Investment Rating - The report indicates a cautious investment rating for the Russian gaming market, particularly in mobile advertising, reflecting a stable yet competitive landscape [4][6]. Core Insights - The Russian mobile gaming advertising market experienced a "rise and fall" trend in ad volume from January to February 2025, with a recovery noted at the end of February [4][6]. - Casual and puzzle games remain the primary focus for ad spending, with a notable interest in PVP and simulation elements among Russian players [4][11]. - Chinese developers dominate the advertising market in Russia, significantly outpacing other foreign competitors, with Vietnamese firms as key challengers [11][17]. Summary by Sections Overall Advertising Scale and Trends - In January-February 2025, the Russian mobile game advertising market showed a weekly trend of "rise and fall," with a 13.2% increase in ad volume in the second week of January, followed by a decline until a 12.2% increase at the end of February [6][7]. - The number of apps being advertised remained stable, with over 9,000 games consistently in the market, indicating a stable competitive landscape [6][8]. Advertising Volume Trends - The weekly advertising volume fluctuated, with notable increases and decreases, reflecting a dynamic market environment [7]. - The number of apps advertised showed minor fluctuations, maintaining a consistent presence in the market [8]. Category Advertising Volume and Competitive Insights - The distribution of advertising across game categories in Russia aligns closely with global trends, with casual and puzzle games leading in ad volume [11][12]. - The competitive landscape is heavily influenced by Chinese developers, who hold a significant market share, followed by Vietnamese developers [15]. Media Platform Insights - Advertising networks are the primary channel for game developers in Russia, accounting for 97% of the market, with local media platforms like Yandex and Vkontakte being significant players [17][19]. - The main game categories advertised on local platforms include role-playing and strategy games [20]. Creative Material Characteristics - Video ads dominate the advertising format, with vertical videos making up 40.3% of the total, and the most common video length being 16 to 30 seconds [24][25]. - The use of engaging video content aligns with current mobile user preferences, enhancing the effectiveness of advertising campaigns [24]. Developer and Product Insights - The report lists the top developers and their main products in the Russian market, highlighting the competitive nature of the landscape [30][33]. - New entrants in the market are also identified, indicating ongoing competition and innovation within the sector [35].

Core Viewpoint - Siyata Mobile Inc. is focusing on its merger with Core Gaming, which is expected to create new growth opportunities and enhance shareholder value [2] Financial Highlights - For Q4 2024, Siyata reported revenues of $1.5 million, a decrease of 20.3% from $1.9 million in Q4 2023 [5] - The net loss for Q4 2024 was $8.9 million, compared to a net loss of $3.9 million in the same period last year [5] - For the full year 2024, revenues increased by 41% to $11.6 million from $8.2 million in 2023 [5] - The net loss for the full year 2024 was $25.3 million, compared to a net loss of $12.9 million in 2023 [5] Liquidity and Capital Resources - As of December 31, 2024, the company had a cash balance of $0.2 million, down from $0.9 million as of December 31, 2023 [2] Upcoming Events - Siyata will present its growth strategy at the AI & Technology Virtual Investor Conference on April 3, 2025, where Core Gaming's CEO will also present [1][3] Company Overview - Siyata Mobile Inc. specializes in Push-to-Talk over Cellular handsets and accessories, serving various sectors including emergency services and enterprises [4][7] - Core Gaming, the company Siyata is merging with, is an AI-driven mobile games developer with a significant global presence [8]

Investment Rating - The report indicates a positive outlook for the mobile gaming industry, suggesting potential growth opportunities despite recent challenges [5][12]. Core Insights - The mobile gaming industry has faced significant challenges over the past 18 months, including a decrease in mergers and acquisitions and difficulties in securing investments. However, there are signs of recovery in various verticals, particularly in innovative areas like hybrid casual gaming and generative AI [5][12]. - The global gaming market is projected to reach $240 billion in 2024 and $269 billion in 2025, with mobile gaming expected to account for half of the total revenue [16][20]. - The report highlights the importance of collaboration with growth partners to effectively launch marketing campaigns and gather necessary data for feedback loops [9][12]. Market Performance - In 2023, mobile game installations decreased by 2%, and sessions dropped by 7%. However, there was a 7% year-over-year increase in installations in Q4 2023, with expectations for continued growth into 2024 [13][49]. - Latin America was the only region to show year-over-year growth in 2023, with installations increasing by 7% and sessions by 1% [13][64]. - The report notes that the average first-day retention rate for global gaming applications decreased from 29% in 2022 to 28.3% in 2023, with hybrid casual games performing better than the global average [100][101]. Growth Opportunities - The report emphasizes the potential for mobile game developers to leverage next-generation technologies, AI, and personalization to expand into new channels and platforms [12][20]. - 61% of game developers have started using AI to create elements within games, and 87% believe it will dominate the industry in the next decade [22][23]. - The report identifies that the highest growth rates in game installations were seen in racing (61%), simulation (53%), and arcade games (38%) [48][64]. Advertising and Marketing Insights - The report discusses the significance of optimizing App Tracking Transparency (ATT) consent rates for effective app marketing on iOS, especially with the upcoming privacy changes on Android [30][31]. - The average cost per thousand impressions (CPM) in the U.S. is the highest globally at $15.86, indicating a competitive advertising landscape [52][141]. - The report highlights the effectiveness of Connected TV (CTV) advertising as a growing channel for user acquisition, with significant improvements in return on ad spend (ROAS) reported by companies utilizing this strategy [102][105].

2024年前三季度营收20.95亿元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Uni-Star Interactive Holding Limited（以下简称"星邦互娱"）于2025年2 月27日正式向港交所递交招股说明书，拟主板挂牌上市，中金公司担任独家保荐人。 最早可追溯至2014年的星邦互娱自2017年专注于RPG游戏的移动游戏开发、发行及业务运营一体 化的产业化业务战略，并孵化出《九州仙剑传》和《天剑奇缘》等多款标志性游戏。 截至2 025 年 2月1 8 日， 《九州仙剑传》自正式推出以来已运营约62个月，《天剑奇缘》自正式推出以来已运 营约50个月 ， 显著超过一般RPG游戏介乎十个月至24个月的生命 周期 。 其中，2022年、2023年以及2024年前三季度，《九州仙剑传》和《天剑奇缘》各自贡献了约60亿 元的累计流水，《天剑奇缘》的累计流水在今年2月突破65亿元。 自2022年以来，星邦互娱对其模式作出战略优化，更专注于自主发行，并将游戏品类从RPG扩展到 SLG、卡牌游戏等多种类型。为加速增长与创新，星邦互娱还加大投资 ...

Core Viewpoint - The article discusses the decline in cultural engagement among contemporary internet users, highlighting the rise of simple and addictive mini-games that occupy users' fragmented time, leading to a cycle of temporary engagement and eventual abandonment [2][72]. Group 1: Mini-Games Popularity - Mini-games like "抓大鹅" and "羊了个羊" have seen a decline in social relevance, yet simpler games are emerging and gaining traction among users [4][9]. - Users are increasingly drawn to these games due to their straightforward mechanics and the ability to play in short bursts, making them ideal for filling fragmented time [17][18]. - The average user encounters numerous new games daily, increasing the likelihood of finding one that captures their interest [13][60]. Group 2: Game Mechanics and User Engagement - The simplicity of gameplay in these mini-games allows for easy onboarding, which is a significant factor in their appeal [32][35]. - Many games follow familiar templates, making it easy for users to transition between different titles without a steep learning curve [49][50]. - Game developers often replicate successful mechanics and aesthetics to create new titles, ensuring a steady stream of content that keeps users engaged [54][56]. Group 3: Revenue Generation - The mini-game market in China is projected to generate approximately 398.36 billion yuan in 2024, reflecting a 99.18% year-on-year growth [59]. - Most casual mini-games do not incorporate in-app purchases, relying instead on ad revenue generated from user engagement [61][62]. - The revenue model is heavily dependent on user activity, with a typical user generating about 0.05 yuan in ad revenue, necessitating high daily active users for profitability [65][66]. Group 4: Market Dynamics - The lifecycle of mini-games is short, with developers often creating a matrix of games to replace those that lose popularity [66][70]. - The production logic for these games mirrors that of short video content, focusing on rapid development and quick monetization through advertising [68][69]. - Users exhibit low loyalty to any single game, often switching between titles based on immediate interest, which aligns with the transient nature of modern entertainment consumption [70][71].