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1、Digital Mediasector update Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Hong Kong Limited is authori

2、sed and regulated by the Securities&Futures Commission GP Bullhound Luxembourg Srl is authorised as an AIFM in Luxembourg by the Commission de Surveillance du Secteur FinancierQualitative insights into broader Digital Media trends and public and private valuations across the transaction spectrum,and

3、 interviews with todays leaders transforming the sector.Q3 20222THE VIEWQ3 Digital Media perspectives from GP BullhoundUS app store revenues have historically been dominated by gaming appsFor the first time,non-game apps have surpassed gaming apps in revenue generationThis shift is driven by the sub

4、scription model adopted by non-game apps,compared to the microtransactions of gaming appsCompetition heats up in the streaming wars as subscription-based services lose ground and ad-supported models win bigMajor players have taken notice and look to re-strategise,most notably Netflix is highly focus

5、ed on the rollout of its ad-supported modelOther players are engaging in M&A and creating original content to drive subscriber growthSports rights have become a valuable asset and tech giants like Apple and Amazon have taken noticeBoth companies have recently won major sports rights deals with the N

6、ational Football League,Major League Baseball,and Major League Soccer in the USMost of the rights still belong to legacy media companies but the pressure is on as tech giants can leverage large cash balancesBIG TECH AIMS FOR SPORTSGAMING APPS REVENUE BUFFERSSTREAMING SHIFTS STRATEGIESTakeaways3GP Bu