We continue to sum up the results of 2025 with experts in the gaming market. Next on the list is an interview with Vasily Maguryan, CEO of the investment company "Gaming Holding."
How was the year 2025 for your business? What key results would you highlight—both successful and unexpected ones?
Vasily: We focused less on the number of projects and paid more attention to building a sustainable business model.
The main achievement was the launch of the new publisher ZAVOD Games, which marked the beginning of forming a comprehensive ecosystem-based gaming direction in our business.
ZAVOD Games has already announced its first project, "Myth of Empires: Conquests," whose beta test will start early in the year. There is more to come.
"Myth of Empires: Conquests"
In your opinion, how did the gaming investment market change in 2025—both in terms of interest in segments and in the structure of deals?
Vasily: In 2025, the gaming investment market became noticeably more grounded and rational. Investors focus less on hype and more on sustainable models, clear economics, and production quality. Interest in technologies, especially AI tools that speed up development, reduce costs, and increase predictability of results, has grown. Deal structures have also become more complex, with earn-outs and mechanisms tied to actual performance metrics becoming more common.
What has changed for those looking to attract investment for development? Have evaluation criteria, requirements, or approaches changed?
Vasily: In 2025, investors became more demanding in project preparation. It’s not just about having an idea anymore; now it's crucial to have a working prototype and a stable team. The world has become less predictable, so the focus has shifted to projects with a clear strategy, realistic economics, and transparent management. Early investments are still possible if the studio demonstrates growth potential, strong expertise, and can prove their plan is achievable. Mature studios remain a priority as they provide investors with stability and minimal risks.
Have there been any "red flags" in 2025 that have become more frequent when evaluating projects?
Vasily: The main "red flags" remain the same but have become more evident.
For example, unrealistic financial models: the so-called "investor's hockey stick," where forecasts promise explosive growth without a real basis.
Which gaming genres and platforms appeared most promising for investments today?
Vasily: In 2025, projects with deep user engagement and predictable economics look most promising. MMOs remain among the most stable genres: vibrant communities, regular updates, and in-game services provide a consistent cash flow and long lifecycle. These projects are increasingly built around events and seasonal content, enhancing their investment appeal.
On the other end of the spectrum are indie games. They reach the market faster, require smaller budgets, and allow hypothesis testing without critical risk. This makes them appealing to investors seeking quick capital turnaround.
Regarding platforms, the trend is clear: multiplatform capability has become a mandatory standard. The market is fragmented, and projects that can organically exist on multiple platforms—PC, consoles, mobile devices—get a clear advantage. Investors increasingly look at a product's ability to scale and retain an audience across different ecosystems.
What changes are you expecting in the gaming venture market in 2026?
Vasily: In 2026, the market will likely continue to grow, but the approach to investments will become even more selective. Investors will pay more attention to the quality of teams, their managerial competencies, and the real business model of projects. The role of funds ready to work with smaller studios and help them reach the next level will strengthen. Interest in technological solutions—AI, network infrastructure, live-service approaches—will grow. Everything that helps extend the product's lifespan, improve audience retention, and increase revenue predictability will be the focus.
What are your plans for 2026? Perhaps you're ready to announce the number of deals or share upcoming releases from portfolio companies?
Vasily: The main focus will remain on developing ZAVOD Games. We are preparing several new announcements that will strengthen the publisher's position and set a quality benchmark for Russian online projects.