CICC: Is there still area for the valuation of game companies?
The current market conversation on game companies mainly lies in whether the valuation of the game sector nevertheless has room for further improvement. At the moment, the domestic market mainly evaluates A-share game companies based on the price-to-revenue ratio (PE). Judging from the historic adjustments of PE (TTM, arithmetic typical), the valuation of the game sector reaches a comparatively low historical level; from the comparison of varied sectors in the horizontal direction, the valuation of the game sector reaches top of the middle level. Judging from the valuation level in 2020, the forecasted P/E ratio of the game sector in 2020 is 28 moments, and the PEG is certainly 0.6. We in comparison overseas game companies and discovered that domestic game companies are in a higher-speed development phase, their income balance has improved considerably compared to before, PEG reaches a low level, and valuations have more area for restoration.
What is the process of valuation growth of A-share game companies?
China's game market has experienced 20 years of growth, and the marketplace scale is constantly expanding. By 2019, China's game market income exceeded RMB 230 billion. From the perspective of driving aspects, technical breakthroughs, gameplay improvements, business model innovations and story innovations have promoted the growth of the game industry. Among them, technical breakthroughs have brought about fundamental changes in the form of game products and the optimization of participant experience; invention in gameplay has taken new game sorts and explosions; invention in business models has enabled video games to enter the free of charge era from payment, growing the scope of users; Story invention drives the emergence of several strong IP products.
_ Chart: The growth background of China's game market (divided by game form)_
_ Source: Gamma Data, Game Working Committee of China Music and Digital Association, International Data Corporation, CICC Study Department
Note: Before 2008, the marketplace size data has been lacking. The finish game, page game and mobile game era were split into rough divisions, considering the rise of new sorts, but additionally, there are other styles of products. Additionally, there are end game products in the web page game era. _
From the perspective of the development procedure for A-share game companies, the marketplace value of domestic game companies keeps growing in volatility. From the perspective of the growth features of different periods, China's game market has truly gone through three growth periods: from payment to F2P (free to play) design innovation period, end-to-end technologies breakthrough period, and population as a result of the level of users The bonus period is currently entering the fourth period where ARPU raises to drive industry growth.
_ Chart: Valuation of A-share game listed companies _
_ Source: Wind Information, corporation announcements, CICC Research
Note: In 2010 2010, Zhongqingbao, the initial A-share game corporation, was shown. The marketplace capitalization and PE (TTM, weighted typical of market capitalization) of 32 game businesses have been counted since 2010, and the period of time when PE (TTM) is adverse is excluded. Companies that have transformed their game business from additional businesses will be contained in the data from the time they full the asset reorganization. The marketplace value and PE data are as of June 24, 2020. _
In a horizontal comparison, the existing valuation of the game sector reaches top of the middle level. At the existing time (June 24), the average price-to-revenue ratio (TTM, arithmetic average) of 32 A-share game businesses is just about 44 moments (excluding negative ideals). Compared with other sub-sectors (CITIC classification), this valuation level Ranked 8th, lower than the pc, electronics, medication, communications along with other sectors, and comparable to the food and beverage sectors. In a vertical comparison, the existing valuation of the game sector is lower compared to the historical normal. By June 24, the P/E ratio (TTM, arithmetic typical) of the gaming sector has been lower than the historic average. Nevertheless, the entire sector has gradually recovered from the downturn before 2H19, and the valuation level is in the process of improving.
_ Chart: The price-to-revenue ratio (TTM, arithmetic typical) of the game industry ranks 8th in the CITIC sub-sector, lower than the pc, electronics along with other sectors, and comparable to the food and beverage sectors _
_ Source: Wind Information, CICC Research
Note: Select the closing price on June 24, 2020 for calculation. There are 32 businesses in the game industry, and 14 businesses with adverse PE (TTM) are usually excluded. Media-game PE may be the remaining 18 businesses PE (TTM, arithmetic average)_
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_ Chart: P/E ratio (TTM, arithmetic typical) of the game sector _
_ Source: Wind Information, CICC Research
Note: Calculated based on the closing price on June 24, 2020. There are a total of 32 businesses in the game industry, and 14 businesses with adverse PE (TTM) are usually excluded, and the game PE may be the remaining 18 businesses PE (TTM, arithmetic average)_
Compared with overseas, what is the valuation degree of the A-talk about game industry? We in comparison the valuation systems of game businesses in mature abroad markets. Currently, 9 overseas head game companies have similar P/E ratios to those of A-share game companies, however the 2020 PEG of abroad head game businesses is 3.1, which is significantly higher than the 0.6 PEG degree of A-shares. We believe that when comparing domestic and abroad game companies, considering the different development prices of the game market at different growth stages, PEG is really a appropriate valuation indicator than PE. Considering the growth price of the domestic game market higher than abroad, we believe that there is still area for improvement in the valuation of the domestic game sector. At the moment, the primary reason investors are worried about the valuation increase is the be worried about the instability of the income growth of game companies.
_ Chart: 2020 PE and PEG of 9 representative abroad game companies_
_ Supply: Bloomberg, CICC Research
Take note: PE and PEG are usually calculated based on the closing price on June 30, 2020. The 9 businesses are usually Activision Blizzard (ATVI), Electronic Arts (EA), Take-Two Interactive (TTWO) in the United States; Nintendo (7974), Nexon Company (3659), CAVE Interactive Co., Ltd. (3760) in Japan. ); South Korea's NCSoft (036570), Netmarble (251270), PearlAbyss (263750). _
What's the driving push for the increase in income balance of overseas game companies?
Right after discussing the factors that enhance the income balance of three overseas head game companies Activision Blizzard (ATVI), Electronic Arts (EA) and Take 2 (TTWO), we believe that overseas head game companies adopt three methods:
1) Revenue diversification, including increase in quantity, diversified classes, and expansion of overseas markets;
Diversified quantity: build a product matrix
Large overseas game manufacturers steadily to push out a selection of games every year, which EA includes a large number of products. Before 2013, EA will release more than 20 new games every year, giving the business an extremely diversified item portfolio; since 2014, the amount of products of the business has declined somewhat, but it nevertheless maintains the launch rhythm greater than 10 products each year . The large number of game products makes the business not overly dependent on a single explosive item, smoothing the volatility of functionality.
Diversified classes: multi-category products meet differentiated needs
From the global perspective, gamers have diversified demands for the types of game products. In accordance with Sensor Tower data, the top three game classes for global income in 2019 were role-playing, actions and strategy video games, and each of the three sorts had revenues greater than $14 billion. Consequently, for game businesses, by way of a diversified item class matrix, the dangers of a single category because of changes in participant tastes can be dispersed whenever you can. Take EA for example. The forms of new products launched by EA during the past three years have protected sports, existence simulation, shooting, Take action along with other product types.
_ Chart: Revenue distribution of global mobile game market in 2019 _
__ Supply: SensorTower, CICC Study __
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_ Chart: Distribution of downloads in the global mobile game market in 2019 ___
_ Supply: SensorTower, CICC Study Department_
Regional diversification: income increase and volatility smooth
Overseas markets aren't only an important income source, but also enhance the stability of income. The global game market is undergoing quick development. In accordance with Newzoo data, the four major parts of Asia Pacific, North America, Latin America, European countries, the center East, and Africa accounted for 47%, 26%, 4%, and 23% of income in 2019. For game businesses, it is of great importance to seize abroad markets beyond their countries and regions: 1) Increase revenue sources. Both Activision Blizzard and EA's income from markets beyond North America accounted for more than 50% in 2019; 2) Services After R&D, developers can initial publish in a certain market and observe market feedback to adjust and optimize; 3) All the way through the gradual launch of the same item in various regions, game businesses can handle and soft the income fluctuations caused by a single product.
_ Chart: Revenue distribution by area in the global game market _
_ Supply: Newzoo, CICC Study Department_
2) IP serialization, on the one hands, the aged IP is constantly updated to attract buys, however, a number of sequels are usually launched to create some products;
For producers, the growth of new video games to the marketplace is really a high-investment, high-risk, and time-consuming process. In addition to the high quality of the product itself, well-identified IPs can 1) significantly increase the visibility of new products and increase the success price of products; 2) decrease the period and resources required to promote new products by accepting the audience of the original IP; 3) continue steadily to launch well-identified IPs. Realize the linkage of fresh and old video games; 4) Serialization may bring positive opinions on user period and product sales, and additional promote continuous investment in study and growth by game designers. Consequently, forming a serialized matrix of products developed is becoming an important development direction for game businesses.
_ Chart: Video game IP serialization brings positive feedback ramifications of user period and sales _
_ Supply: Activision Blizzard's yearly report, CICC Study Department_
3) Long-term operation of star one products, star products bring continuous income every year, and the proportion of income from head products is stable, which improves the balance of its income growth.
As the game industry matures, the heading and concentration of products has gradually become a trend. In accordance with NPD data, during the period 2009-2019, the proportion of top 10 sales video games in the United States has gradually enhanced, and the heading trend of the game market continues. Consequently, for game businesses, the creation of head products, while preserving a stable flow of mind products through articles iteration and expansion updates, can develop a stable and considerable income source. The long-term operation of the head series products has taken continuous and stable income to game manufacturers.
Is there still area for the valuation of A-share game companies?
We discovered that A-share game businesses have made improvement in diversification, IP serialization, and long-term operation of star one products, and the income balance of some businesses has improved significantly.
Among them, there are a large number of Sanqi Mutual Entertainment products. Since 2018, the business has produced a number of games every year. The company stated that it will produce more than 50 products in 2020; Perfect World continues to explore the growth of IP series, except for end-to-end products such as for example "Perfect In addition to the achievement of "World" and "New Swordsman", the business is also actively deploying IP-based terminal video games, mobile video games, and console video games item matrix; Gigabit is founded on the star item "Wendao Mobile Video games", through continuous variations Iteration and focus on player experience have created a stable income base.
In addition, because of the higher proportion of mobile video games in the domestic market, mobile video games have higher frequency and more continuous payment behavior than terminal video games and console video games, and are more inclined to consumer products. Therefore, we believe that domestic game companies have more powerful consumption Attributes will be better with regards to income balance. We believe that later on, as the balance of game businesses' revenue growth raises, the PEG of A-share game businesses will gradually increase, and the valuation middle is likely to move upward.
We synthesized the evaluation criteria for household and foreign businesses, compared the ratings of three household top game businesses, and obtained their reasonable PEG amounts. From the perspective of longer-term market growth determinants, we believe that the improvement of the long-term valuation middle of the A-share game sector originates from more macro aspects, such as technical breakthroughs (innovative technologies such as for example cloud games), design invention (monetization or advertising We are optimistic about the long-term development potential of the game market because of the long-term growth potential introduced by the marketplace space (the increase in user level and payment awareness).
_ Chart: Sanqi Mutual Entertainment, Perfect World and Gigabit Income Balance Evaluation Dimensions _
_ Source: Company announcement, CICC Study Department_
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_ Chart: Evaluation of Sanqi Mutual Entertainment, Perfect World and Gigabit ___
_ Source: CICC Study Department_
_ Chart: Current A-share and abroad game corporation PEG comparison _
_ Supply: Bloomberg, Wind Information, corporation announcements, China Corporate Research
Take note: The PE and PEG of the 32 A-share game companies in 2020 are usually both Wind consensus expectations, and g can be an inverse value. In 2020, the PE and PEG of 9 abroad game companies are usually Bloomberg consensus expectations, and g may be the inverse value. In 2021, the PE of 9 overseas game businesses is certainly Bloomberg's consensus, g is certainly Bloomberg's consensus of the growth price of net profit of 9 businesses, and PEG may be the calculated value of PE/g. _
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risk
The macroeconomic downturn affects entertainment expenditures. The launch of new video games is gradual, the functionality of video game products isn't needlessly to say, the improvement of version number acquisition isn't needlessly to say, the improvement of overseas market expansion is certainly slower than anticipated, and the game industry policy dangers.
Article Source
This article is excerpted from: "Is there still room for the valuation of game companies?" released on July 8, 2020. --Conversation on PEG from the global perspective
Zhang Xueqing CFA SAC Practice Certificate Number: S0080517090001 SFC CE Ref: BNC281
Wen Hanjing SAC Practice Certificate Number: S0080119080029
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to do with ROI. The competition in this class is getting more and more fierce. Previously, advertising was mainly monetized, however the increase in ROI cannot cover the increase in cost. Consequently, to be able to remain competing, these manufacturers need to consider transformation and elect to moderate the game to find different ways of monetizing. From the matrix perspective, there is a trend, however the threshold is very, high, only ideal for large-scale companies.
89Trillion Candy Chen
As far as we are concerned, we are nevertheless a self-developed corporation and a articles provider (CP). The growth of casual video games is getting worse and worse for us. The threshold of the matrix is ??very high. From the perspective of CP, it cannot continue steadily to provide beneficial ROI. We are also very full in the commercial chain from promotion to realization, therefore we are now focusing on the product. The development trend of light video games is to believe about how exactly to maintain users. Customers value this content, so the game becomes more and more essential. If ROI is monetized only by advertising, it'll be restricted by the platform. So our strategy is to go lightly to the center, and believe that the center game has area for expansion. The core is to attract common users first, provide deeper content and gameplay, and slowly transform them into core users. I believe that is an inevitable trend.
Keep exploring gameplay,
10 year old moderate game Clash of Clans
Battlecry System Liu Nan
Before, we also wanted to be considered a platform, but then we nevertheless made content steadfastly. This strategy is just to get the market positioning and handle costs.
In 2018, we tried to transform to ultra-leisure but did not succeed because there is no earlier traffic matrix. Hyper-casual games need a lot of invention, including improvements in gameplay and designs. Small companies have no advantage if indeed they simply copy successful products. For pure CP, we still wish that high-quality articles can get visitors. The traffic flow company could be not the same as ours. For all of us, it is to make each item steadily, not quick but it won't die.
Electric powered Soul Chang Sheng
I talk about some views on this issue from the perspective of investors. Matrix flow can be an obvious trend, and I've different views on the medium.
First, the game category is currently exploding, and prior to that, reasonable to heavy video games dominated the planet. Now this sort of medium-to-heavy game investment is getting bigger and larger, like a little studio can't afford it. Correspondingly, some individuals in a small game can make interesting products, that is a method for them to crack the game. So my viewpoint is certainly that neutralization isn't a trend, but a spectral range of colours. Before, there have been only heavy video games, and the spectrum would be chock-full gradually, therefore neutralization is really a phased trend.
Minute, China's entrepreneurial environment, education system, and growth experience do not assistance us in making hyper-casual video games with many creativeness. Indie game must be carried out by someone, nonetheless it may not be what we are good at. The Chinese are usually better at producing moderate to weighty high-paying games. Consequently, the trend of reasonable to severe video games is seen based on China's advantages.
The official Google agent
We used to make equipment, but we only made games during the past six months. Mainly in abroad markets. I could share with you the insights from tool transformation. I concur that moderation of light games can be an inevitable trend. The biggest feature of gentle games is that the ROI is already very thin, that is a large industry premise. Under the premise of very thin revenue, I pay more focus on the team's perspective: for example, because of our previous tool experience, we are very complete with regards to monetization and investment, and relatively speaking, we've a degree of funds and team accumulation. Consequently, our positioning is usually to be a corporation in the central region, to maximize our previous cognition and adopt a product matrix strategy.
This strategy is because first, we are able to afford it, and if we have time to polish product features, we've a good ROI from the product perspective. The second is that we can allocate some of the cost for long-term buys, and may make products which are partial to long-term recycling. Most companies which have equipment going abroad will select this strategy.
I think you can find mainly three forms of gamers for lightly proceeding overseas companies: 1. Start-up companies focus on content, and large platform companies rely on the empowerment of large companies to increase their product output. 2. Companies which have a degree of accumulation can make a product matrix, and create some light video games more refined. 3. Large businesses have their very own item matrix, and they focus their products on the inherent traffic benefits. Multiple matrices flow backwards to reduce costs. In a nutshell, ecology is very important. It is difficult for a basic small enterprise to survive. After a few years, just how of monetizing marketing may change.
Voodoo, the European producer with the developed casual game matrix
Beluga Whale Going to Sea Wang Xiaohan
From the viewpoint of the press, the moderation of light games is indeed an obvious trend. But on the other hand, we also see that heavy video games are carried out lightly. For instance, Japanese card RPG is also very popular. Mild video games are usually moderated because they want to retain users, while heavy video games are usually moderated to catch the attention of more users to play. Now I see that the in-app buy of ultra-casual video games is mainly to eliminate advertisements, and the increase in RPG is still relatively small, because the introduction of RPG requires a specific amount of experience, which is more challenging to balance.
GLU Xu Siyuan
From the perspective of Silicon Valley, Personally, i feel that the existing development trend isn't very good. Now everyone is looking for a way to survive. We want to create good content, however the business factor still requirements the assistance of data and revenue. Cell phone games have passed the phase when mobile hardware was just launched. At that time, game designers could get a lot of revenue, and the cost of acquiring users during the past several years provides doubled many times.
Glu has made many tries, such as for example platform and place based video games. As game designers, we certainly want to create a good product, however the competition in the market is very high and we do not let us to take great risks. Glu has also done IP-based video games, such as for example "Kim Kardashian" and "Hell's Kitchen area". China is currently the traffic head, so you can try this path.
Glu's primary Kardashian IP game-Kim Kardashian
02 How to measure a good game startup corporation?
Electric powered Soul Chang Sheng
This is also an issue we have been facing, but there is absolutely no gold standard. Deep down, I'm more resistant to CP because the risk of CP is too high. We need to have some integration with abroad business, so we've recently committed to a number of CPs. I observe that war investment is more vigorous in this market now.
I've judged a good game team with the next criteria: 1. Start with my very own demands where direction I want to spend money on, such as for example female-oriented, two-dimensional, and armed service weapons categories. 2. The team includes a relatively high completion item. There are particular products which can be evaluated. 3. Just like a team with previous item experience accumulation. 4. The team creation staff love video games from the heart and have an extremely deep understanding of their products.
A team which has both item and company is rare, thus a combination of teams is necessary. In every field, you can find enough people who can do the job. For instance, the producer himself must have an excellent passion for video games without worrying about business.
Jiuding Wushuang Candy Chen
Our standards are the following: 1. The creative capability of the team. 2. The enthusiasm of the team is essential. I prefer to talk to the task producer to measure the degree of the producer and the producer's knowing and prediction of this vertical industry. We prefer to cooperate with producers with successful experience. Although this kind of people is relatively little, their probability of achievement is relatively high, but this kind of talent is also competed by large manufacturers. We prefer to use companies which are more ideal for us, and everyone can sparkle collectively.
Google Advertising Department
From an advertising perspective, I believe the criteria for a good game company are: 1. Find if the business has accumulated good product experience. This is particularly reflected in the truth that some major game manufacturers in European countries and america have a lot of super-casual video games. They have their very own empirical judgment specifications. They are always willing to come to the game. So long as they meet some KPI assessments, it can demonstrate that the game has a potential future Yes, for example VooDoo. 2. The value provided by the ball player. For instance, Monument Valley is very not the same as big games with regards to commercial value, but video games do possess good content. When you can manage your own game users nicely, I think it is also a good game company. It isn't that the more advertising, the higher, you can find different metrics.
03 Is class vital that you game entrepreneurship?
Google Advertising Department
Not counting. It is better to choose a good class from the perspective of entrepreneurial achievement rate. But also the old mode of match-3 may combine with other classes to create new games, and it is not entirely without chance.
Electric powered Soul Chang Sheng
Category is a thinking framework, which is wrong in itself but very helpful. The design is for everybody to talk to each other without much deviation and the precision isn't high. Many video games now have a combination of multiple gameplay and cross-border forms. Class offers a thinking design. The hybridization of multiple models can produce fresh categories. Recently, there has been an excellent outbreak of hybridization, such as for example eating chicken. I look forward to any new class evolution within the next three years.
The masterpiece of the new match-3: Dream Home
Part 2. Busting the Wall Discussion
01 What upstream and downstream ecology may promote the evolution of game products?
Branch Li Xiaopeng
There are two points to talk about from the perspective of advertising data monitoring: 1. Breakthrough in gameplay: Facebook and Google are still the focus with regards to advertising growth. Nevertheless, we have also seen some major overseas businesses searching for breakthroughs, such as for example how exactly to divert exterior web traffic to apps, that is a large traffic pool compared to conventional App advertising. 2. Market selection: In the beginning, everyone mainly visited the Southeast Asian market, but since this past year many businesses have relocated to the center East, India and Pakistan. Southeast Asia is already relatively saturated, however the Indian and Pakistani markets have great potential.
Google Advertising Department
When Google, as the platform party, cooperates with designers, it is mainly platform distribution and monetization. The indicator we are more worried about may be the conversion price. The network and device atmosphere are very vital that you the conversion price. In countries such as for example Indonesia, it is difficult to increase the conversion price if the game dimension is too large and the device can't be loaded. These are things that developers need to consider in the emerging market. If advanced gear becomes popular later on, there will be an improvement for video games. Another observation is that the growth environment is becoming much more friendly, and the threshold is becoming lower.
02 What's the chance of social attributes in video games?
Battlecry System Liu Nan
We also started from the social ecology of video games. Social is truly a generalized concept. Items that are tool attributes in the beginning may grow quicker, such as for example companion App. There are users with interpersonal characteristics, and the thing is how exactly to connect these users. Tencent QQ has been also a tool in the beginning. Later on, an individual stickiness was solid good enough and the amount of users was large before it began socializing. Therefore the time window is very important, but it isn't specific whether it can be produced, such as for example Meitu Xiuxiu. Of course, there are interpersonal attributes of video games, but they need to evolve right into a specific type before they can turn out. The leap from equipment to content isn't so difficult, however the leap from content to interpersonal is more challenging, and operations must be strengthened. If our game content is performed well, we are able to increase social characteristics, and could use other platforms for social networking, such as for example Facebook Group. It is a fragmented ecology. This is our current technique.
Electric powered Soul Chang Sheng
The game itself has social attributes. If you play nicely, it is a gameplay, and if you do not play nicely, it's an internal communication tool. My judgment is really a strategy of solid content and weak social conversation and weak articles and strong interpersonal conversation. Socializing can sometimes be distracting. Speaking with businessmen and asking about the functionality of the opponent's team in the game is also a kind of social conversation. So long as pan-social can provide people with a topic, it can spend relatively small input to obtain users. Sociable in-game must be considered, but interpersonal out-of-game may be the most commercially important part.
As an important small track for user activities in video games, e-sports is actually exactly like looking at an MBA. It's just that the user's attention shifts from offline to on the web. Professional e-sports gamers can kill ordinary people in seconds. Their daily exercising is no not the same as that of athletes. The life routine of e-sports is relatively long. Players will play one class or one game throughout their life.
The popular Switch platform game in the circle of friends, Animal Crossing Buddies Club
Media individual Jin Yechen
I am a heavy player myself. The most socially attributed participant I've played is Dongsen, gives me a different experience. I was more resistant to Dongsen before because of the monotonous style and gameplay, but I performed it because my close friends pulled me to play, so social characteristics are very ideal for refreshing and stickiness.
Without the slow-paced gameplay of social attributes, it is impossible to play. I believe the design of social characteristics is an extremely interesting thought. The problem of games where social attributes take part in gameplay provides been happening consistently during the past few years. In the future, there could be more video games which are completely interpersonal, that is a direction worth exploring. Incorporating interpersonal attributes to video games with strong articles will impact the experience. Outside the game, such as reside broadcast, it could be a good help.
Part 3. Opportunity to discuss
01 Do you know the fresh possibilities for game monetization?
89Trillion Candy Chen
I may become more optimistic about integrating with e-commerce. One situation is that all design components of Design Home are incorporated with the brand name. Addititionally there is Convet Style of Glu, which cooperates with brand name owners to sell clothes. The primary monetization is founded on e-commerce income, and China may have an advantage. Because our energy and period are limited, I can't visit Taobao after doing offers. This is a pain point and may be directed at mid-to-high-end people. Another situation is really a simulated company game, however the developer is really a winery. His monetization method is that gamers make their very own wine and deliver it offline. Combining on the web and offline, gaming and e-commerce can be an possibility. Another model may be the sponsor design (such as for example eating chicken). I believe the brand premium ability is a lot stronger than the user's premium ability.
Google Advertising Department
The direction of high-quality IP has been tried by many manufacturers, however the ideas of new designers will vary from the traditional ones. From the beginning of the IP task, an extremely complete set of filing, high-high quality production, and team have been prepared. For instance, Angry Birds and Onmyoji produced a movie. But not much has already been made, because many IPs have become little. Commercialization can only increase the stickiness of niche users, and the derivatives could be offline actions instead of movies. IP isn't an immediate thing, it requires time to settle down.
NetEase's famous two-dimensional card game-Onmyoji
GLU Xu Siyuan
We are mainly doing platform, location based video games. Our revenue will not come from users, but from the cooperation of third-party retail producers. Online and offline promote each other, and online give you a gaming experience. The coupons you can obtain in the game come from manufacturers. In a few games, the advertisements of the offline producers are imprinted in the corresponding place in the game. There is room to try.
Electric powered Soul Chang Sheng
Wangzhuan's publishing of components has been very popular recently, and income has also risen, which might be a income source. There is also a blind box item. I don't know if there is a market overseas.
02 Where are the possibilities in the game regional market?
Electric powered Soul Chang Sheng
India and Indonesia are usually both locations of concern to me. However, the entire market in India isn't so good now. Politics, competition, and the epidemic are aspects, and the cost of acquiring clients isn't low. I believe the Indonesian market is pretty good. The ceiling of the Indonesian market is very high and an individual cost is low, so platform testing can be carried out. There are some categories that we think aren't ideal for overseas markets, but they have an excellent market in Indonesia, such as for example Gongdou, and Japan and South Korea also perform well. So that you can make an effort to put in different classes and there could be surprises in various markets.
Branch Li Xiaopeng
You can easily overlook Pakistan, nonetheless it has huge development potential. There are many reasons: 1. It has the exact same origin with Indian lifestyle 2. It includes a good connection with China 3. The demographic dividend is certainly big. If you need to spend money on the Indian market, you can also look at Pakistan. And Pakistan's Web infrastructure is very good, since it is made with Chinese aid. There is also a Middle Eastern market that is becoming more and more popular. The overseas interpersonal products show explosive development. Furthermore, the growth stage of the very casual small game segment includes a 200% development compared to this past year, and there are plenty of opportunities. Interactive tales Interactive stories may also be very interesting. They are aimed at females, and women are able them perfectly.
Interactive Novel-Chang'an Twelve Hours
Grand View Funds Wei Haijun
We've been in the middle of the game layout, in the initial circular of the re-bet led the chance of Legend of Bow and Arrow (Haibi Network). In my opinion, the children's industry is quite marketable. Get BabyBus, for example, Tocobaca in the United States has a very large income but very low-key. The second is the female game industry, and then we will focus on both of these fields. I believe there are possibilities for segmentation in game-related communities, nonetheless it is more challenging to find users.
