2020/9/26 Unity S1 研究 - 每周周会 - Confluence

研判断
Unity S1 研究
由 创建 最后修改于九⽉
Max , 18, 2020

LOGO LOGO

Unity 定位
Unity is the world’s leading platform for creating and operating interactive, real-time 3D content.
核⼼强调是实时3D渲染
Improvements in computational power, greater connectivity and the proliferation of devices like smartphones, PCs and
consoles have enabled an explosion of immersive and interactive content.
强调由于⼿机和端的性能提⾼，所以实时3D主要在端上做就⾏了
从游戏起步去讲电影制作、⼯程、制造的3D引擎的故事。

产品
Our Create Solutions （引擎） are used to create, edit, run and deploy real-time 2D, as well as high definition, real-time 3D
content. Our products include custom scripting tools and a high-definition render pipeline for developers; graphics, animation
and audio tools for artists; and navigation, networking and user interface tools for designers.
Splash screen customization 开屏想要不⽤Unity，要$399⼀⼈⼀年；企业版⽐较多技术⽀持，$2400⼀⼈⼀年
Our Operate Solutions （买量变现平台） offer customers the ability to grow and engage their user bases, and to run and
monetize their content irrespective of whether the content was created in Unity. Our monetization products, Unity Ads and
Unity IAP (In-App Purchases), help developers to maximize the revenue potential of their content. Our end-user engagement
products, such as deltaDNA, provide developers with the capability to perform deep analytics to optimize end-
user engagement and behavior. Finally, we also offer solutions to simplify the delivery of content and provide back-
end management, such as Multiplay for multiplayer hosting in games, or Vivox to enable player-to-player communications in
games.
本质上是⼀个ADX，⼴告平台。这个收⼊显得很⾼，但是其实不是很结实，都是流⽔，估计没啥利润。
2018-2019，We derived 48%, 54%, 54% and 62% revenue from Operate Solutions（买量变现平台），后者 营收占⽐越来越
⾼。

Unity 竞争格局
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2020/9/26 Unity S1 研究 - 每周周会 - Confluence
Epic的Unreal引擎：
研判断
https://www.youtube.com/watch?v=tpUI8uOsKTM （这个视频特别impressive，是⽤Unreal engine做的Mandalorian的实时渲
染新时代绿幕，强烈建议看看）
Unity⾛低端，Epic⾛⾼端，贵⼀些（5% royalty）
Unity创造的价值和攫取的价值很不成正⽐，但是可能也是这样（近乎免费），引擎才有⼈⽤
相⽐于Epic，Unity的业务模型挺不好的，从财务⻆度看，觉得没那么值钱；被收购价值可能⽐较⼤。

这么头部的游戏都⽤Unity，还赚不到钱，太不应该了。

Unity 数据
1.5 million monthly active creators in over 190 countries and territories worldwide. The applications developed by these
creators were downloaded over three billion times per month in 2019 on over 1.5 billion unique devices.
150w MAU 的开发者，每⽉30亿下载，每天1亿下载量；15亿设备
53% of the top 1,000 mobile games on the Apple App Store and Google Play
前1000游戏有53%是⽤Unity

Unity 财务
Our revenue grew from $380.8 million to $541.8 million for the years ended December 31, 2018 and 2019
亿美⾦，2019 5.4亿美⾦
2018 3.8
⼤约每年亏1亿美⾦，主要是RSU，现⾦流是正向。

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研判断

年成⽴，⼀开始是MacOS，做了好多年才起来，2009年红杉的A轮；累计融资16亿美⾦。上市预计融资10亿美⾦，估值
2004
亿美⾦。
110
第⼀⼤股东为持股24.1％的红杉资本，其次是持股18.2％的银湖资本和持股8.2%的JA Technologies。此外，创始⼈Helgason
持有4.4％的股份，CEO Riccitiello拥有公司0.4％的股份。（很⼤程度也是因为融了太多轮，惨）
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研判断

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