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1、Digital Mediasector update Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Hong Kong Limited is authori

2、sed and regulated by the Securities&Futures Commission GP Bullhound Luxembourg Srl is authorised as an AIFM in Luxembourg by the Commission de Surveillance du Secteur FinancierQualitative insights into broader Digital Media trends and public and private valuations across the transaction spectrum,and

3、 interviews with todays leaders transforming the sector.Q3 20222THE VIEWQ3 Digital Media perspectives from GP BullhoundUS app store revenues have historically been dominated by gaming appsFor the first time,non-game apps have surpassed gaming apps in revenue generationThis shift is driven by the sub

4、scription model adopted by non-game apps,compared to the microtransactions of gaming appsCompetition heats up in the streaming wars as subscription-based services lose ground and ad-supported models win bigMajor players have taken notice and look to re-strategise,most notably Netflix is highly focus

5、ed on the rollout of its ad-supported modelOther players are engaging in M&A and creating original content to drive subscriber growthSports rights have become a valuable asset and tech giants like Apple and Amazon have taken noticeBoth companies have recently won major sports rights deals with the N

6、ational Football League,Major League Baseball,and Major League Soccer in the USMost of the rights still belong to legacy media companies but the pressure is on as tech giants can leverage large cash balancesBIG TECH AIMS FOR SPORTSGAMING APPS REVENUE BUFFERSSTREAMING SHIFTS STRATEGIESTakeaways3GP Bu

7、llhound Fund IVINVESTED INACTIVE(DIRECT LISTING)UnityGP Bullhound Fund VINVESTED INACTIVEDiscordGP Bullhound Fund IVINVESTED INREALISED(ACQUIRED BY EPIC GAMES)QuixelGP Bullhounds recent Digital Media activityA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALIn

8、vestment Banking Investment Management GP Bullhound Fund IIIINVESTED INREALISED(DIRECT LISTING)SpotifyTakeawaysSpeedTreeACQUIRED BYUnityUNDISCLOSEDPhoton(Exit Games)INVESTMENT BYSkillz$50MAstragon EntertainmentACQUIRED BYTeam17100MVenatusINVESTMENT BYLivingbridgeUNDISCLOSEDBusuuACQUIRED BYChegg$436M

9、AdYouLikeACQUIRED BYOpenWeb(Insight Partners)$100MPinkbikeACQUIRED BYOutsideUNDISCLOSEDPixlyACQUIRED BYUNDISCLOSEDAcceleration Community of Companies(ACC)4Tech giants enter the playing field on sports contentGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Axios,MoffettNathanson,The New York Times(as of 30 Se

10、ptember 2022)TakeawaysOverviewSelect sports rights acquisitions Future outlookCompetition for the ownership of sports rights is heating up.While these assets have historically been under established media conglomerates,Apple and Amazon have quickly entrenched themselves as major competitors to legac

11、y owners like Disney,Comcast,Paramount,and FoxThe value of sports rights is at all time highs and as trillion-dollar tech companies enter the playing field,they will only rise higherIn 2024 alone,Disney,Comcast,Paramount,and Fox will pay a combined total of$24.2bn for sports rightsThese high valuati

12、ons are due in part to the significant viewership traffic.Traditional media companies leverage this audience to cash in ad dollars.Big Tech hopes to leverage viewership to convert into new subscribers in their larger ecosystem such as merchandising and music business$85m annually to stream Friday ni

13、ght games$2.5bn to stream all regular season gamesBought the rights to“Thursday Night Football”for$1bn annuallyWhile legacy media companies are undoubtedly feeling pressure from Apple and Amazon,they still own most of the sports rights.They each have their own streaming services which can compete wi

14、th Apple TV and Amazon VideoBob Iger,former chief executive and chairman of Disney,which controls ESPN,commented:“Its hard when youre competing with entities that arent playing by the same financial rules,”referring to Big Techs deep pocketsThe challenge for these tech giants will be convincing spor

15、ts leagues that they can deliver a seamless viewing experience for fans who are used to flipping between games on a remote not switching to a new appWhat to look out for:Apple and Amazon are going head-to-head competing for rights to the NFLs Sunday Night Football package,which could include a stake

16、 in the leagues media business.Apple is currently seen as the front-runnerThe NBAs upcoming rights renewal will be closely watched.The association is not expected to ignore cable or broadcast,but Commissioner Adam Silver has a reputation for being forward-thinking and may entertain the interest of t

17、ech bidders5Revenues from non-game apps surpassed gaming appsGP BULLHOUNDS SECTOR TAKEAWAYS Sources:GP Bullhound Insights,SensorTower,and TechCrunch(as of 1 September 2022)TakeawaysOverviewGaming apps have historically dominated revenue generation in US app stores.The margin between gaming and non-g

18、aming apps was exacerbated in 2020 as people stayed indoors following pandemic lockdown protocolsFor the first time,non-gaming apps are surpassing gaming apps in 2022.Just five years ago,games accounted for more than two thirds of total spending on the US App Store The main revenue growth driver is

19、the subscription component of non-game apps their growth rate has nearly doubled:40%CAGR since June 2014 with less than 20%for gamesWhereas gaming apps have adopted microtransactional models of monetisation,it has proven to be inferior to the sticky and recurring revenue model used by consumer subsc

20、ription apps This has resulted in significant value creation for non-game applications:in Q2 2016,the marketplace had one application with over$50m in consumer spending.As of Q2 2022,there are currently 12 apps and countingWith strong consumer subscription tailwinds headed into 2023,we expect the ma

21、rgin between non-game and game spending to increase.Leading Non-Game AppsUS App Store mobile app consumer spending for games vs.non-games(in$millions)250325410480610710110010601060501001752254105006809501080201420152016201720182019202020212022GamesNon-Games6The next phase of streaming warsGP BULLHOU

22、NDS SECTOR TAKEAWAYS Sources:Wall Street Journal,Public releases(as of 22 September 2022)TakeawaysOverviewStreaming services have evolved into a dichotomy of free or ad-supported models versus subscription-based so far,the free option is winning groundSubscription-based services are feeling the heat

23、:The largest paid-TV providers in the US,representing 93%of the market,lost two million subscribers in Q1.Netflix alone lost nearly one million in Q2.Paramount+added 3.7 billion subscribers globally in Q2,but their other streaming services lost 2.4 millionMeanwhile,ad-supported video-on-demand platf

24、orms(Tubi,Pluto TV,Freevee,Xumo)and ad-supported versions of subscription services(Hulu,HBO Max)are expected to generate nearly$19bn in revenue this year,doubling from 2020Media companies have taken notice and are looking to cash in on free-streaming platforms:Paramount bought Pluto TV for$340m in 2

25、019,which is expected to bring in$1.2bn in ad revenues this year.Tubi was acquired by Fox Corp in 2020 for$490m and is projected to generate$830m this year.Amazon launched its own ad-supported streamer,Freevee,in 2019,and Comcast bought Xumo in 2020Major streaming companies are looking for different

26、 ways to gain ground such as offering bundled packages and streamlining their content,restructuring fees to accommodate ad-supported services,and acquiring newer programmingParamount is now looking to merge Showtime with Paramount+.Warner Bros.is also posited to merge Discovery+with its flagship pro

27、duct HBO Max.By consolidating options,they can mitigate the effects of increased consumer agency in“creating their own bundles”that often leave out smaller streaming servicesNetflix shifted its focus to creating more original content and raised its monthly prices.To regain the viewers lost to those

28、changes,Netflix has partnered with Xandr to provide a cheaper ad-supported tier to bring in new users and boost revenue.They are targeting 40 million viewers by Q3 2023 in their ad-supported modelBrands may be expected to pay premium prices to advertise on platforms like NFLX,though it is not yet cl

29、ear how much control they will have over ad placementStreaming companies scramble to improve their strategiesNotable streaming players048121620202020212022HuluPluto TVRokuTubiOthersRevenue growth for ad-supported services($in billions)7Notable digital media M&A dealsDateTargetBuyerTarget description

30、Value($m)Implied EV/LTM Rev27-SepMorning ReadThe Arena GroupPublishes golf related contentn/an/a26-SepAtariWade Rosen(Private Individual)Provider of video games,arcade games,licensing and blockchain615.3x9-SepHome design magazinen/an/a7-SepOnline global administration of music rights750n/a6-SepGuill

31、emot BrothersTencent Publisher and distributor of interactive entertainment software products298n/a6-SepThe FactualYahoo News company that leverages data and algorithms to rate newsn/an/a31-AugWildWorksNazara TechnologiesGame developer that creates interactive products10n/a31-AugQuantic DreamNetEase

32、 Innovative mobile gaming developer with proprietary technologiesn/an/a8-AugAxios MediaCox EnterprisesMedia site that delivers news and insights 525n/a28-JulRealNetworks Greater Heights,LLC./Robert GlaserProvides digital media products powered by AI and ML 210.3x19-JulAnimal LogicNetflixAward-winnin

33、g animation studion/an/a18-JulIndustry DiveInforma PLCDigital news agency for executives525n/a15-JulFaZe ClanEsports and entertainment company 872n/a14-JulturNintendo Produces computer-generated animation for visual contentn/an/a13-JulironSourceUnity Assists app developers to scale and monetise thei

34、r apps 4,55012.5x12-JulSupermassive GamesNordisk GamesVideo game developer known for its horror games243.6x6-JulRed Arrow Studios(US Production Assets)Peter Chernin/The North Road Co.Creates and distributes entertainment content globally2001.3xTransaction trendsNOTABLE DIGITAL MEDIA M&A DEALSSources

35、:Capital IQ,Merger Market,Public information and press releases(as of 30 September 2022)8DateIssuerLead investorIssuer descriptionValue($m)27-SepDesigns mobile applications34016-SepDesigns and creates games for educational purposes15213-SepNFT collection549-SepGame developer focused on Web3 applicat

36、ions and blockchain technology259-SepHong Kong based digital entertainment provider that specialises in blockchain and gamification11023-AugAI-driven platform that creates characters for gaming,the metaverse and VR/AR5023-AugCreates 3D avatars for the metaverse5619-AugKeen TechnologiesArtificial int

37、elligence startup206-JulMultiplayer game developer415-JulPolish VR studion/aNotable digital media investmentsNOTABLE DIGITAL MEDIA INVESTMENTS Sources:Capital IQ,Public information and press releases(as of 30 September 2022)The pace and size of investments in the sector continue to accelerate with t

38、he increase in global consumption of digital mediaTransaction trends9Select digital media IPOsSELECT DIGITAL MEDIA IPOSSources:PitchBook,Capital IQ(as of 30 September 2022)Transaction trendsDescription(SEHK:9857):One of the top Chinese drama series producersListing date:10-Sept-2022Offering amount:$

39、53.5mOffering price/Share:$3.5Market cap:$1.24bn%Change/IPO price:(2.7%)Selected metrics:Estimated revenue in fiscal year 2022 is 1$95.5m,an increase of 1%over FY 2021EBITDA for 2022 is expected to reach$52m,compared to$45.8m in 2021-14.1%in price since IPODescription(TSE:5125):Producer and distribu

40、tor of video,advertising and streaming services Listing date:28-Sept-2022Offering amount:$12.7mOffering price:$12.5Market cap:$39.8m%Change/IPO price:22.4%Selected metrics:N/A-7.9%in price since IPO10Select digital media SPAC IPOsSELECT DIGITAL MEDIA SPAC IPOS IN Q3 2022Source:SPAC Research(as of 30

41、 September 2022)(1)Reflects closing price on first day post SPAC mergerTransaction trendsDescription(NASDAQGM:RUM):Provides platforms for video content creators to distribute and shareSPAC merger date:16-Sept-2022IPO offering amount:$400mPrice/Share(1):$16.81Merged SPAC:CF Acquisition VI focused on

42、technology,financial services,real estate and software sectorsDescription(NYSE:GETY):Creator and marketplace of high-end visual content for global clientsSPAC merger date:25-Jul-2022IPO offering amount:$1.2bnPrice/Share(1):$9.76Merged SPAC:CC Neuberger Principal Holdings II Description(NASDAQCM:FAZE

43、):Esports and entertainment company with over 510 million followers globallySPAC merger date:19-Jul-2022IPO offering amount:$650mPrice/Share(1):$9.88Merged SPAC:B.Riley Principal 150 Merger Corp.sought to pursue a business with an EV between$300m to$1bn 11GP Bullhound Digital Media indicesGP BULLHOU

44、ND DIGITAL MEDIA INDICESSource:Capital IQ(as of 30 September 2022)Companies2021/2022E avg.rev growth2022E avg.EBITDA margin2022E avg.EV/revenue2022E avg.EV/EBITDAMusic,video,photosDiversified online content and social media16.0%12.8x2.6x1.1%Western gaming(9.9%)22.0%12.5x2.9xAsian gaming13.9%10.5x1.7

45、x(3.9%)7.8%33.1%12.0 x4.0 xPublic company analyses12-80.0%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%Diversified online contentMusic,video,photosWestern GamingAsian GamingS&P 500Dow Jones Industrial AverageGP Bullhound Digital Media indicesGP BULLHOUND DIGITAL MEDIA INDICES-LAST 12 MONTHSSource:Capit

46、al IQ(as of 30 September 2022)LTM share price performance(rebased to 0%as of 30 September 2021)While macroeconomic fears still loom,digital media indices remained flat relative to their Q2 performance as investor speculations stabilised.Western gaming was the best performer this quarter,as it tracke

47、d along with the S&P and Dow Jones.The same cant be said for the other digital media indices all three underperformed compared to the broader market.The Asian gaming,diversified online content,and music,photos,videos indices dropped 50-60%compared to this time last yearQ4-21Q1-22Q2-22-40.0%-32.4%+1.

48、8%0.0%-29.5%-0.3%-6.8%-7.9%-13.0%+4.5%-3.5%Q3-22-6.7%-44.8%-14.9%-64.0%-41.3%-11.5%-14.2%-55.0%-60.6%-49.7%-17.4%+7.1%-19.4%Public company analyses13GP Bullhound Digital Media indices market capitalisationGP BULLHOUND DIGITAL MEDIA INDICES MARKET CAPITALISATION VALUATIONS Diversified online content

49、and social media Music,video,photos Western gaming Asian gaming 104.722.216.715.711.97.86.96.02.21.90.50.30.258.232.218.27.43.42.01.71.10.60.447.146.931.515.314.36.25.4 5.4 5.2 5.2 4.94.33.6 3.52.92.52.01.5 1.5 0.9010,00020,00030,00040,00050,00060,00070,000Three of the GP Bullhound diversified Digit

50、al Media indices extended their losses into Q3 2022 diversified content(-20.8%),Western gaming(-7.5%),and Asian gaming(-14.5%).Music,video,photos stocks rebounded to positive territory,up 8.7%compared to last quarter.Several companies also recovered from their lows and outperformed peers Twitter(17.

51、4%),Tripadvisor(24.2%),and Yelp(21.1%)in diversified content;and Netflix(34.8%),Pinterest(30.2%)in music,video,photosSource:Capital IQ(as of 30 September 2022);Note:All values are shown in USD billion364.6319.833.526.316.26.94.03.12.40.90.5Public company analyses140.0 x2.0 x4.0 x6.0 x8.0 x10.0 xSep-

52、17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Diversified online content and social mediaMusic,video,photosWestern gamingAsian gamingEvolution of GP Bullhound Digital Media indices valuation NTM EV/REVENUE TRENDS LAST FIVE Y

53、EARS OVERVIEWSource:Capital IQ(as of 30 September 2022)NTM revenue multiples continued their decline this quarter.While the five-year average remains comparable to historical levels,shorter-term valuations reveal investor skepticism in the digital media space.Compared to last quarter,the one-year NT

54、M multiples dropped again by 0.3-0.7x for the content indices.The gaming indices performed slightly better,losing only 0.3x and 0.4x for the Asian and Western sectors,respectivelyMedian EV/NTM Revenue5Y3Y1Y30-Sep-22Diversified online content5.9x 5.3x 3.7x 2.8x Music,video,photos4.0 x 3.6x 2.6x 1.4x

55、Western gaming4.7x 4.7x 3.7x 2.8x Asian gaming3.5x 3.6x 2.8x 2.1x Public company analyses15Activision BlizzardElectronic ArtsTake-Two InteractiveUbisoft Entertainment Embracer GroupStillfront GroupParadox Interactive Keyword StudiosTeam17Rovio EntertainmentNetEaseNintendoSeaNEXONNcsoft37GamesBANDAI

56、NAMCOPerfect World NetmarbleKingsoft CyberAgentG-bits Konami Koei TecmoBeijing Kunlun TechCapcom YOOZOODeNA 0 x2x4x6x8x10 x-20%-10%0%10%20%30%40%50%60%70%Gaming:NTM valuation/growth+margin regressionGAMING REGRESSION ANALYSISValuation is often seen as a function of a companys growth and profitabilit

57、y.An exemplary regression analysis of forward-looking sales multiples and expected revenue growth,combined with profitability rates for the gaming companies in respective indices,demonstrates that there is a relatively strong dependence between these parametersSource:Capital IQ(as of 30 September 20

58、22)2022E revenue growth+2022E EBITDA marginNTM sales(x)Western gamingAsian gamingR=49.9%Public company analyses16Digital media 2022E EBITDA margin benchmarking GP BULLHOUND DIGITAL MEDIA INDICES 2022E EBITDA MARGIN BENCHMARKING Source:Capital IQ(as of 30 September 2022)All indices slid in profitabil

59、ity this quarter.The Diversified online content index suffered the most QoQ,down by 1.2%.The Music,videos,and photos,Western gaming,and Asian gaming indices dropped 80bps,20bps and 70bps,respectively43.9%30.9%20.0%(7.5%)7.2%9.2%25.3%20.9%23.1%12.7%30.9%Diversified online content and social media Mus

60、ic,video,photos Western gaming Asian gaming 20.4%31.1%(2.7%)14.5%19.2%(1.8%)14.7%(25.2%)58.2%10.9%(7.4%)(0.6%)(2.7%)36.3%35.1%20.1%31.8%45.5%20.3%67.2%35.1%34.2%16.2%35.2%23.9%(15.9%)33.8%16.8%29.5%20.3%51.5%53.4%18.9%26.4%11.3%29.6%22.4%8.9%40.4%27.5%51.0%12.9%26.9%Average:9.9%Average:34.2%Average:

61、19.7%Public company analysesAverage:26.2%17Rule of 60 for non-gaming digital mediaDIGITAL MEDIA:USER GROWTH+REVENUE GROWTH+EBITDA MARGIN(%)Source:Capital IQ(as of 30 September 2022)A common way to look at the“health”of a consumer internet company is by using the“Rule of 60”:a combination of user gro

62、wth,revenue growth and profitability.Consumer internet companies that fall above the“Rule of 60”line demonstrate the healthiest characteristicsIn this analysis,we looked at YoY growth in MAUs and quarterly revenue,as well as quarterly EBITDA marginsThis quarter,the digital media players all failed t

63、he rule of 60 once more.The culprit falls again on low year-over-year revenue growth.Facebook led the pack,with 38%in the rule of 60.Netflix and Spotify both tied for second at 35%60%Public company analyses-40%0%40%80%120%160%Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Facebook

64、TencentTwitterWeiboNetflixSpotifyRokuPinterestSnapchat18Neil Nelson,CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORDiamond Diaspora Media(DDM)is the collection of Atlanta Black Star,Finurah&The Shadow League media companies driven by the goal to enlighten and transform the world through conten

65、t creation and delivery.Atlanta Black Star is the largest Black-owned digital news platform designed to publish empowering narratives,Finurahis a financial media outlet driving wealth and success creation and The Shadow League publishes sports and culture content.The brand has doubled revenues in th

66、e last 12 months as they have drawn 12 million unique monthly visitors from across the world.CEO,DIAMOND DIASPORA MEDIANEIL NELSONCEO commentarySelect advertisers“At its core,Diamond Diaspora Media is a narrative company that intentionally and specifically enlightens and transforms the world.Profita

67、bility and growth have always been integral to our strategy.We deliver our omnichannel message using unique storytelling that goes across all digital media,live TV,podcasts,streaming,print and live events.Our content is specifically designed to influence culture,inspire conversation and affirm the r

68、espect and the culture and history of our audience.There are currently 1.4 billion people of African descent in the world.Currently,85-90%of our revenue is from the US over time we would expect to see the composition of our revenue more closely reflect the global diaspora of African people.”19Dougla

69、s Stevenson,CEO&Co-FounderLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORSelect customersCEO&CO-FOUNDER,VIBRANT MEDIADOUGLAS STEVENSON“Open web addressability is less than 30%due to the deprecation of cookies.Targeting the right consumer is increasingly difficult because of this signal loss.Agenc

70、ies and brands are embracing new methods,like contextual targeting,to reach the right customer with the right message at the right time.In 2022,open web programmatic ad spending will reach$87.9bn,while the global contextual advertising market is projected to reach$335bn by 2026.Vibrant Media is uniq

71、uely positioned to dominate this market with more than 20 years of experience with contextual technology and a platform that is built on sophisticated natural language processing.Our technology empowers advertisers with the most comprehensive and accurate understanding of content at scale.Our in-dep

72、th understanding of relevancy supports targeting and builds actionable contextual intelligence for marketers to leverage now and in the future.”Vibrant Media addresses the full range of marketers contextual data and safe-advertising needs through an engagement-based ad network and data targeting at

73、scale across the global bidstream.Vibrant Media includes its contextual ad network and data and targeting platform,Quintesse,which offers a deeper understanding of relevancy and brand suitability to empower advertisers to curate inventory at scale.CEO commentary20Sue Fennessy,Founder&CEOLEADING COMP

74、ANIES AND CEOS TRANSFORMING THE SECTORSelect investors and significant relationships:FOUNDER&CEO,WEARE8SUE FENNESSY“We are in an economic,climate and mental health crisis fuelled by social media.And in our despair,we have disconnected from ourselves,each other and the planet.In parallel,digital adve

75、rtising is broken,riddled with fraud,online hate,brand safety challenges and an average engagement rate of under 1%.Our mission is to give people and advertisers an alternative-social technology that encourages people to scroll less and live more,all while getting money in their pockets to pay for t

76、he little things in their lives.In eight minutes a day,people feel loved,inspired,valued and hopeful,being part of a community that is uniting to save the planet.The survival of humanity and the planet depends on it.”WeAre8 is a social platform that celebrates and champions the good in the world.It

77、has been created to unite and reconnect millions of brands and people,all with the common goal of collectively overcoming the worlds biggest problems.The company is growing globally following a successful launch in the UK,Series-B funding,and a Crowdcube campaign.In 2020,WeAre8 was certified as a B-

78、Corporation and joined a cohort of companies seeking the highest standards of social and environmental impact.CEO commentary21Public comparables Diversified online content and social mediaPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30 September 2022)Public comparablesShare priceMarketcapEV

79、CashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee30-09-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDADiversified online content and social mediaMeta GroupUS83,553135.68(60.0%)(40.5%)(13.7%)364,647340,83740,4892.9x2.9x2.9x7.1x5.3x6.6x0.3%80.0%43.9%TencentCN110,71533.94(42

80、.7%)(30.2%)(17.7%)319,768338,56143,6144.1x3.8x4.2x14.7x10.7x13.7x(10.3%)42.6%30.9%NaspersZA35,276125.62(24.4%)6.7%(11.9%)26,26352,35713,6546.6x6.9x6.2x NM NM NM 11.8%NA(7.5%)SnapchatUS5,6619.82(86.7%)(73.3%)(1.9%)16,19315,5254,8723.4x3.9x3.3x NM 33.8x46.4x16.0%61.4%7.2%TwitterUS7,50043.84(27.4%)12.4

81、%11.5%33,49634,0926,1216.5x6.7x6.4x NM 23.5x32.1x4.4%60.7%20.0%ZillowUS5,79128.63(67.7%)(44.1%)(15.2%)6,9015,2483,5430.5x0.7x0.8x NM NM 9.2x(17.8%)29.6%9.2%WeiboCN6,14717.10(64.0%)(30.7%)(12.9%)4,0453,5573,0171.6x1.6x1.8x5.3x4.8x7.2x(12.7%)78.5%25.3%MomoCN2,0514.62(56.3%)(26.0%)(4.7%)915-1551,637(0.

82、1x)(0.1x)(0.1x)(0.6x)(0.5x)(0.7x)(23.2%)41.5%12.7%TripAdvisorUS2,85222.08(34.8%)(18.5%)(6.8%)3,0882,9821,0452.4x3.3x2.0 x43.2x26.3x9.7x60.9%92.2%20.9%YelpUS4,40033.91(8.9%)(2.4%)0.4%2,3832,0994311.9x2.0 x1.8x28.1x8.8x7.7x15.2%91.4%23.1%YallaAE3743.24(57.3%)(29.7%)(20.4%)480863960.3x0.3x0.3x1.0 x0.8x

83、0.9x8.6%62.0%30.9%FutureGB2,52714.71(70.5%)(58.6%)(19.1%)1,7702,274332.3x2.5x2.5x7.3x7.2x6.8x3.6%NA 36.0%TechtargetUS1,00059.20(28.2%)(27.4%)(8.2%)1,7471,8333946.2x6.9x5.8x25.5x17.7x14.2x18.6%75.7%40.8%QutoutiaoCN1,1100.51(94.8%)(69.4%)(42.7%)15301920.5x NA NA NM NA NA NA NA NACookpadJP4871.38(37.6%

84、)(43.5%)(12.0%)144171470.2x0.2x0.3x NM NM NM(30.5%)NA(29.2%)GurunaviJP1,2862.99(42.3%)(18.6%)(5.4%)165118501.3x1.0 x1.4x NM NM NM(28.6%)NA(24.6%)Mean16,92133.58(50.2%)(30.9%)(11.3%)48,87649,9837,4712.5x2.8x2.6x14.6x12.6x12.8x1.1%65.0%16.0%Median3,62619.59(49.5%)(30.0%)(12.0%)2,7352,6281,3412.1x2.5x2

85、.0 x7.3x8.8x8.4x3.6%62.0%20.9%Share price performanceCY22Emargins22Public comparables Music,videos and photosPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30 September 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee30-09-22LTML6ML1M

86、(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDAMusic,video,photosNetflixUS11,300235.44(61.4%)(38.3%)6.7%104,701115,7915,8193.7x3.9x3.7x18.6x17.2x17.9x6.7%40.0%20.4%SpotifyLU6,61786.30(61.7%)(44.7%)(19.5%)16,65614,7803,7301.3x1.3x1.3x NM NM NM 5.1%25.3%(2.7%)RokuUS3,00056.40(82.0%)(56.6%)(15.8%)7

87、,7796,4502,0502.1x2.3x2.1x36.9x14.3x NM 11.7%46.8%(1.8%)PinterestUS3,72823.30(54.3%)(9.3%)6.1%15,69213,2252,6594.9x5.2x4.7x41.5x16.9x32.6x9.3%76.6%14.5%SiriusXMUS5,5905.71(6.4%)(14.0%)(6.5%)22,23632,3581263.7x3.7x3.6x12.6x11.8x11.5x4.4%54.4%31.1%Tencent MusicCN5,9664.06(44.0%)(18.5%)(15.6%)6,8824,70

88、83,1941.1x1.0 x1.2x9.0 x7.5x8.2x(20.8%)29.4%14.7%BilibiliCN12,28115.32(76.8%)(45.7%)(33.8%)5,9845,0083,7191.6x1.6x1.6x NM NM NM 1.8%17.3%(25.2%)Warner Music GroupUS5,90023.21(45.7%)(38.6%)(14.5%)11,95015,7003452.7x2.9x2.6x15.9x14.3x13.7x8.8%NA 19.2%iQIYICN5,8562.71(66.3%)(46.2%)(23.7%)2,2314,3517191

89、.1x0.9x1.1x3.6x2.3x1.9x(15.8%)21.0%58.2%YYSG7,44926.00(52.6%)(31.8%)(7.3%)1,855-1,1653,955(0.5x)(0.4x)(0.5x)(4.1x)(18.5x)(4.5x)(8.9%)34.2%10.9%HUYACN2,0672.22(73.4%)(54.7%)(31.3%)531-1,0581,600(0.7x)(0.6x)(0.8x)NM(21.6x)NM(27.1%)5.2%(7.4%)DouYu InternationalCN2,1551.00(69.6%)(54.8%)(26.5%)317-654982

90、(0.5x)(0.5x)(0.6x)NM NM NM(28.6%)13.6%(0.6%)ShutterstockUS1,14850.17(55.7%)(47.4%)(9.9%)1,8051,808842.2x2.3x2.2x14.0 x9.5x8.7x9.1%66.7%24.8%Guangdong SouthCN3384.34(39.1%)(31.7%)(14.2%)9955974252.7x2.7x2.6x5.1x5.1x4.8x3.1%50.9%54.3%StorytelSE6482.98(86.4%)(69.5%)(30.5%)204262440.9x0.8x0.9x NM NM NM(

91、16.6%)39.6%(2.7%)Mean4,93635.94(58.4%)(40.1%)(15.8%)13,32114,1441,9631.8x1.8x1.7x15.3x5.3x10.5x(3.9%)37.2%13.9%Median5,59015.32(61.4%)(44.7%)(15.6%)5,9844,7081,6001.6x1.6x1.6x13.3x9.5x8.7x3.1%36.9%14.5%Share price performanceCY22Emargins23Public comparables Western gaming PUBLIC COMPARABLES BY CATEG

92、ORYSource:Capital IQ(as of 30 September 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee30-09-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDALeading Western gamingActivision BlizzardUS9,80074.34(3.9%)(7.5%)(5.4%)58,15751,03310

93、,7336.7x5.9x6.4x20.4x13.8x17.5x(7.9%)71.2%36.3%Electronic ArtsUS12,900115.71(18.7%)(9.4%)(8.5%)32,17332,0012,4164.4x4.4x4.3x18.2x11.5x12.2x1.7%NA 35.1%Take-Two InteractiveUS7,799109.00(29.3%)(30.2%)(11.4%)18,16920,5451,3075.4x6.1x4.0 x27.3x26.2x20.1x51.7%NA 20.1%Ubisoft Entertainment FR20,66527.77(5

94、3.8%)(38.8%)(39.1%)3,4104,0171,6141.7x1.4x1.8x8.6x3.2x4.0 x(24.8%)NA 45.5%Mean12,79181.71(26.4%)(21.4%)(16.1%)27,97726,8994,0174.6x4.4x4.1x18.6x13.7x13.5x5.2%71.2%34.3%Median11,35091.67(24.0%)(19.8%)(10.0%)25,17126,2732,0154.9x5.1x4.2x19.3x12.6x14.8x(3.1%)71.2%35.7%Emerging Western gamingEmbracer Gr

95、oupSE13,8775.98(37.9%)(31.0%)(2.6%)7,4248,5721,1483.8x5.9x2.9x18.9x13.3x9.1x103.2%NA 31.8%CD ProjektPL49320.25(58.1%)(53.7%)16.4%2,0401,84722410.4x8.1x11.1x27.9x19.1x23.5x(26.7%)72.4%47.3%Kahoot!NO4431.89(73.9%)(44.0%)(3.8%)923858776.8x9.3x5.6x NM 46.4x26.2x65.2%94.9%21.5%Stillfront GroupSE1,5802.16

96、(65.9%)(24.7%)3.7%1,1111,4171432.1x2.4x2.2x8.7x6.5x6.3x6.8%79.3%35.1%Paradox Interactive SE65716.00(0.2%)(17.7%)3.3%1,6901,6505810.5x9.7x9.5x19.4x16.0 x14.2x2.0%54.4%67.2%Keywords StudiosIE10,50925.61(34.9%)(24.4%)(10.9%)1,9701,8881273.0 x3.3x3.0 x17.5x15.8x14.8x8.2%38.3%20.3%Frontier DevelopmentsGB

97、79214.91(54.9%)(10.7%)(15.4%)581561493.9x4.1x4.0 x31.3x11.6x11.2x2.6%NA 36.0%Team17 GB3454.15(59.9%)(42.7%)(12.3%)596542624.3x4.4x3.8x12.9x11.9x11.2x15.2%48.2%34.2%Ten Square Games PL23519.74(85.1%)(62.4%)(3.2%)143127201.0 x0.7x1.2x4.4x2.8x6.4x(37.5%)86.8%18.7%Rovio EntertainmentFI5105.58(16.6%)(32.

98、6%)(6.5%)4212471930.8x0.8x0.8x5.2x4.3x4.9x(2.2%)NA 16.2%G5 EntertainmentSE91317.12(62.4%)(26.2%)5.6%150129231.0 x0.9x1.0 x4.2x3.3x4.6x(16.8%)66.8%22.6%Digital Bros IT37922.18(42.3%)(25.6%)(11.1%)316332112.4x2.0 x2.4x5.9x5.4x5.9x(15.9%)NA 41.2%Mean2,56112.96(49.3%)(33.0%)(3.1%)1,4471,5141784.2x4.3x4.

99、0 x14.2x13.0 x11.5x8.7%67.6%32.7%Median58415.45(56.5%)(28.6%)(3.5%)759710693.4x3.7x2.9x12.9x11.7x10.1x2.3%69.6%33.0%Mean5,11930.15(43.6%)(30.1%)(6.3%)8,0807,8601,1384.3x4.3x4.0 x15.4x13.2x12.0 x7.8%68.0%33.1%Median85318.43(48.1%)(28.2%)(6.0%)1,4001,5331353.8x4.2x3.4x17.5x11.7x11.2x1.8%71.2%34.6%Shar

100、e price performanceCY22Emargins24Public comparables Asian gaming(1/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30 September 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee30-09-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21

101、GrossEBITDAAsian gamingSeaSG67,30056.05(82.4%)(54.6%)(10.1%)31,48528,9217,7812.5x3.0 x2.3x NM NM NM 29.8%39.0%(15.9%)NintendoJP6,71740.46(16.9%)(21.9%)(2.3%)47,10436,29111,5152.9x2.6x3.1x8.4x6.8x8.7x(15.9%)NA 35.2%NetEaseCN32,06475.60(11.5%)(17.8%)(13.1%)46,89335,53516,6502.6x2.6x2.6x10.9x12.2x10.8x

102、(0.1%)54.5%23.9%NEXONJP6,68317.648.9%(28.4%)(13.4%)15,27211,6933,9995.2x4.8x4.7x14.8x12.8x14.0 x2.7%72.2%33.8%BANDAI NAMCOJP9,88665.20(13.4%)(16.1%)(13.6%)14,34212,8111,7871.9x1.8x1.9x10.2x11.0 x11.3x(4.4%)NA 16.8%NcsoftKP4,524240.95(52.8%)(37.4%)(12.6%)4,8933,6961,8151.8x1.9x2.0 x7.2x7.7x7.8x(9.0%)

103、100.0%26.4%NetmarbleKP41735.72(64.2%)(61.1%)(23.9%)2,9274,1338382.0 x1.9x2.2x24.8x15.3x24.4x(10.9%)62.0%8.9%37GamesCN3,9962.45(24.8%)(33.3%)(16.1%)5,4314,5601,0991.8x1.7x1.8x7.5x9.2x8.9x(6.4%)84.9%20.3%Zhejiang Century HuatongCN7,3300.52(54.3%)(47.3%)(20.7%)3,8564,1073972.1x1.7x2.2x40.6x8.3x12.4x(21

104、.2%)51.8%17.8%Perfect World CN5,6651.75(25.4%)(14.9%)(21.3%)3,4603,5334452.9x2.4x2.8x28.0 x17.5x12.6x(16.4%)64.6%22.4%CyberAgentJP5,9448.42(56.6%)(34.0%)(15.7%)4,2593,8061,2310.7x0.6x0.8x5.5x4.1x6.8x(20.1%)NA 11.3%Koei TecmoJP2,06316.41(31.2%)(4.0%)(2.9%)5,1705,50415910.6x9.1x10.9x19.7x19.4x20.4x(16

105、.9%)NA 53.4%Kingsoft HK7,1742.66(33.2%)(17.0%)(9.5%)3,6201,7472,8991.7x1.8x1.6x9.0 x6.1x5.5x7.7%81.2%29.6%Konami JP4,89446.17(26.7%)(29.2%)(11.4%)6,1995,0651,68817.4x2.0 x2.3x7.8x7.0 x7.7x(13.4%)NA 29.5%Capcom JP3,20625.16(9.6%)0.6%(8.0%)5,3614,7177227.4x4.5x6.7x18.4x12.4x13.0 x(33.4%)NA 51.5%Square

106、 Enix JP5,63743.06(19.3%)(4.7%)(2.7%)5,1524,1471,0711.6x1.4x1.8x8.8x7.6x9.4x(20.4%)NA 18.9%Giant CN1,4131.06(34.6%)(32.3%)(15.7%)1,5371,3303174.2x3.9x4.4x13.3x6.7x8.6x(10.7%)NA 51.0%G-bits CN1,09134.93(42.5%)(37.3%)(13.5%)2,5102,1035053.0 x3.0 x2.9x7.4x6.4x7.2x1.6%87.1%40.4%Beijing Kunlun TechCN1,77

107、11.74(33.8%)(34.4%)(18.7%)2,0482,3103073.2x3.0 x2.8x17.5x6.4x10.3x6.0%74.9%27.5%Pearl Abyss KP76932.49(52.2%)(61.3%)(21.5%)1,9911,8664116.0 x5.6x7.2x39.1x37.4x74.9x(21.9%)100.0%9.6%Share price performanceCY22Emargins25Public comparables Asian gaming(2/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital I

108、Q(as of 30 September 2022)Public comparablesShare priceMarketcapEVCashEV/RevenueEV/EBITDACY revenue growthCompany nameHQEmployee30-09-22LTML6ML1M(m)(m)(m)LTMCY21ACY22ELTMCY21ACY22E22/21GrossEBITDAAsian gamingYOOZOOCN1,6001.05(42.2%)(39.4%)(17.9%)9498682052.4x1.5x2.0 x14.5x10.0 x7.2x(21.5%)45.1%26.9%

109、OurpalmCN1,3840.39(33.0%)(32.5%)(18.3%)1,0717303733.8x2.4x4.3x NM 6.1x15.9x(43.9%)79.6%27.1%DeNAJP2,19412.64(32.0%)(19.2%)(9.4%)1,4718179430.8x0.7x0.9x6.9x3.8x6.7x(20.5%)NA 12.9%Com2uSKP1,20553.83(35.6%)(44.7%)(8.8%)6407243291.5x1.6x1.4x18.6x11.3x16.0 x12.9%60.8%9.0%GravityKP33546.82(48.2%)(8.9%)(3.

110、4%)3251152180.4x NA NA 1.5x NA NA NA NA NAIGGSG2,7630.31(67.3%)(36.7%)(26.0%)3661652140.2x0.2x0.3x NM 1.8x NM(17.0%)68.0%(1.9%)NetDragonCN4,7841.82(19.4%)(14.5%)(11.1%)9836265830.5x0.6x0.5x2.2x2.4x2.6x6.3%56.3%20.3%ThinkingdomCN4802.36(41.2%)(28.5%)(29.2%)3732331591.7x1.6x1.7x10.1x NA 7.1x(2.3%)47.6

111、%23.8%iDreamSkyCN1,0810.46(14.1%)(19.3%)(29.8%)636879392.2x1.9x2.1x68.3x9.6x27.1x(5.6%)41.1%7.6%GungHoJP1,39115.38(16.4%)(29.7%)(7.4%)9522258690.3x0.2x0.3x1.0 x0.7x1.0 x(29.0%)60.3%32.8%COLOPLJP1,4494.70(34.9%)(12.3%)(6.3%)6031894400.8x0.6x0.9x5.8x3.5x6.5x(32.0%)NA 13.5%mixiJP1,45215.85(29.8%)(14.2%

112、)(8.1%)1,1504128560.5x0.4x0.5x2.8x2.3x3.6x(13.8%)NA 12.9%GREEJP1,5606.0910.3%(32.7%)(0.7%)1,0557334021.3x1.5x1.4x8.2x9.6x9.4x10.0%NA 14.5%SHENZHEN ZQGAMECN4982.392.4%(45.4%)(21.2%)6276351212.2x12.2x12.4x NM 58.1x NM(1.4%)NA 13.8%NEOWIZKP95325.7030.6%23.8%(7.9%)5373901741.8x1.8x1.9x13.8x12.7x9.1x(5.1

113、%)100.0%20.6%Mean5,76226.81(29.9%)(26.9%)(13.5%)6,4365,3031,7563.2x2.5x2.9x14.6x10.8x12.5x(9.9%)68.1%22.0%Median2,06315.38(32.0%)(29.2%)(13.1%)2,0481,8665052.0 x1.8x2.1x10.1x8.0 x9.1x(10.8%)64.6%20.5%Share price performanceCY22Emargins26MethodologyThis report is based on the expert insights of GP Bu

114、llhounds worldwide team alongside detailed analysis of investment trends across the global technology landscape.GP Bullhounds Digital Media sector comprises companies in the following sectors:Diversified online content and social media(Meta,Tencent,Naspers,Snapchat,Twitter,Zillow,Weibo,Yalla,Momo,Tr

115、ipAdvisor,Yelp),Music,videos and photos(Netflix,Spotify,SiriusXM,Tencent Music,iQIYI,Bilibili,Roku,Pinterest,YY,HUYA,DouYuInternational,Storytel,Warner Music Group),Western gaming(Activision Blizzard,Electronic Arts,Keyword Studios,Take-Two Interactive,Ubisoft Entertainment,Embracer Group,Stillfront

116、 Group,Paradox Interactive,Team17,Rovio Entertainment),and Asian gaming(NetEase,Nintendo,Sea,NEXON,Ncsoft,37Games,BANDAI NAMCO,Perfect World,Netmarble,Kingsoft,CyberAgent,Square Enix,G-bits,Giant,Konami,Koei Tecmo,Beijing Kunlun Tech,Capcom,YOOZOO,DeNA).GP Bullhounds Digital Media teamOur Digital Me

117、dia practice is led by our San Francisco-based Partner,Alec Dafferner,who has over 20 years of experience in technology and media dealmaking.JOY SIOUFIPARTNERLUIS ROSALESSENIOR ANALYSTSTEFANO CAPRIROLOASSOCIATEAbout usALEC DAFFERNERPARTNERJOY SIOUFIPARTNERERIC CROWLEYPARTNERKELEMEN PAPPPARTNERADAM B

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145、anaffiliateofGPBullhoundCorporateFinanceLtd.Allinvestmentsbearcertainmaterialrisksthatshouldbeconsideredinconsultationwithan investorsfinancial,legaland taxadvisors.GP BullhoundInc.engages in private placement and mergers and acquisitions advisory activities with clientsand counterparties in the Tec

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147、or employees)has received,or is authorized to accept,any inducement,whether monetary orin whatsoever form,in counterparty of promise to issue favorable coverage for the companies towhich this report may relate.In the last twelve months,GP Bullhound or an affiliate is or has been engaged as an advisor toand receivedcompensationfrom,orhasinvestedinthefollowingcompaniesmentionedinthisreport:AdYouLike,Astragon Entertainment,Busuu,Discord,and Pixly.Follow us onRegister to receive GP Bullhound newsLONDONSAN FRANCISCOSTOCKHOLMBERLINMADRIDNEW YORKLUXEMBOURGMANCHESTERZURICHPARISMALAGAMUNICH