PitchBoo-k-2024年二季度游戲報告（英）-2024-WN8

EMERGINGTECHRESEARCHGamingReportVCtrendsandinnovationspotlightsQ2REPORTPREVIEWThefullreportisavailablethroughthePitchBookPlatform.2024ContentsVerticalupdate3InstitutionalResearchGroupAnalysisQ22024timelineGaminglandscapeGamingVCecosystemmarketmapVCactivity5EricBellomoAnalyst,EmergingTechnology6eric.bellomo@pbinstitutionalresearch@78DataNickZambranoDataAnalystInnovationspotlightsHandheldgamingWebshops171819212224PublishingReportdesignedbyJoeySchafferandJennaO’MalleyPublishedonAugust13,2024SelectcompanyhighlightsStashGamesforaLivingForpreviousupdatesaswellasourcompletegamingresearch,pleaseseethedesignatedanalystworkspaceonthePitchBookPlatform.Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2Q22024timelineQ2VCdealcountsummary136totaldeals-24.0%QoQgrowth-19.0%YoYgrowthApril4April22May19BITKRAFT,agamingand“syntheticreality”investmentfirmraises$275.0millionforitsthirdfundtoinvestacrossseedandSeriesAcompanies.EmbracerGroup

announcesplanstosplitintothreeseparatefirms:Asmodee,CoffeeStain&Friends,andMiddle-EarthEnterprises&Friends.DeveloperKeywordsStudios

isreportedlyintalkstobeacquiredbyEQTfor$2.8billion,signalinganotherpushintogamingbyprivateequity.-14.4%YTDgrowthQ2VCdealvaluesummary$1.8BtotaldealvalueApril16May2May21RedRoverInteractive

raisesa$19.0millionSeriesAledbyKrafton

withparticipationfromOverwolf,TheGamesFund,BeholdVentures,andothers.MobilegamesdeveloperSpykeGames

raises$50.0millionfromMoonActive,increasingthestartup’spre-moneyvaluationto$265.3million.Nintendo

acquiresShiverEntertainment

fromEmbracerGroup.Shiver’sabilitytoportlargegames,suchasHogwartsLegacy,isstrategicallybeneficialtoNintendo

inpreparationforitseventual“Switch2”console.43.4%QoQgrowth21.7%YoYgrowth18.6%YTDgrowthQ22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5GaminglandscapeDevelopmentOperationsAccessContentExperienceQ22024GamingReportVCactivityGamingVCdealactivityQ22024ventureactivityproducedaQoQincreaseindealvalue(up43.4%to$1.8billion)butadecreaseindealcount(down24.0%to136).Thehype-driveninvestmentduringtheCOVID-19pandemic,whichattractedinvestorsnottraditionallyassociatedwithgamingintothesectorviaWeb3andMetaversedeals,isrecedingfurtherintotherearviewmirror.Gamingmarketsarenowoperatinginanewsteadystate.Thelastsevenquartersaveraged$1.2billioninvestedacross165deals,andQ2’sdealvaluewasthehighestsinceQ32022—proppedupbyfivedealsover$100.0million—butthelowestquarterintermsofdealcount.2024ispacingtoexceed2023’saggregatefundingbyapproximately50%.1,2041,144649$7.7668568511448393394314315$2.5$3.42015$3.6$5.3$8.1$7.0$19.82021$16.82022$4.5$3.020142016201720182019202020232024*Dealvalue($B)DealcountWepreviouslysuggested

thechasmbetweencontentanddevelopmentinvestmentswouldnarrow,andthatprocesscontinuestounfold.Q2dealvaluebetweenthesegmentsapproachedparity,with$820.0millioninvestedintocontentversus$751.6millionintodevelopment.Dealvolumesawgreaterseparation,with75dealsflowingtocontentdeveloperscomparedwith39forback-endtechnologies.Wecontinuetoexpectcontenttogarnerthemajorityofinvestorattention,thoughthedevelopmentcategorydoeshavemeaningfultailwindsviaGenAIinvestments,whichcouldacceleratedevelopmentandreducecosts.Ourconversationswithinvestorsneverthelessunderscorethevolumeofhigh-qualitygamecontentpitchedtoinvestors,creatinganinvestor-friendlyenvironment.Source:PitchBook?Geography:Global?*AsofJune30,2024GamingVCexitactivity10867444343303116272522SeveraldealsclosedinQ2,underscoringareasofopportunityforinvestors:$0.8$12.6$7.5$5.8$6.2$5.82019$6.9$2.02015$2.3$30.4$112.72021EpicGameslandsmegadeals:LEGO’sblockbustercollaborationwithEpicGames’Fornitedrewover2millionconcurrentplayersandlandedEpic

a$425.0millioninvestment.Disney

followedwithanadditional$1.5billiontobringnovelgameplayandDisney

intellectualproperty(IP)toFortnite.Furthermore,UnrealEditorforFortnite(UEFN)ismakingmeaningfulinroadsintheuser-20142016201720182020202220232024*Exitvalue($B)ExitcountSource:PitchBook?Geography:Global?*AsofJune30,2024Q22024GamingReportVCACTIVITYKeygamingearly-stageVCdealsinQ22024*Post-moneyvaluation($M)CompanyClosedateCategoryDealvalue($M)Leadinvestor(s)Valuationstep-upMonadLabsZentryApril9Developertools$225.0$140.0$3,000.0N/AParadigmN/A9.3xN/AApril24DistributionplatformDanielGross,FounderCollective,LightspeedVenturePartners,Matrix,NatFriedmanSunoMay21May2Developertools$125.0$50.0$45.0$500.0$315.3N/AN/AN/AN/ASpykeGamesk-IDPublishers,developers&studiosDevelopertoolsN/AAndreessenHorowitz,LightspeedVenturePartnersJune25AvailJune4April25April1April6May1Developertools$43.0$38.0$25.0$23.0$20.1N/AN/AN/AN/A$82.1Dragonfly,FoundersFundN/AN/AN/AN/AN/AMovementLabsBurntDevelopertoolsPolychainCapitalDevelopertoolsN/AMixerPublishers,developers&studiosDistributionplatformN/ALayer3GreenfieldCapital,ParaFiCapitalSource:PitchBook?Geography:Global?*AsofJune30,2024CONFIDENTIAL.NOTFORREDISTRIBUTION.PG12Q22024GamingReportVCACTIVITYKeygaminglate-stageVCdealsinQ22024*CompanyClosedateCategoryDealvalue($M)Post-moneyvaluation($M)Leadinvestor(s)Valuationstep-upStabilityAIJune25May11May1Developertools$101.8$50.0$31.3$30.0$20.0$12.0$10.9$7.9N/AN/AN/AN/A2.1xN/A0.4x0.8xN/AN/AN/AN/ASpaceNationPixelToysGames&platformsN/AN/APublishers,developers&studiosDevelopertools$80.1N/AN/AAeroPayMay9Group11TheSandboxBraavoJune6May28June24April30June26May30Games&platforms$1,000.0$32.0$34.9N/AAnimocaBrands,AshParkCapitalMonetization&financingPublishers,developers&studiosPublishers,developers&studiosTechnologyservicesHeadlinePlayVenturesSBIInvestmentN/AHypersonicLaboratoriesMyDearestOneQode$6.6N/AWeappyStudioPublishers,developers&studios$5.4N/AN/ASource:PitchBook?Geography:Global?*AsofJune30,2024Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG13SELECTCOMPANYHIGHLIGHTS:STASHKeycompanyinformationFoundedLastfinancingvaluationLeadinvestor(s)2024N/AN/AStash

isawebshopmanagementplatform,similartoShopify,forgamedevelopers.Theplatformincorporatesthreeprimaryproductofferings:white-labelstorefrontsforgameassetsorupgrades,paymentprocessing,andawhite-labelgamelauncherforstreamlineddistribution.Gamedevelopersfacerisingcostsasconsumerspendingslowsafterthepandemic,appstorefeesremainelevated,andprivacy-forwardplatformupdatessuchasApple’sATTreducetheefficacyofadtargeting.Severalhigh-visibilitystudioslaunchedtheirownstorefrontstobuildfirst-partywebshopsovertheprecedingdecade,butthisalternativepresentsnontrivialtechnicalcomplexitythatisoftenoutsidethescopeofastudioorpublisher’scorecompetency.Stash

aimstolowerthetechnicalbarriertoentryforcreatingownedstorefronts,similartohowShopify

andBigCommercereducedtheentryhurdleforretailersseekingtoexpandtheirdigitalfootprint.Furthermore,ascostperinstallandimpressionratesrisealongsidelowertargetingefficacy,therelativevalueoffirst-partydata,includingemails,transactioninsights,andgameplaydata,increasesfordevelopersseekingtobuildpersonalized,direct-to-consumerrelationships.EmployeesN/ALastfinancingN/ATotalraisedN/AHQlocationSanFrancisco,USStash

wasco-foundedbyJustinKan,RobinChan,andDanBorstelmannunderthenameFractal.Thecompanylaunchedin2021andpreviouslyraised$35.0milliontoscaleitsNFTmarketplace.Theplatformincludedamarketplaceforitemsthatwerepurchasedin-gameinadditiontoapurchasevenueforfirst-timeNFTmarketplaces.Despiteinitialtraction,follow-onsecuritychallengesandtheblockchaingamingecosystem’sslowentryintothemainstreamposedsetbacks,andthecompanyeventuallymorphedintoStash.Q22024GamingReportSELECTCOMPANYHIGHLIGHTS:STASHKanfoundedstreaminggiantTwitch

beforebecomingageneralpartneratYCombinator.SinceleavingYCombinator

in2017,Kanco-foundedcompanieslikeAtrium,Fractal,andRye

beforestartingStash

atthebeginningof2024.ChanandKanoverlappedasco-foundersatmultiplecompanies,namelyRye,Fractal,andGoatCapital,priortolaunchingStash.Chanhasalsoadvisedorco-foundedapluralityofhigh-visibilitystartups,includingFlipboard,Bird,andUber.BorstelmannhasabackgroundinsoftwareengineeringatSlalom

andGoogle.Q22024GamingReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG23PitchBookData,Inc.NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligencePaulCondraHeadofEmergingTechnologyResearchAboutPitchBookAdditionalresearchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaSIndustryandTechnologyInfrastructureSaaSResearchBrendanBurkebrendan.burke@DataAnalyticsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacesRobertLeIndependent,objective,andtimelymarketintelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAstheprivatemarketscontinuetogrowincomplexityandcompetition,it’sessentialforinvestorstounderstandtheindustries,sectors,andcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmissionsTechCleanEnergyTechOurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorssoyoucanbetternavigatethechangingmarketsyouoperatein—andpursuenewopport