Writing on Miikka Ahonen

Project Genie and the Stock Market's Category Error

Sun, 08 Feb 2026 00:00:00 +0000

When Google previewed Project Genie, Unity’s stock dropped more than 20%. It makes no sense.

Nex Playground and Motion Gaming's Second Act

Sun, 11 Jan 2026 00:00:00 +0000

In a year when traditional console sales were down, a small newcomer quietly grabbed 14% of U.S. console unit sales during Black Friday week.

Valve's Real Bet Isn't Hardware, It's SteamOS

Thu, 30 Oct 2025 00:00:00 +0000

Steam Machine looks like another hardware experiment. But the real story is Valve’s effort to reduce its dependence on Windows.

How EA Became a Saudi Trophy Asset

Sun, 12 Oct 2025 00:00:00 +0000

I wrote for Naavik about EA’s $55B leveraged buyout led by Saudi Arabia’s Public Investment Fund. Read the full article here.

Why I wrote about this

It’s big! Also, it’s the largest leveraged buyout in history; and with it, one of the last major public game publishers is going private.

The gist of it

Electronic Arts is being taken private in a $55B deal led by Saudi Arabia’s PIF, alongside Silver Lake and Affinity Partners. The consortium is paying $36B in cash and loading $20B of debt onto EA’s balance sheet, ending its 30-year run as a public company at roughly a 25% premium.

Can NetEase Turn Bungie’s Destiny Into a Mobile Hit?

Sun, 21 Sep 2025 00:00:00 +0000

I wrote for Naavik about NetEase’s attempt to turn Bungie’s Destiny franchise into a mobile live-service hit. Read the full article here.

Why I wrote about this

The original Destiny is the last MMO-style game that I got really addicted to. I was there for the loot cave and to this day, beating Vault of Glass is one of the most fun I’ve ever had with a video game.

Now, more than 10 years later, Destiny is coming to mobile. The game itself is solid, but AAA IP coming to mobile is always a high-stakes experiment.

Xbox’s Best Path Is Outside Microsoft

Sun, 10 Aug 2025 00:00:00 +0000

I wrote for Naavik about why Xbox might be better off outside Microsoft. Read the full article here.

Why I wrote about this

For some time now, it has seemed that Xbox is done. As the mothership reorients itself to become an AI company first and foremost, there appears to be little room within Microsoft for a hardware platform or a creative games business.

The gist of it

Xbox has spent the past decade assembling one of the largest portfolios in gaming, culminating in the $75B Activision Blizzard acquisition. Yet the output hasn’t matched the scale. Several high-profile projects have been canceled or underperformed, while the platform’s biggest successes (Call of Duty, Minecraft, and Diablo) aren’t original Xbox creations. For a division backed by one of the richest companies in the world, Xbox increasingly feels like it lacks a clear creative center.

Grow A Garden and Roblox Play Patterns

Sun, 06 Jul 2025 00:00:00 +0000

I wrote for Naavik about how Grow a Garden became a massive Roblox hit and what it reveals about the platform’s design patterns. Read the full article here.

Why I wrote about this

I first got to know Roblox in 2016 when it first started climbing the mobile top grossing charts. Back then, I tried it, didn’t understand it, and gave up. I would repeat this many times over the years.

What's next for Playstation?

Sun, 01 Jun 2025 00:00:00 +0000

I wrote for Naavik about the duality of PlayStation: strong financial performance paired with the unraveling of its live-service strategy. Read the full article here.

Why I wrote about this

Sony’s financial report provided a good excuse to revisit its live-service strategy. Once I started listing all the cancelled and troubled projects, the graveyard turned out to be much bigger than I expected.

The gist of it

Sony’s PlayStation division is in a strong financial position. In FY2024, the Game & Network Services segment generated ¥4.6 trillion ($31.5B) in revenue and ¥415 billion ($2.8B) in operating profit. However, most of the growth came from the platform side of the business — third-party game sales and PlayStation Plus — while both hardware sales and first-party software revenue declined year-over-year. Currency effects also inflate the headline numbers, making the underlying growth story less dramatic than it first appears.

App Store Watershed Moment

Sun, 11 May 2025 00:00:00 +0000

I wrote for Naavik about a major court ruling forcing Apple to loosen its control over App Store payments. Read the full article here.

Why I wrote about this

The Apple–Epic saga has dragged on for years, so writing about it can feel like beating a dead horse. Still, this ruling finally moved the needle in a meaningful way.

The gist of it

A U.S. court ruled that Apple was in wilful violation of a 2021 injunction meant to loosen its grip on App Store payments. The new decision removes many of Apple’s key restrictions: developers can now link directly to external payment systems from inside their apps without Apple charging fees or inserting heavy friction into the process.

Can InZoi challenge Sims?

Sun, 13 Apr 2025 00:00:00 +0000

I wrote for Naavik about Krafton’s new life simulation game InZOI and whether it could realistically challenge The Sims. Read the full article here.

Why I wrote about this

Who doesn’t have fond memories of The Sims? Even more importantly, it has grown to a behemoth of a business with a relatively unique DLC model. InZOI’s release provided a great opportunity to look deeper into not only InZOI, but the dominance (and complacency) of The Sims.

Unity Struggles, AppLovin leads

Sun, 09 Mar 2025 00:00:00 +0000

I wrote for Naavik about Unity’s ad business struggles and how AppLovin has pulled ahead in mobile advertising. Read the full article here.

Why I wrote about this

In hindsight, AppLovin’s moves with its internal game studios and Adjust look ingenious. With Unity’s latest results out, it was a great timing to look at what sets apart Unity and AppLovin.

The gist of it

Unity’s financials make one thing clear: its ad engine has stalled. Grow Solutions revenue declined year-over-year, and the company remains unprofitable overall. At the same time, AppLovin’s advertising business is better than ever, delivering rapid growth and best-in-class margins.

Why DoubleU Bought Paxie Games

Wed, 08 Jan 2025 00:00:00 +0000

I wrote for Naavik about DoubleU’s acquisition of Turkish merge game studio Paxie Games. Read the full article here.

Why I wrote about this

Mobile M&A has been quiet since 2022. At this point, any deal is interesting. There were also some oddities around Paxie, including blatantly lifting ad creatives.

The gist of it

South Korean social casino operator DoubleU is acquiring 60% of Paxie Games for $27M, with the remaining 40% payable over three years for up to $40M, bringing the total potential consideration to $67M. Paxie’s core asset is Merge Studio, a fashion-themed merge-two title that has hovered around the mid–six-figure monthly IAP range, supported heavily by ads in a hybridcasual setup.

How Chinese Studios Make Western IP Work on Mobile

Sun, 10 Nov 2024 00:00:00 +0000

I wrote for Naavik about how Chinese studios have become the default partners for bringing Western IP to mobile. Read the full article here.

Why I wrote about this

It’s hard to ignore the pattern: virtually every breakout Western FPS on mobile has been built in the East.

The gist of it

The biggest mobile adaptations of Western IP (PUBG Mobile, Call of Duty: Mobile, Diablo Immortal, and now Age of Empires Mobile) have all relied heavily on Chinese developers like Tencent’s TiMi and LightSpeed or NetEase. In contrast, internally developed Western efforts such as Battlefield Mobile, Apex Legends Mobile, and Warcraft Rumble have struggled or been shut down.

Eight New Mobile Hits Making Over $200M

Sun, 20 Oct 2024 00:00:00 +0000

I wrote for Naavik about eight recent mobile games that have scaled past $200M annual revenue run rates. Read the full article here.

Why I wrote about this

The top grossing charts looked frozen for years after ATT. Recently, that has changed. This piece is an updated view on an earlier post about games breaking into the top grossing.

The gist of it

Monopoly Go! – A social casino engine wrapped in one of the most recognizable board game IPs on the planet. Casual distribution, casino-level monetization.

AppQuantum’s Quiet Publishing Success

Sun, 15 Sep 2024 00:00:00 +0000

I wrote for Naavik about AppQuantum’s rise as a mobile idle game publisher. Read the full article here.

Why I wrote about this

I met LoadComplete’s Soo in a recent Google event in Tokyo. 7000 kilometers away in South Korea they had devised a playbook very similar to Lightheart’s. Where we called it “hypercore” in our 2019 investor pitch they called it “lightcore”.

AppQuantum, on the other hand, I had no idea even existed until recently, so it was nice to dive into their origins.

Daybreak is Quietly Becoming an MMO Powerhouse

Sun, 14 Jul 2024 00:00:00 +0000

I wrote for Naavik about Daybreak’s acquisition of Palia develoepr Singularity 6. Read the full article here.

Why I wrote about this

It’s nice to see acquisitions still happen. Both Singularity 6 and Daybreak have been somewhat under the radar, although both are very respectable businesses.

The gist of it

Enad Global 7 (EG7) announced that its subsidiary Daybreak Games is acquiring Singularity 6, the studio behind the cozy MMO Palia. While the price wasn’t disclosed, EG7’s available cash position suggests a deal likely in the millions or tens of millions.

Voodoo’s BeReal Deal Is More Than Just Opportunistic

Sun, 23 Jun 2024 00:00:00 +0000

I wrote for Naavik about Voodoo’s $500M acquisition of BeReal. Read the full article here.

Why I wrote about this

This was a perfect opportunity to look deeper into Voodoo. It’s easy to forget that Voodoo is not just a hypercasual publisher, and that it business lines such as social networknig that are not related to mobile games at all.

The gist of it

Voodoo is acquiring BeReal in a deal valued at up to $500M, with $166M paid in cash and the rest tied to performance earnouts. BeReal reportedly has 40M active users and 125M lifetime downloads, but no revenue. Assuming roughly 30M DAUs, Voodoo is effectively paying between ~$5.50 and ~$16.70 per DAU, depending on whether earnouts are included. It’s not outrageous, but far from trivial for an app with zero monetization.

Why Xbox’s Shake-Ups Aren’t Finished

Wed, 22 May 2024 00:00:00 +0000

I wrote for Naavik about Microsoft’s ongoing restructuring within its gaming division and why the recent Xbox studio closures are unlikely to be the end of it. Read the full article here.

Why I wrote about this

Shutting down Tango Gameworks seems like a turning point in the Xbox villain arc.

The gist of it

In early May, Xbox shut down four ZeniMax studios, including Arkane Austin and Tango Gameworks. Notably, Tango was just coming off the critically acclaimed Hi-Fi Rush. If a well-reviewed, commercially solid title isn’t enough, then what is? Xbox’s PR response only amplified the backlash, with executives praising the kind of games they had just cut.

The Rise of the Everything Game

Sun, 21 Apr 2024 00:00:00 +0000

I wrote for Naavik about the rise of the “Everything Game.” Read the full article here.

Why I wrote about this

We were working on Super Run Royale at the time and the reference games all had a game-as-a-platform feel to them. That’s where the ‘Everything Game’ thesis came from.

The gist of it

Traditional wisdom says don’t over-scope and instead ship something focused. But there are interesting exceptions to this rule: when a multiplayer game reaches critical mass, it almost becomes bigger than its core gameplay. With enough users, a title can evolve into an “Everything Game” with wildly different game modes on top of the same social graph.

Reverse Engineering Monopoly Go KPIs

Tue, 19 Mar 2024 00:00:00 +0000

I wrote for Naavik about Monopoly Go’s disclosed performance metrics and what they reveal about the game’s underlying economics. Read the full article here.

Why I wrote about this

Sometimes companies share just a bit more than they mean. With Scopely sharing revenue, downloads, DAU, and even marketing paybacks, it was too good an opportunity not to break down what the business actually looks like under the hood.

The gist of it

Scopely revealed that Monopoly Go has surpassed $2B in lifetime gross revenue on 150M downloads, supported by less than $500M in bought media and over 10M daily active users. Combined with disclosed payback windows (“measured in weeks” early on and now around 120 days), these figures provide enough anchors to model the game’s business with reasonable confidence.

Disney’s “Epic” Games Investment

Thu, 15 Feb 2024 00:00:00 +0000

I wrote for Naavik about Disney’s $1.5 billion investment into Epic Games and what it signals for both companies. Read the full article here.

Why I wrote about this

Whenever Disney declares something its “biggest entry ever” into games, it’s worth sanity-checking the statement against 30+ years of history.

The gist of it

Disney acquired a $1.5B stake in Epic Games at a reported $22.5B valuation (down 29% from 2022), taking roughly 9% ownership. The two companies plan to build a Disney “universe” inside Fortnite. It’s all a bit vague, but likely this will be a game-within-a-game similar to Lego Fortnite, Rocket Racing, or Fortnite Festival.

Lethal Company: Key Takeaways

Sun, 07 Jan 2024 00:00:00 +0000

I wrote for Naavik about Lethal Company and what its breakout success says about indie horror, solo developers, and modern creator platforms. Read the full article here.

Why I wrote about this

Lethal Company is everywhere. Steam as a business is far less familiar to me than mobile free-to-play, which is exactly why a phenomenon like this makes me want to look deeper.

The gist of it

First, Lethal Company didn’t come out of nowhere. Its solo developer, Zeekerss, has been building horror experiences for over a decade, starting with Roblox projects and later shipping multiple Unity titles on Steam. The game reflects real genre fluency, blending inspirations like Five Nights at Freddy’s, Phasmophobia, and SCP-style worldbuilding into something that feels both familiar and fresh.

Will RTS Make a Comeback?

Tue, 12 Dec 2023 00:00:00 +0000

I wrote for Naavik about Frost Giant Studios’ attempt to revive the real-time strategy (RTS) genre with Stormgate. Read the full article here.

Why I wrote about this

Warcraft II and Warcraft III were formative gaming experiences for me. And not only me: RTS used to define PC gaming. As skeptical as I am about its potential as a venture capital bid, seeing a well-funded, ex-Blizzard team take a swing at it feels worth examining.

Aonic Acquires nDreams for $110M

Sun, 26 Nov 2023 00:00:00 +0000

I wrote for Naavik about Aonic’s acquisition of VR studio nDreams. Read the full article here.

Why I wrote about this

Aonic came seemingly from nowhere and bought a VR studio of all things for $100+ million. It’s not only a roll-up story echoing early Embracer, it’s a VR roll-up!

The gist of it

Swedish holding company Aonic acquired UK-based VR specialist nDreams for $110 million, after first investing $35 million in 2022. Aonic is following a familiar Nordic playbook: acquire small-to-mid-sized studios, centralize shared services, and let creative teams focus on development. Its portfolio spans PC and console indies, an Apple Arcade studio, and a kids’ platform (with a notable absence of mobile F2P) while also investing in ad tech to support its ecosystem.

Next on the Film Set: “Link”

Tue, 14 Nov 2023 00:00:00 +0000

I wrote for Naavik about Nintendo’s newly announced live-action Legend of Zelda movie. Read the full article here.

Why I wrote about this

Lots of reasons. First, I’m a big Zelda fan. Second, I like zooming out and seeing how these announcements actually fit into the bigger picture. And finally, digging through the BoxOfficeMojo numbers was a fun throwback to my time as an analyst at Rovio during the height of licensing and Angry Birds movie hype.

Metacore Buys Piñata

Thu, 26 Oct 2023 00:00:00 +0000

I wrote for Naavik about Metacore’s acquisition of animation studio Piñata. Read the full article here.

Why I wrote about this

This is a small deal: fewer than 20 people and low single-digit millions in revenue. But the “why” behind it is far more interesting than the size. Also, it’s in my backyard and I have friends at both companies, which makes it interesting to write about.

The gist of it

Metacore, the maker of Merge Mansion, acquired Helsinki-based animation and illustration studio Piñata, a long-time partner known locally for high-end concept art and animation. While specialized art talent is common in AAA, it’s still relatively rare in mobile.

Top Five Insights from the Xbox Leak

Sun, 24 Sep 2023 00:00:00 +0000

I wrote for Naavik about the biggest takeaways from the recent Xbox document leak tied to the FTC case. Read the full article here.

Why I wrote about this

Spicy leaks! This leak was relatively big in scope, there’s M&A, Game Pass economics, hardware, and next-gen plans. Even if many of the documents are dated, they offer a rare unfiltered look at Microsoft’s thinking.

The gist of it

A bunch of internal Microsoft and ZeniMax documents surfaced during the FTC case, revealing emails, strategy decks, roadmaps, and financial estimates. While Phil Spencer was quick to point out that plans evolve and some materials were old, the leak still paints a clear picture of Xbox’s strategic direction over the past few years.

Embracer Braces for Steep Cuts

Tue, 22 Aug 2023 00:00:00 +0000

I wrote for Naavik about Embracer Group’s restructuring and cost-cutting program following the collapse of its major deal with Savvy Games Group. Read the full article here.

Why I wrote about this

This was an excellent opportunity to look closely into Embracer. I had to have a spreadsheet to keep track of all the studios it owns. Most of it makes little sense.

The gist of it

After a $2 billion development deal with Saudi-backed Savvy Games Group collapsed, Embracer was forced into immediate damage control. Within weeks the company launched a restructuring program and raised SEK 2 billion in fresh equity. The new priority is clear: reduce net debt from $1.53 billion to $729 million and strip out roughly $337 million in annual costs.

Activision Blizzard’s Busy Two Weeks

Sun, 23 Jul 2023 00:00:00 +0000

I wrote for Naavik about Activision Blizzard’s recent earnings, regulatory twists in the Microsoft deal, uncertainty around Overwatch esports, and Blizzard’s decision to release games on Steam. Read the full article here.

Why I wrote about this

Sometimes you just have a writing slot and it’s a slow news week. Always a pleasure looking into Blizzard though.

The gist of it

Financials

Financially, Activision Blizzard had a strong quarter. Net bookings reached $2,207 million (+50% YoY) and operating income climbed to $583 million (+70% YoY), largely driven by Diablo IV. All three segments. Activision, Blizzard, and King, posted growth. However, monthly active users at Blizzard ticked down slightly.

Breaking Down EA’s Executive Shakeup

Mon, 26 Jun 2023 00:00:00 +0000

I wrote for Naavik about EA’s latest executive reorganization. Read the full article here.

Why I wrote about this

EA reorganizing itself is practically a seasonal event. Recent layoffs and acquisition rumors begs the question whether this one is just cosmetic or actually meaningful.

The gist of it

CEO Andrew Wilson announced a new structure splitting EA into two primary units: EA Sports and EA Entertainment.

EA Sports, led by Cam Weber (now president), houses the company’s annualized sports juggernauts like FIFA (soon rebranded as EA Sports FC), Madden, NHL, PGA Tour, and F1. These are predictable, high-margin businesses built around yearly launches and live services.

What Sega Sees in Rovio

Sun, 23 Apr 2023 00:00:00 +0000

I wrote for Naavik about Sega’s acquisition of Rovio. Read the full article here.

Why I wrote about this

After covering Playtika’s unsolicited bid for Rovio earlier in the year, it was clear a deal was coming. The more interesting question wasn’t if Rovio would be acquired but by whom, and why Sega Sammy in particular would make this move.

The gist of it

Sega announced it will acquire Rovio for €706 million, or €9.25 per share, a 63% premium to Rovio’s January share price. The price is only marginally above Playtika’s earlier €9.05 offer and still well below Rovio’s 2017 IPO price of €11.50. But the market, especially post-ATT, has not been kind to mid-sized mobile publishers. Rovio has become a stable, profitable operator built around evergreen titles rather than a high-growth rocketship.

Savvy Games Acquires Scopely for $4.9 Billion

Sun, 09 Apr 2023 00:00:00 +0000

I wrote for Naavik about Savvy Games Group’s $4.9 billion acquisition of Scopely. Read the full article here.

Why I wrote about this

I was quite interested in learning more about Saudi Arabia’s gaming ambitions and the PIF. This deal is one of the largest ever in mobile games and a clear signal that Savvy Games intends to buy its way into games.

The gist of it

Savvy Games Group, backed by Saudi Arabia’s Public Investment Fund (PIF), is acquiring mobile publisher Scopely for $4.9 billion. Scopely will continue operating autonomously after the deal closes.

How Five Mobile Games Cracked The Top 100

Wed, 22 Mar 2023 00:00:00 +0000

I wrote for Naavik about five recent mobile titles that broke into the Top 100 highest-grossing charts. Read the full article here.

Why I wrote about this

Every year, I like to take a look at the breakout new titles. Since the top 100 has been stubbornly static for years, there aren’t usually that many of those, and each of those is an important lesson in top-tier execution.

The gist of it

NIKKE: Goddess of Victory – A high-production-value gacha team battler built for the ACG audience, doubling down on whale monetization instead of chasing the mainstream.

Hogwarts Legacy Becomes WB’s Biggest Hit Amidst Controversy

Sun, 12 Feb 2023 00:00:00 +0000

I wrote for Naavik about Hogwarts Legacy’s record-breaking launch for Warner Bros. Read the full article here.

Why I wrote about this

More often than not, big licensed games don’t land. When Hogwarts Legacy really showed up, it was worth digging into why it worked.

The gist of it

On Feb 10, Hogwarts Legacy launched on PC and current-gen consoles to immediate commercial and critical success. Strong pre-orders, solid early Metacritic scores across platforms, and record-breaking Twitch viewership all pointed to a major hit.

Playtika’s €690M Unsolicited Bid for Rovio

Tue, 24 Jan 2023 00:00:00 +0000

I wrote for Naavik about Playtika’s unsolicited €690 million bid to acquire Rovio Entertainment. Read the full article here.

Why I wrote about this

Rovio holds a special place in my heart. I spent eight formative years there and was priviliged to learn with other people’s money. I thought it very unlikely that the Playtika bid go through.

The gist of it

Playtika offered €9.05 per share in cash, valuing Rovio at roughly €690 million. Compared to Rovio’s pre-announcement share price of €5.67, the bid represented about a 60% premium. The market reacted immediately, sending the stock sharply upward.

Building Game Studios as Venture Capital Runs Dry

Wed, 30 Nov 2022 00:00:00 +0000

I wrote for Naavik about alternative funding paths for game studios as venture capital appetite slowed. Read the full article here.

Why I wrote about this

Venture capital for early-stage game studios has cooled dramatically. To be honest, content (=game studios) might have never really been a great venture capital thesis to begin with. I wanted to challenge the assumption that VC money is the only serious way to build a meaningful game company.

Homa Games Raises $100M

Sat, 22 Oct 2022 00:00:00 +0000

I wrote for Naavik about Homa Games’ $100 million Series B. Read the full article here.

Why I wrote about this

Sometimes deals come up that I don’t really understand. Homa’s huge raise was one of these. In the end, I think the French tech ecosystem and founder relationships played a bigger role here than pure category fundamentals.

The gist of it

Homa was founded in 2018 by two ad tech operators who understood performance marketing and data from day one. In a few short years, the company built a real hypercasual publishing business, with hundreds of millions of annual downloads and several breakout hits. It’s not the biggest player in the category, but it’s clearly a serious one.

Sony Acquires Savage Game Studios

Fri, 09 Sep 2022 00:00:00 +0000

I wrote for Naavik about Sony’s acquisition of Savage Game Studios. Read the full article here.

Why I wrote about this

Not only do I know Savage’s CEO founder Michail Katkoff quite well, the company is literally our neighbor in Helsinki. Their office is sandwiched between two Lightheart rooms at Maria 01, the local startup campus. Couldn’t pass writing about this one!

The gist of it

PlayStation Studios acquired Savage Game Studios, a young Finnish-German startup founded in 2020 by industry veterans from Rovio and Wargaming. The team, around twenty developers split between Berlin and Helsinki, had raised $4.4M to build a free-to-play mobile shooter. Now, they become Sony’s first fully internal mobile-focused development team.

EA and Square Enix Report Earnings

Wed, 10 Aug 2022 00:00:00 +0000

I wrote for Naavik about EA and Square Enix’s latest quarterly earnings. Read the full article here.

Why I wrote about this

This was very much a business-as-usual news commentary piece. Square Enix reporting is always fun to read since the leadership is famously out there.

The gist of it

EA reported net bookings of $1.3 billion for the April–June quarter, down 3% year-on-year. Console and PC bookings declined, while mobile grew 15%, largely thanks to acquisitions completed in 2021 (Glu, Playdemic, Codemasters). Net revenue, however, grew 14% to $1.8 billion, with a healthy 25% operating margin.

Miniclip Buys Subway Surfers Maker SYBO

Wed, 29 Jun 2022 00:00:00 +0000

I wrote for Naavik about Miniclip’s acquisition of SYBO, the studio behind Subway Surfers. Read the full article here.

Why I wrote about this

Another day, another big deal. SYBO was Miniclip’s first really big one.

The gist of it

Miniclip announced the acquisition of Copenhagen-based SYBO, the maker of Subway Surfers. While the deal terms weren’t disclosed, the scale of SYBO’s flagship title makes this Miniclip’s largest acquisition to date. Founded in 2010, SYBO struck gold just two years later with Subway Surfers, developed together with Kiloo. The game became an instant hit and, importantly, never really faded.

Embracer buys Square Enix's North American Studios for $300M

Sun, 08 May 2022 00:00:00 +0000

I wrote for Naavik about Embracer’s acquisition of Square Enix’s North American studios and IP. Read the full article here.

Why I wrote about this

It’s one of the more peculiar deals in games. Tomb Raider is a big IP, yet Square Enix has been famously vocal about how it’s unhappy with its overseas studios. The interesting question is whether Embracer is the better owner for these assets than Square Enix.

Netflix Buys Next Games for $70M

Wed, 09 Mar 2022 00:00:00 +0000

I wrote for Naavik about Netflix’s acquisition of Helsinki-based mobile studio Next Games. Read the full article here.

Why I wrote about this

Next Games is based in Helsinki, and in fact all four other Lightheart founders are ex-Next. This is why this topic was extra juicy.

What I left out from the Naavik article was my admiration for feat in negotiation that CEO Teemu Huuhtanen and his team did. Yes, the exit is meager, considering the total amount Next raised. But there was also the very real scenario that there are simply no buyers for Next.

Turkish Gaming Startups Raise Hefty Funding Rounds

Wed, 26 Jan 2022 00:00:00 +0000

I wrote for Naavik about the wave of major funding rounds for Turkish mobile gaming startups. Read the full article here.

Why I wrote about this

Turkey has quietly become one of the most important hubs in mobile free-to-play. When two Istanbul-based studios announced massive rounds just days apart, it felt worth unpacking what they signal about the ecosystem Peak helped build.

This piece also provides continuation for the article I wrote about Dream’s previous raise.

Scopely Buys GSN Games For $1 Billion

Sun, 24 Oct 2021 00:00:00 +0000

I wrote for Naavik about Scopely’s acquisition of GSN Games. Read the full article here.

Why I wrote about this

As an acquisition, it’s one of the big ones! It also sheds some light into Scopely’s valuations. On an industry level, it shows how large publishers are increasingly using acquisitions as a more predictable growth path than building new hits from scratch.

The gist of it

Scopely announced the acquisition of GSN Games from Sony for approximately $1 billion, split between cash and preferred stock. GSN Games has a long operating history in online and mobile games, with its modern success driven primarily by social casino titles such as Solitaire TriPeaks, Bingo Bash, and GSN Casino Slots. Solitaire TriPeaks in particular has grown into a roughly $100 million annual business.

Playtika Acquires Redecor Maker Reworks for up to $600M

Wed, 08 Sep 2021 00:00:00 +0000

I wrote for Naavik about Playtika’s acquisition of Reworks, the studio behind the interior design game Redecor. Read the full article here.

Why I wrote about this

Again, a reasonably big one! I think for this one acquisitio price is the interesting part. Surely it must’ve been a bidding war.

The gist of it

Playtika announced the acquisition of Helsinki-based Reworks for $400 million in cash, with up to $200 million tied to an EBITDA-based earnout. Founded in 2018, Reworks quickly established itself with Redecor, a competitor to Glu’s Design Home. After an extended soft launch, Redecor scaled rapidly following its global release in 2020.

Supercell Launches Everdale

Sun, 29 Aug 2021 00:00:00 +0000

I wrote for Naavik about Supercell’s launch of Everdale. Read the full article here.

Why I wrote about this

Supercell and new games is always a hot topic. Everdale’s an unusual game in the sense that there isn’t anything quite like it out there.

The gist of it

Everdale is a co-operative farming and village-building game that can be seen as a spiritual successor to Hay Day, but with a fundamentally different design emphasis. Instead of treating social features as an endgame layer, Everdale places co-operation at the core of the experience through its Valley system, where players share construction projects, trading, and long-term progression. This creates a stronger sense of genuine collaboration than is typical in the genre.

Dream Games Raises $155M at $1B Valuation

Sun, 11 Jul 2021 00:00:00 +0000

I wrote for Naavik about Dream Games’ $155M Series B round and the rapid rise of Royal Match. Read the full article here.

Why I wrote about this

Dream Games stands out. They did everything faster and bigger than you would expect.

The gist of it

Istanbul-based Dream Games raised $155M in a Series B led by Makers Fund and Index Ventures, valuing the company at $1B. The round followed a $50M Series A just four months earlier, after earlier seed funding in 2019. Dream Games is led by former Peak Games executives and is best known for Royal Match, a casual puzzle game.

Take-Two Acquires Nordeus

Sun, 06 Jun 2021 00:00:00 +0000

I wrote for Naavik about Take-Two’s acquisition of Nordeus. Read the full article here.

Why I wrote about this

I somehow became the go-to writer for mobile studio acquisitions. This was yet another whose price tag was in hundreds of millions dollars. Generally speaking, Nordeus felt like a strategically cleaner move than some of Take-Two’s earlier deals.

In an unrelated note, it is quite sad that when writing about football, I always run into conflicts with editors who want to soccerfy everything. I suppose they are right, since otherwise I tend to follow American English conventions.

Jam City Buys Ludia

Sun, 30 May 2021 00:00:00 +0000

I wrote for Naavik about Jam City’s acquisition of Ludia and its plans to go public via SPAC. Read the full article here.

Why I wrote about this

The Ludio deal would’ve been worth writing by itself, the SPAC thing just made it even more newsworthy. Plus, there’s an interesting valuation exercise there to unpack!

The gist of it

Jam City announced the $175M acquisition of Canadian developer Ludia, a studio best known for licensed titles such as Jurassic World and Dragons. Jam City itself has evolved from its early casual puzzle roots (Cookie Jam, Panda Pop) into a stronger player in licensed IP, most notably with Harry Potter: Hogwarts Mystery. The strategic logic is straightforward: accelerate top-line growth by layering Jam City’s marketing and live-ops capabilities onto Ludia’s portfolio.

Zynga Acquires Chartboost

Sun, 09 May 2021 00:00:00 +0000

I wrote for Naavik about Zynga’s acquisition of ad tech company Chartboost. Read the full article here.

Why I wrote about this

When the news came of the Chartboost deal, it was quite natural for me to write about it as a natural continuation to the previous Zynga piece I wrote some months ago.

The gist of it

Zynga reported $680M in Q1 revenue, up 68% year-over-year and above guidance. However, most of that growth was inorganic, largely attributable to the Peak Games acquisition in 2020. Operationally, the quarter was relatively steady: the live portfolio held up, Harry Potter: Puzzles & Spells performed well, and newer titles like Puzzle Combat had yet to materially move the needle.

Learning About Learning at Lightheart

Sun, 25 Apr 2021 00:00:00 +0000

I wrote for Naavik about Lightheart Entertainment and the principles behind our early journey. Read the full article here.

Why I wrote about this

In the wake of our Series A, I was asked to write about Lightheart. So I took the opportunity to shill my own thing in the hopes of helping our recruitment effort.

The gist of it

Lightheart was founded with a clear intention: to build the kind of game company we ourselves would want to work at.

ATT Is Finally Coming

Sun, 11 Apr 2021 00:00:00 +0000

I wrote for Naavik about Apple’s upcoming enforcement of App Tracking Transparency (ATT) and what it means for the mobile ecosystem. Read the full article here.

Why I wrote about this

With iOS 14.5 around the corner, ATT was about to shift the foundations of mobile advertising and measurement. The industry had spent months speculating, lobbying, and scrambling to prepare. I wanted to break down what was actually happening and why some of the “quick fixes” being discussed were unlikely to work.

IronSource to Go Public Via SPAC

Sun, 28 Mar 2021 00:00:00 +0000

I wrote for Naavik about IronSource going public via a SPAC merger. Read the full article here.

Why I wrote about this

2021 was shaping up to be a crazy year, with acquisitions and IPOs everywhere. Although this wasn’t technically an IPO, I had to research what exactly a SPAC is and how its mechanics actually work.

The gist of it

IronSource announced it would go public through a merger with Thoma Bravo Advantage at an $11B valuation, raising $2.3B in cash. The move followed earlier IPO preparations and substantial prior funding, including a 2019 round that valued the company at $1.75B. IronSource is opting for the faster SPAC route instead of a traditional IPO.

Zynga’s Largest Year Yet

Sun, 14 Feb 2021 00:00:00 +0000

I wrote for Naavik about Zynga’s record-breaking 2020. Read the full article here.

Why I wrote about this

Zynga has long been one of mobile gaming’s most acquisition-driven companies. With 2020 marking its biggest year ever, I wanted to unpack how much of that growth was organic versus inorganic.

The gist of it

Zynga reported its largest fiscal year ever in 2020, with net bookings up 45% to $2.27 billion. A significant portion of this growth stemmed from acquisitions, particularly Peak Games, while prior deals like Gram Games and Small Giant Games continued to prove their value. At the same time, Zynga managed to grow several live titles and expand its advertising revenue through Rollic, its hypercasual-focused acquisition.

AppLovin Acquires Adjust

Sun, 07 Feb 2021 00:00:00 +0000

I wrote for Naavik about AppLovin’s $1B acquisition of marketing measurement company Adjust. Read the full article here.

Why I wrote about this

We were, in fact, using Adjust as our marketing measurement partner when this news hit. To be honest, Adjust’s product quality had been already degrading for a while and it’s likely it had been losing market share to Appsflyer and upstart Singular.

More broadly, AppLovin’s acquisition of Adjust raises interesting questions about not only data access, competitive advantage, and the future of mobile attribution, but also AppLovin’s true motives for the deal.

Huuuge looks to fill its M&A warchest with a $150M IPO

Sun, 24 Jan 2021 00:00:00 +0000

I wrote for Naavik about Huuuge’s planned $150M IPO and how it could fund the company’s next phase of expansion. Read the full article here.

Why I wrote about this

I was not very familiar with the social casino business and the Huuuge intention to float gave a good opportunity to dive into it. The most interesting question was not whether Huuuge could go public, but what it would do with the capital.

Consolidation Continues as MTG Snatches Hutch

Sun, 13 Dec 2020 00:00:00 +0000

I wrote for Naavik about MTG’s $275 million acquisition of Hutch Games. Read the full article here.

Why I wrote about this

Deals priced in hundreds of millions are always worth a writeup. Moreover, MTG’s acquisition of Hutch offered a good opportunity to break down the valuation logic of growth-stage mobile studios.

The gist of it

Stockholm-based Modern Times Group (MTG) announced it would acquire UK-based Hutch Games for $275 million upfront, with up to $100 million in additional earnouts. Hutch, known for titles like F1 Manager, Top Drives, and Rebel Racing, joins MTG’s portfolio alongside InnoGames and Kongregate.

Bigger Games Joins the Race for the Next Candy Crush

Sun, 06 Dec 2020 00:00:00 +0000

In the grand scheme of things it’s not a huge round or anything. However, Bigger Games is Hakan Ulvan’s company, and Hakan is a pretty cool guy, so I took the opportunity to write about it.