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SPE Games Licensing Business: Growth Strategy Discussion

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SPE Games Licensing Business: Growth Strategy Discussion SPE Games Licensing Business: Growth Strategy Discussion November 2010 CONFIDENTIAL Key Issues to be Discussed How can SPE make more money from its Games Licensing business? 1. Where are the shortfalls in licensing opportunities (“gaps”) for SPE’s near- term property slate, and how can they be filled? 2. What strategies and tactics can SPE employ to make more money from its Games Licensing business in the long-term? page 2 The most attractive licensing opportunities to SPE are console video games and mobile games for TV game shows – other categories typically yield relatively small MGs Typical Games LicensingLicensing Opportunities Available toto SPESPE Casual Online Console VideoVideo Mobile Games / MMOGs / Virtual Downloadables Games (incl. Games Apps Worlds Social) Major VG publishers - Standalone, e.g., Activision/Blizzard, EA, THQ, Ubisoft Major VG publishers – Major VG publishers – Console Makers, i.e., SCEA, Console Makers, i.e., Microsoft SCEA, Microsoft Potential Partners Major VG publishers – media congloms, i.e., Disney, Warner Bros. Niche Developers / Niche Developers / Niche Developers / Niche Developers, e.g., Publishers, e.g., Publishers, e.g., Zynga, Publishers, e.g., SOE, Killspace, A2M, Saber, Gameloft, Ngmoco, Popcap, Oberon, Iwin, Nexon, Trion, Cryptic, Terminal Reality Digital Chocolate, Glu, Bigpoint, MumboJumbo, Bigpoint Hands-On, Paramount Spil Games •AAA = e.g., WOF / Expected •AAA = $1MM+ •AAA = $200K – $500K Jeopardy offer of Expected $10MM+ • $200K – $1MM+ • $300K – $1MM+ Licensing MGs •A-AA = $200K – $800K •A-AA = $50K – $150K Licensing MGs •A-AA = $200K – $1MM • Develop for PS3, Xbox • Develop for PS3 and • Develop for Iphone, • Revenue models • Revenue models 360, Nintendo Wii Xbox Live Arcade Android, Windows include subscription include hybrid retail (XBLA) Mobile and in-game item sales sales and subscription Standard • Revenue model is sale models, free, in-game (Blizzard, SOE), free of box product at brick • Revenue model is sale • Revenue models item sales, lead move into pure Business and mortar retailers direct to consumer via include “Freemium” generation (Zynga), ad- subscription (Club (Walmart, Gamestop, downloadable services with in-game micro- supported, and Penguin), free-2- Model(s) etc), online retail such as Playstation transactions and one- browser based: free, play/micro transactions (Amazon.com) Store, Xbox Live time flat fee subscription, in-game (Nexon, Gaia), and ad- Arcade, Steam item sales (Bigpoint) supported (Spil Service, etc. Games) page 3 Status Update: SPE Film Games (AAA) Licensing Deals LEGEND: = CONFIRMED = ACTIVE CONVERSATION = TARGETING Casual Online Games Property Rating Console Video Games Downloadables Mobile Games / Apps (including Social) MMOGs / Virtual Worlds Partner: Activision Partner: Oberon, Bigpoint, Partner: SEE Virtual, Nexon, Royalty Rate: Partner: Gameloft, EA, Glu etc. Cocoban Men in Black 3 AAA Consoles - 7% escalating to 11% Royalty Rate: TBD Royalty Rate: TBD Royalty Rate: TBD Handheld - 6% escalating to 8% MG: $200K - $400K MG: $100K - $300K MG: $300K - $600K MG: $1MM Partner: Gazillion Partner: Activision Partner: Gameloft Partner: Playdom (Disney) Royalty Rate: TBD Spider-Man 4 AAA Royalty Rate: TBD Royalty Rate: TBD Royalty Rate: TBD MG: TBD MG: $15MM+ MG: TBD MG: TBD *Deal may include classic and film Partner: Cryptic, Nexon, Partner: Atari Partner: Gameloft, EA, Glu Partner: Bigpoint, Oberon Bigpoint Ghostbusters AAA Royalty Rate: TBD Royalty Rate: TBD Royalty Rate: TBD Royalty Rate: TBD MG: $1.5MM Option MG: $200K - $500K MG: $300K MG: $300-600K Partner: Capcom Mobile Partner: Ubisoft Royalty Rate: Partner: Animax, Large Consoles - 8% esc. to 13% 20% - Rev. up to $2MM Animal Property owner wants to wait Smurfs AAA Handheld - 6% esc. to 9% 25% - Rev. $2-4MM Royalty Rate: 10-12% until 2nd film MG: $400K 30% - Rev. $4MM+ MG: $200K MG: $200K Exploited page 4 Status Update: SPE Film Games (AA) Licensing Deals LEGEND: = CONFIRMED = ACTIVE CONVERSATION = TARGETING Casual Online Games Property Rating Console Video Games Downloadables Mobile Games / Apps (including Social) MMOGs / Virtual Worlds Partner: Oberon, Bigpoint, Partner: TBD Partner: Gameloft, EA, Glu Debatable whether a partner etc. Karate Kid 2 AA Royalty Rate: TBD Royalty Rate: 15-25% would spend the necessary Royalty Rate: TBD MG: $250K - $500K MG: $150K dollar amounts MG: $200K Developer: Saber Royalty Rate: PART OF SABER DEAL 10% - 1-75K units Not enough time to develop Battle LA AA Not enough time to develop Developer: Saber Not enough time to develop 14% - 75-300K units and lack of category fit Royalty Rate: 10-17% 17% - 300K+ units MG: $50K Partner: Activision Royalty Rate: Partner: Activision Partner: TBD Partner: TBD SPDE published game for Zombieland 2 AA 8% - 1-500K units Royalty Rate: 20% Royalty Rate: TBD Royalty Rate: TBD first film 10% - 500K+ units MG: $250K MG: TBD MG: $300K - $600K MG: $500K Partner: Killspace Partner: TBD Priest AA Not enough time to develop Royalty Rate: TBD Royalty Rate: TBD Lack of category fit Not enough time to develop $50K - $150K MG: $100K Partner: Atari Royalty Rate: Partner: Activision, Atari, Game Developers Partner: Konami, Capcom Partner: TBD 6% - 0-12MM Underworld 4 AA Royalty Rate: TBD Royalty Rate: TBD Royalty Rate: TBD 7% - 12-25MM MG: $250K - $600K MG: $100K - $200K MG: TBD 8% - 25-45MM 9% - 45MM+ MG: $150K No Active Conversations / Part of console if given No Active Conversations / No Active Conversations / Potential opportunity Total Recall AA Awaiting Script enough time Awaiting Script Awaiting Script depending on script page 5 Status Update: SPE Film Games (A) Licensing Deals LEGEND: = CONFIRMED = ACTIVE CONVERSATION = TARGETING Casual Online Games Property Rating Console Video Games Downloadables Mobile Games / Apps (including Social) MMOGs / Virtual Worlds Partner: TBD Evaluating Nintendo DS Evaluating PS3/XBLA Partner: TBD Royalty Rate Avg.: Hugo Cabret A opportunities but poor timing opportunities but poor timing Royalty Rate: TBD Lack of category fit 15% - 25% of release of release MG: $50-$200K MG: $50-$100K Partner: TBD Partner: THQ, Ubisoft Partner: TBD Royalty Rate Avg.: Still evaluating whether Hotel T A Royalty Rate: 8-12% Royalty Rate: TBD 15% - 25% property fits with category MG: $250K-$500K MG: $50-$200K MG: $50-$100K Partner: TBD Partner: THQ, Ubisoft Partner: TBD Royalty Rate Avg.: Still evaluating whether Pirates A Royalty Rate: 8-12% Royalty Rate: TBD 15% - 25% property fits with category MG: $250K-$500K MG: $50-$200K MG: $50-$100K Partner: TBD Partner: THQ, Ubisoft Partner: TBD Royalty Rate Avg.: Arthur Christmas A Royalty Rate: 8-12% Royalty Rate: TBD Lack of category fit 15% - 25% MG: $250K-$500K MG: $50-$200K MG: $50-$100K On track but for small MGs due to lack of Not exploited, as property awareness expected, due to lack of category fit page 6 Status Update: SPE TV Games Licensing Deals LEGEND: = CONFIRMED = ACTIVE CONVERSATION = TARGETING Casual Online Games Property Rating Console Video Games Downloadables Mobile Games / Apps (including Social) MMOGs / Virtual Worlds Partner: THQ Partner: SOE Royalty Rate: Partner: SOE Royalty Rate: 10-12% (esc. Wheel of Fortune AAA Wii: 10-12% SPHE Royalty Rate: 10-12% Lack of category fit for Playstation & PC) DS: 8-12% MG: TBD MG: $500K MG: $1.5MM Partner: SOE Partner: THQ Partner: SOE Royalty Rate: 10-12% (esc. Jeopardy AAA Royalty Rate: 7-10% SPHE Royalty Rate: 10-12% Lack of category fit for Playstation & PC) MG: $1.5MM MG: TBD MG: $500K Partner: Ludia Partner: iWin Pyramid AA Royalty Rate: 20% Royalty Rate: 25-30% Lack of category fit MG: $200K MG: $500K Partner: Three G Partner: Ludia (Ubisoft as distributor) Royalty Rate: 80% (3G) / Dating Game AA Royalty Rate: 20% SPHE 20% (SPE) until devel. costs Lack of category fit MG: $120K recouped; 50/50 thereafter MG: $30K Largely exploited Not exploited, as expected, due to lack of category fit page 7 SPE can fill its current “gaps” by subsidizing development costs for potential partners – however, this strategy is only “affordable” (< $1 MM) for casual and mobile games Typical TitleTitle DevelopmentDevelopment CostsCosts $MM $10MM $20MM Console Video Games $1.0MM $1.5MM Expensive in Downloadables platform transition Extremely expensive in declining market $200K $600K Mobile Games / Apps Affordable in $200K $800K growing markets Casual Online Games (including Social) $5MM $10MM MMOGs / Virtual Worlds Extremely expensive $0 $5 $10 $15 $20 $25 page 8 For Casual Games, SPE may be able to strike deals that allow us to subsidize development costs without cash out-of-pocket in exchange for greater upside in the form of equity Proposed “Creative” Casual Games Deals: Conceptual Overview • SPE licenses casual games rights to Partner for ~3 or more properties • SPE forgoes typical MGs • SPE provides marketing support • Partner pays SPE the typical royalty rate for casual games licenses • Partner gives equity to SPE at a valuation greater than the typical MGs SPE would receive • Gaps filled for target properties • Effective development cost relief • Greater in-year EBIT booked vs. via eliminated MGs typical MGs Pros • Equity participation in growth • Property licenses that typically company within “hot” casual games increase market valuation market • Critical mass of properties to • Increased efficiency and reduced scale up title library transaction costs vs. one-off deals • Some increased risk • Dilution of equity holders Cons • Some increased management • Some increased management complexity complexity page 9 Proposed
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