Gaming, growth and new consumer trends

In the recent episode of Nothing Ventured, a podcast led by our founder and CEO Aarish Shah, he sits down with Anton Backman, General Partner at Play Ventures, an early-stage venture capital fund focused on gaming and gaming-adjacent technologies.

Having joined Play Ventures at its inception in 2018, Anton has spent years investing in gaming startups across Europe and beyond. Before that, he co-founded Wave Ventures, Europe’s largest student-led venture capital fund. Together, Irish and Anton explored the current state of gaming, how investment trends are evolving, and why some of the most interesting opportunities now sit beyond traditional gaming categories.

One of the first topics discussed was gaming’s place within today’s venture capital landscape. While gaming saw a huge boost during the pandemic, Anton explained that investor enthusiasm has cooled in recent years. Despite gaming remaining one of the world’s largest entertainment industries, venture capital has shifted its focus elsewhere as growth rates have normalised.

A key distinction Anton highlighted was the difference between PC and console gaming and the mobile gaming market. While blockbuster console titles often dominate headlines, mobile gaming has historically produced many of the industry’s biggest venture-backed success stories and exits. As a result, mobile remains a major area of focus for investors.

However, building a successful mobile gaming company is becoming increasingly challenging. Anton emphasised that creating a great product is only one part of the equation. The ability to acquire users, market effectively and convert players into paying customers is often just as important as the game itself. In many cases, distribution and user acquisition can determine whether a promising title succeeds or fails.

The conversation also touched on the rise of Istanbul as one of the world’s most exciting gaming ecosystems. Anton explained that the city’s success stems from a combination of historical strengths in browser-based gaming and a steady influx of entrepreneurial talent. As a result, Istanbul has become a major hub for mobile gaming innovation, while some of Europe’s more established gaming centres, such as Helsinki and Stockholm, have become less dominant than they once were.

Beyond gaming itself, Play Ventures has expanded into adjacent sectors including microdramas and real money gaming. Anton explained that both areas fit naturally within the firm’s broader consumer investment thesis. As entertainment habits continue to evolve, investors are increasingly looking at businesses that can capture large, engaged digital audiences, regardless of whether they fit neatly into traditional gaming categories.

Real money gaming was another particularly interesting topic. Anton discussed the significant opportunities in markets such as India, where growing smartphone adoption and large consumer audiences are driving demand. At the same time, he acknowledged the challenges created by changing regulatory environments.

Regulation, Anton argued, is one of the most important factors shaping the future of the sector. While consumer protections are essential, overly restrictive regulation can sometimes push players towards unregulated alternatives, creating unintended consequences for both consumers and operators. For investors, navigating these evolving frameworks requires balancing commercial opportunities with ethical considerations and long-term sustainability.

Overall, the conversation offered a fascinating look at how gaming investment is evolving. From the continued importance of mobile gaming to emerging opportunities in new forms of digital entertainment, Anton provided valuable insight into where investors are looking today and how founders can position themselves for success in an increasingly competitive market.