PitchBoo-k-2024年二季度游戏报告（英）-2024-WN8

EMERGINGTECHRESEARCH

GamingReport

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticalupdate3InstitutionalResearchGroup

Q22024timeline5

Analysis

Gaminglandscape6

EricBellomoAnalyst,EmergingTechnology

eric.bellomo@

GamingVCecosystemmarketmap7

pbinstitutionalresearch@

VCactivity8

Data

Innovationspotlights17

NickZambranoDataAnalyst

Handheldgaming18

Publishing

Webshops19

ReportdesignedbyJoeySchafferandJennaO’Malley

Selectcompanyhighlights21

PublishedonAugust13,2024

Stash22

GamesforaLiving24

Forpreviousupdatesaswellasourcompletegaming

research,pleaseseethedesignatedanalystworkspace

onthePitchBookPlatform.

Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

Q22024timeline

Q2VCdealcountsummary

136

totaldeals

-24.0%

QoQgrowth

April4April22May19

-19.0%

YoYgrowth

BITKRAFT,agamingand“syntheticreality”

investmentfirmraises$275.0millionforitsthird

fundtoinvestacrossseedandSeriesAcompanies.

EmbracerGroupannouncesplanstosplitintothree

separatefirms:Asmodee,CoffeeStain&Friends,

andMiddle-EarthEnterprises&Friends.

DeveloperKeywordsStudiosisreportedlyintalks

tobeacquiredbyEQTfor$2.8billion,signaling

anotherpushintogamingbyprivateequity.

-14.4%

YTDgrowth

Q2VCdealvaluesummary

April16May2

May21

$1.8B

totaldealvalue

RedRoverInteractiveraises

a$19.0millionSeriesAledby

Kraftonwithparticipationfrom

Overwolf,TheGamesFund,

BeholdVentures,andothers.

MobilegamesdeveloperSpyke

Gamesraises$50.0millionfrom

MoonActive,increasingthe

startup’spre-moneyvaluationto

$265.3million.

NintendoacquiresShiverEntertainmentfrom

EmbracerGroup.Shiver’sabilitytoportlarge

games,suchasHogwartsLegacy,isstrategically

beneficialtoNintendoinpreparationforits

eventual“Switch2”console.

43.4%

QoQgrowth

21.7%

YoYgrowth

18.6%YTDgrowth

Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5

Gaminglandscape

Development

Operations

Access

Content

Experience

Q22024GamingReport

VCactivity

GamingVCdealactivity

Q22024ventureactivityproducedaQoQincreaseindealvalue(up43.4%to$1.8billion)buta

1,2041,144

decreaseindealcount(down24.0%to136).Thehype-driveninvestmentduringtheCOVID-19

pandemic,whichattractedinvestorsnottraditionallyassociatedwithgamingintothesectorvia

Web3andMetaversedeals,isrecedingfurtherintotherearviewmirror.Gamingmarketsarenow

operatinginanewsteadystate.Thelastsevenquartersaveraged$1.2billioninvestedacross165

deals,andQ2’sdealvaluewasthehighestsinceQ32022—proppedupbyfivedealsover$100.0

649668

568

448511

314393394

315

$2.5

$3.4$3.6$5.3$8.1$7.0$7.7$19.8$16.8$4.5$3.0

million—butthelowestquarterintermsofdealcount.2024ispacingtoexceed2023’saggregate

20142015201620172018201920202021202220232024*

fundingbyapproximately50%.

Dealvalue($B)Dealcount

Wepreviouslysuggestedthechasmbetweencontentanddevelopmentinvestmentswould

Source:PitchBook•Geography:Global•*AsofJune30,2024

narrow,andthatprocesscontinuestounfold.Q2dealvaluebetweenthesegmentsapproached

parity,with$820.0millioninvestedintocontentversus$751.6millionintodevelopment.Deal

volumesawgreaterseparation,with75dealsflowingtocontentdeveloperscomparedwith39for

back-endtechnologies.Wecontinuetoexpectcontenttogarnerthemajorityofinvestorattention,

thoughthedevelopmentcategorydoeshavemeaningfultailwindsviaGenAIinvestments,which

GamingVCexitactivity

couldacceleratedevelopmentandreducecosts.Ourconversationswithinvestorsnevertheless

108

underscorethevolumeofhigh-qualitygamecontentpitchedtoinvestors,creatinganinvestor-

friendlyenvironment.

SeveraldealsclosedinQ2,underscoringareasofopportunityforinvestors:

67

44

4343

2225302731

$6.9$2.0$2.3$12.6$7.5$5.8$30.4$112.7$5.8$6.2

16$0.8

EpicGameslandsmegadeals:LEGO’sblockbustercollaborationwithEpicGames’Fornitedrew

20142015201620172018201920202021202220232024*

over2millionconcurrentplayersandlandedEpica$425.0millioninvestment.Disneyfollowed

withanadditional$1.5billiontobringnovelgameplayandDisneyintellectualproperty(IP)to

Exitvalue($B)Exitcount

Fortnite.Furthermore,UnrealEditorforFortnite(UEFN)ismakingmeaningfulinroadsintheuser-

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024GamingReport

VCACTIVITY

Keygamingearly-stageVCdealsinQ22024*

CompanyClosedateCategoryDealvalue($M)Post-money

valuation($M)Leadinvestor(s)Valuationstep-up

MonadLabsApril9Developertools$225.0$3,000.0Paradigm9.3x

ZentryApril24Distributionplatform$140.0N/AN/AN/A

SunoMay21Developertools$125.0$500.0DanielGross,FounderCollective,Lightspeed

VenturePartners,Matrix,NatFriedmanN/A

SpykeGamesMay2Publishers,developers&studios$50.0$315.3N/AN/A

k-IDJune25Developertools$45.0N/AAndreessenHorowitz,LightspeedVenture

PartnersN/A

AvailJune4Developertools$43.0N/ADragonfly,FoundersFundN/A

MovementLabsApril25Developertools$38.0N/APolychainCapitalN/A

BurntApril1Developertools$25.0N/AN/AN/A

MixerApril6Publishers,developers&studios$23.0N/AN/AN/A

Layer3May1Distributionplatform$20.1$82.1GreenfieldCapital,ParaFiCapitalN/A

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG12

VCACTIVITY

Keygaminglate-stageVCdealsinQ22024*

CompanyClosedateCategoryDealvalue($M)Post-moneyvaluation($M)Leadinvestor(s)Valuationstep-up

StabilityAIJune25Developertools$101.8N/AN/AN/A

SpaceNationMay11Games&platforms$50.0N/AN/AN/A

PixelToysMay1Publishers,developers&studios$31.3$80.1N/A2.1x

AeroPayMay9Developertools$30.0N/AGroup11N/A

TheSandboxJune6Games&platforms$20.0$1,000.0AnimocaBrands,AshParkCapital0.4x

BraavoMay28Monetization&financing$12.0$32.0Headline0.8x

HypersonicLaboratoriesJune24Publishers,developers&studios$10.9$34.9PlayVenturesN/A

MyDearestApril30Publishers,developers&studios$7.9N/ASBIInvestmentN/A

OneQodeJune26Technologyservices$6.6N/AN/AN/A

WeappyStudioMay30Publishers,developers&studios$5.4N/AN/AN/A

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG13

SELECTCOMPANYHIGHLIGHTS:STASH

Keycompanyinformation

Founded

2024

Lastfinancingvaluation

N/A

Leadinvestor(s)

N/A

Stashisawebshopmanagementplatform,similartoShopify,forgamedevelopers.Theplatform

incorporatesthreeprimaryproductofferings:white-labelstorefrontsforgameassetsorupgrades,

paymentprocessing,andawhite-labelgamelauncherforstreamlineddistribution.Game

Employees

N/A

Lastfinancing

N/A

developersfacerisingcostsasconsumerspendingslowsafterthepandemic,appstorefees

remainelevated,andprivacy-forwardplatformupdatessuchasApple’sATTreducetheefficacy

ofadtargeting.Severalhigh-visibilitystudioslaunchedtheirownstorefrontstobuildfirst-party

Totalraised

N/A

HQlocation

SanFrancisco,US

webshopsovertheprecedingdecade,butthisalternativepresentsnontrivialtechnicalcomplexity

thatisoftenoutsidethescopeofastudioorpublisher’scorecompetency.Stashaimstolowerthe

technicalbarriertoentryforcreatingownedstorefronts,similartohowShopifyandBigCommerce

reducedtheentryhurdleforretailersseekingtoexpandtheirdigitalfootprint.Furthermore,ascost

perinstallandimpressionratesrisealongsidelowertargetingefficacy,therelativevalueoffirst-

partydata,includingemails,transactioninsights,andgameplaydata,increasesfordevelopers

seekingtobuildpersonalized,direct-to-consumerrelationships.

Stashwasco-foundedbyJustinKan,RobinChan,andDanBorstelmannunderthenameFractal.

Thecompanylaunchedin2021andpreviouslyraised$35.0milliontoscaleitsNFTmarketplace.

Theplatformincludedamarketplaceforitemsthatwerepurchasedin-gameinadditiontoa

purchasevenueforfirst-timeNFTmarketplaces.Despiteinitialtraction,follow-onsecurity

challengesandtheblockchaingamingecosystem’sslowentryintothemainstreamposed

setbacks,andthecompanyeventuallymorphedintoStash.

Q22024GamingReport

SELECTCOMPANYHIGHLIGHTS:STASH

KanfoundedstreaminggiantTwitchbeforebecomingageneralpartneratYCombinator.Since

leavingYCombinatorin2017,Kanco-foundedcompanieslikeAtrium,Fractal,andRyebefore

startingStashatthebeginningof2024.ChanandKanoverlappedasco-foundersatmultiple

companies,namelyRye,Fractal,andGoatCapital,priortolaunchingStash.Chanhasalso

advisedorco-foundedapluralityofhigh-visibilitystartups,includingFlipboard,Bird,andUber.

BorstelmannhasabackgroundinsoftwareengineeringatSlalomandGoogle.

Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG23

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

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