2021年9月全球游戏行业报告（英）-17页_2mb

Global Gaming Industry Update - September 2021

Core Content Overview

The global gaming industry experienced a record-breaking year in 2021, with significant activity in mergers and acquisitions (M&A), private placements, and public market listings. The first nine months of 2021 saw over $71 billion in disclosed deal value, surpassing twice the amount of the full year 2020. This surge was driven by strategic consolidation among major players and increased private financing, particularly in the blockchain and NFT gaming segments.

Main Points

M&A Activity

• Record-breaking deal activity: Over $9 billion in disclosed deal value through 61 announced and closed deals in Q3 2021.
• Top M&A Deals:
  • Netmarble acquired SpinX Games for $2.19 billion, expanding its mobile game portfolio.
  • ByteDance acquired Pico Interactive for an estimated $1.5 billion, enhancing its VR capabilities.
  • Tencent paid a 43% premium to acquire Sumo Group for $1.27 billion.
  • Playtika acquired 80% of Reworks for $400 million, with plans to acquire the remaining 20% for up to $200 million.
  • Zynga acquired Starlark for $525 million, gaining access to the popular mobile golf game Golf Rival.
  • Unity acquired Parsec for $320 million, expanding into cloud streaming.
  • Netflix acquired Night School Studio, its first game studio.

Private Placements

• Total private placements: Over 493 deals raised $9 billion in the first nine months of 2021.
• Blockchain/NFT segment: Raised $1.8 billion, with notable deals including:
  • Sorare raised $680 million at a $4.3 billion valuation, led by SoftBank.
  • Dapper Labs raised $250 million at a $7.6 billion valuation, led by Coatue Management.
  • Jam City raised $350 million, partly used to acquire Ludia for $165 million.
  • Voodoo raised $315 million at a $1.9 billion valuation from Groupe Bruxelles Lambert.
  • Probably Monsters raised $200 million to develop new IPs and support their AAA studios.
  • Tilting Point raised $235 million, led by General Atlantic, to expand its publishing model.

Public Market Activity

• Gaming IPOs/SPACs: Several companies went public or listed via SPACs, including:
  • Krafton completed its IPO on the Korean Stock Exchange, raising $3.7 billion and valued at $38 billion.
  • Nexters completed its SPAC, raising $250 million and valued at $1.9 billion.
  • DoubleDown Interactive raised $113.7 million through an IPO, valuing the company at $892 million.
• Public Market Valuations: A range of companies were analyzed for their market performance, including Zynga, Playtika, Stillfront Group, and Modern Times Group, showing varying revenue and EBITDA multiples.

Key Information

• Deal Value Trends: The first 9 months of 2021 exceeded the full year 2020 in terms of deal value, with a significant increase in the number of deals and the size of individual transactions.
• Strategic Acquisitions: Major players like Embracer Group, Tencent, EA, Sony, and Zynga were active in acquiring smaller studios and expanding their market presence.
• Blockchain/NFT Growth: The blockchain and NFT gaming segment attracted substantial private investment, with companies like Sorare and Dapper Labs achieving high valuations.
• Public Market Performance: While some companies faced headwinds, notable IPOs and SPACs indicated continued interest in the gaming sector.

Summary Table

Key Players and Their Activities

Strategic Buyers

• Netmarble: Acquired SpinX Games for $2.19 billion.
• ByteDance: Acquired Pico for $1.5 billion.
• Tencent: Acquired Sumo Group for $1.27 billion.
• Playtika: Acquired Reworks for $400 million.
• Zynga: Acquired Starlark for $525 million.
• Unity: Acquired Parsec for $320 million.
• Netflix: Acquired Night School Studio.

Private Placement Leaders

• SoftBank Group: Led the largest Series B round for Sorare.
• Coatue Management: Invested in Dapper Labs and other blockchain ventures.
• Groupe Bruxelles Lambert: Invested in Voodoo.
• Fortress Investment Group: Invested in Jam City.
• General Atlantic: Led Tilting Point's $235 million raise.

Public Market Highlights

• Krafton: Raised $3.7 billion through IPO, valued at $38 billion.
• Nexters: Completed SPAC, raising $250 million.
• DoubleDown Interactive: Raised $113.7 million through IPO, valued at $892 million.

Conclusion

The gaming industry in 2021 was marked by unprecedented deal activity, with a strong emphasis on M&A, private placements, and public market listings. The blockchain and NFT segment stood out, attracting significant investment and showcasing the potential for future growth. Major players continued to expand their portfolios through strategic acquisitions, while new entrants and existing companies raised substantial capital to fuel their growth and innovation.