I spent 14 years helping build Paradox Interactive, growing it into a publicly listed company. When I felt the company had reached a stage where other leadership could take it further, I decided to step down. However, I still wanted to contribute to the gaming industry, which led me to start investing independently.
This journey evolved into co-founding an investment company called Aldeon with two business partners, including Paradox’s former CFO. For three and a half years, we worked together to manage and grow a shared portfolio of investments. Eventually, I realized I wanted more autonomy in my decision-making, particularly when choosing where to invest. This led to us to separating some holdings and transitioning Aldeon into a more passive owner.
Today, I manage a portfolio of around 25 companies, engaging with them to varying degrees. For the ones where I’m both an investor and board member, I’m deeply involved. In others, I may act as an angel investor or provide advice without financial involvement. Beyond this, I co-founded a new investment company with one of my Aldeon partners, focusing on project investments within the gaming industry.
In addition to my investment work, I’m passionate about supporting early-stage companies, especially those in gaming and tech that emphasize a user-centric approach. These companies typically aim to build strong communities, disrupt existing norms, or cater to niche audiences.
Lastly, I dedicate time to pro bono work, which is also an important part of what keeps me busy.
The gaming industry faced significant challenges in both 2023 and 2024. Many hoped for a quicker recovery, but 2024 proved to be another tough year, with continued layoffs, difficulty raising capital, and a shifting landscape. However, resilience is nothing new for the gaming world.
On a brighter note, the industry is still growing. In Sweden, 2023 data shows the gaming sector generating more export revenue than the country’s iron ore and fashion industries respectively, making it a vital contributor to the economy.
Hardship has also driven innovation. Studios are exploring new ways to survive, from disruptive business models to targeting fresh audiences. The industry has grown larger, with more money, established rules, and a highly digital society that requires a new playbook to succeed.
Discoverability remains a major challenge. Steam data reveals that now about 50 games are launched every weekday, making it harder for studios, especially smaller ones, to stand out in a saturated market.
Global trends also reflect exciting shifts. The Game Awards highlights the growing influence of Asian developers, showcasing their impact on the industry’s future.
Meanwhile, upcoming regulations will require the industry to adapt, and we hope they can lead these regulatory changes sustainably.
Profitability is increasingly tied to visibility, which comes at a cost. For studios unable to secure funding or sales, the road ahead remains tough.
I feel more optimistic about 2025. There are signs that things are changing, and industries like Swedish gaming are continuing to grow. I think 2025 and 2026 will bring notable shifts.
When it comes to technology, there’s a lot of discussion around cloud gaming i.e making games accessible directly in the cloud without the need for high-end hardware. It hasn’t gained widespread traction yet, but experts believe 2025 could be the year it begins to have a real impact. Major players are also investing heavily in the space.
AI will also continue to be a big topic. How it’s applied to games will be interesting to watch. In the shorter term, AI can automate repetitive tasks, freeing up developers to focus on creativity. In the longer term, it could transform how games are made, potentially reshaping jobs and processes in game development. I know several VC-backed AI companies focusing on supporting game development, using AI to enhance creativity and streamline the process.
For indie studios, AI might make creating games cheaper and faster, allowing for more output. But discoverability remains a challenge—producing more games doesn’t solve the issue of standing out. Beyond that, player engagement will be critical. Games are increasingly becoming platforms where players create experiences rather than always following linear stories. At its core, though, I see gaming as a connection and human experience. Technology alone can’t replace that. At least that’s my hope.Â
E-sports is another area set to grow further. DreamHack recently wrapped up in Stockholm, drawing 52,000 visitors from 58 countries—a remarkable turnout, especially given the current economy. It shows how engaged people are with games, both as players and spectators.
Economic factors are also influencing gaming. Games are still a very cost-effective form of entertainment, offering long-lasting experiences for a relatively low price per hour. Whether it’s big titles or smaller, gaming has become a mainstream escape, far beyond its niche hobby roots. The definition of what a gamer is has also become much more broad. Just look at the success of games like Candy Crush.
One important trend to watch is the shifting sentiment around investment in the gaming industry. In the last few years, it has become much harder for companies to secure funding compared to the more generous investment periods of the recent past. These changes have reshaped the landscape, and many are hoping that 2025 will bring a renewed, more positive outlook for game investments.
If the sentiment improves, it could lead to exciting opportunities and foster innovation, as studios and investors will have more confidence to support new ideas and projects. As opposed to an approach where the focus is more on managing risks and cutting costs. This shift could contribute to some very positive developments across the industry.
Finally, we can’t talk about 2025 without mentioning the Grand Theft Auto 6 release. Currently slated for autumn 2025, it’s set to be a massive cultural event. Studios will need to carefully consider their release schedules to avoid being overshadowed. For context, GTA V (released in 2013) has sold over 205 million copies worldwide—an astounding figure.
One thing that has helped close the gap between smaller studios and big industry players is the accessibility of tools, technology, and game engines. These are now much more affordable and widely available, allowing small teams to create high-quality games. Platforms like Steam also make it easier for smaller studios to launch their games.
That said, the biggest challenge for smaller studios is cutting through the noise. Large companies have the advantage of established brands, big marketing budgets, and name recognition. In contrast, smaller studios often struggle with funding and operate on much tighter margins. They’re also more vulnerable to market changes, which can be harder to navigate without significant resources.
However, smaller teams can adapt more quickly to industry shifts. I remember seeing this at Paradox when digital distribution started. Large companies took a long time to adapt, but smaller Swedish studios pivoted quickly, and it worked very well for us. Catering directly to a global audience, rather than relying on intermediaries, became a major advantage for smaller companies in Sweden.
Another advantage of smaller teams is that the creative process can often be more intensely collaborative, which leads to exciting and innovative ideas.
I’ve been playing a lot of Nintendo games on the Switch lately, especially as a family. We even traveled to Germany to playtest a project I’ve invested in that’s similar to the games we enjoy as a family—it was a really fun experience.
I play a lot of games on my mobile phone. My current obsession is Yahtzee. The last game I spent a lot of time with on console was Stray, an adorable game about a cat that’s not as cute as you think once you start playing it.
Asian games are doing incredibly well, and there’s a lot to learn from their success. While I haven’t looked deeply into the details, they seem very focused and unapologetic about their content. They know their audience and cater to them directly. It reminds me of how Paradox built its success by focusing on a specific audience and tailoring games to meet their needs.
I’m looking forward to seeing companies bring fresh ideas to the table, not just in the games themselves but in their business practices. I’m particularly excited about new approaches to how the industry operates—I hope to see these efforts become even more visible in 2025.
While my focus has been heavily on Europe, I’m looking forward to expanding beyond that next year. For example, I’ll be heading to DICE in Las Vegas and plan to visit Brazil. The gaming scene in Brazil is exciting; it’s growing rapidly and gaining global recognition. Brazil now has its own version of Europe’s Gamescom, which is exploding in popularity. I’m eager to contribute to and learn from this emerging market.
I’m also passionate about amplifying new voices and supporting entrepreneurs. The industry is becoming much more accessible, and you don’t need 20 years of experience in gaming to have a valid perspective. I’m excited to see fresh talent and ideas shaping the future of the industry.
This is what’s so special about the gaming industry, there are surprises all the time. The only thing that’s guaranteed about predicting trends is that they will always be wrong in some aspects. It has to do with timing and so many other factors. The one thing we can know for sure is that there will be surprises. It could be related to big company movements, specific games, cultural phenomena or something entirely different.Â
Making games more accessible is something that’s talked about more now and it’s also worked on more. There are some fantastic organizations like Able Gamers and SpecialEffect who have worked really hard to train and teach developers about smaller things that can make the games more accessible to everyone but also have worked on the bigger scale.Â
There is assistive technology like the Xbox Adaptive Controller that connects to any external controllers to allow you to make the games you love more accessible. I’ve seen more steps in this area and gaming in general. I think it is a fantastic way to ensure more people can game regardless of their starting point.  Â
Sidebar: Have you seen/heard of: The remarkable life of Ibelin (Documentary about a man with disabilities and the life and connections he was able to create through gaming)? I remember reading about that story when it happened. Now they’ve done a beautiful documentary about it, showcasing just how much magic can happen when people meet online and play games together. Of course, World of Warcraft is a very special game. It lends itself well to that but we see similar things in other games and in other communities. And I think it’s that connection that I was talking about before that we need more of as technology advances.Â
I think it’s good to show that games can be so much more than just spending time on some hobby and technology, right? Why do you think gaming has become so big? That’s one of the reasons – the feelings and connections that gaming evokes in us.
Sometimes parents come to me and they ask me, should I be worried if our kids play a lot of games? I always say that some of the most successful and brightest people I know are avid gamers. But if your kid stops wanting to do anything else, stops interacting with people, neglects everything else that is going on in their life, then you need to have a conversation about that. And find the right level for that particular kid. Do you know what I mean?Â
I think one of the things that people tend to overlook with the games industry is that the people who work in it come from all over the world. These people then often work together in the same teams. So you have these Melting Pots of people from all over the world from different cultures, working together, trying to create magic together.Â
On top of that, we have a lot of young people who might have yet to work anywhere else and have few reference points. We have people with, and I say this with the utmost respect, different diagnoses, which often fuels creative geniuses. We have a lot of people with very high IQs and are very technically skilled and often less so in the EQ department. All of these ingredients mean that you have something beautiful there, but it also needs to be handled in a way that’s positive and constructive.
One of the things that I’ve always pushed for and that I’ve seen more and more acceptance for in recent years is leadership training. More focus on leadership development. Whether you’re in a formal leadership position or not, that’s especially key when you’re managing people and you’re managing teams and you manage creative people. I think it’s super important just to elevate everyone’s level of “how do we interact with people”. How do we engage with each other, see and develop potential, all that kind of stuff? I’ve seen that there is a bigger understanding of its importance now. Â
Going back to the original question about diversity, equity and inclusion. We talk a lot about these game industry issues, and there’s a bigger focus on them now than previously. It’s a big topic with many levels. Ultimately I boil it down to getting people to thrive so they can operate at their best and that we build games and companies in a sustainable way. And that makes business sense as well because that’s how a lot of the value in games companies are built.Â
We are also similar to the tech industry. We have a gender gap. It depends on the type of games that are being built, some have a larger gender gap than others. But typically there’s more men than women who work in a games company. So reducing that gap is usually something that is part of the strategic agenda in the games industry.Â
I take a very Hands-On approach to this topic. I believe in creating the kind of world that you want to see yourself. So I have a lot of underrepresented Founders amongst my Founders, making sure that I invest in them so that they can then build things that I find exciting. Games and companies that I believe should be on the market but who might not always fit the mold of what’s established already.
I have a network of board women in games & tech that I run with a friend. It all started with us getting a lot of requests for being on boards, especially in games companies. And we’re like, there’s so many talented women out there who have so much experience. On an operative level but also some real heavy hitters with impressive strategic and board level experience. So we wanted to visualize that. Make it easier to recommend people so companies don’t have to go to the same network all the time when recruiting for board seats. Ultimately the focus needs to be on all levels. I think it’s super important for investors to pay attention to who actually runs these companies, who works operationally in the companies.Â
So, that’s sort of where I try to be. As far as the industry goes, I would say that it’s talked about more and that there are strategies in place. Could we do more? Absolutely. I interact with people from tons of other industries, in particular tech, and I actually feel like these topics are more addressed in the games industry than many other places. Even though it might not look like it from the outside. But in the end it’s the results that count of course, not how much it’s talked about or how good the strategies are that are put in place.Â