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《巴克莱-美股-互联网行业-美国互联网：深入数字游戏时代-2017.10.4-barclays-u.s. internet deep dive into digital era of gaming》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch4October2017U.S.InternetINDUSTRYUPDATEDeepDiveintoDigitalEraofGamingU.S.InternetPOSITIVEInitiatingcoverageona$109bngamingopportunity:WhenweinitiatedontheUnchangedInternetsectorearlierthisyear,wesaidthenext5+yearscouldbethe“GoldenYears”wherebymobilewouldtransformonlinecommerc
2、e,media,andtravel.ThesameringsU.S.Internettruewithvideogames,astheDigitalErabringsmajorchangesinthewayplayersRyanGeeengagewithandconsumecontent,andthewaypublishersdeliver,monetize,andprofit+14152745335fromit.Theindustryismoreglobalanddiversifiedacrossdevices,withover1.5bnryan.gee@barclays
3、.complayersacrossConsole,PC,andMobiletodayvs.<150mnconsolesinpriorcycles.TheBCI,USvaluepropositionofgamesremainsveryhighrelativetootherformsofmediaandwithGregoryZhaodigitaldistributionprovidingmoreplayersaccesstomoregamesinmorewaysthan+12125262268ever,webelievetheglobalmarketwillgrowfrom$
4、85bntodayto$109bnby2020.gregory.x.zhao@barclays.comIntroducingTheSevenM’s:topicsfornavigatingandunderstandingtheDigitalEra:BCI,USWeseeseventopicsshapingthegamingsectortodayandgoingforward:1)MultiplesRossSandler&Valuation;2)MarketshareConcentration;3)MigrationtoDigitaldrivingmargins;4)+141
5、52634470MobileGaming;5)MiddleKingdom;6)MoneyLeague;and7)MixedReactiontoVR.ross.sandler@barclays.comMobilecommandsthemostconsiderationfromtraditionalpublishersgiven38%BCI,USgrowthin2016andmillionsmoreplayingandspendingonmobilethanconsoles.DeepakMathivananMobileisthelargestgamingsegmenttoda
6、yat$32bnandwillgrowto$49bnby2020,+14152745351drivenbytheMiddleKingdom(China),whichwas34%ofthemobilemarketin2016deepak.mathivanan@barclays.comandisdominatedbyTCNTandNTES(whichweaddtoourAsiacoverageatEW).WhileBCI,USweseedifferencesincontentandstrategybetweentheEastandWestthatfavourTCNT/NTES
7、inChina,wearecautiouslyoptimisticonthepotentialfortraditionalUSMarioLuvideogamepublisherstopenetratethislarge,rapidly-growinggamingmarket,which+12125264885mario.lu@barclays.comweestimateisonpacetogrowfrom$26bnin2016to$38bnby2020.BCI,USBullishonsolidindustryfundament
