The Gaming Playbook w/ Harry Phokou

How do game studios actually get funded, and when should you choose VC, a publisher, project financing, or another route?
Today I’m joined by Ali Farha, Investment Associate at Behold Ventures, to break down how game funding actually works from the investor side, and what developers need to understand before raising money.
We talked about the difference between VC, publishers and project financing, when each funding route makes sense, what games VCs actually look for in a studio, how the investment process works, and why your pitch should change depending on who you’re raising from.
If you’re an indie developer, studio founder, or game developer trying to fund your next game, understand your financing options, or make your studio more investable, then this episode is for you.
Connect with Ali:
LinkedIn: ⁠https://www.linkedin.com/in/alifarha/⁠
Website: ⁠https://behold.vc/⁠
Listen to Ali’s previous episode: ⁠https://open.spotify.com/episode/0OEtoYIT1n1m1bjiBu5dDD?si=814233edcdf145f2
Connect with Harry:
LinkedIn: ⁠https://www.linkedin.com/in/hphokou/⁠
YouTube:⁠ https://www.youtube.com/@HivemindWorld⁠
Instagram: ⁠https://www.instagram.com/hphokou/⁠
Join our industry events: https://hivemind.world/
Get exclusive podcast recaps & industry insights:→ Subscribe to The Gaming Playbook Weekly at https://join.thegamingplaybook.com
Chapters:00:00 How game funding is changing02:34 How games VC works05:35 Bootstrapping, friends & family, angels and VC07:11 VC vs project financing08:24 Why founders should look for “smart money”10:16 The value of a VC network11:48 How should an indie studio fund its game?13:01 How the VC investment process actually works16:28 Do VCs take control of game studios?18:43 Questions founders should ask investors19:23 What makes a game studio investable?20:09 How to pitch a VC vs a publisher21:32 Combining VC, publishers and other funding22:47 Mobile games and UA financing24:06 Could UA financing come to PC and console?27:35 The future of AAA, AA and indie games30:30 Final fundraising advice for game developers

Today I’m joined by Adam Jaffe, a mobile gaming marketer with nearly two decades in the industry. He was Playtika’s 10th employee and Head of User Acquisition, and later served as VP of Marketing at Social Point.
We talked about why organic growth in mobile gaming has become so much harder, where studios should be looking for new users now, and why pouring more money into marketing won’t save a product that isn’t ready to scale.
If you’re building, marketing or running a mobile game business and want a clearer picture of where the market is heading, this episode is for you.
Connect with Adam:
LinkedIn: https://www.linkedin.com/in/adjaffe/
Website: www.trofeo.io
Live Trofeo demo: play.trofeo.io/play
Connect with Harry:
LinkedIn: https://www.linkedin.com/in/hphokou/
YouTube: https://www.youtube.com/@HivemindWorld
Instagram: https://www.instagram.com/hphokou/
Join our industry events: https://hivemind.world/
Get exclusive podcast recaps & industry insights:
→ Subscribe to The Gaming Playbook Weekly at https://join.thegamingplaybook.com
Chapters:00:00 Intro
04:14 How mobile gaming changed from the early days
08:14 How ATT and IDFA changed mobile user acquisition
13:32 Why organic growth and virality disappeared
19:30 Why media platforms now hold the power
23:25 Why mobile game studios have less room to fail
29:19 Risk aversion, layoffs and the cost of playing safe
32:25 Where mobile games get users in 2026
35:33 How rewarded traffic actually works
41:26 How to make rewarded user acquisition work
44:54 CTV as the next mobile marketing frontier
46:37 Mobile game monetization beyond traditional ads
56:53 Premium vs free-to-play mobile games
59:43 Why marketers need to understand the game itself
01:01:29 Aligning product and marketing around ROAS
01:05:16 Don’t let marketing get ahead of your product

Today, I'm joined by Doug Pennant, a Senior Producer at Infinity Ward, drawing on 16 years across Alien: Isolation, Total War, and Call of Duty, who explains how game developers can build resilient, long-term careers in an industry shaped by layoffs, changing technology, and increasingly project-based employment.
We talked about transferable skills, difficult managers, networking before you need a job, adapting your CV to the market, and why MobyGames could become an important hiring tool for game developers.
If you're a game developer, producer, or an industry professional who wants to build a career that lasts, this episode is for you.
Connect with Doug:
LinkedIn: https://www.linkedin.com/in/doug-pennant/
Substack: https://dougpennant.substack.com/
His book: https://www.amazon.com/Pocket-Mentor-Production-Mentors-Careers/dp/1032785608
Connect with Harry:
LinkedIn: https://www.linkedin.com/in/hphokou/
YouTube: https://www.youtube.com/@hphokou
Instagram: https://www.instagram.com/hphokou/
Join our industry events: https://hivemind.world/
Get exclusive podcast recaps & industry insights:
→ Subscribe to The Gaming Playbook Weekly at https://join.thegamingplaybook.com
Chapters:00:00 Intro
01:46 Why personal resilience matters in the game industry
04:02 Why growing game studios struggle with management
11:56 What new developers should know about difficult bosses
20:31 What career resilience actually means
23:05 The producer interview test for adaptability
25:42 Why investing in skills creates career security
29:45 Why game industry jobs for life are disappearing
31:55 What caused the game industry layoffs
40:17 Smaller studios and the future of game development
43:43 Why networking matters before you need a job
45:26 Job hunting and the hidden game industry job market
51:01 When your skills no longer match the market
55:06 Codev and outsourcing as more durable career paths
56:09 Using MobyGames to get discovered by recruiters
1:02:24 What a producer does 90 days before launch
1:04:26 Why game teams must stop adding features
1:08:30 Why every visionary needs strong brakes
1:10:53 Self-care and staying optimistic about games
1:12:20 How cultural grants can fund video games
1:13:20 Doug’s book, Substack, and where to follow him

Today, I'm joined by Adam Selcuk, CPO at VaultN, who explains why game studios are leaving significant revenue on the table by ignoring third-party PC game distribution. Drawing on 20+ years in digital game retail, Adam breaks down how publishers can sell more copies, reach new markets, improve discoverability, and maintain control over pricing and distribution.
We discuss why Steam alone isn't enough, how third-party distribution can significantly increase game sales, and what developers should do before launch to maximize revenue.
If you're an indie game developer, publisher, or studio founder looking to sell more copies of your game, this episode is for you.
Connect with Adam:LinkedIn: https://www.linkedin.com/in/adamselcuk/Website: https://vaultn.com/
Connect with Harry:LinkedIn: https://www.linkedin.com/in/hphokou/YouTube: https://www.youtube.com/@hphokouInstagram: https://www.instagram.com/hphokou/
Join our industry events: https://hivemind.world/
Get exclusive podcast recaps & industry insights:→ Subscribe to The Gaming Playbook Weekly at https://join.thegamingplaybook.com
Chapters:00:00 Intro02:43 How PC game distribution has evolved07:50 Why Steam isn't enough anymore11:18 The biggest distribution mistake developers make15:24 How third-party distribution increases sales20:34 Why cheap game keys end up on grey-market websites25:07 Why discoverability is everything29:22 Pre-orders, wishlists, and where to send players31:39 Why modern game distribution took so long to evolve36:01 Why solo developers should care about third-party stores39:24 How local storefronts create more sales42:27 The future of PC game distribution46:49 The biggest misconception about game distribution47:55 Adam's best marketing advice for indie developers53:36 Where to connect with Adam

What does it really take to get an indie game funded?
After 17 years in AAA game development, Quentin Cobb left studios behind to found Ironroot Games. In this conversation, he shares what he's learning while actively pitching publishers and investors, raising funding, building a vertical slice, and navigating today's publishing landscape.
We discuss publisher expectations, angel investors, AI in game development, pitching a game studio, and why investors often back founders as much as games.
If you're an indie game developer, studio founder, or anyone trying to fund your next game, this episode is packed with practical advice from someone living it today.
Connect with Quentin:
LinkedIn: https://www.linkedin.com/in/quentin-cobb/
Website: https://ironrootgames.com/
Connect with Harry:
LinkedIn: https://www.linkedin.com/in/hphokou/
YouTube: https://www.youtube.com/@hphokou
Instagram: https://www.instagram.com/hphokou/
Join our industry events: https://hivemind.world/
Get exclusive podcast recaps & industry insights:
→ Subscribe to The Gaming Playbook Weekly at https://join.thegamingplaybook.com

00:00 Intro
01:45 Quentin's AAA background and founding Ironroot Games
04:25 Why funding is the biggest challenge for indie studios
06:25 How Quentin survived after the Microsoft layoffs
09:03 Angel investors, friends & family, and early funding
11:29 Building a team before funding exists
15:44 What publishing deals are possible in 2026?
19:01 Why publishers invest in founders, not just games
22:22 Becoming a first-time CEO and earning investor confidence
26:35 Publisher pitches vs investor pitches
28:27 AAA vs indie development: biggest differences
29:55 Lessons from developing The Last of Us
33:03 Finding the features players actually care about
36:08 Why Ironroot Games is focused on single-player
37:29 AI in game development and publisher expectations
47:24 China, Europe, and finding the right publishing partners
57:07 How to get honest feedback from publishers
59:49 Making games that are personal
1:08:54 Gamescom plans and pitching the prototype
1:12:00 Final advice for every indie game developer