Sector note · Gaming
Gaming: buyers pay for proven titles
Turkish studios are valued on what their games earn worldwide; buyers pay for proven titles but tie part of the price to later results.
Landmark exits
- 1Peak Zynga · USD 1.85bn · 2020
- 2Rollic, 80% Zynga · USD 180m · 2020
- 3Dream Games, venture investors’ stakes CVC · USD 5bn (reported company value) · 2025
- 4Loom Games Scopely · USD 1bn (reported company value) · 2026
- 01
Turkish players spent about USD 1.01bn on games in 2025, up 24.7% in dollars; a large share of mobile spending goes to foreign publishers.
- 02
The same report counts 1,289 active local studios and teams, 62% of them mobile-focused.
- 03
Zynga bought Istanbul’s Peak for about USD 1.85bn in July 2020, then 80% of Rollic for about USD 180m, pricing the rest on later results.
- 04
In May 2025 Dream Games (Royal Match) raised about USD 2.5bn in debt and equity in a deal that made CVC its sole equity investor and bought out its venture investors; the deal was reported to value the company at about USD 5bn.
- 05
In February 2026 Scopely agreed to buy a majority of Loom Games, the Istanbul maker of Pixel Flow!, months after launch, on performance-based terms; trade press reported a valuation above USD 1bn.
Orion view
Control buyers of Turkish studios have mainly been foreign publishers, paying for cash earned after marketing, lasting retention and a team that stays. Sell while a title is still growing and monthly data prove it; a second game in development strengthens your position. Expect part of the price to depend on later results, and negotiate those targets and your role as carefully as the headline value.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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