The mobile gaming market is maturing, leading to consolidation among developers and publishers. As the costs of user acquisition and live operations increase, there are now higher barriers to entry and success is concentrated among a smaller number of large players. This document discusses three trends in the changing M&A scene: 1) late-stage markets will see consolidation as large companies acquire others to own market segments; 2) mid-sized companies will build portfolios through strategic acquisitions of 2-7x revenues/EBITDA; and 3) large companies will build studio systems through selective publishing deals and alternative investment structures to develop long-term opportunities.