Public Investment Fund Portfolio ChangesA new 13F filing from the Saudi Arabia's Public Investment Fund (PIF) revealed only one change in the fourth quarter.The fund no longer holds its 11,414,680 TTWO share position it held in the third quarter, which made up 15% of the fund's assets.Instead, that stock position has been transferred to Savvy Games Group, a subsidiary of PIF, according to Reuters. Savvy Games Group owns stakes in several video game companies and is the owner of Niantic, Embracer and Scopely ...

近日，外媒Mobilegamer.biz发布了2026年1月的全球手游收入榜。（注：数据来源AppMagic，统计范围不包 括第三方安卓渠道、网页商店及广告收入，且已扣除平台分成） 具体来看，《王者荣耀》的收入记录依旧亮眼，其内购收入在1月份实现了环比大幅增长，从12月的约7900万 美元飙升至1月的1.72亿美元。 这个收入与腾讯这款热门MOBA游戏的最高月度收入总额相当，距离其2021年10月创下的1.84亿美元历史纪 录已相差不远。 Scopely的《Monopoly Go》在几个月徘徊在1亿美元关口后，本月收入重新回升至1.2亿美元以上，较2025年1 月的1.04亿美元实现了显著同比增长。 自2024年11月以来，《Last War》的收入曲线就一直波动剧烈，继去年12月冲至近1.39亿美元后，2026年1月 其预估收入为1.2亿美元，呈现回调态势。 Dream Games的《Royal Match》经历数月平稳下滑后重拾环比增长，以1.09亿美元创下去年10月以来的首次 破亿纪录。 《Roblox》的收入在1月份出现了下滑，从12月的约1.25亿美元降至1月的1.07亿美元，与2025年1月收入基 ...

Core Insights - The global mobile game revenue rankings for December 2025 show significant performance variations among top titles, with "LastWar" leading the chart with a revenue of over $141 million, marking its fifth month surpassing this threshold [1] - "Roblox" follows in second place with approximately $119 million in revenue, experiencing a slight increase compared to the previous year but failing to replicate the summer's peak performance [1] - "Monopoly Go" from Scopely saw a revenue drop to about $109 million, maintaining stability compared to the previous year but below its usual monthly average [2] - "Candy Crush" achieved stable revenue of nearly $83 million, showing slight declines year-over-year [2] - "Honor of Kings" experienced a revenue decline to just under $79 million, continuing a trend of annual revenue drops [3] - "Gossip Harbor" and "Kingshot" reported record revenues of over $72 million and $70 million respectively, indicating strong growth [4] - "PUBG Mobile" faced a significant revenue drop to approximately $53 million, reflecting a broader trend of reduced monetization efforts ahead of promotional events [4] - The rankings also highlighted notable movements, with "Last Z: Survival Shooter" rising three places, and "MapleStory: Idle RPG" climbing twelve spots [5] Revenue Performance - "LastWar" topped the revenue chart with $141 million, primarily driven by the U.S. market [1] - "Roblox" generated $119 million, showing an increase of $8 million year-over-year [1] - "Monopoly Go" reported $109 million, consistent with the previous year's performance [2] - "Whiteout Survival" and "Royal Match" maintained revenues of $106 million and $100 million respectively, both showing year-over-year declines [2] - "Candy Crush" earned nearly $83 million, slightly down from the previous year [2] - "Honor of Kings" saw revenues drop to just under $79 million, significantly lower than its peak [3] - "Gossip Harbor" achieved record revenue of over $72 million, while "Kingshot" also reached new highs with over $70 million [4] - "PUBG Mobile" reported $53 million, reflecting a significant decline from previous months [4] - "Pokémon TCG Pocket" earned approximately $36 million, down from over $117 million in the previous year [6] Rankings and Trends - The top 20 mobile games in December included "LastWar," "Roblox," and "Monopoly Go," with notable entries like "Gossip Harbor" and "Kingshot" showing strong upward trends [1][4] - "Last Z: Survival Shooter" and "MapleStory: Idle RPG" experienced significant ranking improvements, indicating growing popularity [5] - "Clash of Clans" fell 15 places in the rankings, achieving a low revenue of about $18.5 million [6]

Group 1 - Sony has abandoned its live-service strategy after the failure of "Concord" and canceled two unannounced online service games, marking the end of a decade-long trend in the gaming industry [2] - Microsoft plans to port Xbox games to other platforms, with titles like "Indiana Jones and the Great Circle" and "Halo: Campaign Evolved" launching on PS5 [4] - Warner Bros. Games announced the closure of several studios, including Monolith Productions, which had developed notable games over its 30-year history [4] Group 2 - Despite a decrease in overall layoffs in the gaming industry, several studios, including Ubisoft Leamington and a developer under NetEase, are facing closures [5] - U.S. tariffs announced by President Trump have raised concerns about the gaming industry's future, leading to price increases for consoles and accessories, and prompting companies like Sony to consider local production [5] - Apple is under pressure to open its payment systems, following a court ruling that requires it to stop restricting developers from directing users to external purchasing channels [7] Group 3 - Scopely acquired Niantic's gaming business for $3.5 billion, including popular titles like "Pokemon Go" [7] - Nintendo's Switch 2 launched on June 5, 2025, selling over 3.5 million units in four days and reaching 10.36 million units in four months, double the sales of the original Switch [9] - The game "Peak" achieved significant success, selling over 10 million copies by the end of August 2025 [11] Group 4 - Microsoft initiated a large-scale layoff affecting about 4% of its workforce, with significant impacts on its gaming division, including the closure of The Initiative studio [17] - SAG-AFTRA ended an 11-month strike, securing agreements with major gaming companies to protect the rights of workers in the AI era [18] - The UK’s Online Safety Act came into effect, requiring strict age verification measures from gaming companies, leading to the removal of several adult games from platforms like Itch.org [18][20] Group 5 - EA announced its acquisition by a consortium led by Saudi Arabia's Public Investment Fund for $55 billion, pending regulatory approval [29] - AWS service disruptions affected numerous gaming networks, including Fortnite and PlayStation Network, causing widespread service interruptions [30] - Rockstar Games faced backlash after laying off employees attempting to form a union, leading to protests and government scrutiny [31] Group 6 - Take Two Interactive postponed the release of "GTA 6" to November 2026, sparking discussions about the implications for other game studios [33] - Valve released new devices, including the Steam Machine, which is set to launch in early 2026 [34] - Tencent completed a €1.16 billion investment in Ubisoft's Vantage Studios, which is known for major game franchises [37] Group 7 - Netflix is reportedly acquiring Warner Bros. for approximately $82.7 billion, with little focus on the gaming division [39] - Activision announced a strategic shift in its "Call of Duty" series, discontinuing future releases of "Modern Warfare" and "Black Ops" due to underperformance [42] - Larian Studios faced controversy over the use of AI in game development, leading to clarifications about its intentions [44]

Core Viewpoint - Unity's Q3 performance exceeded market expectations, showing a trend of improvement, with a positive outlook for Q4 despite a slower transformation compared to peers [1][8]. Financial Performance - Q3 total revenue reached $470 million, a year-over-year increase of 5%, slightly surpassing company guidance and market expectations [17]. - Non-GAAP EBITDA margin increased by 3 percentage points, driven by cost optimization, with free cash flow reaching a record high of $150 million [30]. Operational Metrics - The net expansion rate improved to 103%, marking a return above the baseline of 100% for the first time in two years [5][24]. - The number of large clients increased by a net of 68, indicating strong demand and growth potential, particularly from the Vector advertising clients [5][25]. - Deferred revenue increased by $7.5 million, reflecting a positive trend despite being lower than the previous quarter due to large client contracts [20]. Business Segments - The "Grow" segment saw a year-over-year revenue growth of 3.8%, primarily benefiting from the Vector system, with Q4 guidance suggesting a sequential growth rate of around 5% [21][29]. - The "Create" segment's core engine subscription revenue maintained double-digit year-over-year growth, with a sequential growth of approximately 7% when excluding one-time large client fees [18]. Strategic Developments - Unity 6 has driven significant upgrades, with over 50% of existing customers migrating to the new engine, which is expected to enhance revenue through higher pricing [3][13]. - A new cross-platform payment management system was integrated into Unity, allowing developers to bypass app store fees, potentially tapping into the $120 billion in-app purchase market [18]. Market Context - The overall gaming application advertising market showed average performance, with a shift from pure advertising monetization to a hybrid model, indicating a long-term trend [8][9]. - The integration of ironSource has faced challenges, impacting client cooperation and market share, but the focus remains on optimizing the Vector system for better performance [12][13].

Core Insights - Saudi Arabia has significantly invested in the gaming industry, with over $70 billion spent in the past five years, indicating a strong commitment to becoming a major player in the global gaming market [3][5][12] - The acquisition of Electronic Arts (EA) by a Saudi investment consortium marks a pivotal moment in the country's gaming ambitions, as it seeks to expand its influence and cultural output through gaming [1][14] - The Saudi Public Investment Fund (PIF) has established a dedicated gaming subsidiary, Savvy Games Group (SGG), with an initial capital reserve of approximately $38 billion, focusing on global gaming investments and acquisitions [9][12] Investment and Acquisition Strategy - In 2020, Saudi Arabia began its aggressive investment strategy in gaming, highlighted by the acquisition of a 51% stake in SNK, a prominent game developer [8][9] - SGG has made substantial investments in various gaming companies, including a $30 billion acquisition of a 5.01% stake in Nintendo, positioning itself as a significant player in the gaming industry [9][10] - The recent acquisition of EA, along with investments in companies like Scopely and partnerships with major gaming firms, showcases Saudi Arabia's ambition to dominate the gaming landscape [14][26] Cultural and Economic Impact - The Gamers8 esports event in Riyadh, with a prize pool of $45 million, reflects Saudi Arabia's growing influence in the esports sector, surpassing traditional gaming events like the League of Legends World Championship [12][14] - The gaming market in Saudi Arabia is projected to generate approximately $1.19 billion in revenue in 2024, with expectations to grow to $1.64 billion by 2028, indicating a robust growth trajectory [18][19] - The region's gaming players exhibit high spending potential, with an average payment capability of $46, aligning with the global trend of increasing gaming consumption [18][30] Future Prospects and Challenges - Saudi Arabia aims to attract global gaming talent and companies, offering incentives for developers to establish operations in the country, which could enhance its gaming ecosystem [21][22] - Despite significant financial investments, the challenge remains for Saudi Arabia to cultivate original game development and creativity, as it currently lacks influential homegrown titles [25][30] - The ongoing global trend of layoffs in the gaming industry presents an opportunity for Saudi Arabia to recruit talent and enhance its gaming capabilities [19][31]

Core Insights - The article discusses the transformation of the global gaming industry, particularly focusing on the challenges and opportunities for Chinese gaming companies in the international market. It emphasizes the need for long-term operational capabilities and innovative marketing strategies to succeed in a competitive landscape [3][4][5]. Industry Overview - The global gaming industry experienced rapid growth from 2011 to 2021, with a compound annual growth rate (CAGR) exceeding 9.7%, and the mobile gaming market in China growing nearly 145% during the same period [5][6]. - However, post-pandemic, the industry has entered a downturn, with global market growth projected to drop to 2% in 2024 and 3% in 2025 [6][9]. Market Dynamics - The competition in the gaming market has intensified, with players increasingly gravitating towards established service-based games, which accounted for over 60% of user engagement time in 2022 [7]. - Emerging markets, particularly in the Middle East, Africa, and Latin America, are showing significant growth potential, with mobile gaming revenue in Latin America reaching 48% of total gaming revenue [9][10]. Successful Strategies - Successful examples include Supercell's Brawl Stars, which achieved over $400 million in monthly revenue five years post-launch through effective long-term operations [3]. - Chinese gaming companies are adapting by utilizing advanced marketing tools, such as Google Ads and YouTube, to enhance user acquisition and retention [4][11]. Marketing Evolution - The traditional approach to user acquisition through low-cost downloads is becoming less effective, with a shift towards more sophisticated marketing strategies that focus on user value and engagement [13][14]. - Companies are increasingly integrating brand advertising into their marketing strategies to reach broader audiences and enhance user recognition [15][16]. Technological Advancements - The article highlights the role of AI and advanced advertising platforms, such as Google's Gemini, in reshaping the gaming landscape, enabling companies to better understand and target their audiences [17][18]. - The integration of AI in game development is expected to democratize the creation process, allowing more individuals to participate in game design [18]. Conclusion - The future of gaming globalization for Chinese companies lies in leveraging new marketing capabilities and technological advancements to create and sustain high-quality gaming experiences in emerging markets [10][18].

Core Insights - The article highlights the resurgence of M&A activity in the investment banking sector, with notable figures like Aman Mittal and Jack Levendoski leading significant transactions [2][6][8] - It emphasizes the role of younger investment bankers, referred to as "rising rainmakers," who are making substantial impacts in M&A, IPOs, and secondary market transactions [5][11] Group 1: Key Transactions - Aman Mittal advised Core Scientific on its $9 billion sale to CoreWeave and assisted Apollo in acquiring a majority stake in Stream Data Centers [1] - Jack Levendoski has been involved in major technology transactions, including Palo Alto Networks' $25 billion acquisition of CyberArk and Xero's $2.5 billion purchase of Melio [8][9] - Joe Slevin's team at Jefferies advised on over $31 billion in secondary transactions in the first half of the year, indicating a growing trend in the secondary market [11][13] Group 2: Market Trends - The article notes a significant increase in deal activity, with Mittal working on over 15 data center-related transactions valued at more than $25 billion in the past three years [6] - There is a noted rise in secondary deals, with a record $103 billion in activity globally in the first half of 2025 [11] - The tech sector is experiencing a revival in deal-making, particularly around AI and software, as strategic corporate buyers and private equity sponsors seek opportunities [24] Group 3: Profiles of Rising Stars - Aman Mittal, with a background in electronics and communications engineering, has transitioned into a leading role in digital infrastructure at Moelis [7] - Jack Levendoski has advised on over $300 billion in deal value and emphasizes the impact of artificial intelligence on deal valuation and banking operations [9] - Jackie Shepherd has advised on approximately $250 billion worth of corporate spin-offs, focusing on helping companies transform subsidiaries into standalone entities [15]

Business Performance & User Engagement - The company achieved over $10 billion in lifetime revenue [3] - The company has 500 million+ daily active users touching its games in the last 12 months [3] - 75% of Star Trek Fleet Command players engage with the game every single day [14] Competitive Landscape & Innovation - The company welcomes competition as it fuels innovation and exceeding expectations [1] - The company focuses on a community-first approach, creating highly social, engaging experiences [1][2][5] - The gaming space is fast moving and evolves quickly, requiring constant awareness of where players are engaging with IP [12] Strategic Outlook & Partnerships - The company is open to discussions with Electronic Arts (EA) regarding potential cooperation post EA's take-private deal [7] - The company is developing cross-platform content across platforms [9] - The company aims to serve its community where they want to engage with content, across different mediums [5][6][9] Global Reach & Market Dynamics - The company emphasizes the global appeal of games, transcending geographies and cultures [10][11]

Core Viewpoint - Electronic Arts (EA) is in talks for a potential privatization deal valued at approximately $50 billion, which could become the largest leveraged buyout in history, surpassing the previous record of $45 billion set in 2007 [3][13][14]. Group 1: Transaction Details - The deal is led by a consortium including Silver Lake Partners, Saudi Arabia's Public Investment Fund (PIF), and Jared Kushner's investment firm, with JPMorgan responsible for financing arrangements [4][5]. - If finalized, this transaction would not only be the largest of 2025 but also set a new record for leveraged buyouts [3][13]. - EA's stock surged nearly 15% to a historical high of $193.35, raising the company's market capitalization to approximately $48 billion following the news [5]. Group 2: Financial and Market Context - The gaming industry has faced a slowdown after a period of explosive growth during the COVID-19 pandemic, leading to significant job cuts across the sector, including at EA, which has conducted three major layoffs in 2023 [17]. - EA's performance has been volatile, with its latest football game, "EA Sports FC 25," underperforming, but recent reports indicate that the overall product portfolio has delivered better-than-expected results [18]. - The upcoming release of "Battlefield 6" on October 10 is highly anticipated, as it will compete directly with Microsoft's "Call of Duty" series in the shooting game market [19]. Group 3: Consortium Strength - Silver Lake Partners manages approximately $110 billion in assets and has existing investments in the gaming sector, including a stake in Unity Software, a major client of EA [7][8]. - The Saudi PIF holds about 10% of EA's shares and has been increasing its investment profile, including the establishment of the Savvy Gaming Division for gaming and esports acquisitions [9][10]. - Jared Kushner's Affinity Partners, founded in 2021, has received backing from investors including the PIF [12].