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									Enjeux Stratégiques et Économiques
    du Secteur des Jeux Vidéos

            Pierre Casanova
             DDH-Partners

            25 Septembre 2008
        Pépinière de La Belle de Mai
Introduction

•   Initiative de DDH-Partners, expert financier pour Marseille
    Innovation, pour mieux comprendre le secteur des jeux vidéos
    et des mondes virtuels, et apporter un meilleur soutien aux
    membres de la pépinière.
•   Support de l’analyse… les infos sur le web comme: AFJV,
    ESA, Wiki, Google, TheDeal, CrunchBase, Reuters, les
    rapports de sociétés cotées, les sites des investisseurs et les
    rapports d’analystes (banques d’affaires) du marché.
•   Construction d’une base de données permettant de mieux
    aborder les problématiques stratégiques et économiques du
    secteur.
•   Objectif finale: un outil regroupant les informations
    nécessaires pour mieux comprendre le secteur et son
    environnement ainsi que les sociétés, acteurs du marché, et
    leurs stratégies.
    Afin d’aider les start ups, mais aussi les autres, à mieux
    appréhender leurs développements (recherche de financement
    ou partenaires).
•   Un travail pas encore fini… pour info nous faisons la même
    chose pour l’Open Source en collaboration avec Libertis.
•   www.ddh-partners.com
    Agenda
.   Introduction
    • Vision Public: Vulgarisation, remarques du coté des utilisateurs
    • Vision Acteurs: Quelques remarques de chefs d’entreprises
    • Vision Quantitative : Quelques données intéressantes
    • Vision Financière: Des Banques d’Affaires et VCs

    Marchés & Environnement Compétitif
    • Segmentation des Marchés
    • Mapping des acteurs (privés et publics sur chacun des secteurs)
       – Software
       – Online/Virtual World
       – Mobile

    Finance & Economie
    • Les deals de Fusions et Acquisitions
    • Les deals de Levées de Fonds

    Conclusion
    • Vision court et moyen terme (Key Success Factors)
Introduction
Vision Public (Avis Utilisateurs sur Blog)

•   “le marché du serious game est sous l’emprise de microsoft”

•   “EA fait monter les prix des jeux de console”

•   «Le hardcore gaming est rongé par les suites et les gros titres.
    Empêchant l'émergence de l'originalité. Et le casual-gaming lui
    pèse tellement lourd qu'il devient le centre de toutes les
    préoccupations. »

•   Marché du jeu vidéo en Paca:
•   « ceux sont des petites boites montantes qui ont leur bille à
    jouer sur le marché du casual sur les plateformes émergentes
    iphone et service de téléchargement Wii / XBOS PS3 elles
    s’adaptent a ces nouveaux marchés à leur échelle. Il semble par
    contre utopique de faire du triple A en france (triple A ce sont
    les gros jeux à 70 euros, type GTA, etc) »
Introduction
Vision Acteurs (Dans la salle?)

•   Hybird : “le marché du virtual world ne rapporte rien!”

•   C4M “Les supports se diversifient aussi beaucoup avec
    le progrès technologique, notamment avec l’apparition de
    nouveaux types de jeux comme les physics games.»

•   Exkee : « alors que certains prédisaient il y a quelques
    années, un futur déclin du jeu vidéo en terme de CA, on
    assiste aujourd’hui à un nouvel essor du secteur. Après
    la phase d’industrialisation : c’est une phase qui tend à
    conquérir un nouveau public, nous sommes dans une
    phase d’élargissement du public visé, entraînant des
    révolutions d’usage.
Introduction
Vision Quantitative
  Le marché des jeux en France

 13,3 millions de jeux pour téléphones mobiles téléchargés en 2007
 Selon NPD Group, société internationale d’études marketing, le marché français
 des jeux vidéo (consoles+jeux+accessoires) a presque doublé en deux ans pour
 dépasser les 2 milliards d’euros en 2007.


 Vente de Jeux Vidéos : Profil des Acheteurs
Introduction
Vision Financière (Marché des Jeux)
CREDIT SUISSE
• Le marché des logiciels de jeux est entré dans un période faste avec une base
  de consoles et autres systèmes permettant l’installation de nombreux jeux.

•       Les possibilités de croissance sont également présentes dans les marchés
        annexes de l’Internet et du portable avec des nouveaux modèles émergeants

•       Les nouveaux secteurs de croissance sont le Casual Gaming, Online,
        Microtransactions, Mobile, In-game Advertising


    GOLDMAN SACHS
    • L’effet « long-tail » engendré par la monétisation des « vieux » titres et
      l’introduction des jeux de niche en ligne qui ne pourraient être distribués ailleurs.

    •   L’accélération de la croissance des micro-transactions;

    •   La combinaison « online gaming + more interactive and community gaming +
        MMO’s » = plus de ventes à travers les abonnements;

    •   La croissance des jeux multi plateformes portable, engendre une croissance
        du marché des jeux portables.

    •   Le dynamisme des publicités liées au jeux « in-game advertising », qui devrait
        se développer davantage sur les jeux en ligne que sur les consoles;

    •   Enfin une distribution digitale plus complète (facilité, accès, choix)
Introduction
Vision Financière (Mondes Virtuels)

• Capital Risqueur Américain:
  « It’s been a week of talking about the future of virtual worlds
  with VC’s, investors and research companies. The over-
  penetrated sectors, the under-served niches and where the
  smart money should be placed from an investment perspective.
  It’s also been a week of looking at a lot of business plans for
  potential new worlds with the founders not always realising there’s
  already competition in the space they’re looking to enter ».

• Sur VirtualWorldManagement
     – $184 MILLION INVESTED IN 23 VIRTUAL WORLDS-RELATED
       COMPANIES IN Q1 2008
     – $161 MILLION INVESTED IN 16 VIRTUAL WORLDS-RELATED
       COMPANIES IN Q2 2008
     – $425 MILLION INVESTED IN 15 VIRTUAL WORLDS COMPANIES
       IN 4TH QUARTER 2007
     – $1 BILLION INVESTED IN 35 VIRTUAL WORLDS COMPANIES
       FROM OCTOBER 2006 TO OCTOBER 2007
Marchés & Environnement Compétitif
Chaînes de Valeurs
                      Chaine de Valeur 1995 - 2000
                    IP                            Retail
                 Originale

                             Éditeur
       Contenu                                 Distributeur          Consommateur
                             Logiciel

                     IP
                  Licence




                      Chaine de Valeur 2007 - 2012
                    IP                            Retail
                 Originale

                             Éditeur
       Contenu                                 Distributeur          Consommateur
                             Logiciel

                     IP                         Fabricant
                  Licence                      De Consoles

                                               Distribution
                                                  Digital

                                            Micro Transactions


                                                 Publicité


                                        Vente Online (Abonnements)




    Une évolution permettant une désintermédiation du secteur
     Une évolution permettant une désintermédiation du secteur
Marchés & Environnement Compétitif
Segmentation des Marchés
                                     Enabling
                                   Technologies
   PSIII
    PSIII              Video game middleware and technology
   WII
   WII

                                us
   Xbox
    Xbox                  Se rio s
                                 e
                           G  am
                                          Casual
 Hardware                                 Games
 Systems                      Software Games
                                           es




                                              M
                                         am




                                               ob
                                  Virtual World
   PC
                                       G




                                                 ile
    PC
                                     eGames
                           MMOG lin




                                                    G
                                                       am
                                 n
 Handhelds                     O




                                                         es
  Handhelds
 PSP DS…
  PSP DS…
                                       In Game
  Portables
   Portables                          Advertising



   Carte
    Carte      Sons    Video    Accessoires   Casques
                                               Casques   Manettes
                                                          Manettes
                Sons    Video
  Taille du Marché
   Le marché est          Marchés & Environnement Compétitif
estimé aujourd’hui à
   $21,6 milliards        Software Games            Console & PC Video Game publishing and development
   €6,9Milliards US
  €7 ,3 Milliards EC
  €7,4 Milliards Asie




                        Capitalisation
                           Boursière
  Top 10 Leaders
 (Marché UK/US)
       EA 18%
   Nintendo 16%
   Activision 15%
     Ubisoft 7%
    Microsoft 6%
                          Cotées

      THQ 5%
      Sony 5%
      Take24%
      Sega 3%
     Dysney 2%

    Analyse des
  Sociétés Cotées
  CA/Empl :200K€
  Marge Op : 13%
 Royalties : 8-14%
    Seasonality:
                         Privées




 19%,16%,18%,47%



     Multiples:
   EV/EBE :12,5x
  EV/Ventes: 2,1x

 TRI (ROIC): 24%


                                          Nord
                                                       Europe      France PACA               Asie
                                         Amérique
Taille du Marché
  Croissance:           Marchés & Environnement Compétitif
 Le marché est          Online Games / Virtual World
      estimé
 aujourd’hui à
 $8,4 milliards
 €2 Milliards US




                      Capitalisation
                         Boursière
 €2 Milliards EC
€4,4 Milliards Asie
Il devrait être en
   2012 être de
 $13.1 milliards
                        Cotées


 Top 10 Leaders
Ils se retrouvent
 surtout en Asie


  Analyse des
                         Score Alexa




Sociétés Cotées
CA/Empl :150K€
Marge Op : 25%
                       Privées




   Multiples:
EV/EBE : 11,7x
EV/Ventes: 3,8x

TRI (ROIC): 30%




                                        Nord
                                                  Europe   France PACA   Asie
                                       Amérique
                      Marchés & Environnement Compétitif
                      Mobile Games

Taille du Marché
  Croissance:



                    Capitalisation
                       Boursière
 Le marché est
      estimé
 aujourd’hui à
 $4,3 milliards.
 Il devrait être
en 2011 être de
 $9,6 milliards
                      Cotées




Difficile d’avoir
  des données
financières des
                       Score Alexa




divisions mobile
   games des
sociétés cotées

Étude en Cours!
                     Privées




                                      Nord
                                                Europe   France PACA   Asie
                                     Amérique
Finance & Économie
Deals de Fusions et Acquisitions
                     The MMOG market got a huge lift last year, when Walt Disney Co. of Burbank, Calif.,
                       The MMOG as much as a huge lift last year, when Walt Disney Co. of social networking
                     agreed to pay market got $700 million for Club Penguin, a children's Burbank, Calif.,
                       agreed a pay as much
                     site with tovirtual world. as $700 million for Club Penguin, a children's social networking
                       site with a virtual world.




                    Dreamcatcher was acquired by JoWood Productions in January 2007.
                     Dreamcatcher one of Canada's leading interactive entertainment
                    Dreamcatcher iswas acquired by JoWood Productions in January 2007. publishers and
                     Dreamcatcher is one of Canada's leading interactive platforms, including PC, Playstation 2
                    distributors. Dreamcatcher publishes games on multipleentertainment publishers and
                     distributors. Dreamcatcher publishes games on Xbox.
                    computer entertainment system, GameCube, andmultiple platforms, including PC, Playstation 2
                     computer entertainment system, GameCube, and Xbox.




                    20 September, 2007
                     20 has acquired MotorStorm developer Evolution Studios along with Pursuit Force
                    SonySeptember, 2007
                     Sony has acquired MotorStorm developer Evolution
                    subsidiary Bigbig Studios, GamesIndustry.biz reports Studios along with Pursuit Force
                     subsidiary Bigbig Studios, GamesIndustry.biz reports




                     28.09.07
                       28.09.07
                     Activision, Inc. a annoncé le rachat de Bizarre Creations, développeur de jeux vidéo basé
                       Activision, Inc. et l'un des leaders de Bizarre Creations, développeur le jeux vidéo basé
                     au Royaume-Uni a annoncé le rachatdans la catégorie des jeux de course,de quatrième genre
                       au Royaume-Uni et l'un des leaders dans la catégorie des jeux de course, leplus de 10 %
                     le plus populaire du jeu vidéo pour un marché de 1,4 milliard de dollars, soit quatrième genre
                       le plus populaire du
                     du marché mondial. jeu vidéo pour un marché de 1,4 milliard de dollars, soit plus de 10 %
                       du marché mondial.




                     REDWOOD CITY, Calif.- October 11, 2007
                       REDWOOD CITY, Calif.- October 11, 2007
                     EA To Acquire BioWare Corp. and Pandemic Studios--Electronic Arts Inc. today announced an
                       EA To Acquire Elevation Partners Pandemic VG Holding Corp. -- the owner of both BioWare
                     agreement with BioWare Corp. and to acquire Studios--Electronic Arts Inc. today announced an
                       agreement with Elevation Partners to acquire VG EA a strong competitive position in key
                     Corp. and Pandemic Studios. This acquisition gives Holding Corp. -- the owner of both BioWare
                       Corp. and Pandemic entertainment: action, adventure and role-playing games. key
                     genres in interactive Studios. This acquisition gives EA a strong competitive position in The
                       genres in have been entertainment: action, adventure and role-playing games.
                     two studiosinteractiverecognized for creating some of the highest-quality games in the The
                       two studios have been recognized for creating some of the highest-quality games in the
                     industry.
                       industry.
Finance & Économie
Deals de Fusions et Acquisitions
Finance & Économie
Deals de Fusions et Acquisitions
              January 15, 2008
               January 15, Rise
              THQ Acquires 2008of Nations, Catan Developer Big Huge Games
               THQ Acquires Rise of Nations, Catan Developer Big Huge Games
              THQ Acquires Rise of Nations, Catan Developer Big Huge Games THQ has announced it will acquire Big
               THQ Acquires Rise of Nations, Catan Developer Big Huge Games THQ has announced it will acquire
              Huge Games (Rise of Nations, Catan) for an undisclosed sum, making the Maryland-based studio a Big
               Huge Games (Rise of Nations, Catan) for an undisclosed sum, making the Maryland-based studio a
              wholly-owned subsidiary.
               wholly-owned subsidiary.
              Feb 18, 2008
                Feb 18, 2008
              The folks responsible for The Witcher have purchased THEY developer Metropolis Software: CD Projekt
                The folks responsible for The Witcher have purchased THEY investment agreement, under         CD Projekt
              and Metropolis Software announced that they have signed an developer Metropolis Software:which CD
                                                           they have Software. Combining agreement, under which CD
                and Metropolis Software announced that Metropolis signed an investment the strengths of both
              Projekt will become the majority owner of
                Projekt will a very important step in realisation of CD Projekt’s Combining the strengths becoming a
              companies is become the majority owner of Metropolis Software. strategy, which includes of both
                companies is a delivering high-budget, ambitious and Projekt’s strategy, which includes becoming
              leading publishervery important step in realisation of CD creative projects that ready to compete witha
                leading publisher delivering high-budget, ambitious and creative projects that ready to compete with
              the world’s biggest productions.
                the world’s biggest productions.


              New York, NY - January 8, 2008 - Take-Two Interactive Software, Inc. today announced the acquisition of
                New York, NY - January 8, 2008 - Take-Two Interactive Software, Inc. today studio with operations in
              Illusion Softworks, a premier Central European-based game development announced the acquisition of
                Illusion Prague, the premier Central European-based game development studio with operations
              Brno and Softworks, aCzech Republic. Illusion Softworks has approximately 200 employees and will join in
                Brno and 2K Games Czech Republic. Illusion Softworks has Czech
              Take-Two's Prague, thepublishing label as its newest studio, 2Kapproximately 200 employees and will join
                Take-Two's 2K Games publishing label as its newest studio, 2K Czech


              Update 8/4/08: The acquisition price subsequently reported by EA is $15 million, not $30 million. But
                Update 8/4/08: not include any additional earnout for the founders.
              that amount doesThe acquisition price subsequently reported by EA is $15 million, not $30 million. But
                that amount does not include founding Napster, has a new founders.
              Shawn Fanning, best known forany additional earnout for the job. He will be working at Electronic Arts,
                Shawn Fanning, best known for founding Napster, has Rupture for $30 million, according to sources
              which is about to buy his social-network-gaming startup a new job. He will be working at Electronic Arts,
                which is about to buy his
              with knowledge of the deal social-network-gaming startup Rupture for $30 million, according to sources
                with knowledge of the deal

             Mumbai August 18, 2008: UTV Interactive, the gaming arm of India headquartered media &
               Mumbai August 18, 2008: UTV Interactive, the gaming arm of entered into definitive
             entertainment group, UTV Software Communications Limited, hasIndia headquartered media &
               entertainment group, UTV Software Communications Limited, has entered into definitive
             agreement to acquire 80% stake in True Games Interactive, a US-based online game publishing start-up.
               agreement to is in keeping with in True Games Interactive, growth that the company has achieved in
             This acquisition acquire 80% stakeUTV's strategy of in-organic a US-based online game publishing start-up.
               This acquisition is in the Interactive vertical through acquisitions of UK-based company has achieved in
             the past 18 months in keeping with UTV's strategy of in-organic growth that the console developer, Ignition
               the past 18 months in the Interactive vertical through acquisitions of UK-based console developer, Ignition
             Entertainment Ltd, & Indiagames Ltd, India based mobile gaming company
               Entertainment Ltd, & Indiagames Ltd, India based mobile gaming company

              SEOUL, Sep 05, 2008
                SEOUL, Sep 05, 2008
             Online game developer Webzen Inc. said Thursday it was acquired by a gaming unit of NHN Corp., South
               Online largestdeveloperportal, in Inc. said Thursday itbillion won (US$26.7 million). NHNNHN Corp., South
             Korea's game Internet Webzen a deal totaling 30.3 was acquired by a gaming unit of Games, which
               Korea's 10.75 Internet portal, in a deal totaling 30.3 billion won (US$26.7 million). in the online game
             bought a largestpercent stake in Webzen in June, purchased another 13 percent stake NHN Games, which
               bought a Webzen said in a statement.
             developer, 10.75 percent stake in Webzen in June, purchased another 13 percent stake in the online game
               developer, Webzen said in a statement.

             SANTA MONICA, Calif., Sept 12, 2008
              SANTA MONICA, Calif., Sept 12, 2008
             Further strengthening its development resources and underscoring its commitment to the music-based
              Further strengthening its development resources that it has acquired commitment to the music-based
             genre, Activision Publishing, Inc. today announced and underscoring its FreeStyleGames, a premier U.K.-
              genre, Activision developer Inc. today announced that it games.
             based video game Publishing,specializing in musicbased has acquired FreeStyleGames, a premier U.K.-
              based video game developer specializing in musicbased games.
                                 Finance & Économie
                                 Deals de Levées de Fonds

                                                                                                              Challenge Games Lands $10 Million for Fantasy Sports
                                                                                                               Challenge Games Game
                          Game Developer Start-up Heatwave Lands $7.5 Million Games Gets $6 Secures $6 Outsourced Lands $10 Million for Fantasy Sports
                                                                                 Ultizen
                                                       Educational Lands $7.5 Million Tabula Digita Million for Outsourced Game
                                                                     Games Developer Games Gets $6 Million forGames
                            Game Developer "CITIES XL"
Monte Cristo Games Lands $7 Million for Start-up Heatwave Games Developer Tabula Digita Secures $6
                                                        Educational               Ultizen
                                                                                 Development                   Games
                          on July 29, 2008.
 Monte Cristo Games Lands $7 Million for "CITIES XL"   Million                                                on September 19, 2008 - 7:47am.
on July 14, 2008.           on July 29, 2008.           Million 4, 2008           Development
                                                                                 on August 5, 2008             on September 19, 2008 - 7:47am.
 on July 14, 2008.                                     on August                  on August 5, 2008
                                                        on York - 4, 2008
                                                       New August Tabula Digita, a developer of educational games, Texas - - Challenge Games, a developer of online
                          Austin, Texas - Heatwave Interactive, an independent
                            Austin, Texas - independent
Paris - Monte Cristo Games, a Paris-based Heatwave Interactive, an independent
                                                                                                              Austin,        Challenge Games, a developer of online
                                                                                                               Austin,
                                                                                  a developer of educationalfantasy Texas
                                                                                 Shanghai                      a game development
                          game Paris-based independent on titles that crossover toits - Ultizen Games, games,sports games including "Duels" and "Baseball Boss,"
                                                        New
 Paris - Monte Cristo Games, a developer start-up focusedYork - Tabula Digita, Shanghai - Ultizen Games, a game development
                                   it has raised aboutfocused on titles has closed on
game developer, announced thatdeveloper start-up announced that itthat crossover to second round of fantasy sports games including "Duels" and "Baseball Boss,"
                            game                        $7
                          film that it has raised                                outsourcing company based in China, that it has raised
                                                       venture Tuesdayit hasit has raised second round ofannouncedannounced on
                                                        announced that        closed on its
                                                                                   raised
 game developer, announcedand television, announced on Tuesday that it has outsourcing company based in China, announced on $10 million in its second round
                                                                                                              announced
million in new funding from Arts Alliance, 360 about $7 on capital financing, led by Ascend Venture $6 million inthatsecond raised $10 million in its second round
                                                    Capital
                          a film and television, announced               that
                                                        financing from Syncom Tuesday that it has Venture venture capital it has round of
                                                                                                                          its
            new funding Partenaires first 360 of venture capital financing, led by Ascendsecuredof $6 million in its financing, led by Globespan Capital
                             $7.5 million
 million inand Innovenfrom Arts Alliance,round Capital
Partners                    a $7.5 million first round Group.
                          Venture Partners.
                                                                                                                               second round of
                                                       of financing from Syncom Tuesday that it has securedof venture capital financing, led by Globespan Capital
                                                        Group.                   venture capital financing, led by Taiwan's PAC-LINK.
 Partners and Innoven Partenaires                                                                             Partners.
                            Venture Partners.                                     venture capital financing, led by Taiwan's PAC-LINK.
                                                                                                               Partners.




                                                                                       September 12 2008
                                                                                         September 12 2008
                                                                                       Last week, another casual gaming site, Big Fish Games Inc.,
                                                                                         Last week, another casual gaming site, Big Fish Games Inc.,
                                                                                                       had raised
                                                                                       announced it$2 Million $83.3 million in first-round funding
          Riot Games Secures $7 Million forOnline Game CommunityMultiplayer Game Developer Webcarzz Lands $4 Million
                                            Asian Premium Online Titles Garena Secures it                                Game developer Trion World Network raises $70M
                            AtomicOGPlanet Gets$11 Social Games Developer Games $5$2 Million Virtual18 2008 23, Trionyear, Big Fish
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            Riot Games Secures                             Million for Fantasy Sports GetsGame $29 Million,Game developer 2008
                                     Online Raises Online Game Imported Korean Zynga$5largestraised Virtualmillion
                                                                for Degrees Garena Secures Million for $83.3
                                                             Knowledge Adventure
                                             Asian Games Raises $4.5 Million n announced September 18 2008
                                      Moguls for Premium Online TitlesGames Online $7 had InternetWebcarzz Lands $4 this World Network raises $70M
                                                       $1 Million CommunityMultiplayer the Games September
                                                     Developer Six                          Raises
                                                                                          one28, 2008 - 9:25am.
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 on July 14, 2008.
                   10, 2008. Gaia OGPlanet Gets$11 Million Imported Korean Zynga Games Internet September
                                                July
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                                                     announcedand and acquired revenues a in itssecured game on$1
                                                                     that
                                                                   on other for it in the Seattle
                                                            on fromMonday      that
                            from undisclosed from investors Thursday children,million raised  announced kids,million Sept.new
                                                                                                      an             has ofthat                        Park.
                                             funding from Benchmark from reported, citinghad secured $10 Partners... it tripled to
                                             games, on Thursday that it investors, $4 led of in Tovio Perkins Caufield in Series Menlo
 that it has closed an $11services," announced Partners onentertainment YoVille, aimed atfirstAnnus$50.8it in development, B round led by million in venture
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                                             round             capital, socalTECH in it has
                                                                                  landed2006,            the
                                                                                            co-founder its
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                                                             closed                                      reported.
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                                                                        of Sequoia
                                                                                . Becker Venture
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                              Post-Intelligencer reportednetworks.on
          and FirstMark Capital                                               and TeleSoft
                                                       PricewaterhouseCoopers/NVCA MoneyTree
                                                                                                   round of
                                                               used for continued growthPartners Q2 report                  led
                                                                                                                  of funding led
            and FirstMark Capital            .                                    .    The $83.3 million
                                                               Azure Capital and TeleSoft Partners package, announced Friday, Sept. 12, is the first
                                                                                         The $83.3 million since 2005, when it raised $8.7 million in
                                                                                       funding for Big Fish package, announced Friday, Sept. 12, is the first
                                                                                         funding for Big
                                                                                       angel funding. Fish since 2005, when it raised $8.7 million in
                                                                                         angel funding.




                  iPhone Games Publisher Ngmoco Raises Funds
                    iPhone Games
                  on July 31, 2008. Publisher Ngmoco Raises Funds                          Mpowerplayer Raises $2.5 Million for Online Mobile Game
                                                                                            Mpowerplayer Raises $2.5 Million for Online Mobile Game
                    on July 31, 2008.                                                      Demos
                                                                                            Demos
                                                                                           on September 10, 2008.
                  San Francisco - Ngmoco, a new publisher of games for                      on September 10, 2008.
                     San Francisco AAPL) iPhone, announced on games for
                  Apple's (NASD: - Ngmoco, a new publisher of Thursday that
                      has raised an undisclosed sum of first on Thursday that
                  it Apple's (NASD: AAPL) iPhone, announced round funding,                 Reston, Va. - Mpowerplayer, a developer of software that
                  led hasKleineran undisclosed sum Byers (KPCB) funding,
                     it by raised Perkins Caufield & of first round with                     Reston, Va. - Mpowerplayer, online demos software
                                                                                           allows content providers to offer a developer of of mobile that
                  participation from Maples Investments. (KPCB) with
                     led by Kleiner Perkins Caufield & Byers                                 allows content providers to offer has secured $2.5 million
                                                                                           games, said on Wednesday that it online demos of mobile
                                                                                             games, said on Wednesday that it has secured $2.5 million
                  . participation from Maples Investments.                                 in its first round of funding.
                                                                                             in its first round of funding.
                     .




                                                                                     Spurces: Various and http://www.dmwmedia.com/
Finance & Économie
Deals de Levées de Fonds et Fusions & Acquisitions - Conclusions

•   Un secteur en consolidation avec de nombreuses fusions et
    acquisitions:
     – Intégration Verticale et Horizontale
     – Expansion Géographique
     – Diversification Marché (Online, Casual, Mobile)


•   Les gros leaders mènent la danse
     – Opportunités de sortie pour les investisseurs des start-ups
     – Opportunités d’investissements sur un marché dynamique (malgré
       le manque d’IPO)
     – Globalisation du phénomène


•   Les Levées de fonds sont nombreuses
     –   Dans tous les secteurs
     –   Mais surtout dans Online et Virtual World
     –   Mobile Games émergent (Etude à suivre)
     –   Les Casual Games reçoivent beaucoup d’attention
Finance & Économie
Deals de Levées de Fonds et Fusions & Acquisitions - Conclusions

•   Les sociétés de Capital Risque sont très actives dans le secteur
    du “casual game”:
     –   Intel Capital
     –   Softbanks
     –   Benchmark Capital
     –   IDG Funds
     –   Plus beaucoup d’autres


•   Pourquoi?
     – L’explosion de la croissance des portails de jeux et de la
       consommation internet
     – Casual games sont les jeux pour le marché de masse
     – Faible cout de production pour ces jeux
     – Faible cout de publicité et de distribution
     – Revenue récurrent et scalabibilité sont les principaux facteurs
Finance & Économie
Deals de Levées de Fonds et Fusions & Acquisitions – Conclusions




$700M
Conclusion
Best Practices : Key Success Factor


•   Comme toujours les investisseurs se focalisent sur les
    sociétés qui ont le potentiel de réunir:


    – Contenu : Jeux intéressants
    – Portefeuille: Multiples jeux créés et dans le pipeline
    – Monétisation: Profitabilité engendrée par la souscription; les
       pubs, et les recherches
    – Technologie: Plateforme pouvant tenir une forte quantité de
       clients
    – Management: Expérience sur l’internet, les jeux et l’industrie du
       divertissement
ddh-partners


      Contact Infos:

      Pierre Casanova
      Pierre.casanova@ddh-partners.com
      mob: 06 71 53 68 39



      www.ddh-partners.com

								
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