CDProjekt shipped a broken Cyberpunk 2077, hoping that consumers would just… take it. Now, investors are upset and consumer sentiment is in the toilet. The financial impact? Not as bad as it could have been. Also: a flurry of Microsoft announcements, Epic’s game store expansion, and Humble’s step back from charity.

You can support Virtual Economy’s growth via our Ko-Fi at Ko-Fi.com/VirtualEconomy.

TIME STAMPS

• [00:02:15] - Microsoft brings cloud gaming to iOS
• [00:03:15] - ID@Azure launches this summer
• [00:03:28] - The Windows Store is likely getting a makeover (with relaxed requirements for developers)
• [00:06:55] - You no longer need Xbox Live for free-to-play games
• [00:08:25] - An update on the Xbox controller drift lawsuit
• [00:09:22] - Discord is reportedly off the market
• [00:16:24] - Humble announces changes to charity giving
• [00:30:00] - M&A Minute
• [00:36:52] - Quick Hits
• [00:53:21] - Epic Games Store adds App category and Itch.io
• [00:58:41] - The fallout from Cyberpunk 2077’s return nightmare

NEW WRITING FROM VIRTUAL ECONOMY

• CDProjekt’s Cyberpunk 2077 Failure Cost More Than Just Money (Mike)

SOURCES

• Xbox Cloud Gaming for Windows 10 PC and Apple Phones and Tablets Begin as Limited Beta for Xbox Game Pass Ultimate Members
• Microsoft Announces ID@Azure (Thurrott)
• Microsoft is building a new app store for Windows 10 in major revitalization effort (Windows Central)
• Online Multiplayer for Free-to-Play Games Unlocked Starting Today
• Xbox drift law firm explains why it’s buying people’s controllers (The Loadout)
• Discord Ends Deal Talks With Microsoft (WSJ)
• A note about sliders and our bundle pages
• Epic Games Store Adds More PC Apps!
• CD Projekt FY 2020 Financial Results

M&A MINUTE 

• Global Video Game Investment Activity Report Q1 2021 (Investgame)
• WELCOME PCF CHICAGO!
• FOCUS HOME INTERACTIVE  accelerates its development with the acquisition of Streum On Studio, long-standing partner of the Group 
• Acquisition of Climax Studios Ltd
• Lightheart Entertainment raises $6.8M in Series A funding
• AUSTRALIA’S LARGEST INDEPENDENT GAMES DEVELOPER MIGHTY KINGDOM SET FOR ASX LISTING

Apple wants the court to believe Epic is hemorrhaging money, but cherry-picked legal filings don’t tell the whole story. Also: NPD report for March 2021, Activision at War with Warzone.com, the latest stats for all the major streaming platforms, M&A minute, and more.

You can support Virtual Economy’s growth via our Ko-Fi at Ko-Fi.com/Virtual Economy.

TIME STAMPS

• [00:01:16] - Activision vs. Warzone.com Trademark Dispute
• [00:14:49] - NPD Report for March 2021
• [00:25:13] - M&A Minute
• [00:28:24] - Quick Hits
• [00:42:44] - The State of Live Streaming (Data)
• [00:50:27] - Epic Games Store Investment and Reframing How we Define Success

NEW WRITING FROM VIRTUAL ECONOMY

• Epic’s Game Store ‘Losses’ Don’t Tell the Whole Story - Mike

SOURCES

• Activision Publishing v Warzone.com
• DEFENDANT APPLE INC.’S PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW
• FINDINGS OF FACT AND CONCLUSIONS OF LAW PROPOSED BY EPIC GAMES, INC.
• Announcing a $1 Billion Funding Round to Support Epic’s Long-Term Vision for the Metaverse

M&A MINUTE

• ByteDance games division acquires Chinese developer C4games (GamesIndustry)
• The Games Fund Launches to Connect Investors to Established and Emerging Games Markets
• AppLovin prices IPO at $80 a share, to raise $2 billion (Marketwatch)
• PUBG parent Krafton applies for IPO (GamesIndustry)

Discord and Twitch are both grappling with the responsibility to keep their platforms safe after usership jumped during the pandemic. Also: 505 Games earnings (and Death Stranding’s strong PC performance), E3’s thin roster, and Nexus.gg’s creator-curated marketplaces.

TIME STAMPS

• [00:01:21] - E3 2021 plans start to emerge
• [00:07:43] - Nexus.gg teams up with Path of Exile for creature curated micro transactions
• [00:13:35] - M&A Minute
• [00:24:43] - Quick Hits
• [00:36:14] - Digital Bros earnings
• [00:39:53] - Twitch details new off-platform Trust & Safety enforcement
• [00:47:16] - Discord’s latest Trust & Safety transparency report is a deep data dive

NEW WRITING FROM VIRTUAL ECONOMY

• CD Projekt’s Pretty Words are Nothing Without Meaningful Culture Change - Manda

SOURCES

• E3 is going digital this summer, will return in person next year (Verge)
• Support Creators by Purchasing Armour Sets on Nexus (Grinding Gear Games)
• Digital Bros Half Year Financial Report at December 31st, 2020
• Discord Transparency Report: July — Dec 2020

M&A MINUTE

• Ubisoft acquires anti-cheat software developer GameBlocks (Gamasutra)
• EMBRACER GROUP COMPLETES THE ACQUISITIONS OF ASPYR, EASYBRAIN AND GEARBOX ENTERTAINMENT
• Play Ventures’ US$135M Fund II To Power Future Unicorns of Gaming
• Tripledot Studios raises $78 million (GamesIndustry)
• PLLAY Secures Additional $1 million in Funding
• Grid secures $10m in Series A funding (GamesIndustry)

Microsoft made waves with a big Game Pass announcement that has rankled some consumers. Also: Sony’s storefront closures, Activision’s right-wing hires, CD Projekt changes course, E3’s failed attempt to get member publishers to agree to paywalled content, and PAX Online replaces PAX East (and what must happened to fix last year’s failure).

TIME STAMPS

• [00:00:53] - Following up on Sony’s decision around PS3, PSP, and Vita storefronts
• [00:12:25] - MLB The Show 21 is on Game Pass on Opening Day
• [00:25:52] - CD Projekt Red’s strategic overhaul
• [00:38:46] - M&A Minute
• [00:44:15] - Quick Hits
• [00:49:23] - Activision’s Right-Wing Hires
• [00:54:46] - E3 2021 is most definitely digital
• [01:01:25] - PAX East is canceled and PAX Online returns

NEW WRITING FROM VIRTUAL ECONOMY

• What PAX Online Must Improve in its Second Year - Mike

SOURCES

• MLB The Show 21 is Coming to Xbox Game Pass on Day One
• Activision Blizzard Appoints Company Veteran Armin Zerza as Chief Financial Officer
• Activision Blizzard Hires Former Trump Administration Member Once Decried As ‘Bully’ (Kotaku)
• E3’s 2021 digital event could be partially behind a paywall (VGC)
• PAX East ‘21 Update

M&A Minute

• Nexon Discloses Investments in Hasbro, BANDAI NAMCO, KONAMI and SEGA SAMMY
• Nordisk Games invests in award-winning UK studio Supermassive Games
• Graffiti Games raises $1.5 million for indie game publishing (GamesBeat)
• 505 Games purchases Ghostrunner IP from All in! Games for 5M euros

Multiple reports put Discord in talks with Microsoft and others. We also review GameStop’s earnings, Sony’s stunning silence on a report that it’s closing three digital storefronts, Majesco’s return to retail, and more.

TIME STAMPS

• [00:02:18] - Sony is reportedly set to shutdown PS3, PSP, and Vita digital storefronts
• [00:09:23] - Sony staffing reorganization
• [00:11:52] - M&A Minute(s)
• [00:20:04] - Quick Hits
• [00:33:26] - Majesco returns to retail
• [00:37:13] - Razer earnings
• [00:42:46] - GameStop Earnings
• [00:59:13] - Discord is reportedly looking for a buyer (and may have found one)

NEW WRITING FROM VIRTUAL ECONOMY

• Discord Wants to Tie the $10 Billion Knot, But Which Suitor is Best? - Mike
• Beyond Tom Nook: Reflecting on Animal Crossing One Year Later - Manda

SOURCES

• Report: PS3, Vita, And PSP Stores To Be Permanently Closed In A Few Months (TheGamer)
• Sony Interactive Entertainment Announces New Engineering and Finance Leadership (SIE Blog)
• Discord exploring sale that could be worth more than $10 billion (GamesBeat)
• Razer FY 2020 Investor Presentation
• GameStop Reports Fourth Quarter and Fiscal 2020 Results
• Microsoft in Talks to Buy Discord for More Than $10 Billion (Bloomberg - Paywall)
• Microsoft Is in Exclusive Talks to Acquire Discord (WSJ)

M&A Minute

• ByteDance acquires gaming studio Moonton at around $4 billion valuation: sources (Reuters)
• 2K and Visual Concepts Acquire HookBang Game Division
• MTG acquires leading tower defense gaming studio and publisher Ninja Kiwi, the maker of Bloons
• Amazon Games Opens Development Studio in Montreal (Amazon Games) 
• STUDIO'S ROOTS AND ACTIVITIES (Ashborne Games)
• Mobile monetization firm IronSource will go public through SPAC at $11.1 billion valuation (GamesBeat)
• Social gaming platform Rec Room raises $100M at $1.25B valuation (GamesBeat)
• HiDef raises $9m for metaverse project (GamesIndustry)
• Frost Giant Studios raises $5 million (GamesIndustry)

Activision is posting record quarters. Its CEO has been awarded approximately $200 million in bonuses. The company just laid off at least 50 people in the middle of a pandemic. Also: EA’s FIFA Ultimate Team problem, Riot’s CEO cleared of harassment allegations, a ton of M&A news, and more.

TIME STAMPS

• [00:01:52] - Microsoft and Bethesda close $7.5B deal with comments on the future
• [00:11:50] - Sony becomes co-owner of EVO fighting game competition
• [00:15:29] - 2K Games acquires PGA dev HB Studios, signs deal with Tiger Woods
• [00:16:10] - Epic acquires Capturing Reality
• [00:16:42] - Zombies, Run dev Six to Start acquired by OliveX
• [00:17:21] - Super League Gaming to acquire Mobcrush
• [00:19:55] - Keywords Studios purchases majority stake in Tantalus Media
• [00:20:34] - THQ Nordic incorporates new studio for Gothic Remake
• [00:22:13] - Embracer Group stuffs war chest for acquisitions
• [00:22:57] - Jade Raymond’s new studio with backing from Sony
• [00:24:00] - Omeda gets investment to reboot Epic’s Paragon
• [00:26:05] - TinyBuild goes public
• [00:26:22] - Rogue raises Series A funding
• [00:26:45] - Overwolf raises Series C funding
• [00:27:57] - My.Games invests in Espresso Publishing
• [00:28:15] - Ubitus gets investments from big industry players
• [00:28:47] - Incredibuild raises $140 million from a single investor
• [00:29:54] - Roblox finally goes public
• [00:30:29] - Quick Hits
• [00:51:45] - Activision Blizzard lays off during a pandemic amid record earnings
• [01:05:32] - Riot clears CEO of harassment allegations
• [01:10:06] - Loot Boxes under fire as Germany cracks down and EA staff go rogue

SOURCES

Merger, Acquisition, and Investment Stories

• Officially Welcoming Bethesda to Team Xbox (Xbox Wire) - https://news.xbox.com/en-us/2021/03/09/officially-welcoming-bethesda-to-the-xbox-family/
• Welcoming Evo into the PlayStation Family: https://www.sie.com/en/blog/welcoming-evo-into-the-playstation-family/
• Tiger Woods Inks Long-Term Exclusive Deal with 2K: https://www.businesswire.com/news/home/20210316005275/en/Tiger-Woods-Inks-Long-Term-Exclusive-Deal-with-2K
• Epic has acquired Capturing Reality - https://www.epicgames.com/site/en-US/news/capturing-reality-is-now-part-of-epic-games?sessionInvalidated=true
• Zombies, Run dev Six to Start acquired for $9.5m (GamesIndustry) - https://www.gamesindustry.biz/articles/2021-03-08-zombies-run-dev-six-to-start-acquired-for-usd9-5m
• Super League Gaming to Acquire Mobcrush - https://www.globenewswire.com/news-release/2021/03/11/2191124/0/en/Super-League-Gaming-to-Acquire-Mobcrush.html 
• Keywords Studios Enters Australia with acquisition of 85% interest in Tantalus Media Pty Ltd: https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=31716382&company=keywords
• Alkimia Interactive to develop Gothic Remake (THQ Nordic): https://www.thqnordic.com/article/alkimia-interactive-develop-gothic-remake
• Introducing Haven, a new Montreal-based independent studio: https://blog.playstation.com/2021/03/16/introducing-haven-a-new-montreal-based-independent-studio/#sf243985526
• Omeda raises $2.2M to relaunch Epic’s dead Paragon as Predecessor (GamesBeat) - https://venturebeat.com/2021/03/09/omeda-raises-2-2m-to-relaunch-epics-paragon-as-predecessor/
• London Stock Exchange welcomes tinyBuild Inc. to AIM - https://www.londonstockexchange.com/discover/news-and-insights/london-stock-exchange-welcomes-tinybuild-aim?lang=en
• Rogue raises $2.5m in Series A funding (GamesIndustry) - https://www.gamesindustry.biz/articles/2021-03-10-rogue-raises-usd2-5m-in-series-a-funding
• Announcing our $52.5M Series C and What is Next for the In-Game Creator Economy (Overwolf): https://medium.com/overwolf/announcing-our-series-c-and-what-is-next-for-the-in-game-creator-economy-693bedd4c01c
• Embracer Group Issues New Shares: https://embracer.com/release/embracer-group-successfully-completed-a-directed-issue-of-36000000-new-b-shares-raising-proceeds-of-roughly-sek-7-6-billion-approximately-usd-890-million/
• MY.GAMES INVESTS IN ESPRESSO PUBLISHING TO BOOST ITS HYPERCASUAL DIVISION: https://my.games/en/news/105
• Ubitus usher in the cloud game era - http://www.ubitus.net/en/release/en20210317.html
• Incredibuild gets $140M to speed up games and other software development with distributed processing tech (TechCrunch): https://techcrunch.com/2021/03/17/incredibuild-gets-140m-to-speed-up-games-and-other-software-development-with-distributed-processing-tech/ 

General News Stories

• Activision Blizzard Esports Restructuring, 50 Employees Face Layoffs (The Esports Observer): https://esportsobserver.com/abe-restructure-layoffs/
• Sources: Alienware terminates League of Legends global sponsorship following sexual harassment allegations against Riot Games CEO (Dot Esports): https://dotesports.com/news/sources-alienware-terminates-lol-global-sponsorship-allegations-riot-ceo
• Riot Games board finds no wrongdoing by CEO Nicolo Laurent, denies misconduct allegations in new court filing (Washington Post / Launcher): https://www.washingtonpost.com/video-games/2021/03/16/nicolo-laurent-lawsuit-riot-games/
• Loot boxes to generate $20bn by 2025 (GamesIndustry) - https://www.gamesindustry.biz/articles/2021-03-09-loot-boxes-to-generate-usd20bn-by-2025
• German legal reform to set new standards for loot boxes (GamesIndustry) - https://www.gamesindustry.biz/articles/2021-03-09-german-legal-reform-poses-new-threat-to-loot-boxes
• EA investigating allegations of staff selling rare FUT cards - https://twitter.com/EASPORTSFIFA/status/1369761277636005888?s=20
• AN UPDATE ON OUR PLAYER ITEM INVESTIGATION: https://www.ea.com/games/fifa/pitch-notes/news/fifa-21-player-item-investigation-update?isLocalized=true

The legal fight between Frogwares and Nacon over The Sinking City is getting ugly with allegations of theft and hacking. Also: Reports of the mythical Switch Pro resurface, Epic adds another family-friendly game to its roster, Twitch releases its first transparency report, more.

TIME STAMPS

• [00:00:45] - Epic purchases Fall Guys maker Tonic Games
• [00:05:30] - Zynga acquires Torchlight III developer Echtra Games
• [00:07:13] - Sony Interactive announces partnerships to support Black community
• [00:08:48] - Twitch’s first transparency report
• [00:17:33] - Quick Hits
• [00:30:47] - Los Angeles confirms E3 2021 will not be a live event
• [00:34:09] - EA delays Need for Speed to support Battlefield, also a win in court
• [00:40:33] - New details about the rumored Switch Pro surface
• [00:47:24] - Frogwares and Nacon’s legal fight gets messier

SOURCES

• Tonic Games Group, Makers of 'Fall Guys', Joins Epic Games (Epic): https://www.epicgames.com/site/en-US/news/tonic-games-group-makers-of-fall-guys-joins-epic-games
• MEDIATONIC JOINS THE EPIC GAMES FAMILY (Mediatonic): https://www.mediatonicgames.com/blog/mediatonic-joins-the-epic-games-family
• Zynga acquires Diablo co-creator’s Echtra Games in expansion to PC and consoles (GamesBeat): https://venturebeat.com/2021/03/03/zynga-acquires-diablo-co-creators-echtra-games-in-expansion-to-pc-and-consoles/
• Sony Interactive Entertainment Announces Strategic Partnerships to Support Black Communities (SIE): https://www.sie.com/en/blog/sony-interactive-entertainment-announces-strategic-partnerships-to-support-black-communities/
• Transparency Report 2020 (Twitch): https://www.twitch.tv/p/en/legal/transparency-report/
• City of Los Angeles Department of Convention & Tourism Development Special Board Meeting Packet: https://ctd.lacity.org/sites/default/files/03-03-21%20Special%20Board%20Meeting%20Packet.pdf
• A Bold Move For Battlefield (EA): https://www.ea.com/news/a-bold-move-for-battlefield
• Nintendo Plans Switch Model With Bigger Samsung OLED Display (Bloomberg): https://www.bloomberg.com/news/articles/2021-03-04/nintendo-plans-switch-model-with-bigger-samsung-oled-display
• Statement about the Steam release of The Sinking City (Steam): https://store.steampowered.com/news/app/750130/view/3058478454630446188
• How Nacon Cracked and Pirated The Sinking City (Frogwares): https://frogwares.com/how-nacon-cracked-and-pirated-the-sinking-city/

Reports on the Stadia project’s inner workings are pouring out, revealing gears rusted with dysfunction. Also: EA cancels Anthem Next (but may have saved Dragon Age in the process), GameStop loses its CFO (but awards him a massive severance), Apple scores a win in court, Sony reorganizes its legendary Japan Studio, and a class-action suit threatens Microsoft’s acquisition of Bethesda.

TIME STAMPS

• [00:00:55] - Stadia’s leadership and strange business decisions
• [00:25:36] - GameStop CFO resigns, shareholder war ongoing
• [00:34:28] - Apple wins in court, Valve has to turn over data
• [00:38:49] - Quick Hits
• [00:57:10] - Call of Duty Mobile player murdered in Brazil
• [00:59:56] - Paradox earnings and Vampire: the Masquerade Bloodlines 2 news
• [01:11:07] - Anthem Next canceled (and other EA news)
• [01:17:08] - Bethesda faces class action lawsuit over Fallout 4 Season Pass
• [01:25:49] - Report on Techland’s mismanagement
• [01:31:24] - Sony: PSVR2, State of Play, Japan Studio, and more

SOURCES

• Stadia's 4K gaming claims come back to haunt it in class-action lawsuit (PCGamer): https://www.pcgamer.com/stadias-4k-gaming-claims-come-back-to-haunt-it-in-class-action-lawsuit/
• Jacqueline Shepherd vs. Google: https://www.classaction.org/media/shepherd-v-google-llc-et-al.pdf
• Google’s Stadia Problem? A Video Game Unit That’s Not Googley Enough (Bloomberg): https://www.bloomberg.com/news/articles/2021-02-26/google-video-game-unit-stadia-struggled-to-be-googley-enough
•  
•  
• GameStop Announces Resignation of CFO and Succession Plan to Support Transformation: https://www.globenewswire.com/news-release/2021/02/23/2180940/0/en/GameStop-Announces-Resignation-of-CFO-and-Succession-Plan-to-Support-Transformation.html
• GameStop SEC Filing re Jim Bell departure: https://news.gamestop.com/static-files/a9ccb1fc-1c3b-4059-b187-7f545c151558
• GameStop: How a 2020 Shareholder Coup Could Transform the Company Forever (IGN): https://www.ign.com/articles/gamestop-how-a-2020-shareholder-coup-could-transform-the-company-forever
• Valve Ordered to Give Apple Information on 436 Steam Games As Part of Epic Games Legal Case (MacRumors): https://www.macrumors.com/2021/02/25/valve-apple-data-request-for-epic-games-case/
• COD: Player Sol is murdered in São Paulo (ESPN): https://www.espn.com.br/esports/artigo/_/id/8230747/cod-jogadora-sol-e-assassinada-em-sao-paulo
• Paradox Year-End Report 2020: https://www.paradoxinteractive.com/en/year-end-report-2020/
• Vampire: The Masquerade Bloodlines 2 Update: https://www.bloodlines2.com/en/bloodlines-2-development-update
• Anthem Update (BioWare): https://blog.bioware.com/2021/02/24/anthem-update/
• Electronic Arts Removes Multiplayer Mode From Dragon Age Game in Big Pivot (Bloomberg): https://www.bloomberg.com/news/articles/2021-02-25/electronic-arts-pivots-on-dragon-age-game-removes-multiplayer
• Bethesda faces broad class-action lawsuit over Fallout 4 DLC as Microsoft takeover looms (GamesBeat): https://venturebeat.com/2021/02/23/bethesda-faces-broad-class-action-lawsuit-over-fallout-4-dlc-as-microsoft-takeover-looms/
• Tony Hawk’s Pro Skater 1 + 2 Upgrade and Purchase FAQ: https://support.activision.com/tony-hawks-pro-skater-1-2/articles/tony-hawks-pro-skater-1-2-upgrade-and-purchase-faq
• Report: Techland Is Bleeding Talent Due To Autocratic Management, Bad Feedback, And Lack Of Direction (TheGamer): https://www.thegamer.com/techland-report-bleeding-talent-autocratic-management-bad-feedback/
• Play At Home returns: Four months of offers for PlayStation games and entertainment begin March 1 (PlayStation Blog): https://blog.playstation.com/2021/02/23/play-at-home-returns-four-months-of-offers-for-playstation-games-and-entertainment-begin-march-1/
• Introducing the next generation of VR on PlayStation (PlayStation Blog): https://blog.playstation.com/2021/02/23/introducing-the-next-generation-of-vr-on-playstation/#sf243317607
• PlayStation’s Jim Ryan: ‘We’re making a completely new VR format for PS5’ (GQ): https://www.gq-magazine.co.uk/culture/article/playstation-vr-jim-ryan-interview-2021
• Sources: PlayStation is winding down Sony Japan Studio (VGC): https://www.videogameschronicle.com/news/sources-playstation-is-winding-down-sony-japan-studio/
• Bloodborne Producer Masaaki Yamagiwa Is Leaving Sony (Kotaku): https://kotaku.com/bloodborne-producer-masaaki-yamagiwa-is-leaving-sony-1846352378

Keith Gill, better known as WallStreetBets’ “DeepF*ingValue” and “RoaringKitty”, testified before congress and has been sued by angry GameStonk investors. We also discuss Phil Harrison’s failed leadership and purposely misleading Stadia developers, Microsoft’s enhanced accessibility offerings, Starbreeze’s turnaround, and Apple trying to rope Valve into its defense.

TIME STAMPS

• [00:00:35] - PS5 DualSense Class Action Suit
• [00:02:35] - GDC is going completely online in 2021
• [00:08:15] - Keith “DeepF*ingValue” Gill sued for his role in the GameStonk event
• [00:30:32] - Microsoft stories (Accessibility, Cloud Gaming, and FPS Boost)
• [00:34:28] - Starbreeze completes its financial and organizational reconstruction
• [00:43:22] - Quick Hits
• [01:07:22] - Bungie expands and announces work on a new IP
• [01:13:15] - Update on Epic lawsuit and news about Fortnite’s Short Nite film event
• [01:17:50] - Remedy’s very good earnings report
• [01:19:36] - Nintendo Direct takeaways
• [01:29:56] - Phil Harrison gaslit Stadia developers

SOURCES

• Law firm files PS5 DualSense drift class action against Sony (Eurogamer): https://www.eurogamer.net/articles/2021-02-13-law-firm-files-ps5-dualsense-drift-class-action-against-sony 
• A New Approach To 2021 With A Family Of GDC Events And More!: https://gdconf.com/news/new-approach-2021-family-gdc-events-and-more
• ‘Roaring Kitty’ Reddit investor sued over role in GameStop stock surge (Polygon): https://www.polygon.com/2021/2/17/22287804/gamestop-stock-price-lawsuit-roaring-kitty-reddit-robinhood 
• Making Backward Compatible Games Even Better with FPS Boost: https://news.xbox.com/en-us/2021/02/17/making-backward-compatible-games-even-better-with-fps-boost/ 
• Microsoft starts testing Xbox cloud gaming on the web (Engadget): https://www.engadget.com/microsoft-cloud-gaming-test-on-web-154258542.html
• Microsoft will test Xbox and PC games to help make them more accessible: https://news.xbox.com/en-us/2021/02/16/xbox-accessibility-guidelines-and-testing/ 
• STARBREEZE AB (PUBL) INTERIM REPORT Q4 2020: https://www.starbreeze.com/2021/02/starbreeze-ab-publ-interim-report-q4-2020/ | https://www.starbreeze.com/sbz-media/2021/02/Starbreeze-Interim-Report-Q4-2020.pdf 
• IGDA Foundation Diverse Game Developers Fund Applications: https://igdafoundation.org/diverse-game-developers-fund/
• Bungie Prepares for Future Growth in 2021 with Studio Expansion, Key Talent Investments, and New Board Members: https://www.businesswire.com/news/home/20210218005230/en/Bungie-Prepares-for-Future-Growth-in-2021-with-Studio-Expansion-Key-Talent-Investments-and-New-Board-Members 
• Epic Game Files EU Antitrust Complaint Against Apple: https://www.epicgames.com/site/en-US/news/epic-games-files-eu-antitrust-complaint-against-apple
• Apple subpoenas Valve as part of its legal battle with Epic: Valve fights back (PC Gamer): https://www.pcgamer.com/apple-subpoenas-valve-as-part-of-its-legal-battle-with-epic-valve-fights-back/
• Big Tech’s Unlikely Next Battleground: North Dakota (New York Times): https://www.nytimes.com/2021/02/14/technology/north-dakota-tech-apps.html
• Fortnite Debuts “Short Nite” Film Festival in Party Royale: https://www.epicgames.com/site/en-US/news/fortnite-debuts-short-nite-film-festival-in-party-royale 
• Remedy Full Year 2020 Financial Statements: https://investors.remedygames.com/app/uploads/2021/02/financial-statements-release-1.1.31.12.2020.pdf
• Stadia Leadership Praised Development Studios For 'Great Progress' Just One Week Before Laying Them All Off (Kotaku): https://kotaku.com/stadia-leadership-praised-development-studios-for-great-1846281384

In our second earnings show of the quarter, we’re breaking down Bandai Namco, Take-Two, Zynga, Sega Sammy, and Ubisoft.

TIME STAMPS

• [00:01:07] - Bandai Namco
• [00:12:26] - Take-Two
• [00:24:03] - Zynga
• [00:36:41] - Sega Sammy
• [00:41:59] - Ubisoft

SOURCES

• Bandai Namco Q3 FY2021: https://www.bandainamco.co.jp/cgi-bin/releases/index.cgi/en/press/10157?entry_id=7066
• Take-Two Interactive Q3 FY2021: https://ir.take2games.com/news-releases/news-release-details/take-two-interactive-software-inc-reports-strong-results-17?field_nir_news_date_value[min]=
• Zynga Q4 and Full Year 2020: https://investor.zynga.com/news-releases/news-release-details/zynga-announces-fourth-quarter-and-full-year-2020-financial
• Zynga Earnings Call Transcripts: https://seekingalpha.com/article/4405098-zyngas-znga-ceo-frank-gibeau-on-q4-2020-results-earnings-call-transcript 
• Sega Sammy Q3 FY 2021: https://www.segasammy.co.jp/english/ir/library/pdf/settlement/2021/202103_3q_tanshin_20210212_e.pdf
• Ubisoft Q3 FY 2021: https://ubistatic19-a.akamaihd.net/comsite_common/en-US/images/pressrelease_downloadablemm_20210209_045708_ubisoftfy21q3salesenglish_tcm99-364342_tcm99-196733-32.pdf