2023

GAME DEVELOPMENT
REPORT

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 ⟶ INTRODUCTION
INTRODUCTION
We’re at an interesting point in the games industry. It’s never been easier
to start, nor harder to scale, a game. New tools and technologies are
removing the barrier to entry, giving developers and even gamers the
power to create faster than ever before. At the same time, blockbuster
AAAs continue to set the bar higher and higher with groundbreaking
achievements in immersion, photorealism, and novel gameplay. 02 INTRODUCTION

These dynamics are catalyzing rapid evolution in game development,

drawing the attention of corporate teams, industry analysts, and
investors. However, most of game development is institutional knowledge; 06 LEVEL 1: MARKET DYNAMICS
while lowered barriers and rising bars of game development are an open
secret, there isn’t much specificity or data about why or how.

For this reason, we decided to publish research on the state of game 12 LEVEL 2: INDUSTRY CHALLENGES
development. We hope it serves as a call to action for innovation and
funding in areas that improve the world of the creative and creator so
that we, as players, continue to have a lifetime of joy with these incredible
experiences. 26 LEVEL 3: EVOLVING PRODUCTION PROCESSES

We conducted our research and formed this analysis with two

important caveats:
• Our focus was to examine the technology & practices behind game
33 LEVEL 4: EMERGING TECH TRENDS
development. There are many other elements that govern the
success of a game (i.e. gameplay, community, IP)
• We often present a market-level view. The reality is that game
production looks vastly different across segments like genres or
hardware platforms

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 ⟶ INTRODUCTION
GEOGRAPHY THE DATA
Our research methodology involved 60+
interviews with industry experts to form
CAN
17% hypotheses and validate survey questions,
UK
many who are quoted throughout the
12% 537
TOTAL STUDIOS report.
SURVEYED
We conducted a survey of 537 studios
across the globe to gather the data used in
USA this report. To mitigate the risk of fraud or
JPN
36% negligence in survey responses, participants
12%
underwent thorough vetting and verification
OTHER using Imperium’s QualityScore and Dynata’s
Other: 33%
33% NQI data quality certification.

PARTICIPANT ROLE STUDIO SIZE

THE DEMOGRAPHICS
Artist & content creation The survey was designed with overall
38%
20% 22% QA & testing
36%
industry questions as well as deep dive
Data, analytics, monetization
25% sections for studio management, artists,
13% producers, developers, data teams, and
Production
26% testers. Respondents were asked
11% Small (1-49) Medium (50-99) Large (100+)
Developer & software engineer demographic questions about studio size
8%
Studio management and geography to ensure a representative
view of the industry.

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 ⟶ INTRODUCTION
GAME ENGINE

Unreal Engine
Unity

THE GAMES
Proprietary Engine
Godot
Open-source Framework

0% 10% 20% 30% 40% 50%

We gathered a comprehensive and
inclusive sample size that represents a
PLATFORM
variety of game platforms, engines, and
categories, aiming to improve the PC
heterogeneity or our data. Console
Mobile
Respondents were asked to identify their Web

current game project’s game engine, AR/VR

All of the above
intended platform, and game type. This
data was used to examine more granular 0% 10% 20% 30% 40% 50% 60% 70% 80%

trends that we observed through these

market segments. No personally identifiable CATEGORY
information was gathered during the survey,
and respondents not able to identify Casual
Midcore
themselves or their employer.
AAA
AA
Hypercasual
All of the above

0% 20% 40% 60%

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 “The games business is changing rapidly but few
are looking at how it affects the foundation of
game production and technology. This report
casts a light on an underserved area in our
industry, making it a must read.”

Julien Merceron
CHIEF TECHNOLOGY OFFICER
BANDAI NAMCO

ACKNOWLEDGEMENTS
"Releasing a great game isn't enough anymore. In
an era of keeping content relevant to a global
playerbase, we're constantly faced with new

FROM THE EXPERTS

challenges, and we use research like this to
continue honing our craft.”

Scott Forrest
CHIEF COMMERCIAL OFFICER
ELECTRONIC ARTS (EA)

"Between making games, studying games, and

running a studio, it gets tougher and tougher
not to be 'in the weeds.' Reports like these help
us pause, take a step back, and see the Forest
for the Trees."

Ben Brode
CO-FOUNDER & CHIEF DEVELOPMENT OFFICER
SECOND DINNER

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 Level 1

MARKET DYNAMICS
External forces that are changing
game development

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 ⟶ LEVEL 1 ⟶ MARKET DYNAMICS
KEY TAKEAWAYS

TAKEAWAY ONE TAKEAWAY TWO TAKEAWAY THREE

Game development costs are Studios of all sizes are focused Game technology doesn’t meet
increasing as studios strive to on launching or transitioning to the user needs of more
keep up with industry trends live service models demanding game projects

77% 65% 88%

of studios reported that the cost of studios are currently working of respondents are actively
of game development is on a title with a regular update evaluating new tools to bring
continuing to rise cadence for their game into their workflows

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 ⟶ LEVEL 1 ⟶ MARKET DYNAMICS
COMPETITIVE MARKET The charts below show whether respondents agree or disagree
with the following industry trends

CONDITIONS ARE
Multiplayer games need The cost of game Players expect AA/AAA
cross-platform support development is rising quality content

AFFECTING GAME STUDIO 78% 77% 77%

STRATEGY
Studios need analytics for Live services are necessary
Rising market competition and escalating consumer monetization and retention for long-term title success

expectations are changing the industry landscape. Large

studios are struggling to rein in game budgets especially as 66%
75%
projects become more ambitious. Meeting the high bar set by
AAA titles for game quality is proving to be a significant hurdle,
requiring sizeable teams. Additionally, providing cross-platform Agree Disagree

support for multiplayer games poses a particularly daunting

task for smaller studios with limited resources. The chart below shows the most challenging industry trends for
studios segmented by their current game project

Hypercasual Casual Midcore AA AAA

Satoru Igita
GM OF MONSTER STRIKE, MIXI
Rising game budgets 17% 18% 18% 16% 20%
"Users expect higher quality games, so production costs
have increased to create that quality. Switching costs for
Players expecting AA/AAA quality 18% 18% 22% 20% 19%
users has an upwards trend, so acquiring new users can’t
be pursued without saving expenses by improving
Supporting cross-platform
production efficiency. Creativity used to dominate game gameplay
7% 13% 10% 10% 14%
planning, but now it’s becoming more and more important
to add strategic thinking to our innovative ideas.” Building robust data analytics 17% 14% 18% 15% 13%

Delivering live services 12% 16% 15% 17% 20%

Columns may not add up to 100% of the population due to the chart’s omission of free response answers

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 BLACKSTORM

⟶ LEVEL 1 ⟶ MARKET DYNAMICS

GAME DEVELOPMENT
CONTINUES TO BECOME
MORE EXPENSIVE
Game budgets are climbing from the need to differentiate amidst the
flood of new titles fighting for player attention. Technical departments
like gameplay programming and software engineering are expected
to see the most significant budget increases, primarily driven by
project complexity and cost of talent. Studio teams are also expecting
increased spend on game design and data analytics, although these
total budget sizes are typically smaller than other areas (e.g. art).

The chart below shows which respondents expect an increase in their

game budget, segmented by job function

Game design

Game programming

Data analytics

SW engineering
Jon McElroy
QA & testing VP OF ENGINEERING, ANNAPURNA INTERACTIVE

Game art
"As the medium continues to advance,
0% 20% 40% 60% 80% teams grow naturally more ambitious and
the complexity of the problem space
Significantly increase Increase increases. While some costs have come
down in the last decade from commodity
development tools, the overall cost of
© Rendered Venture Capital & Griffin Gaming Partners 2023 development continues to go up.”
 PAHDO LABS

⟶ LEVEL 1 ⟶ MARKET DYNAMICS

STUDIOS ARE EMBRACING LIVE
SERVICE BUSINESS MODELS
Game studios are adopting live services in a strategic shift to pursue more
lucrative business models. Games continuously evolve during live services through
ongoing content releases, feature updates, and gameplay enhancements, aimed
at raising player lifetime value. This contrasts with traditional game models that
rely on sales or downloadable content (DLC) to maintain relevance.

Mobile game companies already live in this world (pg. 30 highlights how they
have evolved to master this craft), but other market segments are still acclimating
to the strategies needed to keep players engaged decades after a launch.

95% of studios are either working on or intend to release a live services* title

5%
currently working on a title delivering live services to
its players

30%
intend to release or transition a title to a live service
model

65%
have no plans for live services in any upcoming title
Phil Mansell
CEO, JAGEX

“Every game we intend to make or acquire will have significant live

*Live services is defined as any regular update cadence planned for a game
service components, it’s essential for our economic model now.”

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 ⟶ LEVEL 1 ⟶ MARKET DYNAMICS
USERS NEED MORE
The chart below shows how many respondents experience pain points or unmet needs
FROM THEIR TOOLS with their game development technology, segmented by job function

AND TECHNOLOGY Testers

These external forces and industry trends are having an

impact across the various game development
Data & Analytics
disciplines. Game projects are becoming more
demanding, and teams are beginning to feel a gap
between what they need to be successful and the
Developers
current state of game technology.

Every segment of our survey population indicated a high

degree of unmet needs from their game development Production

technology, with 88% of total respondents actively

evaluating new tools to bring into their workflows.
Artists

Studio Management
Gabriele Farina
SENIOR DIRECTOR, UNITY

“Looking to the future, game development faces

0% 10% 20% 30% 40% 50% 60% 70%
a universal challenge: inadequate technology.
Addressing this is crucial.”
Unmet needs Pain points

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 Level 2

INDUSTRY CHALLENGES
How game development disciplines
are affected by change

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 ⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES
KEY TRENDS
ARTISTS DEVELOPERS TESTERS

3D art tools don’t support a Figma-like Games suffer from long build times, More frequent and complex testing
workflow that artists need for more preventing efficient development requirements are pushing teams to
ambitious game projects processes needed for high quality releases explore automation tools and strategies

74% 65% 43%

of artists believe the cost of 3D content of developers said they have 10+ minute of QA/testing teams are using or
creation is becoming more expensive iterative build times evaluating the use of testing automation

DATA SCIENTISTS PRODUCERS STUDIO MANAGEMENT

Considering a game’s analytics needs Producers lack visibility into dependencies Studios without tooldev teams struggle with
during development helps minimize data across a project, making it difficult to form custom middleware while large studios with
usability issues post-launch accurate estimates and coordinate releases tooldev teams are faced with technical debt

32% 63% 53%

of data teams said data usability is the of producers find release coordination to be a Of large studios expect to struggle with
biggest challenge painful task managing their technical debt

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 ⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ ARTISTS
THE COST OF CONTENT
IS RISING AS GAME
The chart below shows which factors artists believe are most
responsible for the increasing cost of content creation

COMPLEXITY GROWS Required quality of

game assets is rising

Powerful technologies are helping artists raise the

Game environments
quality bar for game art while also helping smaller are becoming larger

scope projects drive down their cost of content.

More complex
game design
Despite new content creation tools for parametric
assets, procedural editing, and prefab asset packs,
74% of artists believe the cost of 3D content creation More realistic
character animation
is becoming more expensive.

Teams that aim for photorealism utilize complex Talent is more costly
scanning workflows, high poly models, and high-
resolution textures that require painstaking
optimizations and validations to fit within the project’s 0% 10% 20% 30% 40% 50% 60% 70%

compute budget. Rank 1 Rank 2

Rohan Knuckey Plenty of games aren’t shooting for photorealism, but even stylized
LEAD TECH ARTIST, EA
projects are building more detailed environments and complex level
“Development studios relentlessly pursue larger scale
games, higher fidelity, and intricate complexity to designs. Animations, physics, and effects are important to give an
capture market share and keep players engaged. Of immersive player experience.
course, content creation time, effort, and costs go up.”

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 FUSE GAMES

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ ARTISTS

ARTISTS DON’T HAVE
ITERATIVE OR COLLABORATIVE
WORKFLOWS
The world of a 3D artist is comprised of locally run programs, absent standards
and massive filesizes, resulting in artist workflows that are powered by tedious
manual processes to import/export, update, validate, or share data. 3D art
tools are far away from the type of effective iteration and collaboration that 2D
users enjoy via things like Figma or Miro. While 3D art tools are incredibly
advanced at simulating reality, artists report a high degree of pain points with
the processes that surround the direct use of their tools: their workflow.

The chart below shows the specific pain points in artists’ day-to-day work

Upload/download of large files

Validating asset submissions

Managing large asset libraries

Working collaboratively

Converting filetypes

Creating new assets vs recycling

Jae Hyun Yoo
DIRECTOR/FOUNDER, STUDIO SAI
0% 20% 40% 60% 80%
"The evolution of art assets in video games is increasingly complex,
Very painful Painful reflecting mature storytelling and versatility beyond traditional
gameplay. However, a significant challenge is the lack of concurrent
editability in content creation tools, hindering dynamic, immersive
© Rendered Venture Capital & Griffin Gaming Partners 2023 experiences and underscoring a key area for innovation."
 ⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ DEVELOPERS
LONG BUILD TIMES FORM
INEFFICIENT DEVELOPER uild

PROCESSES
Long build times are endemic to the software architectures used
in game development. Lengthy build times (which can be
multiple hours on AAA projects) shape inefficient production
processes by preventing iterative development, reducing the
amount of bug testing, and wasting developer productivity with
long downtimes.

Minimizing build times is essential in live service development

when speed and quality are needed under short production
timelines. Game development teams must actively explore
various strategies to enhance build time efficiencies, spanning Long build times Short build times
from critical code architecture choices to the implementation of • Slow development cycles from • More development iterations
bundling updates into large builds • Less developer downtimes
tools designed to accelerate the build process. • Long downtimes during build times • More testing and less bugs
kill developer productivity • Improved collaboration and
• Fewer iterations drive less testing experimentation

Francois Pelland The chart below shows the iterative build times developers have on their
VP IEG GLOBAL, TENCENT TBD current project
"Game teams that reduce, constrain, and streamline
their build times will reduce project and operating “T D”
cost, increase the quality of their games and most 34% 45% 16% 4%
importantly, be closer to their players' needs.”

0% 20% 40% 60% 80% 100%

30 min+ 10-30 min 5-10 min <5 min

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 GARDENS INTERACTIVE

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ DEVELOPERS

CUSTOM MIDDLEWARE AND
PIPELINE FRAGILITY ARE
FRUSTRATING FOR GAME
DEVELOPERS
Game developers are frequently building custom tools and integrations
between their tools to form a studio production pipeline. While the largest
studios have dedicated tooldev teams, the presence of custom middleware
creates a substantial burden for most other studios. Developers need to spend
extra time and effort to maintain custom middleware, which often lacks proper
documentation and breaks when a software update happens in the pipeline,
taking away time that would otherwise be spent creating new player value.

The chart below shows the specific pain points in developers’ day-to-day work

Maintaining custom tools & integrations

Developing & releasing for another platform

Changing pipeline tech

Yusuke Iida Building custom backend systems

DESIGN STUDIO AND VICE GENERAL MANAGER, LASENGLE

"In large-scale, long-term game development, teams must consider Time to build and compile
upgrades to their pipeline and tools even though it can be risky. Strategies
that enhance flexibility during pipeline modifications become essential. One 0% 20% 40% 60% 80%
effective approach is to use a readable intermediate format for asset output,
allowing data to be modified in bulk and avoiding the time-consuming Very painful Painful
process of re-exporting all asset data.”
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 INCLUDED GAMES

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ TESTERS

TESTING IS GETTING MORE CHALLENGING
AS GAME COMPLEXITY RISES
As games projects become more ambitious with complex game design, sprawling
environments, and realistic NPC behavior, more testing is needed to ensure a consistent and
enjoyable player experience. Studios need to maintain a balance between encouraging
creative exploration, maintaining production efficiency, and conducting thorough testing.
Automated testing is critical for development teams to conduct more tests and enhance
game quality without overwhelming production budgets and schedules.

43% of QA and testing teams reported that they are using or evaluating the use of testing
automation for their current project. Successfully automating testing requires more than
technology — it demands extensive process redesign in developer roles and studio operations.

The chart below shows how testers expect QA & Testing to change in the next 3-
5 years, segmented by their game project team size

Large (100+)

Medium (50-99)

Small (1-49)
Joshua Romoff
R&D SCIENTIST AT UBISOFT LAFORGE
0% 20% 40% 60% 80% 100%
"Testing massive open-world games
can be challenging. That's why we've
Increase in complexity Decrease in complexity been developing Machine Learning
tools for automated testing.”

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 ⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ TESTERS
LIVE SERVICE GAMES
PRESENT NEW CHALLENGES The chart below shows the tests that testers report to consume
the most time & effort on their game project

FOR TESTERS Function tests

The number of tests that need to be run grows over the course of
Combinatorial tests
a game’s lifecycle. Live service games drive increased testing
complexity the longer the title lives on, as every update to the
Playtest
game project adds more functionality and logic.

Performance tests
The reality is that players will run more hours on a game in its first
week, or even day, than a testing team can ever hope to Ad hoc tests
accomplish. Rather than trying to find and squash every last bug,
testing teams need to develop best-practices to identify the Regression tests
most important gameplay features and prioritizing testing
around those elements to create a playable and fun experience Asset validations
— and maybe even pass off a playable bug as a feature!
Smoke tests

Christoffer Holmgård Unit test

CEO, MODL.AI
“Game testing is a many-headed hydra. As a game
Collision tests
grows over time, the project grows more complex and
more fragile. The industry can’t just throw bodies at the
problem anymore. Teams need to form unique 0% 10% 20% 30% 40% 50% 60%
strategies and use specialized tools to manage the
compounding complexity of game development.” Rank 1 Rank 2

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 MUUS COLLECTIVE

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ DATA SCIENTISTS

DATA-DRIVEN DECISIONS DRIVE
BETTER GAME PERFORMANCE
Data analytics are incredibly valuable for shaping strategy and title
management. Games that possess a clear understanding of their monetization
strategies are well-positioned to fine-tune their in-game economies and boost
their revenue streams. It can be especially powerful to use data analytics to
shape a game’s roadmap, but interpreting game data to inform game design
was reported to be the most difficult analysis for data teams.

The chart below shows which analyses data teams report to be the most challenging
Game experience (e.g. funnel)

Monetization (e.g. store)

Player valuation (e.g. LTV)

Game performance (e.g. crash)

Player analysis (e.g. segmentation)

User acquisition (e.g. ASO)

0% 10% 20% 30% 40% 50%

The chart below shows which analyses data teams report to be the most valuable
Monetization (e.g. store)

Player analysis (e.g. segmentation)

Game performance (e.g. crash)

User acquisition (e.g. ASO)

Player valuation (e.g. LTV) Sarah Fuchs,

CO-CEO, CO-FOUNDER, AND CHAIR, MUUS COLLECTIVE
Game experience (e.g. funnel)

"Data has been critical in informing our strategy for what we're
0% 10% 20% 30% 40% 50%
building at Muus, particularly when it comes to diversity and
Rank 1 Rank 2 inclusion and the need for players to find representation and express
© Rendered Venture Capital & Griffin Gaming Partners 2023 themselves in games."
 HARDBALL GAMES

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ DATA SCIENTISTS

AN EARLY FOCUS ON GAME
DATA IS ESSENTIAL FOR
POWERFUL ANALYTICS
It’s critical to develop games with a focus on data from the start, rather
than looking through a massive lake of game data after launch to
determine what analyses can be drawn. Failing to consider LiveOps data
needs during game development can lead to insufficient structure in the
game data. This leads to ineffective data that is overwhelming and
difficult to use, requiring significant effort to tag, merge, or transform.

The chart below shows the most challenging barrier data teams
face with making data driven-decisions

Data is challenging to utilize

Challenges in analysis

Data not readily available

Michael Othen-Reeves
Not a culture of making data-driven decisions
CREATIVE DIRECTOR, INCLUDED GAMES

0% 10% 20% 30% 40% 50% 60% "It's never too early to get the right eyes on
your game's data. Scaling data operations
Rank 1 Rank 2 post-production takes more effort to
achieve less sophisticated results and
limits your ability to respond effectively.”
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 NEON WILD

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ PRODUCERS

GAME PROJECTS LACK THE
VISIBILITY NEEDED FOR
ACCURATE PLANNING
The code and architectures used in game projects cause linkages between
features that grow more complex over time, creating hidden costs during
production. When producers form estimates to develop a new feature, or
update an old one, they lack visibility into the maze of dependencies in the
game code or game build and only discover them after development starts.
Navigating this additional complexity eats up additional time and budget,
and as a result, production estimates struggle with accuracy.

The chart below shows the extent to which studios exceeded

their budget in their most recent game project

80%+

60-80%

40-60%

20-40%

Guillaume Hansali
GM JAPAN, KEYWORDS STUDIOS 10-20%

"Games have become so complex that estimating their cost is like trying <10%
to solve a puzzle without all the pieces and realizing halfway through
that you’ve been solving the wrong puzzle. We try to estimate each
feature independently to reduce complexity but tend to miss features’ 0% 10% 20% 30% 40% 50%
architectural dependencies.”

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 HARMONY GAMES

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ PRODUCERS

DEVELOPER AND DESIGN TEAMS
ARE MOST LIKELY TO MISS
ESTIMATES
Gameplay programming is most impacted by intricate code linkages that make
accurate production schedule or budgets difficult. Game design teams are also
prone to miss deadlines and budgets due to dependencies. Design teams have
many roles that manage content, systems, narrative, audio, and more. These
teams are all dependent on each other, constantly working to stay in concert as
they explore new ideas that affect other team decisions. As design teams
experiment or stumble upon emergent gameplay interactions, this constant state
of adjustment cascades across team deadlines and budgets.

The chart below shows which teams producers The chart below shows which teams producers
experience the most schedule delays experience the most budget overages

12% 36% 27% 23% 2%

Game Programming
58%
0% 20% 40% 60% 80% 100%

15% 33% 31% 20% 1%

Game Design 42%
0% 20% 40% 60% 80% 100% Will CookMONKEYLEAGUE BY UNCAGED STUDIOS
CREATIVE DIRECTOR, BRAINJAR GAMES
On Budget 0-10% over 10-50% over 50-100% over 100%+
“Iterating for engaging gameplay is inherently unpredictable.
What is predictable: the insights gained will require an
© Rendered Venture Capital & Griffin Gaming Partners 2023
uncomfortable amount of 11th hour refactoring."
 ⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ PRODUCERS
INTRODUCING MORE
VARIABLES TO A PIPELINE
The chart below shows the specific pain points in producers’ day-to-day work

ADDS TO PRODUCTION Release coordination

COMPLEXITY Shipping hotfixes

A studio pipeline can consist of multiple version control

systems that different departments use to store their data. Patch or launch failures
A producer needs to navigate these systems and branches
that individuals are building on in order to grab the correct
inputs needed for a successful release.
Unexpected effects

Deploying more dedicated systems and using more

subsequent branches helps make individual workflows 0% 10% 20% 30% 40% 50% 60% 70%
more efficient, but also creates more variables that a
producer needs to track and manage for. Very painful Painful

Other variables can come from multiple deployment

environments required for cross platform games.
Scott Hartsman
Preparing an on-time game release becomes more and FORMER CEO, TRION WORLDS
more challenging as the number of these variables grow. "Teams that use multiple systems and branches to
support individual workflows end up with a matrix of
variables and unfortunate surprises to navigate.
Rapidly deployed MMOs have learned that a single
source of truth and constant iteration in the mainline
is more than just a good idea, it's a way of life.”

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 SHRAPNEL

⟶ LEVEL 2 ⟶ INDUSTRY CHALLENGES ⟶ STUDIO MANAGEMENT

‘BUILD IT YOURSELF’ CULTURE IS
A KEY DRIVER OF DEVELOPER
OVERHEAD AND TECHNICAL DEBT
Smaller studios don’t have dedicated teams to create and maintain custom
middleware or integrations, a luxury enjoyed by larger studios. Small and mid-size
studios must choose wisely when building custom software, as the ongoing
maintenance pipelines or tool libraries add overhead to development teams already
facing resource constraints.

Within larger studios with dedicated tool development teams, relying on tooldev
teams can become a double-edged sword. While these studios can construct a fleet
of custom plugins or middleware, they accrue technical debt that may spread to
other game titles that tend to share the same tools or pipeline. Ultimately, this gives
rise to long-term challenges at large studios that can impact the efficiency and
flexibility of multiple projects.

The chart below studios facing challenges The chart below shows studios expecting to
maintaining custom tools & pipeline software struggle with technical debt on their game project

100% 100%

80% 80%

60% 60%

Dino Patti 40% 40%

CEO AND FOUNDER, COHERENCE
20% 20%
In multiplayer development today, the availability of new
advanced tools has simplified the development process. Now 0% 0%
the real challenge is pushing the boundaries of what these Small/Indie Mid-sized Large Studios Small/Indie Mid-sized Large Studios
tools – and corresponding game experiences – can achieve.” Studios Studios

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 Level 3

EVOLVING PRODUCTION
PROCESSES
The impact of live services

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 ⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES
KEY TAKEAWAYS

TAKEAWAY ONE TAKEAWAY TWO

Fast-paced live service production schedules make Game platforms, mobile, and MMO teams are
developer velocity and release stability a priority pioneering scalable development practices

51%-61% 68%
of producers want to have a weekly or biweekly of producers think their production pipelines are
release cadence unfit for live services

In a live services world, games are competing to Game development norms were formed around
attract and retain their player attention. Production shipping a game once, not to support continuous
teams are leaning into fast-paced game updates to improvement.
consistently offer new player value.
Live service leaders have turned to modern software
The speed at which features can be developed and development principles, such as modular architectures,
stability when delivering updates are critical to player DevOps practices, and automation infrastructure to
experience and title health build long term success for their flagship titles

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 ⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES
LIVE SERVICE TEAMS WANT Live service games need to keep their players interested and
engaged amidst the sea of other titles competing for their
FAST-PACED RELEASE attention. Production teams without a robust game update

SCHEDULES
cadence can quickly find themselves at risk of losing their player
base to games with constant player engagement and consistent
new player value.

Across the industry, live service teams reported their ideal

production schedules as weekly to biweekly for LiveOps cadences
Content
Updates and biweekly to monthly for game content updates. In the context
Gameplay of game development, which typically spans multiple years, live
meta
Bug fixes
service production schedules are moving at breakneck speed.
Gameplay
Release Economy Features
Cycles Hotfixes

Game The chart below shows respondents ideal live service

Balancing New cadence for respondent’s titles
Narratives

Bug fixes 28% 30% 20% 15% 7%

Game balancing 20% 29% 28% 16% 7%

Meta 23% 28% 28% 17% 3%

Economy 14% 33% 28% 22% 2%

Sasha Shams
PRODUCER, RIOT GAMES
"In a world of live service games, game teams stay competitive by Content 12% 22% 29% 27% 11%
building trust with their players through a consistent stream of content
updates and balance adjustments to keep the game fresh. To keep up 0% 20% 40% 60% 80% 100%
with player expectations, development teams are under increased
pressure to continuously deliver new content while also juggling updates Daily Weekly Biweekly Monthly Quarterly
to quickly respond to player feedback or fix a game breaking bug.”

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 ⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES
GAME PRODUCTION IS Traditional Game Development // 2-3 years

EVOLVING TO Alpha

PRIORITIZE VELOCITY
elease

elease

AND STABILITY
eta
elease
elease

Multi-year game development forms production processes and

pipelines that are intended to deliver a few key milestones in Prototype Playable inal elease
what is essentially a waterfall process. Production in live
services, however, is a constant state of planning & adjusting
game parameters to enhance player experience while
designing and deploying new features to add new player value.
Live Service Game Production // 5+ Years
68% of producers believe their pre-launch production
pipelines are not suitable for live services. LiveOps Strategy
Developer
Successful live service teams are changing their studio Velocity
operations and infrastructure to prioritize developer velocity and How efficiently new
release stability needed in the live service era. features & content
are created

Release
Maurizio de Pascale
CTO, IO INTERACTIVE
Release
“Games aren’t just content, they’re software too. With live Stability
services, we’re constantly delivering software to a living How healthy each
breathing product. Studios need to be ready and embrace the release is
'always shipping' mindset early on during development: use
the same pipelines and workflows even for internal builds.”

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 ⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES
LEADERS BUILD DEVELOPER Developer Productivity

PRODUCTIVITY What are they

doing differently?
Measuring developer efficiency is challenging when there are no Platforms
Best in Class
standard KPIs and workflows that change drastically between building a DevOps maturity
small feature or a large system. Our research drew from SaaS frameworks
(DORA) to focus on the update frequency, feature planning accuracy, Containerized architectures
rework rates, and lead times for an average game update. Mobile Leaders & MMOs
Top Quartile
Testing automation
The industry average has production estimates that are rarely accurate,
updates that frequently require rework, and months between when a
Tech debt management
feature is designed and when it’s deployed. Game developers tend to
shortcut efficient and scalable workflows in favor of saving time or cost.
Minimal build times
This strategy works when a game ships once but falls short with games
that grow over time. Games Industry Average Decoupled systems

The top quartile is a different story. Mobile & MMO teams were early
adopters of practices like DevOps and automation that support business
models which rely on consistent updates to drive retention. Game
Developer KPIs Games Best-in- Leading
platforms exhibit best-in-class developer productivity, with a SaaS-like Industry Avg.
Top Quartile
Class SaaS Orgs.
mentality for player experience and uptime.
Deployment Frequency 1-2/week 1/week 1+/day 1+/day

Rob Cameron Planning Accuracy 3% 33% >75% >80%

SR. TECHNICAL DIRECTOR, ROBLOX

“Moving from a monolithic code base to a microservices Rework Rate

61% 25% <5% <2%
(noticeable defects)
architecture was transformative for Roblox. We can
release multiple services per day, scale them up, and Lead Time 3+ months 2+ months <160 hours <42 hours
enable new features dozens of times per day.”

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 MILLION VICTORIES

⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES

TECH & INFRASTRUCTURE CREATE
COMPETITIVE ADVANTAGES FOR
STUDIOS IN GAME PRODUCTION
The root cause of most game production norms are the studio’s underlying technology and
infrastructure. Different games need to make different technology decisions and tradeoffs;
a single player game with no ongoing plans for updates may choose to consciously incur
technical debt to minimize development costs. Live service games need to build efficient

INDUSTRY CHALLENGES ⟶ PRODUCERS

production processes to quickly ship high quality releases, avoid service outages, and
prevent team bloat. Loosely coupled architectures help minimize build times, which drive
more iterative development that can properly leverage automation.

All things equal, teams with more efficient production processes end up with healthier titles.
By establishing developer KPIs, studio management can better manage production risks
and plan long-term strategies to improve a title’s performance.

Production Practices
KPIs Iterative development OUTCOMES
Documentation & visibility
• Faster releases
Developer Velocity & Tech debt management • Faster recoveries
Release Stability • Less bugs
• Lead times • Less outages Ulas Karademir
• Planning accuracy • Better player GM, REALITY OS (FORMER VP
• Rework rate experience ENGINEERING, UNITY)
Technology & Infrastructure
• Deployment freq. • Minimal downtimes
Loose/Modular architectures • Durable community "Plan for the endgame. If your game’s
Minimal build times go to market will be driven by live
Automation services, it’s crucial to integrate
support for post-production liveops
during pre-production development
© Rendered Venture Capital & Griffin Gaming Partners 2023 cycles to be successful.” 31
 ⟶ LEVEL 3 ⟶ EVOLVING PRODUCTION PROCESSES
THE IMPACT OF LIVE The chart below shows additional player churn from noticeable defects or outages

SERVICE FAILURES 10%+

5-9%
Production efficacy in live services carries a material impact
to business performance. When players encounter 3-4% 39%
disruptions in their gameplay experience, they lose
1-2%
engagement, and their frustration drives churn. The longer it
takes for development teams to address these issues, the <1%
more significant the financial impact becomes.
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Teams that fail to optimize their production and release

processes to meet fast-paced production timelines find
themselves caught in a costly break/fix cycle, siphoning
The chart below shows monthly revenue loss from noticeable defects or outages
valuable developer resources away from delivering new
player value and maintaining stable gameplay. In today’s
50%
market, this is the difference between a good game and a 5%+

truly great one — a distinction that can define a studio's

success and longevity in the industry.
1-5% 80%

Zorbey Canturk <1%

PRODUCT LEAD, ACTIVISION BLIZZARD KING
“AAA games are trying to tackle LiveOps like a Mobile
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
F2P, and mobile studios are trying to deliver content
more intricate than ever. Tech directors and
producers are caught in the middle trying to make it
work, and it’s expensive when it doesn’t.” Large studios Mid-size studios Small studios

© Rendered Venture Capital & Griffin Gaming Partners 2023 32

 Level 4

EMERGING TECH TRENDS

What to expect on the road ahead

© Rendered Venture Capital & Griffin Gaming Partners 2023 33

 ⟶ LEVEL 4 ⟶ EMERGING TRENDS
KEY TAKEAWAYS

TAKEAWAY ONE TAKEAWAY THREE

Studios want to buy vs build AI is starting to make an impact

65% 52%
of studios are planning to increase their of artists see AI creating as much value as
use of off the shelf tools a human artist within 2 years

Teams are excited about emerging game While studios are excitedly exploring a wide
technology and tools that help them get to range of AI use cases, artists are seeing the
market faster most benefit today

TAKEAWAY FOUR
TAKEAWAY TWO
Technical infrastructure is a priority
Cloud has a big role to play
63%
94% of studios are prioritizing IT, engineering, or
of studios are using or exploring the use of developer infrastructure investments
cloud infrastructure
Technology innovation is becoming a
Hyperscalers will play a bigger role as critically important strategy for executive
studios virtualize their infrastructure and management teams
support cloud streaming

© Rendered Venture Capital & Griffin Gaming Partners 2023 34

 EVERYREALM

⟶ LEVEL 4 ⟶ EMERGING TRENDS

THE INDUSTRY ATTITUDE
TOWARDS CUSTOM
SOFTWARE IS CHANGING
Game studios are home to some of the most technically talented
individuals and have traditionally built bespoke software tools,
engines, backends, or anything else they needed in pursuit of the
desire to push creative boundaries.

However, there's a shift mentality happening, with 65% of all studios

now preferring to “buy vs build” their game technology.

The game industry is in a much more mature state than over the
previous decades, with well-funded companies ranging from
startups to tech giants providing powerful solutions that simply
weren’t available before.

The chart below shows respondents’ preference for building

vs. buying their game development technology
80%
Reid Schneider
EXECUTIVE PRODUCER, RACOON LOGIC 60%

“We ALWAYS prefer to buy vs. build. When

40%
we buy, we know there’s a team out there
whose primary mandate is to support the
20%
tools/tech. As a development studio, we
need to focus on what our players can feel,
0%
touch, and see. Spending time building
Buy off the shelf tools Build custom tools
custom tech is not our focus as an
independent developer. We need laser-like Small Studios Mid-size Studios Large Studios
focus on our content.”

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 ⟶ LEVEL 4 ⟶ EMERGING TRENDS
The chart below shows the primary reason respondents would
buy a solution instead of building their own STUDIOS SEEK TO
Standardize the technology we use
STANDARDIZE THEIR
Improve game time to market
TECHNOLOGY & IMPROVE
Improve technology stability
TIME-TO-MARKET
Reduce cost of game development
Studios are enthusiastic about shifting away from a culture of
building and maintaining custom technology. 65% of
Avoid long term technical debt respondents said they plan to increase their use of OTS
technology over the next five years.

0% 10% 20% 30% 40% 50% A key value proposition for ‘buying vs building’ solutions is to
make it easier to find and hire talent who use industry standard
The chart below shows the primary reason respondents would software, rather than spending months to onboard developers to
build a custom solution instead of buying OTS
a custom tool. However, studios remain cautious about whether
Not enough functionality off the shelf tools can meet their requirements, which vary widely
across game types. Another key concern is becoming over-
Risk of vendor support reliance reliant on vendor support. In the event of mission-critical system
failures, studios need to ensure swift issue resolution without the
risk of being stuck waiting for a vendor's response.
Too expensive

Steep learning curve Chris Bell

CREATIVE DIRECTOR, GARDENS INTERACTIVE

“Using widely adopted software lowers the barrier for

teammates to quickly jump in and contribute to a
0% 10% 20% 30% 40% 50% project, while also helping us spend more time and
Rank 1 Rank 2 resources on the development of the game itself.”

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 ⟶ LEVEL 4 ⟶ EMERGING TRENDS
GAME TECHNOLOGY The chart below shows the technical support preferences of respondents

VENDORS NEED TO OFFER

MORE THAN JUST SOFTWARE
Installation/Activation Support 44% 50% 6%

Support SLAs 44% 48% 8%

As customers, game studios buy more than just software licenses, especially
with mission critical software and at large AAA teams. Solution vendors need
to consider the technical support needs of their customers, as well as Paid Premium Support 40% 46% 14%
additional enterprise features that larger publisher IT teams typically require.

Technical Support Software LTS 39% 49% 12%

Offering installation and activation support, typically over the first 90 days, is
essential to help onboard customers successfully help reduce problems a Enterprise Security 38% 43% 19%
game team might face down the line. Studio customers also strongly prefer, if
not require, vendors to provide license options with defined support level
0% 20% 40% 60% 80% 100%
agreements (SLAs) that help establish support visibility and accountability for
mission critical systems. Required Strongly Preferred Not Important

Enterprise Requirements
Maurizio Sciglio
Larger companies often require extra support features to help unexpected DIRECTOR, TECHNOLOGY PARTNERSHIPS, EPIC GAMES

problems from arising. For example, game teams often freeze their software “Adopting a 3rd party solution is one of the most
critical, existential decisions a studio makes.
versions to avoid breaking pipeline integrations which mean vendors need to Developers must trust that the vendor is stable,
offer continued bug fixes and enhancements even for legacy products via credible, and has an adequate support structure in
place for when things inevitably go wrong. After all
Long Term Support (LTS). they’re trusting the vendor with their most valuable
assets: their money and creations!”

© Rendered Venture Capital & Griffin Gaming Partners 2023

 SHRAPNEL

⟶ LEVEL 4 ⟶ EMERGING TRENDS

PRODUCTION TEAMS WANT TO
USE THIRD PARTY SOLUTIONS FOR
THEIR BACKEND SERVICES
Game backends have seen a major shift towards the use of 3rd party backend software,
especially for services that do not require extensive customization. Developers are
eager to avoid re-creating the wheel for more generic services like social features or
server hosting. Game services that are more unique to a project’s gameplay or logic,
such as player data or matchmaking, are still likely to be custom built.

Ultimately studio teams are looking to save time and budget while enabling a rich set of
meta-game features with minimal launch risk. 23% of developers would consider
entirely relying on a 3rd party backend provider, while 94% of studios are seeking to
use at least one off the shelf service in their backend stack.

The chart below shows what respondents are using for their backend services

“
Custom Off the shelf
Player data
61% 39%
Matchmaking
58% 42%
Economy
51% 49%
Eden Chen
Social features
CEO, PRAGMA
46% 54%
Server hosting
“Game studios at large are transitioning from expensive custom
47% 53%
solutions that are costly to build and even costlier to maintain, to
LiveOps
backend game engines which give studios a richer set of backend
48% 52%
features out of the box, leading to more stable launches and better
player retention.” 60% 40% 20% 0% 20% 40% 60%

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 BLACKSTORM

⟶ LEVEL 4 ⟶ EMERGING TRENDS

AI IS EXPECTED TO HAVE A
SIGNIFICANT IMPACT ACROSS ALL
ASPECTS OF GAME DEVELOPMENT
The industry is buzzing with excitement about the potential impact AI can have across
the game development lifecycle. Emerging AI tools are expected to expand creativity,
improve productivity, and lower skill barriers. With too many specific use cases to
properly define, we decided to ask respondents which key domain of game
development they expected AI to have the most impact.

The chart below shows which aspect of game development

respondents expect to be most impacted by AI

NPC design

Game system design

Testing & QA processes

Game art (e.g. environment)

Narrative & story design

Game programming

Audio/language creation

Player-generated content Kylan Gibbs

CEO, INWORLD AI

0% 5% 10% 15% 20% 25% 30%

“Creating AAA-quality NPCs that are interactive, believable, and
Rank 1 Rank 2 essential to core game loops is becoming accessible to studios of
all sizes, with the help of AI character engines. Shifting from scripted
dialogue to dynamic, player-driven narratives is just the first step in
© Rendered Venture Capital & Griffin Gaming Partners 2023 how AI NPCs will contribute to living, breathing game worlds.”
 HARDBALL GAMES

⟶ LEVEL 4 ⟶ EMERGING TRENDS

TODAY’S AI TOOLS CATER
MOSTLY TO ARTISTS
While the industry remains enthusiastic about the potential of AI, the usage and value
creation of new AI tools are still in their early stages. For example, generative AI tools that
generate 2D, or even rudimentary 3D, concept art still need to solve challenges with
copyright protection before major studios feel comfortable bringing these assets into
production workflows.

It is important to note that we do not see AI tools ‘replacing’ studio employees. Game
development is a creativity maximizing industry. If a technology can save a project $1M,
teams are far more likely to reallocate that budget to more features than reduce the
game budget by $1M.

The chart below shows when respondents believe AI tools will provide as
much value as a game studio employee

Artist 19% 33% 22% 15% 11%

Data analyst 10% 36% 38% 17%

Producer 2% 29% 22% 42% 4%

QA/Tester 5% 24% 45% 21% 5%

Developer/SW engineer 5% 17% 37% 29% 12%

Studio management 20% 35% 45%

Matt Wyble
CHIEF OPERATING OFFICER, SECOND DINNER
0% 20% 40% 60% 80% 100%
"It’s always been David vs. Goliath for small
It already is 1-2 years 3-5 years 5+ years Never studios, and the rising costs of developing
games make it harder every year. A new wave of
tools and services, many AI-powered, give David
© Rendered Venture Capital & Griffin Gaming Partners 2023 a mecha suit to even the odds.”
 ⟶ LEVEL 4 ⟶ EMERGING TRENDS
WORKFLOWS ARE The charts below show respondents’ biggest concerns with migrating their
studio workflows to the cloud

MIGRATING TO THE CLOUD Small & Indie <50 people

Performance (e.g. scalability, latency)
Over the past decade, game studios have slowly been adopting
cloud capabilities into their workflows and pipelines for use cases Reliability (e.g. stability, uptime)

like virtual workstations, storage, and build servers. Common risks

Learning curve
and considerations that studio teams consider between operating
on-prem vs hybrid or public cloud infrastructure revolve around
reliability, security, and performance. Mid-size studios tended to 0% 10% 20% 30% 40% 50%

be the most cost-conscious while smaller studios were concerned Mid-size 50-100 people
with the learning curve of changing their technology. Performance (e.g. scalability, latency)

Long term, workflows and pipelines are expected to continue to Reliability (e.g. stability, uptime)

embrace cloud capabilities, with 46% of studios using cloud

Learning curve
infrastructure in production and 48% exploring or using cloud
infrastructure in R&D.
0% 10% 20% 30% 40% 50%

Large 100+ people

Dan Carpenter Performance (e.g. scalability, latency)

DIRECTOR, AWS FOR GAMES

“Game developers need to focus on building fun, Reliability (e.g. stability, uptime)
innovative games that delight players versus spending
time and effort handling infrastructure. Cloud
Learning curve
technologies accelerate game production, improve
developer efficiency, and enable remote work in ways
that simply aren’t possible with legacy IT infrastructure.”
0% 10% 20% 30% 40% 50%

Rank 1 Rank 2

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 HOMETOPIA BY EVERYREALM

⟶ LEVEL 4 ⟶ EMERGING TRENDS

STUDIOS ARE EXCITED ABOUT
TECHNOLOGY THAT HELPS
REACH A WIDER AUDIENCE
Game studios are excited to implement cloud streaming for their
upcoming projects. The technology is improving rapidly, making streaming
easier for developers to support and more performant for players.

The chart below shows respondents’ interest in supporting

cloud streaming in an upcoming project

Console Mobile PC

3% 3% 6%
25%

40%
57% 42% 52%

72%

Yes No, but interested No, not interested

Cloud streaming has a strong value proposition for all developers.

Eliminating constraints like storage or performance enable low-powered
devices to have high-powered experiences and expand a title’s playerbase
to an audience without a high-end PC. While console developers express
the most planned adoption, 65% of all game studios intend to support
cloud streaming in their upcoming projects.

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 BATTLETABS

⟶ LEVEL 4 ⟶ EMERGING TRENDS

EVERYREALM

BROWSERS UNLOCK NEW

POSSIBILITIES FOR GAMES,
ESPECIALLY ON MOBILE
The mobile browser is quickly becoming a viable game platform with the
arrival of new technologies like WebGPU and HTML5. There are a slew of
benefits that developers are excited about, from near-native level graphics
performance to inherent cross-platform support and streamlined game
updates. Browser-based games also sidestep app stores’ revenue cut,
allowing for more lucrative economic models if games are successful.

83% of game developers think browsers could be a viable game platform in

the next 3 years, indicating high confidence in where the technology is going.

The chart below shows when respondents would consider browser-based

technologies (e.g. HTML5, WebGPU) as a viable platform for an upcoming title

Viable today

Brandon Wu 1-3 years

FOUNDER, GANGBUSTERS
"Web games aren’t just released; they have a dynamic and
responsive development cycle. We build them in the open with a 5+ years
live audience to iterate rapidly, gather feedback, and deploy
updates and fixes daily. With the ability to distribute to a diverse
distribution channels and devices with ease, it’s a stark contrast Not viable at all
to traditional platforms, giving us a unique go-to-market motion
that is as agile and adaptable as our games."
0% 10% 20% 30% 40% 50% 60%

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 BLACKSTORM

⟶ LEVEL 4 ⟶ EMERGING TRENDS

MANAGEMENT TEAMS ARE
PRIORITIZING STUDIO
TECHNOLOGY INVESTMENTS
The technology a studio uses in-game development has become a key
differentiator for game performance in the live services era. Management
teams are realizing the role technology has in shaping processes that impact
both the top and bottom line. Game companies are forming dedicated
teams to scout and evaluate new tools as well as stepping up investments in
in technology that can help them move fast, capture attention, and deliver
consistent player value.

The chart below shows which departments are a top priority for studio
technology investments
Software Engineering

Game Programming

Game Design

Game Art

Studio IT Infrastructure

Data & Analytics

Testing & QA
Naohiro Shimoto
0% 10% 20% 30% 40% 50% CVC MANAGER, SEGA SAMMY

Rank 1 Rank 2 “Line-of-sight to frontier technology and disruptive new use cases
are incredibly valuable for our studios. Our team is focused on
© Rendered Venture Capital & Griffin Gaming Partners 2023 exploring and investing into the future of games and entertainment.”
44
 A NEW MARKET LANDSCAPE IS EMERGING
PLANNING PRODUCTION LAUNCH LIVE SERVICES
Art Engine Games Launcher Revenue Optimization

Backends Fraud Deterrence Player Analytics

Animation & MOCAP

Multiplayer & Networking Content Moderation Modding

Asset Management & Optimization

Workflow & Collaboration UA / Creators Marketplace & Rewards

Character Engine
Version Control & IDE Cloud / Web Gaming

Social & Community

QA / Testing

Talent / Operations Software

“Game development has never been more technically and creatively demanding. From new design and development Sinjin Bain
thinking to an evolving hardware and tool environment, game developers need to be more sophisticated than ever.” EXECUTIVE PRODUCER, TENCENT

© Rendered Venture Capital & Griffin Gaming Partners 2023 45

 A NEW MARKET LANDSCAPE IS EMERGING
“Game development has never been more technically and creatively demanding. From new design and development thinking Sinjin Bain

THE PATH FORWARD

to an evolving hardware and tool environment, game developers need to be more sophisticated than ever.” EXECUTIVE PRODUCER, TENCENT

PLANNING PRODUCTION LAUNCH LIVE SERVICES

Art Engine Games Launcher Revenue Optimization
The current state of the gaming industry is marked by a saturation of content, escalating costs, and a need for
market correction by established players. Amidst these hurdles, developers that can leverage emerging
technologies and build production advantages have ample opportunity for differentiation.

Technical innovations in gameBackends

technologies like AI, automation, cloudFraud Deterrence
services, and blockchain, have exciting Player Analytics
Animation & MOCAPpotential to supercharge creativity, reduce production risk, and improve the player experience. While these
technologies equip studios with new opportunities, it is important to acknowledge that the tools often require
significant process innovation and a departure from legacy game production and operations norms.
Multiplayer & Networking Content Moderation Modding
This research indicates that improvements in game technology are driving an overall shift towards more agile
and iterative production cycles, akin to the journey that modern software development experienced in the past
Asset Management & Optimization
decade. We expect these advancements to encourage risk-taking and UA foster innovation in genres, gameplay, Marketplace & Rewards
/ Creators
Workflow & Collaboration
and business models.

The historical success of such ingredients in fostering new category leaders and driving double-digit growth in
Character Engine
the gaming market highlights anControl
Version opportune
& IDE moment for technologyCloud
innovation. We have highlighted many of
/ Web Gaming
the leading companies already building modern and powerful capabilities on the market landscape slide. The
2023 Game Development Report aims to inform and inspire market leaders and emerging founders dedicated
Social & Communityto creating the tools and solutions that will propel the gaming industry into its next phase of growth.
QA / Testing

Talent / Operations Software

© Rendered Venture Capital & Griffin Gaming Partners 2023 46

 DISCLOSURES

This presentation is for information purposes only and is not intended as investment advice, an offer or solicitation with respect to the
purchase or sale of any security. Securities of any fund managed by GGP Management, L.P. (“GGP” or “Griffin Gaming Partners”) or
Rendered VC are offered to selected investors only by means of such fund’s governing documents and related subscription materials,
which contain significant additional information about the terms of an investment in any such fund. Any decision to invest must be based
solely upon the information set forth in such documents, regardless of any information investors or prospects may have been otherwise
furnished, including this presentation.

There is no guarantee that any investment objective will be achieved. Past performance is not indicative of future results, which may vary.
An investment with Griffin Gaming Partners or Rendered VC is speculative and involves significant risks, including the potential loss of all or
a substantial portion of invested capital and the lack of liquidity of an investment.

This document reflects data and information made available to GGP or Rendered VC as of Q3 2023, and all such data and information are
subject to update and revision. Although such data and information has been obtained from, and are based upon, sources that GGP
believes to be reliable, no representation or warranty, express or implied, is given by GGP or Rendered VC as to the completeness of such
data and information.

The GGP or Rendered VC funds are invested in certain of the companies in this presentation, but such companies are not representative of
all investments made or recommended by Griffin Gaming Partners or Rendered VC on behalf of its funds. It should not be assumed that
investments made, or investments made in the future by Griffin Gaming Partners or Rendered VC will be, or will continue to be, profitable.
Please contact us if you would like additional information regarding all portfolio companies held by the GGP or Rendered VC funds.

© Rendered Venture Capital & Griffin Gaming Partners 2023 47