Drake+Star+2023年第二季度全球体育科技报告

★DRAKESTAR

SPORTSTECH

MARKETQ22023

NEWYORKILONDONILOSANGELES｜PARIS｜MUNICH

SANFRANCISCOIBERLINIDUBA

DRAKESTAR

DRAKESTAR

CONTACTTHESPORTSTECHDEALTEAM

MANAGINGPARTNER&CEO

NEWYORK

+12035245652

gregory.bedrosian@

ERICWARD

MANAGINGPARTNER

L○ND○N

+447740052468

eric.ward@

MICHAELMETZGER

PARTNER

LOSANGELES

/p>

michael.metzger@

MOHITPAREEK

PRINCIPAL

LOSANGELES

/p>

mohit.pareek@

(FRN942020)anappointedrepresentativeofKessionCapitalLtd(FRN582160)whichisauthorisedandregulatedbythe

FinancialConductAuthority.

DrakeStarSecuritiesLLCisregulatedby

FINRA

andisamember

ofSIP

C.AllsecuritiesintheUK,aretransactedthroughDrakeStarUKLimited

Q22023SUMMARY

•WithoneofthebiggesteverdealsinsportstechinWWEUFCmergervaluingthe

combinedbusinessat$21.4B,Q2sawthehighesteverquarterlyM&Aactivitywith105announceddealsand$14.5Bindiscloseddealvalue!

•EndeavorledtheacquirorslistwithWWEdealwhileseveraloftheothertopactive

buyersincludedAristocrat(NeoGames),Entain(STSHoldings,AngstromSports,

365Scores),Fanatics(PointsBet,PWCC,FexPro,EPI)andLight&Wonder(SciPlay).BPEAEQTandBruinCapitalmadeplatformacquisitionsinIMGAcademyandProofofthePudding,respectively

•$1.6Bwasraisedinprivatefinancingsthrough199deals,growingsteadilycomparedtoQ1(176deals).Over75%ofthedealswereearly-stagefinancingswhilemidtolate-

stagesegmentsawanotablepickupinactivity.SomeofthebigticketraisesforthequarterwereAlpine($218M),Viu($200M),VGW($150M)andTonal($130M)

•SportsTechcontinuestoseeunprecedentedflowofnewcapitalwithalmost$6Bofnewfundsalreadyraisedthisyear.DynastyEquity($1B)andRaineGroup($760M)raisedfreshcapitalfocusedonsportsandmediainQ2.RedBirdCapitalhasalreadyraised$2.3BforitsFundIVthatitexpectstocloselaterthisyearandA-Rodis

reportedlyraisingamassivebuyoutfund

•MostactiveinvestorsfocusedonearlytolatestagewereACIESInvestments,VeranceCapitalandSamsungNEXT,whileseedstageinvestmentactivitywasledbyElysian

Park,CourtsideVCandThirtyfiveVentures

•SportstechpublicmarketcontinueditsstrongperformancewithmostofthesegmentsoutperformingtheS&Pindex.MediaandBroadcastingledthesegmentssurgingover25%followedbyWearables&PerformanceEnhancementthatrose19%

Q2

2023

DEALVALUE

Q22023DEALCOUNT

Private

Placements

Total-$17.5B

$1.3B

$1.6B

$14.5B

PublicMarkets

M&A

Total-318

14

105

199

Source:Pitchbook,DrakeStaranalysis

HIGHLYACTIVESPORTSTECHDEALMAKING

RECORDM&ADEALMAKING!

ENDEAVOR

3

INVESTOR

ENDEAVOR

TARGET

neogames

Undisclosed

+6

others

+3

others

Undisclosed

PublicMarket

PublicMarket

Undisclosed

New+ExistingInvestors

SPORTSTECHKEYHEADLINES

Q22023

•EndeavorannouncedoneofthelargestmergersinsportstechhistorywithWWEforminganewpubliclylistedentertainmentgiant,TKOGroup,valuedat$21B.Endeavorwillownthemajoritystakeinthecombinedbusiness

•BPEAEQT,HongKongbasedprivateequityfirm,acquiredIMGAcademyinanall-cashdealvaluedat

$1.25B

.BPEAEQT

planstoleverageitsprovensectorexpertisewithineducationandsupporttheIMG’sexpansionacrossmultiplemarketsinAsia

•AristocratacquiredNeoGamesfor$1.2B,securinganentryintotheattractivebuthighlyregulatediLotterymarket,andfacilitatingfurtherpenetrationacrossotheronlineRMGverticals

•EntainannouncedacquisitionofSTSHolding,leadingsports-bettingoperatorinPoland,for

$982M

tofurtherexpandinEurope

•Alpine,theFormulaOneteam’sparentcompany,raised

$216M

fromRedBirdCapitalPartners,OtroCapitalandRyanReynolds

•CanalPlusinvested$200MinViu,OTTstreamingservice,strengtheningitspresenceinSoutheastAsiamarket

•VirtualGamingWorlds,developerofcasinogamesreceiveda

$150M

debtfacilitytosupportitsoff-marketsharebuy-back

•Tonal,developerofhigh-endat-homefitnessequipment,raised

$130M

SeriesFroundledbyLCattertonwithparticipationfromCobaltCapital,DragoneerInvestmentGroup,KindredVentures,THVCandothers

•FZSports,sportsmediaandtechnologycompany,raised$74Mfundingfrom777Partners,MEPCapital,andothers

•SpringHealth,globalmentalhealthsolutionforemployers,received

$71M

fromexistinginvestorsatstaggering

$2.5B

valuation

•Entain(LSE:ENT),theglobalsports-betting,gamingandinteractiveentertainmentgroup,initsnewfilingsannouncedanequityraiseofapproximately

$785M

tofundfurthernear-termacquisitionsincludingSTSHolding

•LottomaticaGroup,Apollo-backedItaliangamblingcompany,wentpubliconMilanstockexchangeandraised

$467M

offreshcapitalat$3Bvaluation.Theproceedswillbeusedtohelppaydowntheexistingdebt

•GloryStarNewMediaGroup(NASDAQ:GSMG),chinesemetaverse,advertisement,contentproductionandonlinegamingcompany,raised

$60M

fromtwoinstitutionalinvestorsinaPIPEdealtoaccelerategrowthandexpandoperations

•SuperLeagueGaming(NASDAQ:SLGG)announceda

$24M

privateplacementtofundnewgrowthinitiatives

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Sources:DrakeStaranalysis,CapIQ,Pitchbook

SPORTSTECH-FOCUSEDFUNDRAISINGENVIRONMENT

ALMOST$6BOFNEWCAPITALRAISEDFORSPORTSTECHINH12023

$2.3B

•RedBirdCapitalPartnersgathered$2.3Bincapitalcommitmentsso

farforitsfourthfundthatitexpectstocloselaterthisyear.This

includesthe$750MfromAbu

Dhabi’sInternationalMediaInvest,aprivatecompanycontrolledby

ManchesterCityowner

$750M

•FormerNBAplayerCarmelo

Anthonyhascreateda$750M

privateequityfund,Isos7Growth

Equity,focusedoninvestingin

businesses,teams,leagues,sportsbettingandadjacentcompanies

$1B

•JonathanNelson,executive

chairmanofProvidenceEquity,

andDonCornwellannouncedtheyareraising$1Bfundtoinvestin

sportsandtoprofitfromanew

assetclass:minorityinvestmentsinprofessionalsports

$500M

•FasanaraCapitalwillpartnerwithinvestmentbanktolendtoclubs,

targetingafundsizeof$500M

focusedonsportsreceivables-thevariouscashflowsthatgoinand

outofsportsteams

RAINE

$760M

•RaineGroup,aglobalinvestmentfirm,raisedthenewest$760Mfundinitsflagshipgrowthequity

strategytoinvestingrowth-stagecompaniesintheTMTspacewithfocusonsports,media,

entertainmentandgaming

$300M

•BluestoneEquityPartners,anewlylaunchedprivateequityfirm,has

raiseda$300Mgrowthequityfundtoinvestinsportsand

entertainmentproperties

OtherNoticeableFunds:SapphireSportVentures($181M),CourtsideVC($100M),AvenueSportsFund

DRAKESTAR

Source:Pitchbook,DrakeStaranalysis

-180

Q122(1)Q222Q322Q422Q123

Q223(2)

-30

2931

-80

10

22

4

-130

9

$7B

$6B

$5B

$4B

$3B

$2B

$1B

$0B

M&AACTIVITY:Q22023

RECORDM&ADEALMAKINGWITHOVER1OOANNOUNCEDDEALS

104

DEALCOUNT

63

67

60

59

57

61

52

70BYSEGMENT

43

Total-105

20

Q221Q321Q421

DEALCOUNT

BYGEO

Total-105

16%

42%

42%

DEALVALUE

BYGEO

Total–$1.6B

9%

11%

79%

DealValueDealCount

NorthAmericaEuropeAsiaandOthers

Media&Broadcasting

DataAnalytics

Sponsorship&Venues

FanEngagement/Experience

Wearables&PerformanceEnhancement

DEALVALUEBYSEGMENT(1)(2)

Esports,Fantasy,&Betting

4%4%

Q223

Q123

29%

30%

61%

52%

17%

2%

(1)Theoutsized1Q22Activisiondeal($68.7B)isexcludedfromthecharttobetterisolatetrendsamongthebroadervolumeofdeals

(2)Theoutsized2Q23WWEdeal($9.3B)isexcludedfromthecharttobetterisolatetrendsamongthebroadervolumeofdeals

DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

SELECTM&ADEALS:Q22023

105DEALSAND$14.5BINDISCLOSEDDEALACTIVITY

ENDEAVOR

•WorldWrestlingEntertainmentwasacquiredbyEndeavorGroup,parentcompanyoftheUFC,for$21.4B

•Themergerenablesthenewentitytomaximizethe

valueofthecombinedmediarights,enhance

sponsorshipmonetization,developnewformsof

contentandpursueotherstrategicM&Aopportunities

April2023

$9.3B

ACQUISITIONBY

$982M

ACQUISITIONBY

•STSHolding,leadingsports-bettingoperatorinPoland,wasacquiredbyEntainfor$982M

•TheacquisitionwillenableEntaintostrengthenits

positionsandcontinuegeographicexpansioninto

CentralandEasternEurope.STSwillbeintegralpartofEntain’splatformintheregion

June2023

$1.3B

ACQUISITIONBY

•IMGAcademy,aglobalsportseducationinstitution,entertainmentlifestyleplatform,wasacquiredby

BPEAEQT,aglobalprivateequityfirmfor$1.25B

•TheacquisitionenablesIMG’sglobalexpansion,

acrossSoutheastAsiamarkets.BPEAEQTexpectstoleverageitsexperiencewithNordAngeliaEducation’sexpansionintheregion

April2023

ACQUISITIONBY

•Light&Wonderannouncedaproposaltoacquiretheremaining17%ofSciplayfor$422M

•TheacquisitionwouldunifyLight&Wander’s

businesses,enablingimprovedcollaboration.ItwouldalsocombinethebalancesheetsofthetwocompaniesprovidingmoreflexibilitytoinvestcashinSciplay

May2023

3sciplay

$422

DRAKESTAR

Source:CapitalIQ,Pitchbook,CompanyWebsites

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

•AristocratacquiredtheIsrael-basedonlinegamingsolutionsproviderNeoGamesSAfor$1.2B

•TheacquisitionwillprovideAristocratwithglobal

growth/scalingopportunities,entryintonewgaminggenresincludingiLotteryandonlineRMG,and

seasonedmanagementteam

May2023

•LCatterton,globalprivateequityfirm,soldCicliPinarello,high-endItaliancyclingbrandtoIvanGlasenbergfor$250M

•TheacquisitionsisexpectedtoenablePinarelloto

expandglobalfootprintthroughincreaseinvestmentsinR&Drelatedtomaterialsandproducts

June2023

$1.2B

ACQUISITIONBY

$250

ACQUISITIONBY

neogames

Ivan

Glasenberg

TOP1ODISCLOSEDM&ATRANSACTIONS

H12023

ACQUIRER

COUNTRY

COMPANY

COUNTRYSUBSECTOR

DATE

DEALSIZEEV/REV.EV/EBITDAACQUIRER

ENDEAVOR

$9,300.0

28.2x

7.4x

Apr-23

Media&

Broadcasting

$1,250.0

15.1x

Apr-23

--

Sponsorships&

Venues

neogames

$1,215.3

29.5x

May-23

5.7x

Fantasy,Esports&

Betting

$981.8

6.9x

15.2x

Jun-23

Fantasy,Esports&

Betting

$422.0

3.1x

13.1x

May-23

Fantasy,Esports&

Betting

globalpayments

Fantasy,Esports&Betting

$415.0

--

--

Apr-23

Media&

Broadcasting

$320.0

--

--

HYBE

Feb-23

meridianbet

Fantasy,Esports&Betting

$319.4

--

--

Jan-23

Wearables&Perf.

Enhancement

$275.0

--

--

Jan-23

Ivan

Glasenberg

$250.0

2.7x

Jun-23

--

Wearables&Perf.

Enhancement

DRAKESTAR

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,DrakeStaranalysis

PRIVATEPLACEMENTSACTIVITY:Q22023

$1.6BINVESTEDINALMOST2OODEALS

$4.3B

$3.9B

$2.3B

$2.2B

$1.8B

$1.7B

$1.6B

$1.6B

$1.3B

§viu

SEATGEEK

Q221Q321Q421Q122Q222Q322Q422Q123Q223

DEALCOUNT

BYSTAGE

Total-199

33

15

151

EarlyStage

DEALVALUE

BYSTAGE

Total-$1.6B

$0.9B

$0.3B$0.4B

MidStage

LateStage

DEALCOUNT

BYSEGMENT

Total-199

27

62

47

14

18

31

Media&Broadcasting

DataAnalytics

Sponsorship&Venues

FanEngagement/Experience

Wearables&PerformanceEnhancement

28%6%2%24%17%24%

DEALVALUEBYSEGMENT

Esports,Fantasy,&Betting

4%5%2%

Q223

Q123

49%

32%

9%

DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,DrakeStaranalysis

SELECTPRIVATEPLACEMENTS:Q22023

199DEALSAND$1.6BINDISCLOSEDFUNDING

$216M

FUNDRAISE

LEDBY

•Alpine,theFormulaOneteam’sparentcompany,raised$216MinafundingroundfromOtroCapital,RedBirdCapitalPartnersandMaximumEffort

InvestmentsvaluingAlpineat$900M

•ThefundingwillbeusedtosupportAlpine’sgrowthstrategyandsportingambitions

June2023

$130M

FUNDRAISE

LEDBY

•Tonal,manufacturerofhigh-endat-homefitness

equipment,raised$130MroundledbyLCattertonwithparticipationfromCobaltCapital,DragoneerInvestmentGroup,KindredVenturesandothers

•Thefundingwillbeusedtogrowbusinessby

supportingmarketing,brandawarenessactivitiesandscalingsupplychain

April2023

$200M

FUNDRAISE

LEDBY

•Viu,AsianOTTstreamingservicebackedbyPCCW,gota$200MinvestmentfromCanalPlus

•ThefundingwillbeusedtostrengthenCanalPlus’positioninSoutheastAsiamarketsandenableViu’sfurtherexpansionintoglobalmarketandcontinuoususerexperienceimprovement

June2023

$74M

FUNDRAISE

LEDBY

•FZSports,theparentcompanyofSouthAmerican

sportsmarketingagency1190SportsandstreamingplatformFanatiz,received$74Mfundingfrom777

Partners,MagmaPartners,MEPCapitalandTorneos

•Thefundingwillbeusedtoboostthesportsrights

managementanddistributionofseveralofthemost

importantleaguesandfederationsintheLatinAmerica

June2023

MAGMA

DRAKESTAR

Source:CapitalIQ,Pitchbook,LinkedIn,CompanyWebsites

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

•SpringHealth,digitalhealthcareplatformdesignedtoprovidepersonalizedmentalhealthcareforemployeewell-being,raised$74Matrecord$2.5Bvaluationfromexistinginvestors

•Thefundingwillbeusedtoinvestinworld-class

servicesalongsideSpringHealth’spathtoprofitability

April2023

•VirtualGamingWorlds,developerofcasinogames,secureda$150Mfundingfromundisclosedinvestors

•Thefundingwillbeusedtosupportsitsoff-market

sharebuy-back.Itwillprovideshareholderswiththeopportunitytomonetizetheirinterestsatasignificantpremium

April2023

$150M

FUNDRAISELEDBY

$71M

FUNDRAISELEDBY

Undisclosed

Undisclosed

Source:Pitchbook,DrakeStaranalysis

TOP1ODISCLOSEDFUNDINGROUNDS

Q22023

COMPANYSUBSECTORCOUNTRYDEALAMOUNTVALUATION(1)SELECTINVESTOR(S)DATE

$973.1

Jun-23

$216.3

Sponsorships&Venues

$766.3

Jun-23

$200.0

Media&Broadcasting

Apr-23

$150.0

Undisclosed

--

Fantasy,Esports&Betting

$130.0

Apr-23

$1,770.0

Wearables&Perf.Enhancement

Media&Broadcasting$74.0--Jun-23

springHealths

Wearables&Perf.Enhancement

$71.0

$2,500.0

Undisclosed

Apr-23

AgilitasSports

Wearables&Perf.Enhancement

$52.5

--

May-23

Fantasy,Esports&Betting

$37.3

--

Jun-23

Fantasy,Esports&Betting

$35.0

$300.0

Jun-23

$35.0

Apr-23

--

Fantasy,Esports&Betting

DRAKESTAR

(1)Pre-moneyvaluation

11

(2)Note:Selecteddealsonly.DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

SPORTSTECHLEAGUETABLES

TOP1OSTRATEGICBUYERSLTMJUNE2023

LEAGUETABLE-STRATEGICBUYERS

DISCLOSED

COMPANY

DEALSSELECTACQUISITIONSLOCATION

DEALVALUE($M)

5

4

$2,282

$225

--

3sportseen

ENDEAVOR

$9,300

$422

2

2sciplay

SONY

azerion

--

--

2?REPEAT

2MMEDIA

$1,215

$387

$359

1neogames

1

1

Note:TeamworksandPlaymakerarenoteworthyplayersactivelyinvestinginthesmalltomid-sizedcompanieswith6and3deals,

respectively

DRAKESTAR

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Source:Pitchbook,CapIQ,DrakeStaranalysis

SPORTSTECHLEAGUETABLES

TOP1OINVESTORSLTMJUNE2023

11

Earlyto

Late

5

Earlyto

Late

5

Earlyto

Late

4

Earlyto

Late

4

Earlyto

Late

4

Earlyto

Late

3

BUZZER

Seedto

Late

3

Seedto

Late

3

Earlyto

Late

3

Seedto

Late

INVESTORDEALSSELECTINVESTMENTSSTAGELOCATION

ACTIVEEARLYTOLATEINVESTORS

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthis

Source:Pitchbook,CapIQ,DrakeStaranalysis

ACTIVESEEDFOCUSEDINVESTORS

INVESTORDEALSSELECTINVESTMENTSSTAGELOCATION

14

Seedto

Early

13

Seedto

Early

11

LOVB

Seedto

Early

8

Seedto

Early

FJLABS7

Seedto

Early

5

picklee

Seedto

Early

4

betr

Seedto

Early

Gcodwater

4

③championsRound

Seedto

Early

4

stadiumL

Seedto

Early

4

Seedto

Early

page

EXCLUSIVEINTERVIEWWITHANIRUDHKUMAR

ABSOLUTESPORTS

ANIRUDHKUMAR

CHIEFSTRATEGYOFFICER

AbsoluteSportsistheparentcompanyofSand

ProFootballN(PFN).Sportskeedaseesover90Munique

usersonthesitemonthly.Itisthelargestmulti-sportmediaplatformin

Indiaandamongstthetop6sportsmediapropertiesintheUS

(Similarweb,July2023).PFNisthethirdlargestindependentNFL-

focusedmediapropertyintheUS

Q:AbsoluteSportsownssomeoftheworld’sleadingnewsand

mediabrands,servingmillionsofreaders.CanyoupleaseprovidemoredetailsonAbsoluteSportsanditskeydetailsonAbsoluteSports'differentiation/strategy?

A:Ourapproachisfarfromconventional,markedbyaninnovativeblendoftechnologicalinnovationandageo-distributedoperationalmodel.Weoperatevia

staffandcontractorsacrosstime-zones,seamlesslyexecutingcontentproductionanddistributionfor

variousgeographies.Thisdistinctivestrategy

empowersustocurateanextensivearrayofcontent,propellingusaheadofthecompetitionandcatalyzingrapidexpansionofouruserbase.Weenvision

ourselvesasanintegratedcompanyfocusedondata,technology,andprocesses,withsportsmediaasourcorepursuit.

Q:Weseedigitalsportsmediaasaverticalisgainingmoreandmoreattentionfrominvestorsin

theSportsTechspace.WhichfactorscontributedtothegrowinginterestinmediabusinesseswithintheSportsTechecosystem?

A:WhileLinearTV/Broadcasting/MediaRightsattractedthemostcapitalinrecentdecades,a

confluenceoffactors(expensive,difficulttotrackbehavior,etc.)hasfinallyledtobusinessmodelandprocessinnovationinthedigitalsportsmediaspace.TheriseofsportscontentconsumptiononDigital/OTT/VOD/CTVaswellassocialmediahasfueledthedesirefor

sportsfanstoengageinanarenaotherthantheplayingfield,whichlinearTVwas

unabletoprovide.Themulti-modalnatureofdigitalinteractionshasledtoseriousinnovationinthetypesofplatformsonwhichsportsfansinteract.Fansarelookingtonotonlyconsumesportscontentonline,butalsosharetheirexperiencesandemotions.

Anotherkeyfactorliesintheroleofdigitalmediaasasignificantcustomeracquisitionand

engagementchannelfortraditionalbrandsandemergingareaslikesportsbetting.Sports

mediaplatformsofferanaturalfunnelfortheseconversionsandinteractions,asthereishigh-intentfromusers

Lastly-onlyrecentlyhaveweseenplatformssuchasAbsoluteSportsbreakoutandclaimeyeballsatscale.This,combinedwithinnovativebusinessmodelsthatensureprofitabilityatscale,hasledtosportsmediabeinganattractiveinvestmentopportunityinrecenttimes

DRAKESTAR

Q:LastquarterAbsoluteSportsacquiredProFootballNetwork.CanyoupleaseshedsomelightontherationalbehindtheacquisitionandwhataresomekeyareasofAbsolute

Sports'M&Astrategy?

A:ProFootballNetwork(PFN)isourfirstacquisitionintheUSandweintendto

investinseveralmoresynergisticbusinessesinthenearfuture.PFNoperatesinthelargestsportmarketintheUS(NFL&CollegeFootball)andhasbuiltaveryloyal

followingamongstfootballfansinaveryshorttimeframe.Ourgoalinvolves

leveragingtheAbsoluteSportsenginetopropelPFN'sgrowthbeyondthehorizonachievableasanindependententity.CollaboratingcloselywiththePFNteam,weareconfidentthatourjointeffortswillyieldfruitfuloutcomes

OurM&Astrategyinvolvesmultiplebolt-on&tuck-inacquisitions,whichallowfordiversificationofrevenueandentrenchingourselvesdeeperinthemindshareofsportsfans.Wearealsolookingatcompaniesthatbuildcapabilitieswhichleadtoeffectivecross-pollinationacrosstheportfoliocompanies.

Q:WhataresometrendsandchallengesthatyouseeinSportsMedia/Techin2023andbeyond,andhowwillAbsoluteSportsaddressthem?

A:In2023andbeyond,oneapparentchallengeistheloomingspecterofa

potentialUSeconomicdownturn.However,weviewsuchissuesascyclicalandbelieveadeptbusinessescannavigatethemeffectively.Amoresubstantial

challengeinvolvestheadventofAIandotherinnovativetechnologiesthatcouldreshapecontentdevelopment,distribution,andconsumption.Werecognizethe

needtoremainvigilant,adaptflexibly,andharnessthesechangestoour

advantage.Additionally,theshifttowardsesportsandgamingamongtheGen-Zaudiencecouldimpacttraditionalsportscontentconsumption.We'veproactivelypreparedbytailoringcontenttocatertothisdemographic'sinterests,ensuringourcontinuedrelevance.

EXCLUSIVEINTERVIEWWITHANIRUDHKUMAR(CONT.)

ABSOLUTESPORTS

Q:DataAnalyticsandAIarehottopicsofdiscussionamongstmediacompanies,whatisAbsoluteSports’viewonintegrationofdataanalyticsandutilizationofAI?

A:DataformsthebedrockofAbsoluteSports'operations.Ourtechnologyis

entirelyproprietary,andvitalbusinessdecisions,suchascontentproduction,timinganddistributionstrategies,hingeonarobustdata-enabledfeedbackloop.Withamonthlyoutputofover35,000writtenpiecesandthousandsofvideos,integrating

dataanalyticsisindispensableformaintainingefficiencyandsounduniteconomicsinouroperations

RegardingAI,wecurrentlydeployitasanenhancerandefficiencytool.Intherealmofsportsmediaandjournalism,wefirmlybelieveintheirreplaceablehumantouch.AI,inourperspective,functionsasacyberneticimplant,augmentingthecapabilitiesofourstakeholders

Q:Asaleadingglobaltech-ledsportsmediacompanywithyourflagshipbrandSportskeedaservingmillionsofsportsfansacrossUSandAsia,whataresomeofthekeygrowthareasthatyouseeforthebusinessgoingforward?

A:Ourgrowthblueprintencompassesseveralkeyareas.Firstly,weaimtodeepenourofferingsacrossaspectrumofsports,capitalizingonemerginglucrative

opportunities.Forinstance,ourendeavorstodevelopsimulationsandtoolsfor

fantasysportsreflectthisapproach.Secondly,diversifyingourrevenueprofilestandsessential;thisinvolvesexploringD2Cofferings,subscriptionproducts,andventuringintoaffiliatedsectorslikecommerce.Lastly,we'recommittedto

expandingourdirectsalespresenceintheUS,offeringuniquedigitaladvertisingavenuestobrandsseekingtoengagewithaudiences.

>~DRAKESTAR

Fantasy/eSports/Betting=BetterCollective,BidstackGroup,ChampionGamingGroup,ChurchillDownsInc.,DraftKings,EnthusiastGaming,Entain,FaZeClan,FlutterEntertainment,

GANLimited,GeniusSports,Gfinity,Light&Wonder,PennEntertainment,Playmaker,ScoutGamingGroup,Skillz,SuperLeagueGaming,Lottomatica

PUBLICMARKETS

OUTPERFORMINGS&P5OOINDEX

43%

33%

23%

13%

3%

-7%

1stJan-23Jan-23Feb-23Mar-23Apr-23May-23Jun-23

—DigitalMedia/OTT/Content,24.6%

—Fantasy/eSports/Betting,8.4%—SportsFranchises,14.4%

—S&P500,15.9%

—Wearables&PerformanceEnhancement,19.3%

Pastperformancedoesnotguaranteefutureresults.Thisisnotarecommendationtobuyorsellanyspecificsecurity.

Source:CapitalIQasofJune30,2023.Equallyweighted

(1)RepresentstheStockPriceChangeBetweenDec30,2022-June30,2023

DRAKESTAR

DigitalMedia/OTT/Content=CatenaMedia,FuboTV,MadisonSquareGardenSportsCorp,Roku,SportradarGroup,WWE,EndeavorGroupHolding

SportsFranchises=Ajax,BorussiaDortmund,FormulaOneGroup,Juventus,ManchesterUnited

AthletePerformance=CatapultSports,Garmin,Kopin,Nautilus,PelotonInteractive

EV/NTMRevenue

3.2x3.3x

2.9x

2.6x

2.3x2.4x

2.0x

1.6x

Esports/Fantasy/Betting

DigitalMedia/OTT/Content

SportsFranchises

AthletePerformance

December2022June2023

EV/NTMEBITDA

13.9x

11.8x

10.6x

9.3x

Esports/Fantasy/Betting

DigitalMedia/OTT/Content

SportsFranchises

AthletePerformance

13.6x

13.4x

11.6x

12.2x

December2022June2023

PUBLICMARKETVALUATIONS

GROWINGMARKETVALUATIONINDICATINGHEALTHYMARKETANDSIGNSOFUPCOMINGCONSOLIDATION

EV/LTMRevenue

3.7x

3.5x

3.2x

2.9x2.9x

2.4x

1.6x

Esports/Fantasy/Betting

DigitalMedia/OTT/Content

SportsFranchises

AthletePerformance

2.7x

EV/LTMEBITDA

29.2x

27.8x

17.1x

15.3x

11.8x

Esports/Fantasy/Betting

DigitalMedia/OTT/Content

SportsFranchises

AthletePerformance

15.9x

16.2x

14.4x

DigitalMedia/OTT/Content=CatenaMedia,FuboTV,MadisonSquareGardenSportsCorp,Roku,SportradarGroup,WWE,EndeavorGroup|SportsFranchises=Ajax,BorussiaDortmund,FormulaOneGroup,Juventus,ManchesterUnited|AthletePerformance=CatapultSports,Garmin,Kopin,Nautilus,PelotonInteractive

Fantasy/eSports/Betting=BetterCollective,BidstackGroup,ChampionGamingGroup,ChurchillDownsInc.,DraftKings,EnthusiastGaming,Entain,FaZeClan,FlutterEntertainment,GANLimited,GeniusSports,Gfinity,Light&Wonder,PennEntertainment,Playmaker,ScoutGamingGroup,Skillz,SuperLeagueGaming,Lottomatica

Pastperformancedoesnotguaranteefutureresults.Thisisnotarecommendationtobuyorsellanyspecificsecurity.

Source:CapitalIQasofJune30,2023.

companycountryLTMPriceMcapEVLTMLTMLTMNTMLTMNTMLTMNTMLTMNTMLT