Compact way to represent a progress with many sub-operations?

I have the following way of representing a long-running operation, it is detailed in the sense that every sub-operation progress is shown:

enter image description here

(it's currently shown in a text mode application but final form will be in a desktop application, i.e. if implemented in graphical mode it would be just a little more eye candy but would still take as much screen space as in this text mode representation)

Problem:

While this is a very detailed view of the current progress, it's not really compact. Generally, the representation of some progress is supposed to be compact, like this:

enter image description here

But in my case it takes a non neglible portion of the screen.

This is for a video game where loading times are pretty long and I would like to give a few information about what is being loaded, e.g. graphics, sounds, etc

Question:

I have been thinking about a better way and had the following idea, use a circular progress bar like the following:

enter image description here

It's definitely more compact but there are few issues with this approach:

  • I can't display tasks that are on the same hierarchy level
  • I'll have to sacrifice deeply nested operations, though it's acceptable for me

Is this the right approach or is there an even better approach ?

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