"MMO remains one of the most resilient genres," Vasily Maguryan from "Gaming Holding" on the main events of 2025
We continue to wrap up 2025 with experts from the gaming market. Up next is an interview with Vasily Maguryan, the CEO of the investment company "Gaming Holding."
How was 2025 for your business? What key results would you highlight — both successful and unexpected?
Vasily: We focused less on the quantity of projects and more on building a sustainable business model.
The main achievement has been the launch of the new publisher ZAVOD Games, which marked the beginning of forming a complete ecosystem-oriented gaming direction in our business.
ZAVOD Games has already announced its first project — "Myth of Empires: Conquests," whose closed beta is launching at the beginning of the year. More to come.
"Myth of Empires: Conquests"
In your opinion, how has the gaming investment market changed in 2025 — both regarding interest in segments and the structure of deals?
Vasily: In 2025, the gaming investment market has become noticeably more grounded and rational. Investors are now less focused on hype and more on sustainable models, understandable economics, and production quality. There's increased interest in technology, especially AI tools, which accelerate development, reduce costs, and improve predictability of results. Deal structures have also become more complex, often featuring earn-outs and mechanisms tied to real performance metrics.
What has changed for those looking to attract investment for development? Have evaluation criteria, demands, or approaches changed?
Vasily: In 2025, investors have become more demanding regarding project preparation. It's not just about having an idea; it's crucial to have a working prototype and a stable team. The world has become less predictable, shifting focus to projects with a clear strategy, realistic economics, and transparent management. Early investments are still possible if a studio shows growth potential, strong expertise, and can prove its plan is achievable. Mature studios remain a priority, offering investors stability and minimal risks.
Have there been examples of "red flags" that have become more frequent in project evaluations in 2025?
Vasily: The main "red flags" today remain the same but have become more frequent.
For instance, unrealistic financial models, like the so-called "investor's hockey stick," where forecasts promise explosive growth without real grounds.
Which gaming genres and platforms seem most promising from an investment standpoint today?
Vasily: In 2025, projects with deep user engagement and predictable economics appear most promising. MMO continues to be one of the most stable genres: vibrant communities, regular updates, and in-game services provide a stable cash flow and long lifecycle. Such projects increasingly revolve around events and seasonal content, enhancing their investment appeal.
On the other end, indie games quickly reach the market, require smaller budgets, and allow hypothesis testing with minimal risk, making them attractive for investors seeking quick capital turnover.
As for platforms, the trend is clear: multiplatform has become a mandatory standard. The market is fragmented, and projects that can organically exist on multiple platforms — PC, consoles, mobile devices — clearly have an advantage. Investors are increasingly focusing on a product's ability to scale and retain audiences across different ecosystems.
What changes do you expect in the gaming venture market in 2026?
Vasily: In 2026, the market will likely continue to grow, but the investment approach will become even more selective. Investors will pay more attention to the quality of teams, their management competencies, and the actual business models of projects. The role of funds ready to work with smaller studios and help them reach the next level will strengthen. There will be growing interest in technological solutions — AI, network infrastructure, live-service approaches. Anything that helps extend a product's life, improve audience retention, and enhance revenue predictability will be in focus.
What are your plans for 2026? Are you perhaps ready to reveal the number of deals or share upcoming releases from your 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.