Gaming Report 2024

Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. All securities in the UK, are transacted through Drake Star UK Limited (FRN 942020) an appointed appointed representative of Razlin Ltd (FRN 730805), which is authorized and regulated by the FCA
SALE TO
Mobile / Online Gaming
Video Game / Content Streaming
SALE TO
AAA Game Developer
Power Rangers
Mobile / Console Games
Mobile Games
Game Review and Advertising
SALE TO
* Transactions executed by current Drake Star Partners employees while employed at other firms 2
* * *
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Principal
Los Angeles
mohit.pareek@drakestar.com
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Partner
Berlin
julian.riedlbauer@drakestar.com
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Managing Partner
Los Angeles
michael.metzger@drakestar.com
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3
Note: Public Markets include IPOs, SPACs, and Public FinancingsSource: CapIQ , Pitchbook & DSP Research Note: Deal count includes announced M&A, private placement, IPOs, SPACs, and public financing deals. Drake Star did not act as financial advisor on transactions listed on this page
• Q4 featured two of the year’s top five M&A deals: Tencent / Miniclip’s $1.2B acquisition of Easybrain and MTG’s
$820M purchase of Plarium . Despite these major transactions, overall deal volume declined in Q4’24 following
several consecutive quarters of growth.
• More than $600M was raised across 150 private financing rounds in Q4. The largest deals included Aonic’s $105M
raise from Metric Capital, Pantera Capital’s $42.7M investment in Azra Games, and Decart’s $32M round led by
Benchmark. However, overall financing round volume continued to decline in Q4.
• In public markets, Applovin announced a $3.55B debt offering to be mainly used for paying off prior debts. Sony
became the largest shareholder in FromSoftware owner KADOKAW A with a $318.5M investment. Embracer
launched another $987M debt restructuring offering as part of its plan to separate into three entities.
Public Markets PP M&A
$27.3B
Disclosed Value (Announced)
967
Deals (Announced)
$10.5B
$4.8B
$12.0B
198
711
58
• Gaming M&A and financings in 2024 saw a robust year, with $27.3B in disclosed deal value across over 960
transactions, a 39 % increase in disclosed deal value compared to 2023.
• M&A activity in 2024 experienced a 21% increase in deal volume over 2023, with 198 announced deals and $10.5B
in disclosed value. As predicted, several high -profile M&A deals emerged from private equity firms, including EQT’s
$2.8B acquisition of Keywords and CVC’s $1.1B purchase of Jagex . Other major transactions included Playtika’s
acquisition of SuperPlay for up to $1.95B and Embracer Group’s $1.2B divestment of EasyBrain to Tencent /
Miniclip .
• The PC/Console segment remained the most active in M&A with 53 deals, followed by Mobile with 38 and
Platform/Tools with 32.
• A total of $4.8B was raised across 711 private placement deals, reflecting a 30 % increase in total disclosed value
but an 8% decline in deal count compared to 2023.
• Major financings included Epic’s $1.5B round led by Disney, along with significant raises for Infinity Reality ($350M),
Build A Rocket Boy ($110M), and Aonic ($105M). Early -stage deals made up over 90% of total raises. Blockchain
remained the most active segment with 250 deals, followed by Platform/Tools (133) and Mobile (111).
• Investors secured $1.8B+ in funding, including follow -on funds from a16z ($600M), Bitkraft ($275M), Vgames
($142M), and Play Ventures ($140M), along with new funds launched by Big Time ($150M) and Beam Ventures
($150M).
• The most notable public deals included Shift Up’s highly successful IPO in Korea and GameStop’s $3B fundraising.
• The Drake Star Gaming Index, which tracks the top 30 global gaming companies on an equal -weighted basis, rose
10.4% for the year, driven by strong performances from Sea / Garena , DeNA , and Konami. Meanwhile, Corsair,
WeMade , and Unity were the weakest -performing stocks.

$3.7B
$4.8B
773
711
2023 2024
Value Deal Count
$10.5B $10.5B
164 198
2023 2024
Value Deal Count
4
Note: Column chart shows announced deals only Note: Column chart shows announced deals only
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page

Others May -24 $2,800.0 $2,800.0 –
Mobile Sep -24 $1,950.0 $700.0 $1,250.0
Mobile Nov -24 $1,200.0 $1,200.0 –
PC/Console Feb -24 $1,100.0 $1,100.0 –
Mobile Nov -24 $820.0 $620.0 $200.0
PC/Console Mar -24 $460.0 $460.0 –
Platform/Tools Jul -24 $450.0 $450.0 –
Others Apr -24 $250.0 $250.0 –
Beacon
Interactive PC/Console Mar -24 $247.0 $247.0 –
Hardware Mar -24 $118.0 $118.0 –
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page 5

6
Source: CapIQ , Pitchbook & DSP Research Note: Pie charts show announced deals
Hardware
Others
Platform/Tools
Esports
Mobile
PC / Console
Blockchain
Asia and Other
Europe
North America
53
38
32
5
27
13
30
$1.9B
$4.1B $1.1B
$3.1B
57
77
63
$1.4B
$6.1B
$3.0B

Platform/Tools Feb -24 $1,500.0 – The Walt Disney Company
Platform/Tools Jul -24 $350.0 $5,100.0 Undisclosed
PC/Console Jan -24 $110.0 $538.0 RedBird Capital, NetEase Games,
Endeavor
Platform/Tools Dec -24 $105.0 – Metric Capital Partners
Mobile Aug -24 $80.0 – Makers Fund, IMM Investment, Hybe
Platform/Tools Jul -24 $60.0 – Wargaming, Constructor Capital, Han
River Partners
PC/Console Jul -24 $55.0 – M12 (Microsoft), Lightspeed Venture
Partners, General Catalyst
Mobile May -24 $50.0 $350.0 Moon Active
Platform/Tools Jun -24 $45.0 – Andreessen Horowitz, Lightspeed
Venture Partners, Konvoy Ventures
Esports Jan -24 $45.0 – Nawaf Albishri
Blockchain Oct -24 $42.7 $68.0 Pantera Capital
Blockchain Mar -24 $35.0 – Spartan Group, Solana Ventures
Platform/Tools Dec -24 $32.0 $500.0 Benchmark, Sequoia, Zeev Ventures
Hardware Sep -24 $31.5 – Dark Matter Partners
Platform/Tools Sep -24 $30.0 – Andreessen Horowtiz , Galaxy
Interactive, Animoca Brands
7 Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page

8
Late
Mid
Early
Hardware
Others
Platform/Tools
VR / AR
Esports
Mobile
PC / Console
Blockchain
$10M -$50M
$5M -$10M
$100M+
$50M -$100M
$0 -$5M
Undisclosed
659
44
$2.2B
$0.6B
$2.0B
107
111
133
38 26
250
35
$0.6B
$0.4B
$2.5B
$0.9B
90
280
84
80
$0.6B
$0.6B
$1.4B
$0.2B
$2.1B
Source: CapIQ , Pitchbook & DSP Research

FUND FUND AMOUNT
($M) FOCUS SEGMENT LOCATION
$600.0 Diversified Gaming
$275.0 Diversified Gaming
$150.0 Blockchain
$150.0 Diversified Gaming
$142.0 Diversified Gaming
$140.0 Diversified Gaming
$100.0 Blockchain
$100.0 Diversified Gaming
$80.0 MENA Gaming
$35.0 Diversified Gaming
Source: DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page

10
M&A
Public
Markets
• Applovin announced a debt offering of $3.55B in senior notes that will mainly be used to pay off prior debts.
• Embracer Group launched a debt offering valued at $987M through its subsidiary Asmodee as part of its restructuring plan.
• Sony became KADOKAW A’s largest shareholder after investing $318.5M in the owner of game developer From Software.
• Stillfront obtained a $227M revolving credit facility to replace a prior credit facility and issued $77M in bonds to support general
corporate activities.
Fundraising
• Swedish video gaming group Aonic raised $105M from Metric Capital Partners.
• Azra Games, a California -based game development studio, raised $42.7M from Pantera Capital.
• Decart , an Israeli startup developing AI technology for generating real -time interactive experiences, raised $21M in a seed round and $32M in
a series A round.
• Appcharge , an Israeli startup developing a game monetization platform, raised $26M in a round led by Creandum .
• Ruckus Games, a Texas -based game development studio founded by former Gearbox and Riot employees, raised $19M in a series A round
led by KRAFTON.
• Gameness, a Web3 esports and gaming platform, raised $20.0M from LDA Capital.
• Embracer Group divested mobile game developer Easybrain through a sale to Tencent subsidiary Miniclip for $1.2B .
• Modern Times Group acquired game developer Plarium from Aristocrat for up to $820M . The deal will improve MTG’s cash flow
generation and expand the company’s mobile games portfolio.
• Scopely acquired Chinese mobile game developer Chengfeng Studio from Perfect World for $34.5M .
• DoubleU Games acquired 60% of the mobile game developer Paxie Games for $27M with the possibility of acquiring the remaining 40% if
Paxie achieves certain financial targets.
• Tencent increased its stake in game developer Kuro Games to 51.4% . Kuro Games recently released the RPG Wuthering Waves.
• Ad tech company LoopMe acquired Chartboost , a programmatic advertising platform specializing in mobile games.
• Take -Two Interactive divested its indie games label Private Division to strengthen its focus on large -scale projects. The buyer was
reportedly Haveli Investments.
Chengfeng Studio
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page

11
9 6
7
3
4
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
11
Note: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224. Drake Star did not act as financial advisor on transactions listed on th is page. Source: CapIQ , Pitchbook & DSP Research
43 44
33
44
48
53
57
40
–
1 0
2 0
3 0
4 0
5 0
6 0
$0
$1
$2
$3
$4
$5
$6
$7
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424
Value ($MM) Deal Count
11
15
14
North America Europe
Asia and Others

12
Source: CapIQ , Pitchbook & DSP Research
• DoubleU Games acquired 60% of the mobile game
developer Paxie Games for $27M with the possibility
of acquiring the remaining 40% if Paxie achieves
certain financial targets.
• Paxie Games is known for the game Merge Studio:
Fashion Makeover and hopes to leverage DoubleU
Games’ marketing capabilities in the U.S. market.
• Modern Times Group acquired game developer
Plarium from Aristocrat for up to $820M.
• The deal will improve MTG’s cash flow generation
and expand the company’s mobile games portfolio
with the addition of the popular RPG Raid: Shadow
Legends.
• MTG also looks to benefit from Plarium’s tech and
live -ops expertise.
• Scopely acquired mobile game developer
Chengfeng Studio from Perfect W orld for $34.5M.
• Some of the assets for a project the studio was
working on will be transferred to Scopely .
• Most of Chengfeng Studio’s employees will leave to
form a new company in which Scopely will have a
minority stake.
• Embracer Group divested mobile game developer
Easybrain through a sale to Tencent subsidiary
Miniclip for $1.2B.
• The transaction helps Embracer to significantly
reduce its debt and extends Miniclip’s mobile
portfolio with the addition of casual apps like
Sudoku.com and Pixel Art.
• Ad tech company LoopMe acquired Chartboost , a
programmatic advertising platform specializing in
mobile games.
• Chartboost was previously owned by Take -Two
Interactive subsidiary Zynga.
• Through this transaction, LoopMe aims to
strengthen its capabilities within gaming and mobile
apps.
• Tencent increased its stake in game developer Kuro
Games to 51.4% by acquiring shares owned by
Hero Entertainment.
• Kuro Games is the developer behind the RPG
Wuthering Waves, which released in May 2024 and
quickly climbed the rankings on the App Store and
Google Play.
• Tencent is now the sole external shareholder in
Kuro Games.
Chengfeng Studio
Note: Drake Star did not act as financial advisor on transactions listed on this page

32
29
27
7
8
47
$0.5B
$0.1B
143
6
Hardware Others Platform/Tools
13
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
Late Mid Early
VR / AR Esports Mobile PC / Console Blockchain
212
202
189
170
192 187 181
151
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424
$0.2B
$0.1B
$0.1B
$0.2B

Platform/Tools Dec -24 105.0 – Metric Capital Partners
Blockchain Oct -24 42.7 – Pantera Capital
Platform/Tools Dec -24 32.0 500.0 Sequoia, Zeev Ventures, Benchmark
Platform/Tools Nov -24 26.0 100.0 Creandum , Supercell, BITKRAFT
Platform/Tools Oct -24 21.0 100.0 Sequoia, Zeev Ventures
Blockchain Oct -24 20.0 – LDA Capital
PC/Console Nov -24 19.0 – KRAFTON, BITKRAFT, Transcend
Mobile Nov -24 18.2 – Griffin Gaming Partners, Makers Fund, Index Ventures
Mobile Dec -24 18.0 – Felix Capital, Balderton Capital, E2VC
Blockchain Dec -24 15.8 – Dru Mundorff , Mark Chester
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
14

15
Source: CapIQ , Pitchbook & DSP Research Note: Drake Star did not act as financial advisor on transactions listed on this page
• Azra Games, a California -based game
development studio, raised $42.7M from Pantera
Capital.
• The funds will be used to accelerate the
development of Project Legends, a mobile RPG
with blockchain features.
• Ruckus Games, a Texas -based game
development studio founded by former Gearbox
and Riot employees, raised $19M in a series A
round led by KRAFTON.
• The new funds will be used in the development of
a co -op shooter game.
• Gameness, a Web3 esports and gaming platform,
raised $20M from LDA Capital.
• The company will use the funds in the
development of a super app and to advance its
goal of integrating blockchain technology into
esports.
• Swedish video gaming group Aonic received
$105M from Metric Capital Partners.
• The funds will be used to pursue additional M&A
opportunities and help with ongoing projects at
Aonic’s development studios.
• Decart , a California -based startup developing AI
technology for generating real -time interactive
experiences, raised $21M in a seed round and
$32M in a series A round.
• The startup emerged from stealth in October and
reached a valuation of $500M following its series A
round.
• Appcharge , an Israeli startup developing a game
monetization platform, raised $26M in a round led
by Creandum .
• The platform provides game developers an
alternative to the app stores run by Google and
Apple for selling in -game products.

VC DEALS SELECT INVESTMENTS LOCATION
9
8
8
7
7
6
5
4
4
3
16
Source: CapIQ , Pitchbook & DSP Research Note: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.
VC DEALS SELECT INVESTMENTS LOCATION
19
15
15
8
8
5
4
3
3
3

VC DEALS SELECT INVESTMENTS LOCATION
37
20
17
14
11
11
10
10
8
8
17
INVESTOR DEALS SELECT INVESTMENTS LOCATION
11
7
6
5
5
4
4
3
3
3
Source: CapIQ , Pitchbook & DSP Research Note: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.

18
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$1,950.0 1
$1,200.0 5
$785.0 5
$820.0 1
$542.2 1
$460.0 1
$118.0 1
$106.1 1
$73.5 7
– 2
Source: CapIQ , Pitchbook & DSP Research Note: Deal value only includes publicly disclosed transaction values. Drake Star did not act as financial advisor on transact ions listed on this page.

19
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 30-Sep -24 $86.38 $7,529.7 $11,106.7 $3,162.0 $1,065.0 3.5x 3.3x 10.2x 8.4x 26.9x 18.0x 12% 6% 11% 25% 33.7% Playtika PLTK IL 30-Sep -24 $6.94 $2,586.6 $3,873.2 $2,536.9 $613.8 1.5x 1.5x 6.1x 5.0x 12.0x 9.5x -1% 1% -14% 27% 24.2% Modern Times Group MTG B SE 30-Sep -24 $8.57 $1,014.5 $784.4 $581.0 $150.8 1.5x 1.4x 5.5x 5.2x NM 18.9x 4% 3% 17% 9% 25.9% GDEV GDEV CY 30-Sep -24 $19.34 $350.2 $234.7 $432.5 $40.8 0.5x 0.6x 5.6x 5.5x 9.5x 11.4x -5% -3% 76% 5% 9.4% Stillfront Group SF SE 30-Sep -24 $0.75 $340.4 $762.2 $721.6 $118.1 1.2x 1.2x 6.8x 3.7x NM 3.7x -4% -6% -28% 92% 16.4% Huuuge HUG US 30-Sep -24 $4.18 $234.1 $125.8 $260.4 $77.9 0.5x 0.5x 1.7x 1.9x 4.3x 5.0x -10% -11% -22% 14% 29.9% Ten Square Games TEN PL 30-Sep -24 $17.42 $110.5 $83.2 $104.2 $32.5 0.9x 0.9x 2.7x 3.4x 10.1x 6.4x -13% 1% 81% 20% 31.2% G5 Entertainment G5EN SE 30-Sep -24 $9.94 $77.5 $55.5 $115.5 $10.6 0.5x 0.5x 5.7x 2.5x 9.2x 8.1x -14% -3% -50% 127% 9.1% East Side Games EAGR CA 30-Sep -24 $0.42 $33.4 $27.6 $61.7 $9.9 0.5x 0.4x 3.0x 2.3x 13.2x 7.1x -10% 12% 40% 28% 16.0%
Average 1.2x 1.2x 5.3x 4.2x 12.2x 9.8x -4% 0% 12% 38% 21.8% Median 0.9x 0.9x 5.6x 3.7x 10.1x 8.1x -5% 1% 11% 25% 24.2%
North America / Europe – PC / Console Focused Electronic Arts EA US 30-Sep -24 $146.30 $38,370.5 $38,026.5 $7,409.0 $1,890.0 5.1x 4.9x 19.3x 13.3x 37.6x 18.4x -2% 5% -3% 52% 25.5%
Take -Two Interactive TTWO US 30-Sep -24 $184.08 $32,329.5 $35,562.3 $5,457.0 $385.3 6.5x 6.1x 74.1x 37.3x NM 51.4x 0% 7% -32% 148% 7.1% CD Projekt CDR PL 30-Sep -24 $46.32 $4,628.1 $4,373.1 $290.2 $110.4 16.2x 22.3x 42.4x 48.4x 43.7x 62.6x 2% -27% -6% 12% 38.0% Embracer Group EMBRAC B SE 30-Sep -24 $2.73 $3,680.5 $5,081.6 $3,702.1 -$565.7 1.5x 1.6x NM 5.9x NM 16.4x NA -4% NA 267% -15.3% Paradox Interactive PDX SE 30-Sep -24 $18.56 $1,960.2 $1,859.4 $245.2 $85.7 8.3x 9.1x 23.1x 14.1x 58.4x 31.6x 12% -9% -19% 68% 34.9% Ubisoft UBI FR 30-Sep -24 $13.61 $1,780.3 $3,241.0 $2,383.2 -$177.1 1.5x 1.5x NM 3.7x NM 27.3x 11% -3% NA 631% -7.4% PlayW ay PLW PL 30-Sep -24 $67.14 $443.1 $407.2 $81.2 $48.3 5.4x 5.3x 9.0x 9.4x 12.4x 11.2x 24% 2% 20% 3% 59.5% everplay group EVPL GB 30-Jun-24 $2.75 $396.6 $332.6 $211.6 $52.0 1.6x 1.6x 6.4x 6.4x NM 9.9x 4% -4% 11% 1% 24.6% Remedy Entertainment REMEDY FI 30-Jun-24 $14.56 $197.6 $177.9 $42.1 -$15.8 4.4x 2.7x NM 18.3x NM NM 5% 60% NA 164% -37.6% Pullup Entertainment ALPUL FR 30-Sep -24 $23.19 $190.9 $338.5 $375.4 $149.9 1.0x 1.0x 2.4x 2.6x 11.4x 5.1x 58% -6% 113% 8% 39.9% Digital Bros DIB IT 30-Sep -24 $11.80 $168.4 $205.6 $133.0 $49.8 1.7x 1.8x 4.4x 5.4x NM NM 3% -6% 10% 17% 37.4% Devolver Digital DEVO US 30-Jun-24 $0.31 $145.5 $114.7 $100.1 $2.6 1.2x 1.1x 42.0x 16.9x NM 27.7x -20% 6% NA 158% 2.6% EG7 EG7 SE 30-Sep -24 $1.47 $130.5 $117.2 $170.8 $24.0 0.7x 0.7x 4.8x 3.0x NM 14.9x -20% 13% -55% 75% 14.0% Bloober Team BLO PL 30-Sep -24 $6.15 $118.5 $116.2 $21.2 $7.0 5.9x NA 16.8x NA 41.9x NA -5% NA 284% NA 33.1% Frontier Developments FDEV GB 31-May -24 $2.57 $99.1 $88.7 $113.6 -$8.2 0.8x 0.8x NM 2.5x NM NM -15% 1% NA 544% -7.2% Nacon NACON FR 30-Sep -24 $0.77 $83.4 $198.8 $197.4 $11.8 1.1x 1.0x 14.1x 2.6x 4.8x 6.7x 21% 8% -3% 585% 6.0% Snail Games SNAL US 30-Sep -24 $1.86 $68.7 $60.3 $86.8 $5.0 0.7x 0.6x 9.1x 5.2x 24.6x 9.2x 82% 15% NA 130% 5.8% People Can Fly PCF PL 30-Sep -24 $1.89 $67.9 $62.5 $44.5 -$2.5 1.5x 0.7x NM 9.9x NM NA 12% 110% NA 377% -5.5% CI Games CIG PL 30-Sep -24 $0.31 $58.6 $59.1 $66.3 $16.6 1.0x 3.8x 3.8x 6.8x 13.1x NA 242% -75% 616% 44% 25.1% tinyBuild TBLD US 30-Jun-24 $0.09 $34.5 $25.6 $40.2 -$22.5 0.6x 0.7x NM NM NM NM -30% -6% NA 87% -55.9% Starbreeze AB STAR B SE 30-Sep -24 $0.02 $27.9 $15.0 $20.6 -$17.6 0.8x 0.8x NM 1.9x NM NM -65% -5% NA 150% -85.4% Skonec Entertainment A276040 KR 30-Sep -24 $2.03 $25.5 $13.7 $3.3 -$5.1 4.7x NA NM NA NM NA -19% NA NA NA -154.8%
Average 3.3x 3.4x 19.4x 11.2x 27.5x 22.5x 14% 4% 78% 176% -0.7% Median 1.5x 1.5x 11.6x 6.4x 24.6x 16.4x 3% -1% 4% 108% 6.5%
Source: CapIQ , As of December 31, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM

20
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 30-Sep -24 $21.43 $126,944.3 $149,746.2 $91,758.8 $12,236.6 1.8x 1.8x 12.7x 10.4x 18.4x 21.1x 10% -1% 20% 29% 13.3% Nintendo 7974 JP 30-Sep -24 $58.92 $68,601.9 $55,783.7 $9,764.7 $2,682.0 6.3x 6.2x 20.5x 20.4x 32.9x 29.2x -20% 1% -34% 12% 27.5% Konami Holdings 9766 JP 30-Sep -24 $94.14 $12,760.8 $11,449.5 $2,726.1 $829.2 4.6x 4.1x 15.1x 13.6x 29.2x 25.5x 22% 13% 55% 12% 30.4% NEXON 3659 JP 30-Sep -24 $15.12 $12,499.7 $9,206.3 $3,148.5 $994.1 3.2x 3.1x 10.6x 9.9x 32.9x 16.8x 7% 2% -8% 3% 31.6% Krafton A259960 KR 30-Sep -24 $211.54 $9,615.8 $7,348.9 $2,000.0 $942.1 4.1x 3.7x 9.2x 7.8x 18.0x 12.9x 42% 11% 45% 12% 47.1% Capcom 9697 JP 30-Sep -24 $22.10 $9,241.9 $8,484.9 $934.5 $338.2 10.0x 7.1x 27.5x 17.5x 43.6x 27.0x -12% 41% -27% 57% 36.2% Square Enix 9684 JP 30-Sep -24 $39.10 $4,694.0 $3,281.0 $2,386.4 $308.5 1.5x 1.6x 11.7x 9.5x 73.5x 22.9x -3% -3% 4% 23% 12.9% Sega Sammy 6460 JP 30-Sep -24 $19.56 $4,172.3 $3,819.0 $3,199.7 $459.4 1.3x 1.3x 8.8x 8.2x 16.6x 14.0x 0% -2% -27% 11% 14.4% NetMarble A251270 KR 30-Sep -24 $35.00 $2,867.5 $3,590.9 $2,040.7 $263.8 2.0x 2.0x 5.9x 13.8x NM 31.0x 6% -1% 429% 11% 12.9% NCSoft A036570 KR 30-Sep -24 $123.95 $2,450.9 $1,709.1 $1,223.1 $101.1 1.6x 1.5x 17.9x 9.6x 29.1x 29.6x -15% 7% -55% 99% 8.3% DeNA 2432 JP 30-Sep -24 $19.94 $2,220.4 $2,088.3 $920.3 $49.6 2.5x 2.2x NM 21.1x NM 33.5x -5% 13% -19% 119% 5.4% GungHo Online 3765 JP 30-Sep -24 $21.21 $1,183.5 $696.3 $725.6 $146.6 1.1x 1.0x 5.2x 5.8x 16.2x 16.8x -21% 2% 0% 11% 20.2% Pearl Abyss A263750 KR 30-Sep -24 $18.75 $1,151.7 $971.1 $252.1 $4.4 4.3x 3.3x 83.0x 11.8x NM 41.9x -6% 30% -68% 2020% 1.7% Kakao Games A293490 KR 30-Sep -24 $11.09 $909.0 $1,251.7 $724.6 $78.0 1.9x 2.1x 15.5x 11.8x NM 25.9x 7% -9% -38% 53% 10.8% W eMade Entertainment A112040 KR 30-Sep -24 $23.79 $799.8 $883.2 $505.2 -$52.7 2.0x 1.7x NM 16.0x NM 23.3x 10% 15% NA 218% -10.4% DOUBLEUGAMES A192080 KR 30-Sep -24 $36.49 $723.4 $538.5 $480.5 $200.5 1.3x 1.2x 3.0x 2.9x 6.6x 6.7x 8% 9% 26% 3% 41.7% DoubleDown Interactive DDI KR 30-Sep -24 $10.44 $517.3 $187.3 $342.5 $141.1 0.5x 0.5x 1.3x 1.3x 4.5x 4.6x 13% 1% 31% 1% 41.2% Gree 3632 JP 30-Sep -24 $2.90 $496.2 $220.1 $408.1 $0.0 0.6x 0.6x 0.0x NA 43.6x 21.0x -22% 7% -60% NA 0.0% NHN Entertainment A181710 KR 30-Sep -24 $11.95 $387.0 $333.8 $1,835.3 $20.4 0.2x 0.2x 25.5x 2.6x NM 6.6x 8% 9% -82% 618% 1.1% Com2uS A078340 KR 30-Sep -24 $31.48 $359.5 $486.7 $505.6 $8.0 1.1x 0.9x NM 12.0x NM 28.0x -11% 17% NA 466% 1.6% GAMEVIL Inc. A063080 KR 30-Sep -24 $22.85 $150.7 $237.1 $122.7 -$4.2 2.2x NA NM NA NM NA 6% NA NA NA -3.4% JOYCITY A067000 KR 30-Sep -24 $1.02 $71.5 $122.6 $116.6 $20.1 1.2x 1.1x 6.7x 10.1x 27.4x 12.2x 6% 9% 40% 32% 17.3% T3 Entertainment Inc. A204610 KR 30-Sep -24 $1.05 $61.7 $16.4 $41.0 $6.5 0.5x NA 2.3x NA 25.9x NA -12% NA -27% NA 16.0% Me2on A201490 KR 30-Sep -24 $1.21 $36.8 $65.4 $76.0 $16.5 1.0x NA 4.5x NA 12.9x NA -8% NA -29% NA 21.7%
Average 2.4x 2.3x 14.4x 10.8x 27.0x 21.5x 0% 8% 8% 190% 16.6% Median 1.7x 1.7x 9.9x 10.2x 26.7x 22.9x 3% 7% -19% 26% 13.8% China (Shenzhen listed)
Quihoo 360 601360 CN 30-Sep -24 $1.42 $9,925.3 $6,791.2 $1,130.0 -$104.7 6.3x 5.7x NM NM NM NM -15% 670% NA NA -9.3% Beijing Kunlun 300418 CN 30-Sep -24 $5.27 $6,492.3 $6,716.9 $721.7 -$63.5 9.7x 9.0x NM 80.3x NM NM 1% 7% NA 237% -8.8% 37Games 002555 CN 30-Sep -24 $2.14 $4,713.4 $4,015.5 $2,543.8 $374.3 1.6x 1.6x 11.1x 8.4x 14.6x 12.6x 6% 1% -16% 32% 14.7% Kingnet Network 002517 CN 30-Sep -24 $1.86 $3,965.3 $3,566.0 $740.4 $235.6 5.0x 4.5x 15.6x 11.3x 17.4x 12.9x 32% 12% 17% 39% 31.8% Giant Network 002558 CN 30-Sep -24 $1.74 $3,222.2 $3,036.1 $409.9 $123.0 7.7x 6.4x 25.4x 13.1x 21.9x 15.7x 5% 21% 22% 96% 30.0% Perfect W orld 002624 CN 30-Sep -24 $1.42 $2,814.7 $2,596.0 $808.0 -$60.9 3.3x 2.8x NM 22.7x NM 38.5x -30% 21% NA 295% -7.5% Ourpalm 300315 CN 30-Sep -24 $0.75 $2,038.3 $1,697.7 $132.3 $9.9 13.4x 11.7x NM 28.9x 68.3x 51.2x -4% 14% 178% NA 7.5% Dalian Zeus 002354 CN 30-Sep -24 $0.74 $1,217.3 $1,178.8 $228.8 $0.5 5.4x 4.4x NM NA NM NM -10% 21% NA NA 0.2% Youzu Interactive 002174 CN 30-Sep -24 $1.28 $1,155.7 $1,077.5 $205.8 $39.8 5.4x 4.7x 27.1x 20.2x 86.9x 28.5x -15% 16% 566% 40% 19.3% ZQ Games 300052 CN 30-Sep -24 $2.30 $602.0 $615.5 $34.2 -$3.6 18.7x 15.4x NM NM NM NM -2% 22% NA 78% -10.6%
Average 7.7x 6.6x 19.8x 26.4x 41.8x 26.6x -3% 81% 153% 117% 6.7% Median 5.9x 5.2x 20.5x 20.2x 21.9x 22.1x -3% 18% 22% 78% 3.8%
Source: CapIQ , As of December 31, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM

21
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 30-Sep -24 $53.69 $489,927.6 $498,093.3 $91,668.3 $31,723.4 5.4x 5.2x 14.1x 12.6x 21.2x 16.2x 7% 8% 29% 30% 34.6% Sea Limited SE SG 30-Sep -24 $106.10 $60,937.5 $57,540.0 $15,486.1 $750.1 3.7x 3.0x 53.1x 21.3x NM 30.5x 20% 24% -49% 260% 4.8% NetEase NTES CN 30-Sep -24 $89.21 $57,417.4 $41,819.2 $15,067.0 $4,421.0 2.8x 2.6x 9.4x 10.0x 0.0x NA 4% 11% 9% 1% 29.3% International Games System 3293 TW 30-Sep -24 $29.71 $8,373.2 $8,086.5 $542.8 $304.6 15.4x 12.4x 27.4x NA 34.8x 27.4x 27% 24% 34% NA 56.1% YY YY CN 30-Sep -24 $41.85 $2,252.7 -$4.8 $2,258.2 $123.9 NM NM NM NM 13.4x 11.5x -2% 0% -22% 71% 5.5% G-bits Network 603444 CN 30-Sep -24 $29.98 $2,151.4 $1,788.4 $527.0 $181.3 3.5x 3.2x 10.2x 8.6x 17.1x 15.1x -20% 11% -36% 19% 34.4% XD Inc. 2400 CN 30-Jun-24 $3.24 $1,561.5 $1,315.8 $530.7 $22.8 2.5x 1.8x 43.1x 9.3x NM 16.3x 7% 38% NA 525% 4.3% Nazara 543280 IN 30-Sep -24 $11.86 $1,012.6 $970.4 $137.9 $10.4 7.2x 5.4x 92.9x 47.1x 0.0x NA 0% 34% -12% 102% 7.5% HUYA HUYA CN 30-Sep -24 $3.07 $699.0 -$229.6 $871.5 -$40.6 NM NM NM NA NM 9.2x -20% 2% NA NA -4.7% NetDragon 777 CN 30-Jun-24 $1.32 $699.0 $646.3 $924.9 $150.0 0.7x 0.7x 3.9x 2.8x 11.2x 5.8x -8% 1% -23% 53% 16.2% iDreamSky 1119 CN 30-Jun-24 $0.35 $581.3 $755.5 $227.3 -$33.5 3.3x NA NM NA NM NA -29% NA NA NA -14.8% Gamania Digital Entertainment 6180 IN 30-Sep -24 $2.36 $413.3 $386.1 $346.3 $31.6 1.2x 1.0x 11.8x 5.6x 6.1x 12.0x 11% 19% -35% 127% 9.1% Zengames Technology 2660 IN 30-Jun-24 $0.35 $358.1 $96.3 $271.9 $102.1 0.4x NA 0.9x NA 4.2x NA -9% NA -18% NA 37.6% CMGE Technology Group 302 IN 30-Jun-24 $0.10 $300.8 $318.2 $317.0 $22.3 1.0x 0.9x 13.2x 8.9x NM 18.3x -24% 8% 65% 60% 7.0% FriendTimes 6820 IN 30-Jun-24 $0.07 $151.7 $62.1 $132.3 -$18.7 0.5x 0.4x NM 17.4x NM 50.9x -27% 31% NA 119% -14.2% Archosaur Games Inc. 9990 CN 30-Jun-24 $0.18 $146.1 -$102.9 $130.1 -$31.0 NM NM NM NM NM NM 44% 12% NA 54% -23.8% W inking Studios Limited W KS SG 30-Jun-24 $0.21 $93.6 $84.2 $30.3 $1.3 2.8x 2.3x 35.2x 19.9x 39.6x 20.6x 0% 22% 0% 229% 4.3% Ourgame 6899 KY 30-Jun-23 $0.02 $26.4 -$0.6 $42.4 -$6.7 NM NA NM NA NM NA 95% NA NA NA -15.8% Average 3.6x 3.2x 26.3x 14.9x 14.8x 19.5x 4% 16% -5% 127% 9.9% Median 2.8x 2.4x 13.7x 10.0x 12.3x 16.2x 0% 12% -15% 71% 6.3% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 27-Oct-24 $134.29 $3,288,762.1 $3,260,500.1 $113,269.0 $72,741.0 28.8x 18.4x 44.6x 28.4x 53.0x 34.0x 152% 57% 228% 58% 64.2% Applovin APP US 30-Sep -24 $323.83 $108,674.7 $111,617.1 $4,289.7 $1,976.0 26.0x 20.8x 56.5x 34.1x 97.9x 58.6x 41% 25% 137% 66% 46.1% Dell DELL US 1-Nov -24 $115.24 $80,720.9 $101,392.9 $93,954.0 $8,974.0 1.1x 1.0x 10.9x 8.4x 20.4x 12.7x 3% 7% 1% 35% 9.6% Roblox RBLX US 30-Sep -24 $57.86 $37,969.1 $37,394.0 $3,363.7 -$962.6 11.1x 7.5x NM 39.4x NM NM 28% 48% NA 199% -28.6% Hewlett Packard HPE US 31-Oct-24 $21.35 $28,082.4 $33,707.4 $30,127.0 $5,059.0 1.1x 1.0x 6.2x 5.6x 11.1x 10.0x 3% 8% 0% 19% 16.8% ASUS 2357 TW 30-Sep -24 $18.79 $13,957.9 $12,982.3 $17,421.5 $1,051.9 0.8x 0.7x 11.9x 12.2x 13.7x 14.1x 13% 17% 555% 5% 6.0% Logitech LOGN CH 30-Sep -24 $82.81 $12,232.9 $11,050.8 $4,471.2 $754.2 2.7x 2.4x 15.3x 13.4x 19.7x 21.4x 5% 2% 30% 10% 16.9% Unity U US 30-Sep -24 $22.47 $9,051.8 $10,246.9 $1,965.4 -$77.0 5.2x 5.8x NM 27.6x NM 30.4x -3% -10% NA 582% -3.9% MSI 2377 TW 30-Sep -24 $5.60 $4,729.4 $4,173.2 $6,156.6 $280.2 0.7x 0.6x 14.8x 10.1x 22.0x 14.7x 12% 11% 0% 52% 4.6% Acer 2353 TW 30-Sep -24 $1.21 $3,650.0 $3,323.0 $8,243.0 $194.5 0.4x 0.4x 15.4x 13.2x 23.4x 18.0x 10% 6% 34% 33% 2.4% Corsair Gaming CRSR US 30-Sep -24 $6.61 $692.1 $891.0 $1,320.0 $7.0 0.7x 0.6x 34.2x 13.0x NM 16.8x -8% 8% -89% 877% 0.5% Atari ALATA FR 30-Sep -24 $0.11 $50.1 $97.3 $31.1 -$3.1 3.4x NA NM NA NM NA 129% NA NA NA -10.0% Flexion Mobile FLEXM GB 30-Sep -24 $0.65 $36.7 $21.7 $104.7 $5.8 0.2x 0.2x 4.3x 2.7x 32.6x 26.1x 14% 9% 28% 49% 5.5% GLOE 9565 JP 31-Oct-24 $6.51 $17.8 $17.4 $14.8 $0.3 1.2x NA 51.7x NA NM NA 0% NA -7% NA 2.3% Enthusiast Gaming EGLX CA 30-Sep -24 $0.09 $14.4 $37.9 $75.5 -$12.8 0.5x 0.7x NM 11.6x NM NM -45% -22% NA 127% -17.0%
Average 5.6x 4.6x 24.2x 16.9x 32.6x 23.3x 24% 13% 84% 162% 7.7% Median 1.1x 1.0x 15.3x 13.0x 22.0x 18.0x 10% 8% 28% 52% 4.6%
Source: CapIQ , As of December 31, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 are denoted as NM

22
Source: CapIQ , Pitchbook & DSP Research, as of December 31, 2024 *Drake Star Gaming index is not a fund and is an equal weighted index of top 30 gaming companies (listed on the chart above) on native exchange with market cap of around $1B or more
Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Nov 24 Dec 24
-70%
-35%
0%
35%
70%
105%
140% Sea, 162.9%
DeNA, 105.7%
Konami, 80.6%
CD Projekt, 57.1%
Keywords, 50.1%
Tencent, 43.2%
KRAFTON, 41.0%
Sega, 39.9%
Capcom, 36.0%
Roblox, 24.6%
S&P 500, 23.0%
Nintendo, 16.6%
Take-Two, 14.0%
Sony, 13.1%
Drake Star Gaming Index, 10.4%
Square Enix, 8.1%
Electronic Arts, 7.0%
MTG, 0.3%
NetEase, -0.1%
Embracer, -1.0%
Logitech, -12.4%
Paradox, -16.2%
Playtika, -19.5%
NEXON, -19.6%
Netmarble, -22.3%
NCSoft, -33.5%
Pearl Abyss, -37.6%
Kakao Games, -44.7%
Ubisoft, -46.8%
Unity, -47.4%
Wemade, -49.6%
Corsair, -54.0%
190%

• We have a very positive outlook of the gaming and tech market in 2025 with strategic
consolidations, private equity interest, and an evolving regulatory landscape shaping deal activity.
• As the valuations of listed gaming companies continue to rebound, we anticipate a significant
uptick in M&A activity. Key buyers to watch include Savvy / Scopely , Tencent, KRAFTON,
Keywords Studios / EQT, Jagex / CVC, Infinite Reality, and Sony, along with the newly separated
Embracer companies once they are listed independently , such as Asmodee .
• Private equity firms are expected to remain very active, with several publicly traded gaming
companies potentially being taken private. Ubisoft could be among the larger candidates for a
delisting in 2025.
• With over $1.8B in new capital raised by funds in 2024, signaling renewed investor interest, we
anticipate a strong pipeline of seed and early -stage financings, along with select mid -to-late –
stage rounds.
• Key growth segments are expected to include AI, tech platforms, and blockchain, driven by the
strong recovery of the crypto market this year and the new U.S. administration’s endorsement of
digital assets.
• With major releases, such as the Nintendo Switch 2 and Grand Theft Auto 6, anticipated in 2025,
the gaming industry is poised for significant growth in player engagement and revenues. This
surge could further drive fundraising and M&A opportunities for gaming companies.
• With public markets rebounding in 2025, we anticipate IPO -ready gaming companies to go public
this year. We also anticipate the start of a wave of IPOs of Indian gaming companies.
23

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