game and game development platform, designed to empower developers and 3D creators with limitless experiences & creativity

Our Investment in ByteBrew

An all-in-one mobile analytics platform

Konvoy Game Industry Landscape Infographic (Updated September 2022)

Our map of the gaming industry

Our Investment in Cognitive3D

Objective and quantitative insights into 3D digital experiences

Our Investment in Solsten

User Psychology

Konvoy Fund III Announcement

$150m fund to continue investing at the frontier of gaming

Konvoy Game Industry Landscape Infographic (Updated June 2022)

Our map of the gaming industry

Our Investment in Pok Pok

An award-winning studio centered around creative, play-based learning experiences for kids

Our Investment in Sanlo

The financialOS for games and apps

Our Investment in Gamefam

Content creation for the metaverse

Konvoy Game Industry Landscape Infographic (Updated March 2022)

Our map of the gaming industry

Our Investment in Legends of Learning

Gaming as a platform for learning

Our Investment in Ready Player Me

An Identity for the Metaverse

Konvoy Fund II Announcement

Our $65m fund to continue investing in the future of gaming

The Future of Self-Expression is Pixelated

The importance of digital self-expression, fashion, and gaming as a medium, and how to shape the future of fashion in the metaverse

Our Investment in Sipher

Redefining What Players Expect From Games

Our Investment in Echo3D

Delivering the Future

Konvoy | Influencer Marketing + Gaming

Our Investment in Quicksave

Instant Games and Social Distribution

Our Investment in Carry1st

Gaming in Africa

Our Investment in Goss

Competitive Entertainment

Our Investment in Bunch

Face-to-Face Multiplayer

Industry Landscape: Video Gaming & Esports (9.10.2020)

Our Investment in Edgegap

Revolutionizing Cloud Infrastructure

Industry Landscape: Video Gaming & Esports (11.13.2019)

Call of Duty: Media Rights are worth $24M/season

Gaming - Athletes vs Entertainers

A breakdown comparison - showing their similarities and distinct differences

Esports Prize Pools: $155.9M (2018)

Esports Leagues: Stop Franchising

Choose a Promotion & Relegation structure going forward

Industry Landscape: Video Gaming & Esports (1.28.2019)

Esports Teams: Valued as Tech Companies

Esports: $1B teams? (NBA in the 1980s)

Esports Business Review