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M&A and JV opportunities
The video games industry is big, getting bigger and changing
Console game costs, revenue and risks are accelerating
Online/mobile games are growing and fragmenting the market
With investment dynamics entering a new phase
Deal activity is being driven by subsector consolidation
Console Sector
Console games have driven the video games market
But its mature value chain is changing
The console software market is still driven by major publishers
But sector economics are increasingly risky
And development financing is becoming like film financing
So valuations reflect a mature industry in transition
In the advanced stages of consolidation
In the advanced stages of consolidation(continued)
Massive Multiplayer Online (“MMO”) Sector
The MMO sector is both high growth and consolidated
Yet remains an early stage market with evolving dynamics
And a clear hierarchy of successful business models
The MMO sector is ripe for investment and M&A
Casual/Social Online Sector
Casual/social online games are growing extremely rapidly
Providing opportunities across the casual/social value chain
But there is a gap in online/mobile games investment
With casual/social games helping larger company valuations
Generating substantial M&A
Generating substantial M&A(continued)
And attracting significant investment
Mobile Sector
Mobile games are being reinvigorated by smartphone growth
Attracting both corporates and independents
Apple is aiming to be themobile entertainment company
And is already the mobile games app platform of choice
Mobile games have both strong valuations and M&A
And are attracting multiple small early-stage investments
With clear investment, M&A and JV opportunities
Online Gambling Sector
Online gambling continues to cannibalise offline
Sector dynamics and growth are leading to consolidation
Skill based games avoid many regulatory challenges
Strong economics and growth support valuations
And consolidating M&A is accelerating
And consolidating M&A is accelerating (continued)
In-game Advertising Sector
In-game advertising is early stage
With limited, high profile M&A
About IBIS Capital
IBIS Capital is a specialist investment bank
About the authors
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IBIS Capital Global Video Games Investment Review July 2010 E

IBIS Capital Global Video Games Investment Review July 2010 E

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Published by David Ou

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Published by: David Ou on Jun 27, 2011
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