In the ever-evolving landscape of video game development, understanding publishing agreements has never been more crucial.
While a decade ago these agreements might have followed a relatively standard template, today’s publishing deals show remarkable variety in their structure and terms.
The State of Publishing Agreements in 2025
Thanks to a comprehensive new study by Voyer Law (published at indiegamepublishing.com), we finally have concrete data to understand exactly what’s “market standard” in 2025 – and what’s not.
The Voyer Law study analyzed over 100 recent publishing agreements, revealing a publishing landscape that’s far more nuanced than many developers might expect.
Rather than a one-size-fits-all approach, today’s publishing agreements generally fall into three distinct categories, each with its own characteristics and typical terms.
Advance-Based Publishing Agreements
Traditional advance-based publishing agreements remain common, but their terms might surprise you.
While the median revenue share for developers sits at 50%, we’re seeing remarkable variation – from as low as 2.5% to as high as 90%. The average advance hovers around $675,000, though the median of $300,000 tells us that some very large deals are pulling that average up.
Almost all of these agreements (95.5%) include upfront payments, and publishers are getting smarter about protecting their investments – 80% tie these advances to specific development milestones.
From what I’ve seen, the rest would just have regular monthly or quarterly payments which aren’t specifically tied to approving a milestone. Forward progress would be expected, though.
No-Advance Publishing Agreements
But here’s where it gets interesting: when publishers don’t provide advances, the entire economic structure shifts in the developer’s favor.
These no-advance agreements typically see developers commanding a median 70% revenue share, with even the lowest shares starting at 50%. It’s a clear illustration of how upfront risk-taking directly affects revenue distribution.
It’s also something that you should keep in mind when a publisher doesn’t want to pay an advance, but still wants a large portion of revenue (definitely an area for negotiation).
Console-Only Publisher Agreements
The third category – console-only agreements – typically comes into play after a successful PC release.
These deals strike a middle ground, with developer revenue shares averaging around 63%. It’s a sweet spot that recognizes both the reduced risk (thanks to proven PC success) and the specialized expertise needed for console publishing.
Across-the-board Commonalities in Publishing Agreements
Some aspects of publishing agreements remain remarkably consistent across all types.
Intellectual property rights, for instance, overwhelmingly stay with developers – we’re seeing this in over 96% of agreements with advances, and virtually all no-advance and console-only deals.
Agreement duration varies significantly though, with advance deals averaging nearly seven years, while no-advance and console-only agreements typically run for about four years.
Audit rights tell an interesting story about trust and verification in publisher relationships. They’re universal in advance-based deals and present in over 83% of no-advance agreements.
It’s worth noting that merchandise revenue, when included, tends to split almost evenly between parties regardless of agreement type – a rare area of consistency in an increasingly varied landscape.
Recent Trends: What We’re Seeing in Practice
While the market data gives us an excellent baseline understanding, our day-to-day work with developers reveals several fascinating shifts in how publishing deals are being structured.
Perhaps the most notable trend is the emergence of the No-Advance agreements mentioned above, what I would typically call “marketing-only” publishing agreements – a substantial departure from traditional publishing deals.
These marketing-focused arrangements typically come into play when a developer has already completed their game, at least for PC release.
Instead of the traditional funding-heavy approach, publishers are offering specialized expertise in areas where many developers struggle: marketing execution and platform relationships.
For developers who have managed their development process successfully but lack marketing expertise or console publishing relationships, these deals can be particularly attractive.
Since the game is largely complete, the publisher’s risk is substantially reduced. This often translates into more favorable revenue sharing terms for developers.
Publishers typically commit to a minimum marketing spend – putting real money behind their promotional promises – and often include support for console porting efforts. If they don’t, I’d consider that a red flag that needs to be negotiated (they need to promise some “skin in the game”), or the developer should consider finding a different publisher.
For developers who might face challenges getting approved for console publishing on their own or have no porting experience, this aspect alone can make these deals worthwhile.
Concerning Deal Terms
We’re also seeing some concerning publisher protection clauses in these agreements, from the developer perspective.
Takeover provisions are very common, particularly in agreements with first-time developers. These clauses typically give publishers the right to take over development – and sometimes ownership of the IP itself – if the developer breaches the agreement.
While this might sound alarming, it’s worth understanding the context: publishers are often investing significant resources into marketing and platform relationships, and they want to ensure they can protect that investment.
For first-time developers, these takeover provisions might be a necessary trade-off.
We often counsel developers who view their first game as a stepping stone rather than their magnum opus. In these cases, accepting slightly less favorable terms might make sense if it means getting that crucial first publishing deal and industry experience.
However, developers who have a deep personal investment in their IP or envision building a franchise should carefully consider the implications of these clauses.
Strategic Considerations for Developers
As we review publishing agreements for our clients, certain key areas consistently emerge as critical negotiation points.
Let’s explore the specific provisions developers should carefully consider before signing any publishing agreement.
Revenue Structure and Payment Terms
The days of simple revenue splits are behind us.
Many successful developers are negotiating more sophisticated revenue structures that align publisher and developer interests while protecting both parties.
- Consider pushing for a day one royalty structure – you’ll accept a lower initial rate until the publisher recoups their costs, followed by a more favorable split once they’ve covered their investment.
- We’re also seeing success with developers who negotiate increased revenue shares tied to specific sales milestones or recoupment multipliers. These graduated structures can significantly improve your long-term earnings while giving publishers the security they need to make upfront investments.
Rights Management and Scope
Broad Rights – Movies, TV, etc.: One of the most common issues we encounter is overly broad rights grants to publishers.
While it might seem harmless to include film, television, or merchandising rights in your agreement, these additional rights can complicate future opportunities if not properly structured.
Consider including “use it or lose it” provisions – if the publisher hasn’t exploited certain rights within a specific timeframe, those rights revert to you.
This approach ensures your IP remains productive while protecting the publisher’s legitimate interests.
Last Match Rights: Publishers often request “last match” or overly burdensome right of first refusal provisions for sequels or future works. While these might seem reasonable, they can severely impact your negotiating position with other publishers down the line.
If you must include these rights, consider limiting their scope or duration (specific timing for responses), or tying them to specific performance metrics.
Personally, I almost always push back on any “last match,” as this can kill your ability to find a new publisher. The ability for the original publisher to swoop in after a lengthy negotiation with the new one can make the process very difficult.
Platform and Territory Considerations
In today’s global gaming market, carefully defining platform and territory rights is crucial.
You might grant rights globally, but may want to have a reversion clause if the publisher doesn’t actually publish the game in certain territories. The rights would then come back to the developer just with respect to those territories.
It helps prevent a situation where you could be exploiting those rights with a local publisher, but you’re leaving money on the table due to the publisher getting rights worldwide.
Marketing and Promotion Commitments
When negotiating marketing-only or marketing-focused deals, specificity is your friend.
Push for concrete, measurable marketing commitments rather than vague promises of “reasonable efforts.” This might include:
- Minimum marketing spend requirements
- Specific promotional activities or event presence
- Regular marketing planning and reporting obligations
- Performance metrics that trigger additional investment
Too often, I hear “you need to trust us” or “why wouldn’t we try to maximize sales” – don’t listen to this, or at least make sure you are aware that they could end up not performing as expected.
If they are still in compliance with the terms of the agreement you signed, all of that talk is worthless.
IP Protection and Ownership
While the market data shows that developers typically retain their IP rights, the details matter enormously. Pay particular attention to:
- Clear definitions of what constitutes your IP
- Specific limitations on the publisher’s use of your IP
- Protection of your source code and development tools
- Clear transition provisions if the agreement terminates
You don’t want to lose the rights to anything important in your game. Making sure this is all clearly spelled out in the agreement is vital to maintaining that control.
Looking Ahead
The publishing landscape continues to evolve, and no single approach works for every developer.
Your negotiating position will depend on various factors: your track record, the state of your game’s development, your financial situation, and your long-term goals.
The key is understanding which terms are truly market standard and which deserve special attention in your specific situation.
Whether you’re considering a traditional publishing agreement or one of the emerging marketing-only deals, we’re here to help ensure your interests are protected.
Have questions about your publishing agreement? Let’s discuss your specific situation and make sure you’re positioned for success – jump over to my contact page to set up a consultation.
