2024年三季度博彩公共资产负债表和估值指南（英）2024

Key Takeaways

Stock Returns

• Overall Performance: US equity markets showed modest gains in Q3 2024, with the Russell 2000 gaining 10%. However, all tracked gaming categories, except for gambling, underperformed major indexes year-to-date (YTD) with median returns ranging from -17% to -42%.
• Monetization Platforms: Monetization platforms had the strongest median return (+49%) in Q3, followed by fast-growth content developers (+19%). All categories except esports posted positive returns for the quarter.
• Content Developers: Approximately two-thirds of the 31 tracked content developers finished Q3 with positive gains. Key performers included:
  • G-bits: +44%
  • 37 Games: +42%
  • Konami: +41%
• Notable Performers:
  • Sea: +145% YTD, despite falling 70% over the past three years.
  • Keywords Studios: +60% YTD, after a 17% decline since 2021.
  • Ubisoft: -57% YTD, facing significant challenges.
  • Unity: -42% YTD, seeking profitable growth.

Valuations

• Gambling Companies: Gambling companies continued to perform well with a YTD median gain of 17%, led by Rush Street Interactive (+158%).
• Challenges in Exit Landscape: Despite a recent 50-basis-point rate cut, the IPO market remains challenging. Only one company, Korea-based developer Shift Up, has listed publicly and raised more than $30 million. Currently, only three companies are in IPO registration.

Revenue and EBITDA

• Revenue: Revenue data shows mixed performance across the industry.
• EBITDA: EBITDA data reflects the industry's ongoing efforts to improve profitability amid challenging conditions.

Industry Trends

• Industry State of Austerity: The gaming industry is experiencing a period of austerity, with layoffs continuing and many developers focusing on short-term profitability.
• Hardware: The industry is in a holding pattern. The Nintendo Switch has seen declining sales, and there is little information about the upcoming Switch 2. Sony's PlayStation5 Pro aims to upsell the most passionate consumers ahead of key releases like Grand Theft Auto VI.

Summary

The gaming industry faced mixed performance in Q3 2024, with monetization platforms and gambling companies performing strongly. Content developers like G-bits and 37 Games showed significant gains, while Ubisoft and Unity struggled. The industry is navigating a period of austerity, with layoffs continuing and companies focusing on improving profitability. The exit landscape remains challenging, with only a few companies listing publicly. Gambling companies, particularly Rush Street Interactive, performed well, but the overall market remains cautious.