The video games industry saw record consolidation in 2012, with total spending on buyouts and mergers hitting $4.2bn.
Games Industry reports on research from investment bank Digi-Capital that took a closer look at last year's acquisitions.
While there were 26 per cent fewer deals during the period versus 2011, a handful of massive consolidations more than made up for it on the way to record figures.
Standouts include Sony's $380m acquisition of Gaikai, and Nexon's 15 per cent purchase of NCsoft for $685m – with many others taking place in the Chinese and Korean markets.
The findings add that external investment figures into the industry were down for 2012, and suggest that Zynga's IPO and the subsequent mess that followed has spooked venture capitalists.