CONTENT

Roblox: Take It Private

Roblox struggles in the public markets and should be taken private

The Data Center Water Myth

Misinformation campaigns are making Americans believe the AI buildout is draining the country’s water supply.

The Aftermarket Premium

How platform owners respond when someone else captures the value on top of their product

The Perfect Simulation Company

Simulation is accelerating research and decision making

The National Defense Stockpile

The critical resources required for defense and commercial use cases are being revamped through our strategic stockpiles of the NDS and Project Vault

Diamonds Aren't Just for Jewelry

Diamonds are forever, but their future is chips, sensors, and clean water

AppLovin’s $27bn Penalty For Not Being Perfect

A record quarter and a cleared SEC probe still weren't enough to stop a $27 billion drop

The Complex Water Systems Shortage

AI runs on water systems and nobody can build enough

Semiconductor’s Reliance on North Carolina

70-90% of high-purity quartz, required for semiconductors, comes from two mines in Spruce Pine, North Carolina (population: 2,200).

We Solved the Sun

We made strides in fusion physics but lack the engineering

US Supply Chain Constraints

A review of the chokepoints across critical American Industries

Soccer’s Ascension in America

The sport America ignored for a century is now the one it can't stop watching

Robotics Landscape

Scalability can be found in software, hardware, and the messy in between

How Sure is Your AI?

How do you know what is right and what might be right?

1979’s Impact on U.S. Nuclear Energy

The U.S. is 40+ years behind on nuclear energy.

The Merits of Maritime Data Centers

The pros and cons of putting compute in the ocean, and why serious capital is starting to bet that it floats.

Nonprofits Underpin the Tech Industry

Foundational value creation comes from nonprofits in tech

Agentic Entity Simulation

Applying agent-based simulation from individuals to entire organizations.

The Return of Supersonics

A new generation of aircraft is racing to make Mach 1+ travel routine both for passengers and warfighters.

Gaming Roots in Venture’s Biggest Exits

Gaming has quietly become one of the most prolific talent pipelines for venture's largest non-gaming exits.

Envy and the Future of Work

As many areas of work are commoditized, premium experiences and status retain value

Gaming x Heavy Industry

Heavy industry is leveraging simulation technology, which was perfected in gaming

Robotics and Gaming

Robotics is built on gaming

Modern Day Knights

Both Europe and the United States' most valuable defense tech startups owe heir origins to video games

The Great Unbundling of Game Engines

AI and open-source are dismantling the monolithic game engine

Gaming’s Historical Precedent for DevOps

Infrastructure is quickly becoming the next hurdle for AI

Airplanes from Ireland

Aircraft is now >50% leased, and much of it is owned by companies in Dublin, Ireland

Value Accrual to the Edge

Infrastructure at the edge is the future

America's Battery Independence

Section 842 attempts to save the U.S. from an incoming tidal wave of energy demand

The Evolution of IT Architecture

Choices for architecture have increased and AI can accelerate migration

An Unreliable Future

Our digital infrastructure is getting fragile

Red Hat, Open Source, and the Future

The history of Red Hat, how open-source evolved, and what the future holds

Enterprise AI Adoption

AI should change your workflows, not integrate into existing ones

Deal Flow is Now Table Stakes

Every investor will soon see everything, everywhere, all at once

AI Pins: A Short-Sighted Form Factor

Pins will be a forgotten fossil

The Robotic Standard

The rise of the intelligence stack

The State of AI & Games

AI continues to make progress reducing costs and changing gameplay

Skin in the Game

Employee ownership and incentive structures must evolve as a company matures

Age Gating the Future

Moving towards a verifiable age requirement

Physical Products are Back

Physical assets are growing in popularity relative to digital

A System Under Strain: The U.S. Navy

A System Under Strain: The U.S. Navy faces China’s 2027 challenge, turning to drones, robotic fleets, and gamer-native operators worldwide

The Air Gapped Home

The Air Gapped Home explores rising demand for private, secure home networks, self-hosting, local AI, and control over data and devices.

Robotics: Generalized vs Specialized

Explore the pros and cons of generalized vs specialized robotics, comparing flexibility, performance, cost, and ideal use cases across industries.

The Holding Company

Holding companies have shaped American business for over 140 years, evolving through regulation, innovation, and economic cycles to influence modern corporate structures.

Satellites + Data Centers

AI is rapidly transforming satellite networks, enabling safer navigation, faster connectivity, autonomous constellations, and paving the way for in-orbit data centers.

AI’s Impact on the Job Market

AI is reshaping the workforce, raising concerns about automation and opportunity. History shows a more nuanced path ahead for jobs and productivity.

Soulless Social

Soulless Social explores how AI-generated feeds like Vibes and Sora threaten creativity, deepen isolation, and reshape engagement in today's attention economy.

Health and Hardware

Health and Hardware explores how Oura, Whoop, and emerging tech like AI and XR are reshaping the future of personalized wellness and wearables.

LatAm's Local Gig Economy

LatAm’s gig economy is booming, driven by delivery apps, migration, and new platforms serving local needs in services beyond ride-hailing.

Version Control for AI Prompts

Version control for AI prompts is the next frontier, essential for managing, optimizing, and evaluating prompt workflows in modern software development.

Local vs Cloud AI

Local vs Cloud AI compares privacy, latency, scalability, costs, and use cases as businesses choose between inference or cloud-powered intelligence.

Mobile Web Shops: The Great Platform Unbundling

Mobile Web Shops reshape gaming economics, helping developers bypass app taxes, boost margins, improve UX, and build direct-to-consumer relationships globally.

India’s $23B Ban: A Warning for Investors

India’s $23B Ban: A Warning for Investors examines India’s online gambling prohibition, economic fallout, regulatory risk, and parallels to failed prohibition-era policies.

Digital Gate Keeping

Why Age Verification Matters in digital gate keeping. This entry explores global regulations reshaping online safety, platform responsibility, privacy, and business models.

Risk-On in the Face of Uncertainty

Risk-On in the Face of Uncertainty explores why younger Americans embrace gambling, crypto, trading, and side hustles as traditional wealth paths erode.

AI Kids Toys

AI Kids Toys are reshaping play with smart, interactive experiences, while privacy, regulation, and trust define the future of childhood

Satellites & Digital Markets (+$157bn / year)

Satellites & Digital Markets explores how LEO internet like Starlink expands connectivity, unlocking billions in digital advertising and subscription growth

K-pop x Gaming

K-pop x Gaming explores why global fandom, monetization, and digital-native audiences make gaming the next step for K-pop expansion

Reimagining the Familiar

Reimagining the Familiar shows how remixing classic games and traditions fuels innovation, fan engagement, and lasting success

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

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

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

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

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

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

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 Industry Report - Q2 2025

In Europe, 79% of gaming VC funding in 2025 went to game studios

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

What is an IoT Security Solution and why it matters in 2026

What is an IoT security solution? Learn how it protects connected devices, why machine identity is the new perimeter and more.

Vertical SaaS: Key Growth Strategies for Startups in 2026

Explore key vertical SaaS growth strategies for startups in 2026, from AI-native workflows and embedded payments to pricing and more.

AI Investment Trends in 2026: What Investors Should Expect

Explore the top AI investment trends in 2026: $1T+ in global capex, record private funding, and key risks and opportunities.

What is an Investment Memo and how VCs use it in 2026

What is an investment memo? Learn what goes into one, how VCs use it to make decisions, and how AI is reshaping memos.

How AI Is Used in Security and Defense Systems

Learn how AI is used in security and defense systems. From intelligence, cybersecurity, and military decision-making in the present to the near future.

How Much Does It Cost To Build a Streaming Service (in 2026)

Wondering how much does it cost to build a streaming service? Learn real development costs, features, licensing, and VC insights.

What Are Dual Use Technologies + Examples (2026)

Learn what dual-use technologies are, why they matter in 2026, and explore real examples across AI, robotics, gaming engines, drones, and blockchain innovation.

Top 10 Best Soccer Video Games of All Time (Complete 2025 Ranking)

Discover the top 10 best soccer video games, from AAA classics to indie hits and blockchain experiments that keep fans and investors engaged.

Top 10 Popular Horror Video Games (Updated 2025)

Explore the 10 popular horror video games, their earnings, their impact on culture, and why venture capital firms are investing in the future of horror gaming.

How to Raise Capital for Developer Tools and Open-Source Infrastructure

Wondering how to raise capital for developer tools and open-source infrastructure? Konvoy breaks down adoption proof, monetization, and investor fit.

How Hardware Startups Can Secure Venture Funding

Learn how hardware startups can secure venture capital in 2025, from prototype validation to investor pitching and VC relationship management.

What Is UGC Content? All You Need to Know

Learn what UGC content is, why it is important in gaming, and how creativity from users is influencing marketing, fundraising, and venture capital trends

How to Raise Capital for Your B2B Tech Business (Full Guide)

Learn how to raise capital for your B2B tech business with strategies, investor insights, and funding steps to scale your project successfully.

Deep Tech Statistics in 2026: Trends, Market Size, and Sector Insights

Here are our Deep Tech statistics for 2026, covering funding trends, market size, AI, biotech, quantum computing, robotics, venture capital, and more.

How to Raise Capital for a Tech Startup in 2026

Learn how to raise capital for a tech startup, from bootstrapping to venture capital, funding stages, investor expectations, and other strategies.

How to Get a Job in Venture Capital in 2026

Find out how to get a job in venture capital, look at common career paths, important skills, and practical tips to get started.

Top 10 Best Community Engagement Platforms (in 2026)

Discover the 10 best community engagement platforms to build active communities, foster group learning, and scale digital ecosystems in 2026.

Investment Trends and Capital Allocation in Defense Technology for 2026

Wondering about Investment Trends and Capital Allocation in Defense Technology for 2026? See where Konvoy is placing capital now

How to Raise Capital for Interactive Entertainment and Consumer Networks

Learn how to raise capital for interactive entertainment and consumer networks, from proving engagement to picking investors who understand the category.

How to Raise Capital for Critical Infrastructure and National Security Tech

Learn how to raise capital for critical infrastructure and national security tech, from dual-use proof to picking the right investors.

How to Raise Capital for B2B Software Engineering Platform

Learn how to raise capital for a B2B software engineering platform, from proving technical adoption to picking investors who understand developer tools.

Why We Invested in Rare Candy (New Announcement)

Discover why we invested in Rare Candy and how its collector-first marketplace is reshaping fandom, community, and digital collecting in 2025.

Why We Invested in Root (New Announcement)

Discover why we invested in Root: a platform built to boost community coordination with purpose-built apps for seamless planning, organizing, and collaboration.

Top 10 Most Famous Video Games Characters (In 2026)

Discover the most popular video game characters, why they're popular, and why venture capital firms like Konvoy are investing in gaming IPs.

Top 13 Movies Based on Video Games (Ranked for 2026)

Explore the top movies based on video games, from AAA blockbusters to RPG gems reshaping Hollywood and gaming entertainment.

Why We Invested in Diversion (New Announcement)

Discover why we invested in Diversion: a modern, intuitive version control platform solving real dev and artist pain points across gaming, 3D, and beyond.

What is Enterprise Technology: Definition + 10 Examples (in 2026)

Explore "What is Enterprise Technology" in 2026, with 10 examples and insights on how venture capital firms like Konvoy fund enterprise startups.

What Are Consumer Apps in Tech? Guide + Examples for 2026

Explore what consumer apps are in tech and why they matter in 2026. Plus, discover how VCs like Konvoy support the future of consumer technology.

What is Deep Tech and What it Means for Startups?

Find out what deep tech is, why it is important for startups, and how VC firms invest in startups that shape the future.

How to Raise Venture Capital Funds for a Tech Startup

Learn how to raise venture capital funds for a tech startup with clear steps, investor expectations, pitch tips, and strategies to secure VC funding.

48 Venture Capital Statistics You Need to Know in 2026

Discover key venture capital statistics in 2025 and see how investment trends are shaping the future of startups and innovation globally.

How Does Vertical Integration Work? Full Guide (2026)

Learn how does vertical integration work and how businesses use it to control supply chains, reduce costs, and boost market efficiency.

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

Learn how to start a venture capital firm, from building a fund and legal setup to sourcing deals and attracting high-potential startups.

What are Blockchain Games and how they work? (2026)

Discover what are blockchain games and how they blend gaming with crypto, offering true asset ownership and play-to-earn opportunities.

Merger and Acquisition Examples (Updated in 2026)

Explore real-world merger and acquisition examples to understand how top companies grow, expand markets, and strengthen their competitive edge.

What are Flash Games? Will they still exist in 2026?

Learn what Flash games are and why they defined a generation of online gaming with simple, creative, and instantly playable browser fun.

How Many People Play Video Games in 2026? (and most popular genres)

Explore how many people play video games in 2025 and uncover surprising trends shaping the future of gaming worldwide.

Venture Capital vs Hedge Fund: What You Need to Know

Understand the differences between venture capital vs hedge fund to choose the right investment approach based on risk, return, and strategy focus.

What Are MOBA Games? A Complete Guide (2026)

Discover what are MOBA games and why these multiplayer online battle arenas captivate millions with strategy, teamwork, and real-time action.

What Are the Stages of Venture Capital? A Complete Guide

Discover what are the stages of venture capital, from seed to exit, and how each phase supports startup growth and investor returns.

Venture Capital vs Private Equity: What You Need to Know

Explore the key differences between venture capital vs private equity to understand which investment path fits your financial goals and risk profile.

How to Start Investing in Gaming: The Best Ways

Learn how to start investing in gaming with smart strategies, top platforms, and insights to enter this fast-growing digital market.

How to Keep Up with Gaming News: A Complete Guide

Stay ahead with Konvoy and learn how to keep up with gaming news through trusted sources, newsletters, esports, and venture capital insights.

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

Learn how to get venture capital funding in 2025 with our simple, step-by-step guide, designed after years of partnering with founders like yourself.

Why We Invested in Minno (New Announcement)

Discover why we invested in Minno: it brings quality kids content to a massive, underserved Christian audience with strong values and a proven subscription model.

Best Books on Venture Capital in 2026 (Updated)

Discover the best books on venture capital to master startup funding, investor strategies, and build financial insight into the VC world.

What is Capital Raising: A Detailed Guide (for 2026)

Explore what capital raising is and how businesses secure funding to grow, innovate, and bring new ideas to life in competitive markets.

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

7 Benefits of Video Games in Education in 2026 and why they are important

Discover the benefits of video games in education and how they boost learning, creativity, and engagement in and beyond the classroom.

What Are MMO Games? A Quick Guide (2026)

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

What Are the Benefits of Video Games? Top Reasons to Play in 2026

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

What Are the Most Popular Games: A 2026 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? A Complete Guide (2026)

Discover what idle games are and why they’ve become a favorite for casual gamers seeking fun, low-effort gameplay and steady rewards.

Why We Invested In Nerd Street

Konvoy invested in Nerd Street to expand esports access through campus gaming venues, boosting participation, viewership, and community-driven competitive gaming.

Why We Invested in Magic Potion Games

Konvoy invested in Magic Potion Games for their unique approach to cozy, minimalist game design and strong connection with passionate global players.

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 (2026)

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

Why We Invested in k-ID

Konvoy invested in k-ID to empower safer digital experiences for kids, helping developers stay compliant and parents manage online safety confidently.

How to Raise Venture Capital: A 2026 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 2026 Guide With Everything You Need to Know

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 2026 (Updated)

Discover the best gaming newsletters of 2024. Get breaking news, game development, and console or mobile gaming updates delivered to your inbox.

Why We Invested in Afference

Konvoy invested in Afference to support their breakthrough neurostimulation tech, bringing touch back to spatial computing through advanced haptic innovation.

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

Discover how our investement in Solsten and how it uses psychological insights and in-game data to help studios understand players, improve design decisions, and build better games.

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

Pok Pok creates play-based learning experiences for kids, blending creativity and education through handcrafted digital toys, shaping the next generation of imaginative thinkers.

Our Investment in Sanlo

Sanlo provides game and app developers fast, non-dilutive capital and a unified financial OS to fund growth, manage data, and scale.

Our Investment in Gamefam

Konvoy invested in Gamefam to empower creators on Roblox and drive the future of metaverse gaming through scalable UGC innovation.

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

Ready Player Me builds cross-game avatars for the metaverse, enabling persistent digital identity, customization, and interoperability across hundreds of 3D apps and games.

Konvoy Fund II Announcement

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

The Future of Self-Expression is Pixelated

Explore how The Future of Self-Expression is Pixelated through identity, gaming, avatars, and interoperable pixelated style.

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 Vital Reality (Origami Game Engine)

A New Era for Game Engines

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