Gaming: industry review, top games & platforms

Investment angle: For the first time since app stores became a mainstream commerce channel, non-gaming apps overtook games in global in-app purchase revenue during 2025 — $85.6 billion versus $81.8 billion for games, according to Deconstructor of Fun's State of Mobile 2026 analysis. That doesn't mean gaming is shrinking; it means the rest of the app economy finally caught up. Within gaming itself, the real story is a platform shift: PC gaming grew 13% in 2025, its fastest rate ever recorded, with Steam revenue up 13% to $11.7 billion, while mobile grew just 1%. Console remains strong too — Xbox Game Pass neared $5 billion annually, and Microsoft became PlayStation's largest third-party publisher. Regulatory pressure is reshaping distribution economics as well: app store deregulation is letting developers sell directly and keep more margin, with a third of adult gamers already buying through developer-owned web stores instead of official app stores.