Roblox – Updated Charts

I update the slide with 4Q20 data in latest S1. Direct listing of Roblox will be interesting because market appetite has shifted in last two weeks and the underlying business of Roblox seems to be normalizing this year based on company's expectation (conservative?). Roblox has strong cash flow and just raised a private round so … Continue reading Roblox – Updated Charts

Roblox – IPO Note 4 (Investor Day)

[February 27th, 2021] Roblox has updated their S-1 and decided to go direct listing on March 10th. Roblox hosted investor day on Youtube. I highly recommend watching that video (presentation and Q&A) which is embedded below. Roblox is interesting: "metaverse holder" pure play - vertical & category agnostic consumer internet tech "large" TAM, meme candidate, … Continue reading Roblox – IPO Note 4 (Investor Day)

Roblox – IPO Note 1

I just skimmed Roblox S-1. As there will be many S-1 teardown and takes on the internet, I only write down high-level thoughts that I still remember without checking the document again. I might put together a simple model and charts later. * * * [November 22nd, 2020] What is Roblox? Roblox is a User-Generated … Continue reading Roblox – IPO Note 1

Game Engine as a Competitive Advantage for Game Developer?

I joined a Hong Kong listed Chinese game developer conference call last Friday. I don't remember most of the stuff discussed but the call gave me an impression that the company believes having technical capability in game engine is kind of competitive advantage. The management mentioned that some of their high quality game are developed … Continue reading Game Engine as a Competitive Advantage for Game Developer?

Free Fire – Preparation Traction

💡 This note shows some Free Fire user metrics disclosed in Sea's filings and earnings calls. Combined with financial data in Free Fire – Preparation Revenue Estimation, one monetization metric, average adjusted revenue per daily active user, is also calculated. I fill the note with my murmur. This post has a detailed Notion version. Series posts … Continue reading Free Fire – Preparation Traction

Free Fire – Preparation Revenue Estimation

💡 This note tries to understand the traction of Free Fire. Generally, I would start with metrics which are more top of funnel such as downloads, number of active users, conversion, number of paying users or even engagement metrics. However, I was triggered by a Sensor Tower blog post the other day which mentioned Garena … Continue reading Free Fire – Preparation Revenue Estimation

Free Fire – Preparation 02

💡 I don't have the luxury to get access to premium analytics so I start with some free information available online. This note follows Free Fire - Preparation 01 to collect Garena Free Fire public data and some initial thoughts. This post has a Notion version. Previous post: Free Fire - Preparation 01 Recent Data … Continue reading Free Fire – Preparation 02

Free Fire – Preparation 01

💡 I analyze Free Fire not from a product perspective but from a platform business perspective. The key differences between two perspectives are the length of lifespan, the shape of life cycle in terms of revenue, and the optionality while both have some similar business model attributes such as live game (on-going operation, Game-as-a-Service) and … Continue reading Free Fire – Preparation 01

Sea’s Garena Snapshot

Some Sea's Digital Entertainment charts for housekeeping purpose. User Base Monetization Margin Profile Talking Points in DE Fully self-developed game, Free Fire, launched on iOS App Store & Google Play Store on December 4, 2017. Free Fire is a battle royale type of mobile game developed in-house by Garena. Daily active user (DAU) from over … Continue reading Sea’s Garena Snapshot