Core Insights - Walmart is expanding its metaverse initiatives by collaborating with Minecraft to create an interactive gaming experience called "Skyward" [1][2] - The gaming experience allows players aged 13 and older to explore different planets in search of a "Golden Child" and is complemented by Minecraft-themed merchandise available on Walmart's eCommerce site [2] - Walmart has been steadily increasing its presence in the metaverse, recently launching "Walmart Unlimited" in partnership with Spatial and Unity [3][4] Group 1 - Walmart's partnership with Unity enables developers to integrate Walmart's commerce APIs into their games, facilitating real-time sales of physical products across more than 20 platforms [4] - The company aims to connect physical and digital realms, providing authentic experiences to customers in familiar environments [5] - The rise of artificial intelligence has revitalized interest in virtual reality and extended reality, benefiting Walmart's metaverse efforts [5] Group 2 - Other companies in the XR space, such as Infinite Reality, have also seen significant investment, raising $3 billion in January [6] - Meta, despite its initial confidence in the metaverse, is now reassessing its strategies, particularly regarding its Horizon Worlds platform [6][7] - Meta's CTO has indicated that the current year is critical for determining the future success of their metaverse initiatives [7][8]

Investment Rating - The report maintains a "Buy" rating for the internet media sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [3][18]. Core Insights - The global mobile gaming market is experiencing steady growth, with a focus on product cycles of major US gaming companies like Take-Two Interactive and Electronic Arts. The report highlights the potential revenue increase from upcoming game releases, particularly Take-Two's anticipated launch of "GTA 6" [2][3]. - In Q4 2024, global in-app purchase (IAP) revenue reached a record high of $39.4 billion, marking a year-over-year increase of 13.5%. However, mobile game revenue growth is stabilizing, with IAP for mobile games at $20.2 billion, reflecting a modest year-over-year growth of 2.6% [1][2]. - Developed markets, particularly Japan and the US, showed strong IAP performance, while emerging markets like Indonesia and Nigeria demonstrated significant download growth, indicating future monetization potential [1][2]. Summary by Sections Global Mobile Gaming Market - Q4 2024 saw a total of 34.1 billion app downloads globally, with mobile game downloads declining by 4.2% year-over-year. Despite this, single-download payment amounts are growing steadily [1][2]. - Strategy games are leading in popularity, with IAP reaching $4.85 billion, a year-over-year increase of 27%, while RPG games saw a decline in IAP to $3.87 billion, down 20% year-over-year [1][2]. Company Performance - Take-Two Interactive reported Q4 2024 net revenue of $1.36 billion, a slight decrease of 0.73% year-over-year, with a net loss of $125 million. The company anticipates significant revenue contributions from upcoming titles like "GTA 6" [1][2]. - Electronic Arts maintained strong profitability in FY25Q3, with net bookings of $2.22 billion and net income of $289 million, supported by the performance of the EA SPORTS FC series [1][2]. - Unity's revenue decline has narrowed to $460 million, a year-over-year decrease of 25%, with effective loss control measures implemented [1][2]. - Roblox reported Q4 2024 revenue of $990 million, a year-over-year increase of 32%, with significant user engagement metrics [1][2].

划重点 ① 成立于 2004 年的 Unity 因游戏开发失败转型为游戏引擎开发商，逐步确立了行业地位。它通 过创建解决方案（Create Solutions）和运营解决方案（Operate Solutions）两大业务获取收入， 并在 2020 年成功上市。Unity 支持多平台部署，希望让游戏开发更加"民主化"。 ② Unity 与 AppLovin 在游戏广告业务展开直接竞争。AppLovin 通过 AXON AI 模型不断优化广 告投放效率，业绩持续超预期；而 Unity 因数据整合过慢和 AI 能力缺失而明显落后。2022 年 Unity 曾拒绝 AppLovin 的 200 亿美元收购要约，现今两家公司的差距已经显著扩大。 ③ RockFlow 投研团队认为，经历定价风波和管理层变动后，Unity 在新任 CEO 领导下通过大 幅裁员、收缩业务等重整旗鼓，加上易用性高、跨平台能力强等优势，Unity 仍具备较强竞争 力。随着游戏行业复苏和开发者从专有引擎向通用引擎转移，Unity 前景可期。 RockFlow 本文共4915字， 阅读需约19分钟 上篇文章中，RockFlow 投研团队为大家深入剖 ...