Konvoy：2024年第一季度游戏行业报告 Gaming Industry Report Q1 2024

GamingIndustryReport

Q12024

1

Gamingindustry:ataglance

•2024marketsize:$189.3b(+2.9%YoY)

•Publicmarkets:leadingpublicgaming

ETFsup4-12%YTD(vsS&P500=10.7%)

•VenturefundinginQ1‘24:$594macross

124rounds(fundingis+94%QoQ,numberofroundsare+28%QoQ)

KeyTrends

•EmergingIPOcandidatesingaming

•PotentialUSTikTokban

•DisneyinvestsinEpicGames

•AppStoreseesincreasedscrutiny

•AppleVisionPro:limitedgamingusecases

•Theriseoftheindiedeveloper

Totalgamersin2023byregion(millions):

MiddleEast&Africa

574(17%)

Europe

447(13%)

3,381m

1,789

(53%)Asia-Pacific

335(10%)

LatinAmerica237

(7%)

NorthAmerica

Source:CBInsights,Newzoo,publicreporting,DrakeStar

2

$225

$240$220$200$180$160$140$120$100

$217

$203

$210

$183$180

$189$196

$184

$166$152

$138$122

$68

$42$55$32

$22$23$26$28

$60

$85

$93

$77

$71

$107

$80$60$40$20$0

$64

$20

Gamingisexpectedtobea$189bmarketin2024

$inbillionsActualProjected

+3.5%

2001

200320052007200920112013201520172019202120242029

Source:IFPI,Newzoo,Arstechnica,MPAA,MordorIntelligence,Konvoy

3

Gamingfunding:privatemarketsoverview

StrongQ1privatemarketperformanceisdrivenbyDisney<>Epic($1.5b)

$inmillions

2020:$6,995

OtherTransactions1VC2

2021:$14,8642022:$14,8842023:$2,7232024:$2,197

$3,079

$2,695

$3,127

$4,038

$5,004

$7,143

$4,387

$1.5bof$1.6binOther

Transactions1forQ1-24

attributedtoDisney<>E

pic

$1,057

$1,306

$1,554

$2,024

$1,329

$929

$597

$718

$479

$2,197

Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24

1:IncludestransactionssuchasPrivateEquity,GrowthEquity,CorporateMinorities,PIPEs,andothers.ThisexcludesM&A;2:VCincludesPre-SeedthroughSeriesKVC;Note:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

4

GamingVCfunding:$594m(+94%QoQ)inQ1-24

EarlyandGrowthVCfundinghasnormalizedtopre-COVIDlevels,Lateremainsabsent

$inmillionsUnattributedVCLateGrowthEarly

2020:$2,8122021:$9,9772022:$6,7962023:$2,1772024:$594

$3,360

$550

$418

$1,065

$780

$1,983

$1,621

$3,014

$2,897

$1,652

$1,366

$880

$827

$526

$505

$319

$594

Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24

Note1:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Note2:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

5

GamingVCdeals:124(+28%QoQ)inQ1-24

Q1-24reversedthedealvolumedeclinethatwehaveseensinceQ1-22

#ofdealsUnattributedVCLateGrowthEarly

2020:4182021:6892022:7612023:4562024:124

2

92

10

79

92

111

5

0

17

97

151

0

03

120

152

246

101

27

208

270

09

23

201

8

16

153

12

238

177

132

9

0

137

07

7

123

140

80

5

127

0

91

113

103

104

+2

99

5%

124

92

22

118

83

22

119

97

108

12

94

74

93

9

85

5

6

77

8

Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24

Note1:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Note2:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

6

GamingVC:ahealthierfundingenvironment

Ahigherproportionofdealsaremakingup80%offunding

%ofdealsthatmakeup80%offundingUnattributedVCLateGrowthEarly

$inmillions

23%ofdealshavemadeup80%ofdisclosedfunding,signalingawell-distributedand

healthierinvestmentenvironment

%ofdeals

$10,000$8,000$6,000$4,000$2,000$0

$9,978

23%

23%

19%

$6,796

12%

$2,177

$594Q1-2024

13%

$2,812

2020

2022

2021

2023

25%

20%

15%

10%

5%

0%

Note1:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Note2:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

7

GamingVC:early-stagecapitaldistribution

80%ofearly-stagefundingwentinto31%ofdeals

%ofdealsthatmakeup80%offundingEarly

$3,500$3,000$2,500$2,000$1,500$1,000 $500$0

$inmillions

Almost1/3ofearly-stagedealshavemadeup80%offundingthisquarter,signalingawell-distributedandhealthierinvestmentenvironment

%ofdeals

$3,345

$3,048

27%

23%23%

$1,467

$979

31%

$315

2020

2021

2022

2023

Q1-2024

26%

35%30%25%20%15%10%5%

0%

Note1:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Note2:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

8

Gaminginthepublicmarkets

ESPOhasoutperformedtheS&P500YTDbutbothhavesimilarperformancesinceQ1-20

StockperformanceofgamingETFs,%changefromJanuary2020ESPOHEROS&P500

YTDPerformance(3/31):

•ESPO:12.8%

•HERO:4.9%

•S&P500:10.8%

20202021202220232024

100%90%80%70%60%50%40%30%20%10%

0%

-10%-20%

Source:PublicreportingasofMarch31,2024;Note:ESPOseekstotracktheMVISGlobalVideoGamingandeSportsIndex

(MVESPOTR),HEROseekstotrackamodifiedmarket-cap-weightedglobalindexofcompaniesinvideogamesandesportsindustry

9

Publicgamingcompanieshold$35bincash

andequivalents;ahealthyM&Aenvironment

Gamingcompanies

CompanyCash&equivalents2(USD)

Techcompanieswithgamingdivisions

CompanyCash&equivalents2(USD)

$9.6b

$3.0b

$2.8b

$2.7b

KRAFTON

$2.4b

$2.0b

$1.7b

Others1

$11.1b

Total

$35.3b

$73.9b

$65.4b

$40.8b

$24.3b

$24.0b

$17.3b

$14.3b

$7.1b

Total

$267.2b

1:BandaiNamco,Unity,SquareEnix,Ubisoft,Sega,Playtika,TTWO,Roblox,Applovin,Embracer,NCSoft;2:Doesnotincludeshort-terminvestments;Source:Latestpublicreporting(convertedtobasedonhistoricalexchangerate)

10

GamingM&A:40transactionsinQ1-24

SimilarnumberofM&AtransactionsYoYandQoQ

2020:1462021:2542022:2002023:1382024:40

50

44

72

60

55

67

70

51

44

35

41

41

40

28

24

30

26

Q1-20Q2-20Q3-20Q4-20Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24

Note1:Dealsarenotincludedintheprivatemarketsovervieworthedebtfinancingoverview;Note2:Dealtransactionvaluesare

predominantlynotdisclosed;Note3:Historicaldataacrossreportsissubjecttochange,assourceaddsnewdealsastheybecomepublic;Source:CBInsights

11

Largestgamingtech&platformVCdeals

Gamingtech&platforminvestments-Q12024

CompanynameStageRaise,$mRegion

⃞.splashsportsSplashSportsSeriesA$14.1NorthAmerica

W4Games

SeriesA

$14.1

Europe

ElixirGames

Seed

$14.0

NorthAmerica

PlaytronSeed$10.0

NorthAmerica

3thixSeed$8.5

NorthAmerica

ForgottenPlaylandSeed$7.0

NorthAmerica

BlockGames

Seed

$6.0

Europe

Helika

SeriesA

$5.9

NorthAmerica

Wanruntong

Seed

$5.0

Asia

Comments:

•7ofthetop10Tech&Platformdealswere

intocompaniesinNorthAmerica

•Thetop10Tech&

Platformfunding

totaled$89.6m(-13%QoQ)

•3ofthetop10Tech&Platformdealsare

buildinginthe

alternativegame

engine/operatingsystemspace(W4

GamesviaGodot,

Playtron,andJabali)

JabaliSeed$5.0NorthAmerica

Source:CBInsights

12

LargestgamecontentVCdeals

Gamecontentinvestments-Q12024

CompanynameStageRaise,$mRegion

BuildARocketBoySeriesD$110.0Europe

SecondDinner

SeriesB

$100.0

NorthAmerica

Parallel

SeriesB

$35.0

NorthAmerica

HalfbrickStudios

UnattributedVC

$20.0

Australia

MetaKingStudiosSeed$15.0

Asia

IlluviumSeriesA$12.0

Australia

CarbonatedSeriesA$11.0

NorthAmerica

MetaCeneSeriesA$10.0

Asia

Overworld

Seed

$10.0

NorthAmerica

Comments:

•Contentwasalargedriverofdisclosed

dealactivitythisquarter

•Thetop10Contentdealstotaled

$333.0m($117.5minQ42023,+183%),

primarilydrivenbythetop2deals

•Thisquarter,there

were3Growth-StageContentdealswith

largediscloseddealvolumes>$15m(vs0forTech&Platform)

MikaGamesSeed$10.0NorthAmerica

Source:CBInsights

13

RegionalBreakdown14

Gamingdealsglobally:ataglance

EarlyGrowthLateUnattributedVC

320

300

280

260

240

220

200

180

160

140

120

100

80

60

40

20

0

$4

$0$0

$142

$160$0

$110

$171

$82

$50

$12

$85

$32

GamingventurefundinginQ12024,$m

$318

NorthEuropeAsiaAustraliaSouthAfrica

AmericaAmerica

NumberofgamingventuredealsinQ12024

54

0

3

47

4

0

4

49

19

39

002

17

3

1

0

North

America

Europe

AsiaAustraliaSouth

America

Africa

Note1:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Note2:Somefundingamountsmaynotbedisclosedinsourcedata;Source:CBInsights

15

NA:Q1fundingwasa1-yearhigh(+111%QoQ)

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

‘20:$1,770‘21:$5,535‘22:$2,377‘23:$861‘24:$317

$668$292$353

$1,989$1,537

$1,244

$765$826

$716

LargestVCdealsinQ1

$508

$327$298

$317

$189$224$151

$456

Size

$100.0m

$35.0m

$14.1m

$14.0m

$11.0m

$10.0m

$10.0m

$10.0m

$8.5m

$7.0m

$5.9m

$5.0m

Company

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

SecondDinner

Parallel

SplashSports

#ofgamingventuredealsfromQ12020throughQ12024

ElixirGames

Carbonated

‘20:157‘21:245‘22:264‘23:178‘24:47

Playtron

MikaGames

3thix

ForgottenPlaylandHelika

Jabali

Overworld

89

58

46

36

Q4

87

62

57

52

51

47

41

41

40

40

40

35

Q1

Q2

Q2

Q3

Q3

Q4

Q4

Q1

Q1

Q2

Q2

Q3

Q3

Q4

Q1

Q1

69

Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

16

Europe:Q1fundingwasa1-yearhigh(+113%QoQ)

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

‘20:$385‘21:$2,061‘22:$1,323‘23:$350‘24:$160

$890

$600

$487

inQ1Size

$110.0m

$14.1m

$6.7m

$6.0m

$5.5m

$4.0m

$371$141$165$200

Q3Q4Q1Q2Q3Q4

$322

$305

LargestVCdeals

$160

Q1

$110

Q1

$106

Q2

$208

$75

Q4

$59

Q3

$49

Q2

$30

Q1

Company

Q1

Q4

Q3

Q2

BuildARocketBoy

W4Games

#ofgamingventuredealsfromQ1‘20:113‘21:154

2020throughQ12024

CathedralStudios

‘22:166‘23:86‘24:19

BlockGames

SaltwaterGames

60

47

36

30

23

15

Q1

55

7DigitalLabs

37

34

33

29

27

25

25

24

19

19

Q1

Q2

Q2

Q3

Q3

Q4

Q4

Q1

Q1

Q2

Q2

Q3

Q3

Q4

Q4

Q1

Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

17

Asia:highdealcount,lowdisclosedfunding

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

‘20:$526‘21:$2,249‘22:$2,763‘23:$889‘24:$85

$1,309

$722

inQ1Size

$591

$531

$519

$518

$477

LargestVCdeals

$345

Q4

$225

Q4

$224

Q2

$380

$165

Q3

$93

Q4

$193

Q3

$85

Q1

$73

Q2

$62

Q1

Company

$15.0m$10.0m$5.3m$5.0m$5.0m$4.9m$4.0m$3.7m

Q1

Q2

Q3

Q1Q2

Q4

Q1

Q3

MetaKingStudios

MetaCene

#ofgamingventuredealsfromQ12020throughQ12024

‘20:138‘21:265‘22:298‘23:180

LiquidnitroGames

‘24:54

CrystalFun

Wanruntong

108

75

89

JieerweiMedia

63

61

54

54

52

46

44

43

43

42

47

61

Ultiverse

26

27

PananaStudio

Q1

Q1

Q2

Q3

Q3

Q4

Q4

Q1

Q1

Q2

Q2

Q3

Q3

Q4

Q2

Q1

Q4

Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

18

Australia:74%of’23fundinginQ1-24

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

$219

LargestVCdealsinQ1

$68

$38

$32

Q1

$30

Q3

$27

Q2

$17

Q3

Company

HalfbrickStudiosIlluvium

Size

$20.0m$12.0m

$7

Q4

$7

Q2

$6

Q1

$5

Q1

$2

Q2

$1

Q1

$1

Q4

$0

Q2

$0

Q3

$0

Q4

Q1

Q4

Q3

‘20:$8‘21:$113‘22:$263‘23:$43‘24:$32

#ofgamingventuredealsfromQ12020throughQ12024

‘20:5‘21:13‘22:16‘23:6‘24:3

8

1

1

0

3

2

2

3

6

4

3

1

1

2

1

2

3

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

19

SouthAmerica:nodeals1sinceQ2-23

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

0

0

1

0

2

0

0

5

5

3

1

0

3

1

0

0

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

20

$120

$34

$12

Q2

$10

Q4

$6

Q1

$2

Q1

$1

Q2

$0

Q3

$0

Q1

$0

Q2

$0

Q3

$0

Q2

$0

Q4

$0

Q4

$0

Q3

$0

Q4

$0

Q1

Q1

Q3

‘20:$120‘21:$12‘22:$46‘23:$7‘24:$0

#ofgamingventuredealsfromQ12020throughQ12024

‘20:1‘21:7‘22:9‘23:4‘24:0

LargestVCdealsinQ1

CompanySize

Nodealdataavailable

1:Announceddeals;Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

Africa:1dealdoneinQ1-24

EarlyGrowthLateUnattributedVC

GamingventurefundingfromQ12020throughQ12024,$m

‘20:$3‘21:$8‘22:$24‘23:$27‘24:$0

$0

$3

$0

$0

$0

$6

$0

$2

$22

$1

$1

$0

$27

$0

$0

$0

$0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q31

Q4

Q1

#ofgamingventuredealsfromQ12020throughQ12024

‘20:4‘21:5‘22:8‘23:2‘24:1

33

1

1

2

0

1

1

1

2

2

0

1

0

1

0

1

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1Q2Q3Q4

Q1

Q2

Q3

Q4

Q1

LargestVCdealsinQ1

CompanySize

Carry1st*Unknown

*DenotesKonvoyportfoliocompany;1:Undiscloseddealamount;Note:Early=Pre-SeedthroughSeriesA,Growth=SeriesBthroughD,Late=SeriesE+VC;Source:CBInsights

21

1

EmergingIPOcandidatesingaming

2

PotentialUSTikTokban

3

DisneyinvestsinEpicGames

4

Appleseesincreasedscrutiny,openingthedoorforcompanieslikeEpicGames

5

AppleVisionPro:limitedgamingusecases

6

2024:theriseoftheindiedeveloper

Trends+CurrentEvents22

1EmergingIPOcandidatesingaming

Marketactivity:

•Context:Reddit’sIPOonMarch20th,2024,wasthefirstUSTechIPOsinceSeptember

2023.Thepositivetradinginthedays

followingIPOhaveraisedthequestionaboutthe“IPOwindow”reopening

•Thehighinterestrateenvironmenthas

shiftedinvestorsawayfromthe“growthatallcosts”mentalitytowardsprofitability

•Companiesthathaveright-sized,provenoutandstartedtoexecuteonapathto

profitabilityarelikelytheonestocometo

marketfirstandbewellreceivedbyinvestors

•Likelynottargets($raised):VSPO(~$470m),Mindmaze(~$350m),CloudImperiumGames(~$315m),RecRoom(~$300m),Probably

Monsters(~$270m),FromSoftware

(~$260m),Supercell($142m),RiotGames($16m),Mihoyo(N/A)

Source:TheWallStreetJournal,CBInsights

Leadershipcommentary

PotentialcandidatestoIPOingaming

CompanyEst.Totalraised,$m

EpicGames1991$8,127m

Link

Discord

2015

$995m

Link

Improbable

2012

$866m

N/A

Niantic

2011

$770m

Link(2019)

DreamGames

2019

$467m

N/A

MoonActive

2011

$425m

Link

MobilePremierLeague

2018

$378m

N/A

Homa

2018

$165m

N/A

VNG

2004

$29m

Link

Smilegate

2002N/AN/A

23

2PotentialUSTikTokban

Whathappened:

•InMarch,2024,theUSHouseofRepresentativesoverwhelmingly

passedabillcalledthe"ProtectingAmericansfromForeignAdversaryControlledApplicationsAct"whichrequiresTikTok'sparentcompanyByteDancetoselltheappwithin6monthsorfaceabanintheUS

•ASenatedecisionisunknown:SenateMajorityLeaderChuckSchumerhasbeennoncommittalaboutafastdecision,sayingtheSenatewill

"reviewthelegislation"whenitarrivesfromtheHouse

•USconsumerpushback:Thereareconcernsthatthisbancouldviolatefreespeech,asithasbecomeamajorplatformforexpressionand

contentcreation.Expertssaythatevenwithaban,TikTok’s>100mUSuserswouldlikelystillfindwaystoaccesstheapp(thoughitwould

"harmitsreach“)

Gamingimplications:Todate,TikTokhasprovidedavaluable

platformforsmallergamedeveloperstoshowcasetheirgamesandreachnewaudiences.ThelossofTikTokcoulddisruptthisflowofgaming-focusedviralcontentandculture,especiallyforindieand

smallergamestudios

Source:CBS,Kotaku

China

Chinahascriticizedthepotentialban,sayingtheUS

should“stopunjustlysuppressingforeigncompanies”.

However,manywebsites,appsandtoolsarebannedorblockedinChina,suchasGoogle,Snapchat,The

Economist,BBC,TheNewYorkTimes,TheWallStreetJournal,Wikipedia,Bloomberg,Reuters,TIME,Yahoo,Gmail,Quora,Spotify,andSlack.

Also,theTikTokavailableinChinaisnotthesameversionthatUSconsumersuse.

Chinahasbannedthefollowingapps(yearbanned):

•Facebook-2009

•Twitter/X-2009

•YouTube–2009

•Instagram–2014

•Tumblr-2016

•WhatsApp-2017

•Pinterest-2017

•Discord–2018

•Twitch-2018

24

3DisneyinvestsinEpicGames

Disney’svirtualthemepark:

•InFebruary2024,Disney

announced

thattheywillbeinvesting$1.5binEpicGamesandwillbelaunchingamulti-yearcollaborationon

Epic’sUEFNplatformwhichwillcapture“all-newgamesand

entertainmentuniversethatwillfurtherexpandthereachofbelovedDisneystoriesandexperiences”

(videopreview

)

OtherIPholders:

•Mattel:announcedtheywillbedoublingdowningamesandwillstartself-

publishing.Historically,thegrouphasfocusedonlicensinggames

•WarnerBros:willbemovingawayfrom1biggameperyear(e.g.,HogwartsLegacy)toasetoflive-service(andlikelyF2P,

mobile)titles

•ThisexpansiontoUGCmarksDisney’snewestphaseofexplorationinthegamingspace,whichoverthepast30yearshasoscillatedinfocusbetweenin-housedevelopmentorlicensing

Epicispositionedtocapturebrandinterestingaming:

•Attractivecreatorpayouts:UEFNissharing40%ofrevenuewith

creators(engagementpayout:attractingnewplayersandplayer

retention)vsRobloxwhoshare24.5%1(in-gamepurchases)plus4.8%(engagement-based:alsoknownas“premium”revenue)

•UEFNisgoingallinonthe“engagementmodel”whileRobloxhascontinuedtoleanontheirin-game-purchases-heavymodel

1:Forallnon-web-basedordesktoptransactions;Source:TheWaltDisneyCompany,EpicGames,Mattel,WarnerBros

25

4

Appleseesincreasedscrutiny,openingthedoor

forcompanieslikeEpicGames

Whathappened:

•TheSupremeCourtdeclinedtohearappealsfrombothAppleandEpicGamesinJanuary2024,bringinganendtothelegalsaga.Thisupheldthelowercourt'sruling,whichlargelysidedwithApplebutbarredApplefromblockingdevelopersfrompromoting

alternativepaymentoptionswithintheirapps

•InMarch2024,theUSDepartmentofJusticeand17stateattorneysgeneralfiledamajorantitrustlawsuitagainstApple.ThelawsuitaccusesAppleofillegallymonopolizingthesmartphonemarketthroughitscontrolovertheiOSAppStore

•EpicGamesaffirmeditscommitmenttobringingtheEpicGamesStoretoiOSandAndroidbeforetheendof2024duringGDCinMarch2024

Whatdoesthismean?

•IncreasedregulatorypressureonthecontrolthattheiOSAppStorehasonitsmobileecosystemwillcontinuetodrivemomentumtowardsalternativeformsofpayment

•Webelievethatthiswillalsohaveimplicationsondistributionandresultintheriseofthird-partyappmarketplaces

Source:Apple,CNBC,DigitalTrends

26

5AppleVisionPro:limitedgamingusecases

•Applereleased600gamesandappsfortheAppleVisionPro(AVP),

includinganaccessibleversionofAppleArcade(>250games)andnew

spatialgameslike

GameRoom

,

WhattheGolf?

,and

SuperFruitNinja

thattransformtheuser'sphysicalspaceandprovideengaging,immersive

gameplay

•TheVisionProfeaturesultra-high-resolutiondisplays,apowerfulM2processor,andintuitiveeyeandhand-trackingcontrols,enabling

immersivegamingexperiences

•WhiletheinitialsalesoftheVisionProareexpectedtoberelativelylow,analystsbelievethatmoreaffordableversionsinthefuturecouldleadtowidespreadadoptionandsignificantlyimpactthegaminglandscape

•Takeaway:TheVisionProhaslimitedgamingusecasesatlaunch,asitisstillanewandpowerfultechnologylookingforbroaderapplications.

SincetheAVPisnotprimarilyfocusedongaming,developersare

expectedtocreateexcitingappsthatgobeyondjustgamingandleveragetheheadset'sadvancedfeatures

Source:Apple,CNBC,Sixcolors

27

62024:theriseoftheindiedeveloper

Thestateofindiegamestoday:

•Indietitleshavesuccessfullycompetedintermsofplayerexperience:theaverageSteamratingforindieandAAA

gameshasnearlyconverged,at72%and74%respectively

•Backinthespotlight:inQ1,breakouthitPalworld($6.75mbudget)surpassed25millionunitssold,joiningthelikesofgameslikeMinecraft,StardewValley,AmongUs,FallGuysandValheim

TopgamesonSteambyYTDgrossrevenue,$m

Indiegame

$405

Non-indiegame

$236

$43$36$33$33$28$26$26

$85

Palworld

HellDivers2

BG3

Granblue

RedDead2

EA

SportsFC

LastEpoch

Lethal

Company

Enshrouded

Persona3

Source:VGInsights,Steam

Steamgamesratingbypublisherclassification,%PaidAAAPaidIndie

79%

80%75%70%65%

78%78%

76%

74%74%

70%

67%72%72%73%72%

201820192020202120222023

What’sne