"Project financing is increasingly used for PC and console development," says Ilya Gutov from Meridian Play on the outcomes of 2025

It's December outside. Many have already started decorating the Christmas tree. I'm sure some are even putting up paper snowflakes on the windows. This means it's the perfect time to reflect on the quickly fading year of 2025. As per tradition, App2Top, together with representatives from gaming and ancillary companies, is doing just that before the New Year. This series kicks off with an interview with Ilya Gutov, founder of the gaming accelerator Meridian Play.

How has the year 2025 been for your business? What key results would you highlight — both successful and unexpected ones?

Ilya Gutov, Meridian Play: This year officially marked our first anniversary, and we've expanded our team to 10 people. Right now, we have a large flow of projects into Asia, as initially planned. Additionally, companies from China, Korea, and Southeast Asia have started approaching us for advisory and participation in the accelerator (currently the ratio is about 80/20). Considering that our entire setup and messaging were initially geared towards Western teams, we see this as an excellent result. We strive to focus only on the projects we truly believe in and avoid losing that focus.

Among the pleasant surprises was working with the team responsible for the new mobile Delta Force.

Among the less pleasant ones was the need to reassess some of the accelerator's exclusivity deal terms. Many startups come seeking the "best offer" while already having offers on the table. This has prompted us to learn how to effectively interact with teams smaller than those I used to work with. Unfortunately, not all of them grasp the importance of business reputation. There have been incidents.

One of the interesting regional events was the successful first Gamescom Asia in Thailand. I see this as a good sign: we're moving in the right direction.

How did the gaming investment market change in 2025 — both in terms of interest in segments and in deal structure?

Ilya: The capital is still there, but investors are reconsidering models to lower risks. Project financing for PC and consoles, as well as UA financing for the mobile segment, is increasingly being used.

What has changed for those seeking investment for development? Have assessment criteria, requirements, approaches changed?

Ilya: A team’s previous stellar experience no longer guarantees deals. Investors are increasingly focusing on current metrics, process stability, and execution quality.

Have there been more examples of "red flags" that became common in project evaluations in 2025?

Ilya: Overstated valuations from previous rounds and the inability of a team to explain what has been achieved with previously raised funds are frequent issues. Teams sometimes struggle to distinguish between investor questions: where's the game plan, and where's the company growth plan?

Which gaming genres and platforms seem most promising for investments today?

Ilya: Publishers and investors are increasingly leaning towards AA budgets for PC games and lower budgets for mobile projects. Games no longer just compete with each other. They're also vying for users’ attention alongside movies, series, and entertainment apps.

If we highlight trends, AA project financing seems particularly promising — the genre can be almost anything since the PC Buy-to-Play market operates by different rules than the mobile one.

In the context of mobile studios, Vietnam and Turkey stand out as investment-active regions. Turkey remains the hottest hub, though company competition and valuations are rising. Vietnam is attractive due to the gaming boom in recent years.

What changes do you anticipate in the gaming venture market in 2026?

Ilya: Despite news of layoffs and studio closures, the global picture remains stable — the industry's revenue continues to grow at a rate of 3–4% annually. This should motivate the market to keep experimenting, developing partnerships, exploring new development models, and entering new markets.

It's difficult to give a definitive forecast, but I notice a growing trend of de-globalization: the market is fragmenting even within individual regions. For us as a consultancy company, this means an increase in work volume. For the venture market, it's more of a downside: there's a rise in tax and legal burdens, and most importantly, it becomes unclear where to find exits under these new conditions.

What are your plans for 2026?

Ilya: We plan to open an additional office in Kuala Lumpur (Malaysia) and expand our team. We also intend to close the information gap — begin regularly sharing market insights and deal news (within what we can disclose) because in our first year, we were fully immersed in operations.

We're not an investment company — we help studios attract funding and find publishers. For large companies, through advisory services; for smaller ones, through the accelerator. We're not planning a separate structure for project financing in 2026, but we continue to explore this direction.