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Video Game Sector 2011 Annual Review by Avista Partners including online, mobile, console, technology, etc. with detailed information mergers & acquisitions, fundraising, key developments, public ...

Video Game Sector 2011 Annual Review by Avista Partners including online, mobile, console, technology, etc. with detailed information mergers & acquisitions, fundraising, key developments, public comparables and stock index comparisons.

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    Video Game Briefing - 2011 Annual Review Video Game Briefing - 2011 Annual Review Presentation Transcript

    • Video Game Briefing2011 – Year in Review January 2012
    • AvistaVideo Game Briefing PartnersTable of Contents2011 Year in Review Highlights Breakdown of value by sub sector for public game companies Breakdown of All Deals by sub-sector for 2011 Breakdown of M&A Deals by sub-sector for 2011 Breakdown of All Fundraising Deals by sub-sector for 2011 Breakdown of All Venture Capital Fundraising Deals by sub-sector for 2011 Breakdown of All Venture Capital Fundraising Deals by region for 1997 to 2011 Summary of All Venture Capital Fundraising by Year for Online Games Summary of All Venture Capital Fundraising by Year for Mobile Games Breakdown of All Global Exits/IPOs by region for 1997 to 2011 Game Index Performance by sub-sector for 2011 Game Index Performance by region for 2011 Stock Comps (by sector & ranked by enterprise value): PC/ Console Game Publishers/ Developers Game Distributors/ Accessory Companies Game Outsourcing Companies Payment Companies Mobile Game Companies Online Game Companies M&A Comps (LTM & ranked by date) listing all transactions in 2011: Mobile Game M&A Comps Game Distribution/ Accessory M&A Comps Game Technology/ Middleware M&A Comps Game Outsourcing M&A Comps Payment M&A Comps PC/ Console Game M&A Comps Online Game M&A Comps Fundraising Comps (LTM & ranked by date) listing all transactions in 2011: PC/ Console Game Fundraising Comps Payment/ Offer/ Analytics Fundraising Comps Mobile Game Fundraising Comps Game Hardware Fundraising Comps Game Technology/ Middleware Fundraising Comps Online Game Fundraising CompsJanuary 2012 Source: Capital IQ, Company Filings, Brokers & Press 2
    • Avista Video Game Briefing PartnersAbout Avista Partners LLPAvista Partners is an independent investment banking firm that brings deep sector expertise, global relationships, and world class transaction experience in the digitalmedia and luxury sectors. Our global network is based on strong relationships with senior management at companies and media investors in our core sectors includingventure capitalists, private equity firms, hedge funds, family offices & institutional investors. We provide our clients with the following services: Capital Markets Advisory;Mergers & Acquisitions; Restructuring; and Financial & Strategic Advisory.This note has been prepared and issued by Avista Partners LLP which is authorized and regulated by the FSA. Any information in this note is based on data obtained from sources considered to be reliable, but no representations orguarantees are made by Avista Partners with regard to the accuracy of the data. This note is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of, any of thesecurities mentioned in this note. This note is intended solely for distribution to professional and business contacts of Avista Partners. It is not intended to be distributed to private investors or private customers. Avista Partners acceptsno responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this report. No part of this material may be (i) copied, photocopied or duplicated in anyform by any means or (ii) redistributed without Avista Partners LLPs prior written consent. Contact Information: Tel: +44 207 193 6780 Fax: +44 207 691 7112 Email: info@avistapartners.com 33 Glasshouse Street London W1B 5DG United Kingdom www.avistapartners.com January 2012 Source: Capital IQ, Company Filings, Brokers & Press 3
    • AvistaVideo Game Briefing Partners2011 – Year in ReviewHighlights: • 492 Deals valued over $9.6 bn in global sector with online games representing 70.6% of that total; including value creation of IPO’s then deal value hit $19.1 bn; highest ever • Over $18.1 bn of value was created for VC/PE Investors and/ or Founders through Exits and IPOs; highest ever • Over $4.4 bn of M&A deals in global sector with online games representing 71.5% of that total • Over $5.2 bn total capital raised in global sector with online games representing 69.8% of that total; highest ever • Over $2.1 bn total venture capital raised in global sector with online games representing 63% of that total at $1.3 bn; highest ever for sector and online games • The Mobile Game Index was the best performing game sector index at +45.9%;The North America Game Index was the best performing regional game index at +0.7% • Nexon and Zynga completed the 2 largest IPO’s in the game sector ever; both raised $1 bn+ • Total value of all public game companies in the sector is: $111.2 bnBreakdown of value by sub sector for public game companies (USD$ millions) Outsourcing, $288 Distribution/Accessories, Payment, $725 $511 PC/Console w/o Online, $37,619 Nintendo, $39,745 Retail, $3,215 Nintendo, $17,335 Mobile, $11,793January 2012 Source: Capital IQ, Company Filings, Brokers & Press 4
    • AvistaVideo Game Briefing PartnersBreakdown of All Deals by sub-sector for 2011 Outsourcing Payment/Offer/Analytics 0.1% 9.2% Game Technology 3.1% PC/Console Game Hardware 10.0% 0.9% Mobile 6.1% Online 70.6%January 2012 Source: Capital IQ, Company Filings, Brokers & Press 5
    • AvistaVideo Game Briefing PartnersBreakdown of M&A Deals by sub-sector for 2011 PC/Console 4.5% Game Technology Payment Mobile 0.9% Hardware 15.5% 7.3% 0.2% Online 71.5%January 2012 Source: Capital IQ, Company Filings, Brokers & Press 6
    • AvistaVideo Game Briefing PartnersBreakdown of All Fundraising Deals by sub-sector for 2011 Outsourcing 0.2% PC/Console 14.7% Game Hardware 1.4% Mobile 5.1% Game Technology 4.8% Payment/Offer/ Analytics 3.9% Online 69.8%January 2012 Source: Capital IQ, Company Filings, Brokers & Press 7
    • AvistaVideo Game Briefing PartnersBreakdown of All Venture Capital Fundraising Deals by sub-sector for 2011 PC/Console Game Hardware Outsourcing 0.0% 3.5% 0.5% Mobile 11.6% Game Technology 11.9% Payment/ Offer/ Online Analytics 63.0% 9.2%January 2012 Source: Capital IQ, Company Filings, Brokers & Press 8
    • AvistaVideo Game Briefing PartnersBreakdown of All Venture Capital Fundraising Deals by region for 1997 to 2011 2,500.0 2,000.0 1,500.0 1,000.0 500.0 0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 North America Europe Asia/ PacificJanuary 2012 Source: Capital IQ, Company Filings, Brokers & Press 9
    • AvistaVideo Game Briefing PartnersSummary of All Venture Capital Fundraising by Year for Online Games 1600.0 160 148 1400.0 1342.7 140 1226.2 117 1200.0 120 116 109 1000.0 998.7 100 800.0 769.4 80 66 600.0 529.0 60 400.0 40 375.7 40 312.9 300.5 258.1 209.8 200.0 161.3 22 20 17 49.8 11 6 4 26.2 4 3 0.0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YearJanuary 2012 Source: Capital IQ, Company Filings, Brokers & Press 10
    • AvistaVideo Game Briefing PartnersSummary of All Venture Capital Fundraising by Year for Mobile Games 300.0 80 247.7 74 70 250.0 60 198.4 200.0 187.5 50 151.5 150.0 40 124.2 120.3 35 121.8 31 30 100.0 79.6 23 18 22 23 20 62.6 20 50.0 49.1 8 6 10 28.6 20.7 2 6 4 0.7 0.0 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YearJanuary 2012 Source: Capital IQ, Company Filings, Brokers & Press 11
    • AvistaVideo Game Briefing PartnersBreakdown of All Global Exits/IPOs by region for 1997 to 2011 20,000.0 $38.9bn value created for VC/PE investors 18,000.0 and/or founders since 1997; 47% of that 16,000.0 was generated in 2011 14,000.0 12,000.0 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 North America Europe Asia/ PacificNote: Only deals where PE/VC investors or founders were selling or benefitingJanuary 2012 Source: Capital IQ, Company Filings, Brokers & Press 12
    • AvistaVideo Game Briefing PartnersGame Index Performance by sub-sector for 2011The Mobile Game Index is the best performing game sector index at +45.9% 200.00% 180.00% 160.00% 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 S&P 500 Index Games Distributor/ Accessory Index Game Retailer Index Mobile Game Index Game Outsourcing Index PC/ Console Game Index Payment Index Online Game IndexNote: the companies making up each index are those listed in the corresponding comps in the following pages. The indexes are based on a weighted market cap and are rebased to 100 at the start.January 2012 Source: Capital IQ, Company Filings, Brokers & Press 13
    • AvistaVideo Game Briefing PartnersGame Index Performance by region for 2011The North America Game Index is the best performing regional game index at +0.7% 130.00% 120.00% 110.00% 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 S&P 500 Index Europe Game Index North America Game Index Asia Game IndexNote: the companies making up each index are those listed in the corresponding comps in the following pages. The indexes are based on a weighted market cap and are rebased to 100 at the start.January 2012 Source: Capital IQ, Company Filings, Brokers & Press 14