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The gaming industry in 2023 experienced a notable slowdown in deal-making activity, with a significant decrease in both the number of deals closed and overall investment values, dropping by over 50% compared to the bustling years of 2020-2022. Despite these challenges, the sector saw a resilient streak in seed funding for new studios, providing investors with favorable entry terms amidst the downturn. Mergers and Acquisitions (M&As) dipped, yet the outlook for future activity remains optimistic, contingent on macroeconomic stabilization. Public offerings indicated signs of a modest recovery, hinting at a potential resurgence. The landscape for early-stage gaming investments remained attractive, with over 25 new funds emerging since 2020, despite inflated funding rounds. Late-stage gaming faced hurdles, with a sharp decline in deal values. Corporate gaming strategy shifted towards co-investments, and AI continued to make significant inroads, hinting at a continued evolution and potential for growth in the industry.