Gaming in the public markets: Gaming ETFs outperformed S&P500 YTD (ESPO: +4.8%, HERO: 6.2% vs S&P500: -5.4%)
Gaming in the US vs China:
The US accounted for 6.4% of global gamers but 26% of global gaming revenue in 2024 (vs China accounted for 20.5% of global gamers and 26% of global gaming revenue in 2024)
The average US gamer spends 3.1x more per year on gaming compared to the average gamer in China
Gaming startups in the US receive 7.6x more funding than those in China
There are 5x more gaming startups in the US that have received VC funding compared to those in China
Konvoy opinion: The sell off of Niantic, Plarium and the rumored acquisition of AppLovin’s gaming unit is a signal that large gaming businesses are keen to restructure and focus on their core areas of expertise.
Trends + Current Events
US bans on China-owned entities escalate
Ubisoft looks to Tencent as a lifeline
AI x Gaming
Upcoming handheld releases in 2025 (Switch 2, Atari Gestation Go)
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