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 3 (It’s Direct Listing!)

[January 10th, 2021] Roblox announced few days ago that it raised $520 million in new Series H funding at $29.5 billion valuation and planned to pursue an IPO via direct listing in early February 2021. It's management team's job to maximize the valuation for existing stockholders. By withdrawing from IPO and then raising a private … Continue reading Roblox – IPO Note 3 (It’s Direct Listing!)

Roblox – IPO Note 2

[December 16th, 2020] Background Roblox Corp. delayed its planned IPO after company officials decided that the gravity-defying performance this week of Airbnb Inc. and DoorDash Inc. made it too difficult to determine the right price for the videogame company’s shares.Dec. 11, 2020 WSJ Affirm Holdings Inc. is postponing its initial public offering, according to people familiar with the matter, the second … Continue reading Roblox – IPO Note 2

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

Evergrande Group – Initial Thoughts

Evergrande Group (3333.HK) [August 28, 2019 ] Interim Result Announcement @ Four Seasons Background The first time I looked at this stock was several years ago when I was doing internship in Hong Kong. Someone in the team registered the site visit but figured out the company was "not interesting" so the trip was left … Continue reading Evergrande Group – Initial Thoughts

Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China

Re: Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China Note to: Public Distribution:  Direct | @yuinausicaa | Futu Niu Niu | Slideshare * The Console Business * Two-sided platform Gaming console is a two-sided platform with specific hardware specs and operating system that connects user and game software. Users first … Continue reading Partnership between Tencent & Nintendo to launch Nintendo Switch platform in Mainland China

Epic Games – 1 Month post Store Launch Update

I've been procrastinating for a while on the update of early reaction Epic Games' disruptive pricing on game / app storefront space and the ecosystem approach to the gaming industry. With more news coming in, I finally decide it's time to give update as we have seen some development in terms of storefront and ecosystem. … Continue reading Epic Games – 1 Month post Store Launch Update

Epic Games’ Epic Battle on Storefront Space

The Wall Street Journal reported that Epic Games will challenge mobile app store business model dominated by Google and Apple. But what factor differentiates Epic Games from incumbents whose network effects are working in this case? The answer is disruptive pricing on the supply side of storefront (12% rake on revenue that apps generate). This … Continue reading Epic Games’ Epic Battle on Storefront Space

Gaming-related Platform Ecosystem Competition and the Financing behind

On December 21, 2018, it's reported that Discord raised US$ 150M at a valuation of US$ 2.05B, bringing total funding to date to US$ 279.3M as of this writing. The timing is particularly interesting because the online storefront price competition on supply side among STEAM, EPIC Games and Discord has heated up since Discord's "Series E" … Continue reading Gaming-related Platform Ecosystem Competition and the Financing behind

Entering a market where existing platforms have network effect working

The title of this post is very generic because I observed or studied cases in different industries that new entrants want to penetrate markets where incumbents already have their network effect working. By leveraging its resources or capabilities, new entrants might be willing to acquire "users" (depending on dynamics of business, platform might want to … Continue reading Entering a market where existing platforms have network effect working