May 2025 Eric Sheridan Goldman, Sachs & Co. +1 917 343-8683 eric.sheridan@gs.com The Goldman Sachs Group, Inc. Framing the Industry Trends at the Intersection of Gaming, Media & Monetization (RBLX Deep Dive) US Internet & Interactive Entertainment Coverage Universe Julia Fein-Ashley Goldman, Sachs & Co. +1 212 902-5070 julia.fein-ashley@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict o ...

Core Viewpoint - Nintendo has confirmed that it will not adopt the "keycard" model for its first-party games on the upcoming Switch 2, maintaining traditional physical game cartridges to ensure players can experience games without additional downloads [1][3]. Group 1: Nintendo's Strategy - Nintendo's official response indicates a commitment to traditional physical game cartridges for first-party titles, ensuring a seamless gaming experience for players [1][3]. - Doug Bowser, President of Nintendo of America, emphasized that physical game cartridges remain a crucial part of the company's business model [4]. - The upcoming Switch 2 games, such as "The Legend of Zelda: Breath of the Wild" and "The Legend of Zelda: Tears of the Kingdom," will integrate original games with upgrade packs on a single dedicated cartridge, eliminating the need for download codes [4]. Group 2: Third-Party Game Distribution - Third-party developers may adopt different distribution methods, with some games like "Street Fighter 6" using the keycard model, while others like "Cyberpunk 2077: Ultimate Edition" will continue to use traditional full-data cartridges [4][5]. - Nintendo has reportedly provided third-party developers with three distribution formats: pure digital, 64GB capacity physical cartridges, and keycards, with the higher cost of 64GB cartridges leading some smaller developers to opt for keycards [4]. Group 3: Game Ecosystem Clarity - Several confirmed first-party Switch 2 upgrade games will utilize the integrated cartridge format, contributing to a clearer gaming ecosystem as more details emerge [5].

Core Insights - The analysis focuses on high-quality companies that can outperform the market over the long term due to competitive advantages and high levels of defensibility [1]. Group 1 - The analysis is centered on companies in Europe and North America, without constraints regarding market capitalization, covering both large-cap and small-cap companies [1]. - The author has an academic background in sociology, holding a Master's Degree with an emphasis on organizational and economic sociology, and a Bachelor's Degree in Sociology and History [1].

Apple and Epic Games are reportedly sparring over Apple’s denial of Epic Games’ resubmission to place its game Fortnite in the App Store.Epic Games said Friday that its resubmission was denied by Apple, while Apple responded that it did not remove the game from alternative distribution marketplaces, CNBC reported Friday (May 16).The Fortnite account said in a post on X: “Apple has blocked our Fortnite submission so we cannot release to the US App Store or to the Epic Games Store for iOS in the European Unio ...

Core Viewpoint - Take-Two Interactive Software reported mixed fiscal fourth-quarter results, leading to a decline in share price despite some positive analyst ratings and guidance for future performance [1][2]. Financial Performance - The company declared net bookings of $1.582 billion, exceeding consensus estimates of $1.550 billion and reaching the high end of its guidance [2]. - Recurrent consumer spending grew by 14% year-on-year, contributing 77% of total net bookings [7]. - NBA 2K25 sold nearly 10 million units, reflecting a 7% year-on-year increase [6]. Analyst Ratings and Guidance - Wedbush analyst Michael Pachter maintained an Outperform rating and raised the price target from $253 to $269, noting the solid performance across various segments [2]. - Raymond James analyst Andrew Marok reiterated an Outperform rating and increased the price target from $240 to $250, highlighting strong results and positive fan reception for major titles [4]. - Benchmark analyst Mike Hickey reaffirmed a Buy rating with a price target of $250, citing broad-based performance across core franchises and mobile [6]. Future Outlook - Management guided for net bookings of $5.9 billion to $6 billion and earnings of $2.45 to $2.70 per share for fiscal 2026, which was below expectations due to the delay of Grand Theft Auto VI's launch to May 26, 2026 [3]. - Fiscal 2026 is expected to have a solid release slate, with positive responses to major titles like Mafia and Borderlands 4, which should support bookings momentum [5].

EVS Q1 2025 business update Despite increasing economic uncertainty, EVS remains cautiously optimistic for 2025 Liège, Belgium | May 16, 2025 We begin the year 2025 reporting a first quarter slightly below our expectations, primarily due to the deferral of certain customer deliveries from March to April. This timing-related impact does not alter the underlying business momentum. Customer demand remains robust across all regions, providing continued confidence in our full-year guidance. We remain cautiously ...

“Fortnite” maker Epic Games said Friday that Apple has blocked its latest attempt to bring back the popular video game in the US version of its App Store.The Fortnite app is also unavailable Apple devices in the European Union, despite previously being downloadable there through the Epic Games store. Epic pinned the download failures in Europe on Apple as well.“Apple has blocked our Fortnite submission so we cannot release to the US App Store or to the Epic Games Store for iOS in the European Union,” Epic G ...

The upcoming report from Zoom Communications (ZM) is expected to reveal quarterly earnings of $1.30 per share, indicating a decline of 3.7% compared to the year-ago period. Analysts forecast revenues of $1.16 billion, representing an increase of 2% year over year.The current level reflects a downward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this peri ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Epic Games claims that Apple is blocking its Fortnite app from the U.S. and E.U. App Stores. After winning a decisive victory for app developers in a legal battle with Apple, forcing the tech giant to allow external payments in its U.S. App Store without charging commission, Epic Games attempted to resubmit Fortnite to the U.S. App Store on May 9, 2025. However, Apple failed to accept its submission for a week, leading Epic Games to pull its request and try again. According to Epic Games CEO Tim Sweeney, t ...