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VIDEO and MOBILE GAMING QUARTERLY UPDATE | SPRING 2021 Houlihan Lokey Video and Mobile Gaming Quarterly Update

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VIDEO and MOBILE GAMING QUARTERLY UPDATE | SPRING 2021 Houlihan Lokey Video and Mobile Gaming Quarterly Update VIDEO AND MOBILE GAMING QUARTERLY UPDATE | SPRING 2021 Houlihan Lokey Video and Mobile Gaming Quarterly Update Dear Clients and Friends, Houlihan Lokey is pleased to present its Video and Mobile Gaming Quarterly Update for spring 2021. We have included industry insights and select transaction announcements to help you stay ahead in the rapidly evolving video games sector. Drivers of the sector appear to change year by year with current industry forces, including the rapid growth of mobile gaming and specifically free-to-play gaming, the launch of the next generation of consoles, augmented reality (AR) and virtual reality (VR), the rise of professional gaming, and many others. We expect M&A activity and sector evolution to be fast-paced and relentless for the foreseeable future, as the largest video game companies in the world currently have significant cash reserves and/or highly valued public currencies and are looking for additional scale, IP, studios, and capabilities. Over the past year, COVID-19 sent shock waves through markets globally, and the pandemic continues to drag on but real hope has been instilled by way of rapidly accelerating vaccination rates. Despite its many negative effects, the pandemic has significantly benefitted the video game industry; people of all ages around the world have been forced to find ways to entertain themselves at home for months on end, and video games have been one of their top choices. Supporting this notion, global gaming revenues jumped by nearly 20% in the prior year and the prevailing trends appear enduring. COVID-19 has likely provided a long-term structural tailwind permanently growing the pie and attracting capital to the industry. We hope you find this update informative and that it serves as a valuable resource to you in staying abreast of the market. If there is additional content you would find useful for future updates, please don’t hesitate to call or email us with your suggestions. We look forward to staying in touch with you. Regards, Roy Kabla Daniel Gossels Brian Marler Ronald de Gier Managing Director Managing Director Director Senior Vice President Global Co-Head, TMT New York Los Angeles New York New York 212.497.7979 310.712.6548 212.497.4157 212.497.4193 [email protected] [email protected] [email protected] [email protected] Conrad Kolasa Marcos Melendez Ryan Bergman Vice President Financial Analyst Financial Analyst Los Angeles Los Angeles Los Angeles 310.789.5713 310.788.5332 310.788.5273 [email protected] [email protected] [email protected] 2 Current Market Outlook 2020 Gaming Overview(1) In 2020, the global video games market achieved Browser PC Games record revenues of $175 billion in 2020, representing $3.2B Tablet -8.7% YoY a robust 19.6% increase over last year. Approximately Games $11.4B PC 50% of revenues across all three categories (mobile, +7.3% YoY $37.4B +6.2% YoY PC, console) come from the U.S. and China; 22% 6%2% significant revenue growth is expected in emerging Boxed/ Downloaded 20% PC Games markets over the next several years, as gaming Mobile 2020 $34.2B $86.3B +7.9% YoY companies are increasingly investing in those +25.6% YoY TOTAL 49% 43% $174.9B markets. +19.6% YoY 29% Mobile gaming has seen the biggest increase of the three main segments. This is mainly due to low 29% Smartphone barriers to entry, closure of PC cafes due to COVID- Games Console $74.9B $51.2B 19, and the relative simplicity of developing mobile +29.0% YoY +21.0% YoY games as opposed to PC and console games. Industry Trading History (Trailing Year) 80% S&P 500 70% Large Integrated Gaming Publishers Online, Social, and Mobile Game Publishers +60% 60% Diversified Gaming, Hardware, and Other +47% 50% +46% 40% +44% 30% 20% 10% 0% Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 -10% Industry Multiples (TEV/LTM EBITDA, Revenue)(1) February High March Low Change Since March (2/19/2020) (3/23/2020) 4/30/2021 2020 Low Large Integrated Gaming Publishers TEV/EBITDA 11.7x 9.9x 21.1x 113% TEV/Revenue 3.5x 3.1x 5.0x 62% Online, Social, Mobile Game Publishers TEV/EBITDA 14.1x 11.1x 17.3x 55% TEV/Revenue 3.8x 2.6x 5.6x 116% Diversified Gaming, Hardware, and Other TEV/EBITDA 16.9x 13.3x 17.0x 28% TEV/Revenue 10.1x 7.4x 10.6x 43% Notes: Companies were grouped based on a variety of factors, including size, target market, and brand recognition. The specific companies in each group are listed in the trading data section. (1) Newzoo. (2) Selected metrics are per those reported on S&P Capital IQ. They represent the median multiple of the selected companies discussed in the trading data section. Companies may be excluded due to extraordinary data (>15x EV/LTM 3 revenue, >50x EV/LTM EBITDA). COVID-19 Has Boosted the Gaming Industry Despite the troubles it has created in the wider economy, COVID-19 has been a major positive for the gaming industry. According to a survey conducted by Jefferies, 54% of respondents indicated that they had been playing more games during COVID-19 than the prior year, and 67% of respondents claimed that they would spend more or a similar amount of time gaming after the COVID-19 crisis ends. In support of this view, Twitch has seen a massive jump in average viewers, increasing from approximately 1.5 million per month during early 2020 to more than 2.1 million per month; the gaming platform Steam has also seen a jump in its daily concurrent users from approximately 15 million to more than 20 million. All signs point to an enduring increase in gaming even after the impacts of the restrictions wane. Steam Sees Hike in Daily Concurrent Users Twitch Sees Jump in Average Viewers (millions of users) Steam Passes Initial Steam Breaks (average viewers in millions) 30 Initial COVID-19 COVID-19 Peak: 24.78M Record: 26.92M Peak: 24.53M Users Users on 12/12/20 Users on 4/5/21 28 on 4/4/20 3.11 26 2.92 2.95 2.92 2.52 2.49 2.39 2.49 24 2.36 2.26 +52% 2.12 2.18 2.20 22 20 1.64 1.36 1.41 18 1.18 16 14 12 10 Jul-20 Jul-2020 Oct-20 Apr-20 Apr-21 Oct-2020 Apr-2020 Apr-2021 Jan-20 Jun-20 Jan-21 Jan-2020 Jun-2020 Jan-2021 Feb-20 Mar-20 Feb-21 Mar-21 Feb-2020 Mar-2020 Feb-2021 Mar-2021 Dec-19 Nov-20 Dec-20 Aug-20 Sep-20 Dec-2019 Nov-2020 Dec-2020 Aug-2020 Sep-2020 May-20 May-2020 Mobile gaming was a significant beneficiary from the pandemic. During Q2 2020, games on the iOS App Store saw a YoY increase in revenues of 25%, revenues of games on the Google Play store increased 24%, and other mobile games saw a 31% increase in revenues. Simply put, COVID-19 has been a bonanza for mobile game developers as they attempt to reach more than 2 billion smartphone owners. For the most part, these efforts have paid off; the pandemic has accelerated the shift to mobile gaming, with player spending rising faster in Q2 2020 than in recent periods and mobile gaming expected to reach nearly 50% of game revenues by 2022. Q2 revenues were up 10.7% QoQ and 28% YoY to $19.4 billion. As with the broader gaming industry, mobile gaming tailwinds are expected to remain positive in 2021 and beyond. Global Game Revenues U.S. Video Game Software Sales Change YoY(1) 2020A: ($ in billions) $175B $196.0B $178.2B 67.0% $164.6B 20% 55.0% $152.1B 49.0% 34.4% 34.0% $138.7B PC 37.0% 21% 34.0% 20.2% 23% 18.9% 23% 31% 31% 2.1% 31% 31% Console 32% 31% 25% 48% (3.8%) (10.9%) (13.0%) (13.2%) 46% (13.3%) 49% (14.0%) (24.6%) (31.0%) (36.9%) 44% 45% Mobile (36.0%) 2018 2019 2020e 2021e 2022e Sources: BNP Paribas report dated 10/5/2020, S&P Market Intelligence August 2020, Jefferies report dated 10/26/20, Twitch Tracker as of 3/31/2021, SteamDB as of 3/31/21, Newzoo, AppAnnie. (1) NPD tracks physical sales at retailers, but it also gets digital data directly from publishers (except Nintendo, Battlenet). This chart does not include micro transactions, subscriptions, or anything beyond full-game sales. Since June 2020, NPD has shared a new metric called “Video Game Content,” which includes full-game software sales, spending on micro 4 transactions, downloadable content, subscriptions, and more. Gamer Demographics Continue to Evolve The COVID-19 pandemic and ensuing lockdowns greatly increased the presence of the “casual gamer,” defined as a person who doesn’t consider gaming to be one of their main hobbies. For the past year, individuals across the world have been forced to find ways to spend countless hours at home, and video games have proven to be a highly appealing option for consumers. According to research by AppAnnie, casual gaming grew by 45% in 1H 2020. This was first observed with the release and instant viral success of Nintendo’s Animal Crossing: New Horizons, which sold 26 million copies since its release in March. This places it among the top 30 selling games of all time on any system.
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