EMERGINGTECHRESEARCHGamingPublicCompSheetandValuationGuideQ220242Q22024GAMINGPUBLICCOMPSHEETANDVALUATIONGUIDEpbinstitutionalresearch@pitchbook.comInstitutionalResearchGroupAnalysisPitchBookData,Inc.NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligencePaulCondraHeadofEmergingTechnologyResearchPublishedonJuly17,2024Keytakeaways•USequitymarketspostedastrongQ22024,ledbythetech-heavyS&P500InformationTechnologyindex(+14%).YTD,alltrackedindexeshaveoutpacedgamingcompanieswithonlythegamblingcategorypostinghigheraveragereturns(+29%).Monetizationcompaniesfollowed(+9%),andcontentdeveloperspostedlow-single-digitgains,whileallothercategorieswerenegative.Ofthe30publishers,developers,andstudiostracked,slightlymorethanhalffinishedQ2withpositivegains,ledbyKeywordStudios(+78%),DevolverDigital(+54%),andPearlAbyss(43%).Byextension,WemadeEntertainment(-31%),37Games(-25%),andSquareEnix(-22%)facedthesharpestcontraction.•Incumbentfirmsaresignalingtheindustry’scurrentstateofausterityisunlikelytoabateinthenearterm.SonysignaledasmuchduringitsQ1earningsreportbydowngradingitsconsolesalesoutlook,underscoringthematurityofthecurrentconsolemarket.Thecompanyisalsonavigatinganew,two-CEOmodelafterformerleaderJimRyansteppedaside.Microsoft(notinourcompsheet)closedfourZeniMax-ownedstudios,andEAreviseditsrevenuedownwardcitingalightrel...
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