Global mobile game in-app purchase (IAP) revenue declined 7% year over year to $19.6 billion in the third quarter of 2026, as falling downloads and the continued dominance of established titles put pressure on the mobile gaming market, according to Aream & Co.’s latest Video Game Market Update.
The report, drawing on Sensor Tower data through September 30, found that no mobile game released in 2026 had entered the world’s 20 highest-grossing titles during the latest 12-month period. Only three games in the ranking were less than two years old, highlighting the concentration of consumer spending among established franchises.
The decline in mobile spending contrasted with continued revenue growth on Steam, while the console market also recorded a double-digit contraction. Meanwhile, gaming mergers and acquisitions remained active, with quarterly deal value reaching $57.8 billion, largely driven by Electronic Arts’ $55 billion take-private transaction.
Mobile game consumer spending reached $19.6 billion in Q3 2026, compared with approximately $21 billion in the same period last year. Revenue was also down 2% over the trailing 12 months, while downloads fell 10%.
Aream & Co. linked the decline to a smaller installed base, suggesting that the mobile gaming market is facing pressure from both lower acquisition volumes and weaker spending growth.
The download decline is particularly relevant for publishers that rely on acquiring new players to sustain revenue. With fewer new installations, companies face greater pressure to monetize existing audiences and maintain engagement across established titles.
The data also indicates that the downturn is unevenly distributed, with publishers in certain Asian markets and Türkiye continuing to record revenue growth despite the broader contraction.
One of the report’s findings is the absence of newly released games from the global top-grossing rankings.
Not a single mobile game launched in 2026 appeared among the 20 highest-grossing titles for the 12 months ending September 2026.
Tencent’s Honor of Kings led the ranking with approximately $2 billion in gross IAP revenue, followed by Last War: Survival at $1.9 billion and Whiteout Survival at $1.8 billion.
Royal Match also generated approximately $1.8 billion, while MONOPOLY GO! followed with $1.7 billion.
Other major titles included Gossip Harbor: Merge & Story, Candy Crush Saga, Kingshot, Coin Master, Roblox, Pokémon GO and PUBG MOBILE.
The ranking illustrates the revenue advantage held by games with established audiences and ongoing monetization systems.
According to Aream & Co., 13 of the 20 highest-grossing games were more than four years old, representing 65% of the ranking. Another four were between two and four years old, leaving just three titles younger than two years.
Among the more recent releases, Kingshot and Delta Force, both launched in 2025, secured positions in the top 20. Last Z: Survival Shooter, released in 2024, was another of the younger titles in the ranking.
The figures reflect the difficulty new games face in displacing established franchises in a market where long-running titles continue to capture a substantial share of consumer spending.
Gaming M&A Reaches $57.8 Billion in Q3 2026
Despite weaker revenue trends in parts of the gaming industry, mergers and acquisitions remained active during the quarter.
Aream & Co., using InvestGame data, recorded 54 gaming M&A transactions worth $57.8 billion in Q3 2026.
The number of transactions was the second highest of the post-pandemic period, while the total disclosed deal value was heavily influenced by the $55 billion take-private acquisition of Electronic Arts, which the report recorded as completed in August.
The concentration of deal value in one transaction means the headline figure does not necessarily reflect a comparable increase in the size of acquisitions across the wider market.
Other notable transactions included Nazara Technologies’ $303 million acquisition of Bluetile, Alibaba’s sale of Lingxi Games to Trustar Capital for more than $1.5 billion, and Netmarble founder Bang Jun-hyuk’s acquisition of Tencent’s stake in Netmarble for approximately $270 million.
Sony Music Entertainment also acquired a minority stake in GungHo Online Entertainment in a transaction valued at approximately $180 million.
The report highlighted an acceleration in acquisitions of game developers and publishers. During the first nine months of 2026, 18 control transactions involving gaming content companies carried valuations above $100 million, approaching the combined total recorded from 2023 through 2025.
Asian companies accounted for several of the quarter’s notable transactions, reflecting continued investment and consolidation activity across the region.
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