5 October 2022 | 6:06PM EDT

Americas Technology: Internet

Q3 ’22 Gaming Industry Preview – Headwinds Remain in

’22; Industry Themes Likely Drive 2023 & Beyond
Ahead of Q3 ’22 earnings season, we take the opportunity to frame some of the key Eric Sheridan
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operating performance and industry themes that we expect to encounter within the Goldman Sachs & Co. LLC

gaming (PC, console, mobile) industry in the coming weeks. In summary, we see Lane Czura
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the industry facing a continuation of the user engagement/monetization headwinds Goldman Sachs & Co. LLC

as we lap and move beyond the outsized trends which took hold during the Sarah Boulos
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pandemic (across PC, console and mobile gaming). In particular, the disconnect Goldman Sachs & Co. LLC
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between the depth of the current console cycle (despite entering the 3rd year)
continues to act as a potential forward catalyst against a backdrop of
delayed/deferred publishing content in the coming years. In terms of lapping the
effects of the pandemic’s stay-at-home dynamic, the industry (based on 3rd party
data) could be emerging from tougher comps and be set up for a mixture of better
(non-mobile) revenue performance ahead. We remain cognizant that the
macroeconomic environment remains volatile (especially with respect to consumer
spending) but would characterize the industry’s historical precedent as more
recession resilient than recession proof in the coming quarters. Lastly, we see
mobile gaming trends as a continued headwind to results in 2H ’22 as the industry
continues to absorb the double headwinds of the surge in pandemic gaming habits
(user & monetization growth) and the growth impacts of Apple’s iOS privacy changes
in July 2021. On this past point, our digital advertising checks point to some signs of
growing optimism that Apple’s imminent SK Ad Network 4.0 iteration could aid in

abf1713081cf4bd28921692cb124a462
improving measurement/attribution and with it improve the mobile app economy
advertising landscape.

As we move past 2022 into the next few years, we see a couple of key industry
themes emerging: 1) easier comps as such user growth/engagement trends are
lapped and the industry resumes more normalized growth dynamics (link to
resumption of coverage of Japan’s games, entertainment, & internet sector); 2) the
industry moves to raise the level of mobile gaming exposure into the category that
should provide above industry wide growth in the coming years; & 3) the console
cycle (now in its 3rd year) finally seeing a catch up trade in 2023 in terms of units as
global chip and supply/logistic headwinds begin to abate – with early evidence that
next gen consoles are following a normalized pattern of producing increased
software IP monetization in terms of attach rate. In this earnings preview for the

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result,
investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this
report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the U.S.
 Goldman Sachs Americas Technology: Internet

sector, we explore all of those medium/long term themes in greater detail. In a parallel
note (link), we are also upgrading shares of TTWO from Neutral to Buy ($165 PT) on the
back of industry headwinds abating in 2023/2024, their unique intellectual property
pipeline in the coming years (including the potential for Grand Theft Auto VI) & the
forward synergies from the Zynga acquisition. In addition to TTWO, we are Buy rated on
SciPlay on mgmt’s focus on balancing growth, margins and capital returns.
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abf1713081cf4bd28921692cb124a462

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 Goldman Sachs Americas Technology: Internet

Forward Pipeline Remains Robust

Ninth Console Cycle Expected to Surpass Prior Cycle By 2025

Coming out of the pandemic, there has been a focus on how the console cycle is
evolving for PlayStation 5 and Xbox Series X|S as investors expect AAA publishers to
hold off on releasing key premium titles (with the exception of annual sports franchises)
until there is a large enough installed base. Given the lack of disclosure around Xbox
consoles, we assess how Sony’s PlayStation 5 (release date Nov 2020) has performed
relative to PlayStation 4 (release date Nov 2013). As can be seen below, the PlayStation
5 has sold less units on a cumulative basis compared to PlayStation 4 during the same
timeframe given supply constraints tied to the pandemic as the PlayStation 5 was
released in November 2020. With this, there has also been a lower cumulative tie-ratio
to date as AAA publishers have delayed premium titles, with management teams citing
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production delays related to COVID and longer development cycles to take advantage of
advanced technology with the new generation of consoles. Goldman Sachs’ Sony
analyst Minami Munakata forecasts PlayStation 5 being on par with PlayStation 4
sell-through by 2024 and expects the cumulative tie ratio (software units per hardware)
to be in line with PlayStation 4 by 2023, indicating that AAA publishers will be releasing
more premium titles in 2023 and beyond

Exhibit 1: Current Console Cycle vs. Prior Console Cycle - Unit Sell-Through & Tie Ratio
mm

140 14.0

120 12.0

100 10.0

abf1713081cf4bd28921692cb124a462
80 8.0

60 6.0

40 4.0

20 2.0

0 0.0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

PS4 2013 2014 2015 2016 2017 2018 2019

PS5 2020 2021 2022 2023 2024 2025 2026

PS4 Unit Sell-Through PS5Unit Sell-Through

PS4 Cumulative tie ratio PS5 Cumulative tie ratio

Source: Company data, Goldman Sachs Global Investment Research

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 Goldman Sachs Americas Technology: Internet

While the 9th generation of consoles still lags behind the 8th generation (in terms of
lifetime units on a comparative basis), AAA publishers’ pipeline remains robust for the
remainder of the year with key titles (that are not on an annual cadence) being:
Overwatch 2 (ATVI), Skull and Bones (UBI), and Star Wars Jedi: Survivor (EA; we note
it’s been slated for CY2023 so TBD on whether it will fall within FY23 or FY24). Of note,
Ubisoft recently pushed Skull and Bones to 3/9/2023 (from prior 11/8/2022) with
management highlighting the extra time being allocated towards polishing the game and
incorporating players’ feedback from their open beta. Despite the game being pushed
back to the very end of UBI’s FY23, management reiterated its FY22-23 financial
targets.

Exhibit 2: FY2023 Pipeline

2FQ23
Company Game Platform
ATVI Diablo Immortal (China) iOS | Android
ATVI World of Warcraft: Wrath of Lich King Classic PC
ATVI Hearthstone: Murder at Castle Nathria PC, iOS, Android
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EA EA Sports F122 PS5, Xbox X|S, PS4, XBO, PC

EA Madden NFL23 PS5, Xbox X|S, PS4, XBO, PC
EA EA Sports FIFA 2023 PS5, Xbox X|S, PS4, XBO, PC
TTWO Rollerdrome PS5, PS4, PC
TTWO NBA 2K23 PS5, Xbox X|S, PS4, XBO, PC

2H23
Company Game Platform
ATVI Overwatch 2 PS5, Xbox X|S, PC, XBO, PS4, Switch
ATVI World of Warcraft: Dragonflight PC
EA NHL 2023 PS5, Xbox X|S, PS4, XBO
EA Need for Speed TBA
EA PGA Tour TBA
EA Major IP (Announced Star Wars Jedi: Survivor for CY2023) PS 5, XBO X|S, PC
EA Wild Hearts PS 5, XBO X|S, PC
EA Dead Space PS 5, XBO X|S, PC
EA Sports Title (Metalhead baseball) TBA
EA The Lord of the Rings: Heroes of Middle-earth iOS | Android
TTWO New Tales from the Borderlands PS5, Xbox X|S, PC, XBO, PS4, Switch
TTWO Marvel's Midnight Suns PS4, XBO, Switch
TTWO WWE 2K23 TBA
TTWO PGA Tour 2K23 TBA
TTWO Grand Theft Auto: The Trilogy (mobile) iOS | Android
TTWO Kerbal Space Program 2 PC

abf1713081cf4bd28921692cb124a462
UBI Mario + Rabbids: Sparks of Hope Switch
UBI Skull and Bones PS5, Xbox X|S, Luna, PC
UBI Just Dance 2023 Switch, PS5, Xbox X|S, PC
*Red text means date is TBC + our assumption

Source: Company data, Goldman Sachs Global Investment Research

Looking beyond FY2023, AAA publishers have a robust set of content planned, most
notably: Diablo IV (ATVI; expected in CY2023), GTA VI (TTWO; timing TBA), Avatar:
Frontier of Pandora (UBI; expected in FY2023), and an array of content from UBI’s
Assassin’s Creed franchise.

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 Goldman Sachs Americas Technology: Internet

Exhibit 3: Forward Pipeline Beyond FY2023

FY2024 & Beyond
ATVI Diablo IV
ATVI Warcraft Arclight Rumble [mobile]
ATVI Call of Duty
EA FIFA
EA Madden
EA Formula 1
EA UFC
EA PGA Tour
EA NHL
TTWO NBA 2K
TTWO PGA 2K
TTWO WWE 2K
TTWO GTA VI
TTWO Star Wars Hunters [cross-platform Switch, iOS, Android]
UBI Avatar: Frontier of Pandora
UBI Prince of Persia
UBI Beyond Good & Evil 2
UBI AC: Mirage
UBI AC: Codename Red
UBI AC: Codename Jade [mobile]
UBI AC: Codename Hexe
UBI AC: Project Infinity
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UBI TC: The Division Year 5

UBI TC: The Division Resurgence [mobile]
UBI TC: The Division Heartland [F2P on PC/Console]
UBI TC: Rainbow Six [mobile]
UBI Xdefiant [F2P on PC/console]

Source: Company data, Goldman Sachs Global Investment Research

Spend & Engagement Continue to Decline But Point to Recovering Trends

As can be seen below in Exhibit 4, US video game sales continued to decline in July and
August 2022, but point to improving trends since the beginning of the year. Within total
US video game sales, hardware exhibited healthy double-digit growth in July and August
as the latest consoles continue to see adoption. While Sony has raised prices for their
PlayStation 5 by ~$50 in various regions, we note that the US has not yet experienced
the price increase. Looking at content and accessories, both segments were down YoY

abf1713081cf4bd28921692cb124a462
in July and August; however, video game content also exhibited recovering trends in the
months of July and August.

Exhibit 4: US Video Game Sales

$mm, Nov ‘20-Aug ‘22

$9,000 160%
$8,000 140%
120%
$7,000
100%
$6,000 80%
$5,000 60%
$4,000 40%
$3,000 20%
0%
$2,000
-20%
$1,000 -40%
$0 -60%
Jul-21

Jul-22
Jan-21
Nov-20
Dec-20

Feb-21
Mar-21

Jun-21

Jan-22
Nov-21
Dec-21

Feb-22
Mar-22

Jun-22
Aug-21
Sep-21

Aug-22
Apr-21

Apr-22
May-21

Oct-21

May-22

Video Game Hardware Video Game Content

Video Game Accessories YoY Growth - Hardware
YoY Growth - Content YoY Growth - Accessories

Source: NPD, Data compiled by Goldman Sachs Global Investment Research

Looking at the top ten games in the US for July, ATVI’s Call of Duty: Vanguard and EA’s

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 Goldman Sachs Americas Technology: Internet

Formula 1 22 both ranked within the top 10. For August, EA’s Madden NFL 23 ranked #5
while ATVI’s Call of Duty: Vanguard dropped to #7. However, we note that the monthly
rankings are highly dependent on timing of release. In addition, the below exhibit is
tracking unit sales for the US only and with that, there are certain titles that
over/under-index to the US (e.g., Madden vs. FIFA). Looking at the last twelve months,
ATVI and UBI both have 1 title within the top 10 while EA has 3 (Madden NFL 22,
Battlefield 2042, FIFA 22) - typically the top 10 (LTM) are fairly stable while monthly
rankings can be fairly volatile given the release schedule.

Exhibit 5: Top 10 US Games (July, August, & LTM)

July August LTM as of Aug 2022
1 MultiVersus 1 Elden Ring 1 Elden Ring
2 Elden Ring 2 Lego Star Wars: The Skywalker Saga 2 CoD: Vanguard (ATVI)
3 Lego Star Wars: The Skywalker Saga 3 Pokemon Legends: Arceus * 3 Madden NFL 22 (EA)
4 Xenoblade Chronicles 3* 4 Horizon II: Forbidden West 4 Lego Star Wars: The Skywalker Saga
5 CoD: Vanguard (ATVI) 5 Madden NFL 23 (EA) 5 Pokemon: Brilliant Diamond/Shining Pearl*
6 MLB: The Show 22** 6 MLB: The Show 22** 6 Battlefield 2042 (EA)
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7 Mario Kart 8* 7 CoD: Vanguard (ATVI) 7 Far Cry 6 (UBI)

8 Digimon Survive 8 Gran Turismo 7 8 FIFA 22 (EA)
9 Minecraft 9 Kirby & the Forgotten Land* 9 Pokemon Legends: Arceus *
10 F1 22 (EA) 10 Mario Kart 8* 10 Horizon II: Forbidden West
*Digital sales not included; **Xbox & Switch digital sales not included

Source: NPD, Data compiled by Goldman Sachs Global Investment Research

To provide a quarterly health check of gaming user growth and engagement, we

leverage trends from Steam (the leading online digital PC games marketplace) and
Twitch (the leading live gaming streaming platform) - we believe these data points are
useful for flagging inflection points in overall engagement trends. As can be seen below,
Steam’s peak concurrent users realized recovering trends during Q3. While Twitch
viewership hours continue to decline YoY, we note that engagement has been improving
from Q2 levels (or more specifically May (18)% YoY).

Exhibit 6: Steam Players Exhibit 7: Twitch Viewership

mm mm

abf1713081cf4bd28921692cb124a462
35 2,500 140%
120%
30
2,000 100%
25 80%
1,500
60%
20
40%
1,000
15 20%
500 0%
10
-20%
5 - -40%
1/1/2020

3/1/2020

5/1/2020

7/1/2020

1/1/2021

3/1/2021

5/1/2021

7/1/2021

9/1/2021

1/1/2022

5/1/2022

7/1/2022

9/1/2022
9/1/2020

3/1/2022
11/1/2020

11/1/2021

0
1/2/18
3/2/18
5/2/18
7/2/18
9/2/18

1/2/19
3/2/19
5/2/19
7/2/19
9/2/19

1/2/20
3/2/20
5/2/20
7/2/20
9/2/20

1/2/21
3/2/21
5/2/21
7/2/21
9/2/21

1/2/22
3/2/22
5/2/22
7/2/22
9/2/22
11/2/17

11/2/18

11/2/19

11/2/20

11/2/21

Total hours watched YoY Growth

Players In-Game

Source: Steam, Data compiled by Goldman Sachs Global Investment Research Source: Sully Gnome, Data compiled by Goldman Sachs Global Investment Research

Mobile Gaming Data Indicates Continued Declines in Q3

To provide a quarterly health check of mobile gaming user growth and engagement, we
leverage Sensor Tower data to track iOS & Android app downloads, users, and

5 October 2022 6
 Goldman Sachs Americas Technology: Internet

engagement across major publishers and markets. We believe these data points are
useful for flagging inflection points in region-specific and overall engagement trends.
Broadly speaking, we have seen the global gaming market struggle this year as macro
pressures weigh on the consumer and data shows YoY revenues declines every month
this year. On a geographic level, over the past several years we have noticed large
momentum in Asia and LatAm. We use app downloads as a proxy for market share and
note that Asia has increased share from 35% in 1Q18 to 42% in 3Q22 (and LatAm from
17% to 21% during that same time period). More recently, all regions have seen YoY
declines in app downloads in Q3’22 as the mobile environment remains challenged
amidst the macroeconomic uncertainty.

Exhibit 8: Global Mobile Gaming Market Revenue YoY Growth

50%
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40%

30%

20%

10%

0%

Jul-22
Jul-19

Jul-20

Jul-21
Jan-19

Mar-21

Jan-22
Jan-20

Jan-21
Mar-19

May-19

Nov-19

Mar-20

May-20

Sep-20

May-21

Mar-22

May-22
Sep-19

Nov-20

Sep-21

Nov-21

Sep-22
-10%

-20%

-30%

abf1713081cf4bd28921692cb124a462
Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Exhibit 9: Regional Share of App Downloads

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

North America Europe LatAm Asia RoW

Source: SensorTower, Goldman Sachs Global Investment Research

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 Goldman Sachs Americas Technology: Internet

Exhibit 10: App Downloads by Region

in mm
App Downloads (m) Improvement (%)
3Q22 2Q22 3Q21 TTM QoQ YoY TTM
North America 933 1,064 1,084 1,069 -12% -14% -13%
Europe 1,910 2,027 2,209 2,212 -6% -14% -14%
LatAm 2,058 2,112 2,214 2,176 -3% -7% -5%
Asia 4,062 4,553 4,451 4,307 -11% -9% -6%
RoW 812 858 848 822 -5% -4% -1%

Source: SensorTower , Goldman Sachs Global Investment Research

When examining the gaming market by segment, we note a deceleration in most

genres (in line with the broader mobile environment), with large declines in lifestyle,
action, and racing games (decreasing 32%, 33%, and 26% YoY in Q3’22 respectively).
The 2 biggest categories within the mobile gaming market are RPG (role-playing games)
and strategy, which have also seen double digit declines this quarter. However, a
consistent bright spot continues to be in the hypercasual space growing 29% YoY in
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Q3’22 (vs. 9% in Q3’21) with particular strength in Subway Surfers, Stumble Guys, and
Bridge Race. In addition, when looking at the global gaming market by category, we see
similar recent decelerating trends the past several months in most categories with
particular weakness in sports & racing.

Exhibit 11: Global Gaming Market Revenue by Category

in bn

$3.5

$3.0

$2.5

$2.0

abf1713081cf4bd28921692cb124a462
$1.5

$1.0

$0.5

$0.0
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22
Mar-18

Nov-18

Mar-19

Nov-19

Mar-20

Nov-20

Mar-21

Nov-21

Mar-22
Jan-18

May-18

Jan-19

May-19

Jan-20

May-20

Jan-21

May-21

Jan-22

May-22
Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

Casino Casual Mid-core Sports & Racing

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

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 Goldman Sachs Americas Technology: Internet

Exhibit 12: Global Gaming Market Revenue by Genre

100% Tabletop

90%
Strategy

80%
Sports

70% Simulation

Shooter
60%

50%
RPG

40%

Racing
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30% Lifestyle
Puzzle
20% Hypercasual
Geolocation
10% Casino

Arcade
0% Action

Action Arcade Casino Geolocation Hypercasual Lifestyle Puzzle

Racing RPG Shooter Simulation Sports Strategy Tabletop

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Video game companies in our space (include Activision Blizzard, Ubisoft, Take-Two
Interactive, Electronic Arts, Roblox, Playtika, Light & Wonder, and AppLovin) maintained

abf1713081cf4bd28921692cb124a462
consistent share of the total market in recent months (of around 13-14%). Based on
Sensor Tower data, app downloads and revenue for most of the major publishers (similar
to the broader gaming market) saw slightly down to flat YoY trends in September.

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 Goldman Sachs Americas Technology: Internet

Exhibit 13: Select Companies Market Share of Global Gaming Exhibit 14: Worldwide App Downloads YoY Growth by Publisher
Market

14.5% 80%
60%
14.0% 40%
20%
13.5% 0%
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
-20%
13.0% -40%
-60%
12.5%
-80%

Activision Blizzard AppLovin Corp Electronic Arts

12.0%
Nov-21

Jul-22
Aug-22
Dec-20

Feb-21

Jul-21
Mar-21

Aug-21

Dec-21
May-21
Jun-21

Sep-21

Feb-22
Mar-22

May-22
Jun-22

Sep-22
Jan-21

Apr-21

Oct-21

Jan-22

Apr-22
Light and Wonder Playtika Roblox Corporation
Take-Two Interactive Ubisoft

Select Companies include revenue from: Activision Blizzard, Ubisoft, Take-Two Interactive, Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research
Electronic Arts, Roblox, Playtika, and Scientific Games International

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

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Exhibit 15: Worldwide Revenue YoY Growth by Publisher

30%

20%

10%

0%
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
-10%

-20%

-30%

-40%

Activision Blizzard AppLovin Corp Electronic Arts

Light and Wonder Playtika Roblox Corporation
Take-Two Interactive Ubisoft

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

abf1713081cf4bd28921692cb124a462
Looking across our video game coverage space, we leverage SensorTower data to
examine current-quarter trends for each publisher, looking at top-10 grossing games and
estimates of consolidated metrics across revenue growth, market share dynamics, and
engagement (i.e., time spent/MAU). It is worth noting that the data is derived from
third-party sources and might differ from official company-reported figures.

Activision Blizzard (ATVI)

n Revenue. With the release of Diablo Immortal (on mobile), Activision Blizzard
experienced 14% YoY growth in Q3.
n Share. Activision Blizzard has maintained its market share of around 4% since June
2022 which we attribute to the June release of Diablo Immortal.
n Time per user. Time spent/MAU is a mixed bag, with Candy Crush Saga and Candy
Crush Soda saga (Activision Blizzard’s top 2 games) continuing to decline YoY while
Hearthston and Pet Rescue Saga have maintained healthy YoY growth rates.

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 Goldman Sachs Americas Technology: Internet

Exhibit 16: ATVI Top 10 games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
ATVI 15.3% 5.4% -10% 18.1% 20.7% 19.8% 37.0% 16.8% 22.1% -3.7% -2.3% -3.8% 3.6% -2.6% 21.7% 14.7% 14.4% 5.7%
1 Candy Crush Saga 24.0% 18.1% -6% 33.0% 24.9% 29.6% 75.4% 56.0% 39.3% 5.3% 12.2% 21.3% 30.5% 26.5% 11.9% 21.9% 21.7% 13.3%
2 Candy Crush Soda Saga 11.9% -9.4% -21% 12.2% 13.2% 12.5% 20.1% 8.7% 6.2% -14.0% -11.6% -6.4% 0.8% -6.2% -12.5% -13.1% -9.9% -11.1%
3 Call of Duty®: Mobile 20.2% -25.3% -46% 21.5% 52.5% 30.6% 21.0% -15.0% 9.4% 1.7% -0.6% -26.4% -22.1% -38.4% -26.8% -43.7% -28.2% -33.9%
4 Hearthstone 4.0% 3.8% 0% 12.2% -3.2% -6.1% 8.8% -16.6% 163.7% -9.7% -29.6% -20.6% 50.5% 19.2% 42.4% -25.7% 6.0% 35.0%
5 Farm Heroes Saga 28.7% -26.0% -55% 39.7% 38.1% 35.5% 16.3% 13.0% 6.0% -8.9% -19.6% -21.9% -25.0% -24.4% -25.7% -34.8% -34.0% -37.7%
6 Candy Crush Friends Saga -29.8% -33.0% -3% -42.1% -33.9% -29.6% -26.9% -26.8% -17.8% -33.1% -29.3% -30.9% -38.3% -32.4% -32.6% -28.6% -33.2% -38.3%
7 Bubble Witch 3 Saga -21.0% -22.9% -2% -32.4% -31.7% -29.1% -23.9% -26.6% -25.6% -33.4% -25.1% -24.3% -20.7% -19.8% -16.5% -17.2% -18.7% -24.3%
8 Candy Crush Jelly Saga -2.5% -19.1% -17% -9.9% -2.2% 1.4% 8.6% 7.2% 3.5% -13.7% -17.8% -23.7% -20.8% -17.8% -14.8% -17.4% -22.2% -23.8%
9 Pet Rescue Saga -8.9% -18.1% -9% -13.3% -12.4% -14.9% -15.1% -18.9% -7.1% -21.7% -16.5% -15.4% -15.5% -22.6% -20.0% -17.4% -18.8% -14.6%
10 暗黑破坏神：不朽 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Market Share
ATVI 3.1% 3.4% 0% 3.1% 3.0% 3.0% 3.8% 3.3% 3.3% 2.9% 2.8% 3.0% 3.4% 3.2% 4.1% 4.0% 4.0% 3.9%
1 Candy Crush Saga 1.4% 1.6% 0% 1.3% 1.3% 1.4% 1.9% 1.7% 1.5% 1.4% 1.4% 1.5% 1.6% 1.7% 1.7% 1.8% 1.8% 1.9%
2 Candy Crush Soda Saga 0.5% 0.5% 0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
3 Call of Duty®: Mobile 0.6% 0.5% 0% 0.7% 0.7% 0.7% 0.8% 0.6% 0.7% 0.6% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5% 0.6% 0.5%
4 Hearthstone 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.2% 0.1%
5 Farm Heroes Saga 0.2% 0.1% 0% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
6 Candy Crush Friends Saga 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0%
7 Bubble Witch 3 Saga 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
8 Candy Crush Jelly Saga 0.1% 0.0% 0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9 Pet Rescue Saga 0.1% 0.1% 0% 0.1% 0.1% 0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0%
10 暗黑破坏神：不朽 0.0% 0.3% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.9% 0.8% 0.6% 0.5%
Time Spent/MAU YoY Growth
1 Candy Crush Saga 5.6 5.4 -3% -7.9% -7.0% -8.2% -10.9% -7.5% -0.3% 6.6% 3.5% 0.2% -4.7% -8.4% -2.2% -2.8% -5.9% -9.1%
For the exclusive use of [email protected]

2 Candy Crush Soda Saga 6.7 6.2 -7% -5.8% -9.0% -7.4% -6.7% -8.7% 4.2% -6.1% -3.5% -5.1% -6.8% -11.0% -8.4% -6.8% -3.0% -9.7%
3 Call of Duty®: Mobile 8.4 7.6 -10% -9.3% -11.5% -5.9% -5.7% -11.0% 0.1% -8.9% -10.2% -17.7% -8.0% -18.6% -10.5% -10.9% -11.5% -7.7%
4 Hearthstone 9.7 10.9 13% -6.5% -7.4% 3.4% -1.1% -2.4% 4.1% 14.0% 21.3% 17.5% 20.3% 18.0% 16.3% 11.0% 21.4% 7.1%
5 Farm Heroes Saga 4.9 4.9 1% -24.4% -22.2% -24.1% -23.3% -25.7% -11.9% -5.1% -1.0% -1.7% -0.8% 6.8% 4.6% 8.0% 0.3% -5.6%
6 Candy Crush Friends Saga 4.8 4.9 1% -2.7% -14.2% -18.0% -14.4% -9.4% -10.8% 2.2% 3.3% -2.0% -8.8% 3.4% 0.3% -4.1% 2.5% 4.1%
7 Bubble Witch 3 Saga 4.7 4.6 -3% -24.0% -26.1% -18.9% -17.2% -10.9% -7.7% 8.1% -0.3% 4.1% -5.5% -5.3% -2.0% -0.4% 7.9% -4.2%
8 Candy Crush Jelly Saga 6.2 6.0 -2% -8.1% -4.8% 3.1% -0.1% 3.9% 5.3% 6.8% 5.7% -5.6% -12.3% -2.7% 4.4% -0.6% -1.9% -4.5%
9 Pet Rescue Saga 4.9 5.4 10% -4.2% 7.1% -7.3% -4.4% -9.6% 9.5% 1.5% 4.5% 7.6% 13.1% 11.6% 11.6% 18.9% 8.3% 19.4%
10 暗黑破坏神：不朽 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Electronic Arts (EA)

n Revenue. EA’s mobile games are seeing negative double-digits % revenue YoY
declines in Q3’22 in the aggregate, worse vs. declines seen in Q2’22.
n Share. As a result, Q3’22 market share is relatively flat on a YoY basis.
n Time per user. Time Spent/MAU is seeing varying trends across the portfolio in
Q3’22 (but generally better than revenues) with a notable divergence in the top
games (some with positive YoY growth and some with deeper declines).

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Exhibit 17: EA Top 10 games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
EA -16.0% -20.1% -4% -18.8% -12.4% -10.9% -12.4% -16.3% -23.6% -30.3% -16.7% -21.8% -26.1% -9.5% -13.8% -16.3% -23.3% -21.1%
1 Star Wars™: Galaxy of Heroes -6.3% -24.1% -18% 5.9% 17.3% -0.7% -12.4% -5.9% -32.3% -33.8% -20.8% -13.3% -21.1% -21.4% -30.6% -16.9% -32.5% -22.3%
2 Golf Clash -2.2% -23.5% -21% -4.4% -9.0% -4.2% -2.2% -14.8% -21.4% -21.8% -13.7% -26.5% -30.7% -24.9% -25.1% -22.1% -22.5% -21.9%
3 Design Home: Dream Makeover -28.6% -28.7% 0% -33.2% -28.2% -30.7% -30.9% -35.5% -29.7% -31.5% -31.2% -31.7% -33.7% -30.4% -27.8% -28.3% -19.3% -21.3%
4 FIFA Soccer 3.6% 23.7% 20% -13.1% 29.1% 13.9% 34.6% -14.8% -27.3% -26.2% 59.9% 62.7% 9.6% 60.1% 22.0% 36.8% -7.2% 4.3%
5 SimCity BuildIt -8.9% -22.5% -14% -6.0% 1.7% -13.8% -17.1% -19.4% -22.7% -29.8% -24.4% -25.8% -16.1% -18.0% -17.7% -25.3% -27.4% -15.7%
6 The Sims™ FreePlay -7.6% -31.5% -24% -3.5% -1.1% 15.1% 7.1% -9.3% 0.5% -14.6% -17.1% -26.9% -41.7% -45.9% -41.1% -39.8% -21.6% -32.3%
7 Covet Fashion: Model Makeover -25.9% -23.5% 2% -43.1% -27.6% -29.5% -29.0% -8.6% -24.7% -32.4% -15.4% -30.4% -24.2% -13.2% -20.9% -24.9% -25.7% -22.8%
8 MADDEN NFL MOBILE FOOTBALL -100.0% n/a n/a -100.0% -100.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
9 Need for Speed™ No Limits 13.6% -49.1% -63% 31.7% 28.8% 30.7% 36.3% 12.4% 12.9% -13.5% -11.0% -28.7% -48.4% -56.9% -65.2% -64.4% -63.4% -62.9%
10 Kim Kardashian: Hollywood -29.7% -42.4% -13% -27.0% -26.0% -16.6% -16.0% -9.5% -10.4% -32.9% -41.2% -49.1% -44.5% -37.4% -26.3% -44.1% -49.8% -52.8%
Market Share
EA 1.4% 1.3% 0% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.1% 1.3% 1.3% 1.1% 1.4% 1.3% 1.2% 1.2% 1.2%
1 Star Wars™: Galaxy of Heroes 0.3% 0.2% 0% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2%
2 Golf Clash 0.2% 0.2% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
3 Design Home: Dream Makeover 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
4 FIFA Soccer 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.1% 0.2% 0.2% 0.1% 0.1% 0.1%
5 SimCity BuildIt 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
6 The Sims™ FreePlay 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.1% 0.1% 0.0%
7 Covet Fashion: Model Makeover 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.1% 0.0% 0.0% 0.1% 0.0%
8 MADDEN NFL MOBILE FOOTBALL 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9 Need for Speed™ No Limits 0.1% 0.0% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10 Kim Kardashian: Hollywood 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Time Spent/MAU YoY Growth
1 Star Wars™: Galaxy of Heroes 11.6 10.8 -7% -6.3% -8.4% 0.1% -3.8% 4.8% 3.8% -1.0% -2.8% -8.7% 0.4% -2.0% -5.8% -5.8% -2.5% -14.1%
2 Golf Clash 5.9 6.4 8% -5.4% -20.4% -7.2% -16.7% -27.8% -14.6% -6.8% -13.7% 6.0% 7.0% 13.8% 5.7% -0.7% 37.0% 16.0%
3 Design Home: Dream Makeover 2.5 2.8 11% -10.8% -12.6% -4.7% -8.2% 1.3% -2.2% 15.0% 19.2% 22.4% 15.1% 0.4% 6.7% 20.3% 17.8% 10.2%
4 FIFA Soccer 5.7 5.8 3% -6.6% -4.4% -13.2% -8.9% -25.7% -28.5% -12.8% -6.4% 1.9% 10.7% 4.6% 11.0% 2.8% -3.0% -0.8%
For the exclusive use of [email protected]

5 SimCity BuildIt 4.7 4.5 -5% -12.8% -12.8% -8.6% -10.7% -12.6% -9.8% 4.0% 9.3% -7.2% -8.5% -11.9% -4.4% -10.4% -9.1% -8.2%
6 The Sims™ FreePlay 3.4 3.5 2% -10.5% -1.9% -3.4% 10.4% 2.6% 1.4% 6.7% 16.6% 7.1% 0.8% 5.0% 0.5% -0.7% -1.8% 0.8%
7 Covet Fashion: Model Makeover 4.7 4.3 -9% -23.6% -18.3% -12.0% -6.7% -4.1% -12.6% -8.1% -8.5% -10.4% -13.2% -3.0% -5.6% -7.7% -4.1% -7.8%
8 MADDEN NFL MOBILE FOOTBALL 2.0 1.6 -21% -30.1% -29.7% -36.5% -31.1% -31.3% -31.1% -29.8% -30.5% -29.3% -25.0% -23.9% -24.0% -15.3% -14.0% -15.2%
9 Need for Speed™ No Limits 1.7 1.8 2% -12.9% -14.5% -11.9% -12.6% -17.3% -6.3% -13.1% 8.5% 2.9% 8.0% 22.6% 3.6% 7.8% -1.2% -4.2%
10 Kim Kardashian: Hollywood 4.5 4.5 -1% -19.2% -19.2% 0.4% 5.8% 9.4% -1.2% 13.3% 7.7% 22.7% 7.8% -4.5% -2.3% -4.7% 5.0% -6.5%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Take-Two (TTWO)

n Revenue. Take-Two continued to see negative double-digit % YoY declines during

Q3’22, roughly in-line with those seen in Q2’22.
n Share. Take-Two largely maintained a stable market share on a YoY basis in Q3’22.
n Time per user. Time Spent/MAU is trending ahead of revenues in the Q3’22
months, with several top 10 titles seeing a positive double-digits % increase YoY in
the metric.

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Exhibit 18: TTWO Top 10 Games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
TTWO -1.1% -21.9% -21% 0.5% -0.2% 0.3% -5.7% -11.1% -10.3% -11.3% -9.3% -10.7% -14.2% -14.7% -15.0% -15.9% -14.7% -15.8%
1 Toon Blast -8% -22.5% -14% -0.4% -6.3% -2.4% -12.9% -22.5% -20.0% -11.9% -7.7% -13.5% -25.3% -21.0% -25.3% -32.1% -30.3% -34.2%
2 Empires & Puzzles: Match-3 RPG -7% -9.2% -3% -5.6% 0.1% 7.2% 19.4% -11.4% -9.4% -12.3% -7.0% -12.2% -12.2% -4.8% -8.5% -18.1% 0.9% -7.3%
3 Toy Blast -1% -24.5% -23% -3.6% -0.9% 2.5% -11.6% -15.0% -23.2% -27.3% -19.4% -16.1% -21.2% -26.8% -26.6% -24.6% -27.8% -31.3%
4 Merge Dragons! -24% -13.8% 10% -15.7% -21.5% -24.0% -26.2% -35.0% -26.2% -21.7% -19.6% -17.2% -18.9% -18.3% -6.8% -8.6% -3.1% -3.2%
5 Zynga Poker ™ - Texas Hold'em 11% -0.6% -12% 21.6% 10.8% 10.6% -12.9% 0.0% 5.9% 6.5% 2.5% 1.2% 0.6% -12.2% -13.7% 2.9% 2.0% 9.1%
6 CSR 2 Drag Racing Car Games -16% -29.2% -13% -24.2% -27.2% -33.7% -28.0% -24.2% -26.0% -35.8% -39.0% -24.3% -18.6% -42.3% -40.0% -19.8% -19.6% -14.4%
7 Wizard of Oz Slots Games 3% -8.1% -11% -0.4% 13.3% 4.8% 0.1% 6.6% 2.9% 8.7% 4.8% 5.0% -8.6% -13.4% -15.3% -12.1% -21.6% -15.1%
8 Hit it Rich! Casino Slots Game 9% -12.3% -22% 0.1% -11.5% -17.0% -22.3% -24.9% -20.6% -27.5% -15.4% -24.2% -23.8% -12.2% -9.2% 4.5% 1.5% 8.1%
9 Dragon City Mobile 6% -21.4% -28% 8.0% 3.4% 3.8% -8.9% 1.3% 13.8% 4.8% 3.9% 2.3% -17.1% -17.4% -30.2% -38.3% -42.9% -44.2%
10 Golf Rival 29% -8.5% -38% 2.6% 10.3% 3.5% 8.5% -5.3% -1.2% 1.0% -6.7% -4.2% -12.6% -15.9% -15.3% 6.4% -15.9% -10.3%
Market Share
TTWO 2.9% 2.8% 0% 2.9% 2.8% 2.8% 2.7% 2.7% 2.8% 2.7% 2.8% 2.9% 2.8% 2.8% 2.9% 2.8% 2.8% 2.8%
1 Toon Blast 0.5% 0.4% 0% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
2 Empires & Puzzles: Match-3 RPG 0.4% 0.4% 0% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.4% 0.4% 0.5%
3 Toy Blast 0.2% 0.2% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
4 Merge Dragons! 0.2% 0.2% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
5 Zynga Poker ™ - Texas Hold'em 0.1% 0.2% 0% 0.2% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
6 CSR 2 Drag Racing Car Games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
7 Wizard of Oz Slots Games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
8 Hit it Rich! Casino Slots Game 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
9 Dragon City Mobile 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
10 Golf Rival 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Time Spent/MAU YoY Growth
1 Toon Blast 8.0 8.5 6% 2.6% -3.2% 16.6% 8.3% 5.3% 22.8% 19.8% 14.8% 13.3% 16.4% 20.1% 6.1% -1.9% 11.1% -5.9%
2 Empires & Puzzles: Match-3 RPG 16.6 16.4 -1% -12.6% -17.3% -12.7% -12.5% -9.6% -5.7% -6.3% -2.0% -1.0% -1.4% 7.5% 4.2% 0.2% 2.2% -0.9%
For the exclusive use of [email protected]

3 Toy Blast 7.7 8.7 13% 6.3% 6.0% 10.0% 18.0% 13.8% 21.7% 14.9% 14.5% 13.7% 30.7% 14.2% 10.2% 18.8% 23.3% 13.8%
4 Merge Dragons! 9.0 11.1 23% -21.0% -33.8% -22.6% -12.1% -5.8% -9.3% 22.6% 22.4% 39.7% 41.2% 32.6% 26.9% 23.0% 41.3% 20.6%
5 Zynga Poker ™ - Texas Hold'em 2.7 3.0 13% 17.1% 1.7% 8.8% 1.0% 12.9% 43.6% 7.5% 4.9% 17.3% 16.7% 26.0% 21.4% 4.6% 10.2% 16.1%
6 CSR 2 Drag Racing Car Games 3.3 2.6 -20% 3.3% 16.9% -0.1% 5.3% 15.7% 6.8% -17.9% -11.8% -8.6% -16.4% -25.1% -6.6% -8.7% -30.8% -27.1%
7 Wizard of Oz Slots Games 2.7 3.3 24% 5.2% 5.7% 5.2% 9.4% 9.0% 10.3% 22.3% 22.5% 22.0% 32.2% 33.9% 33.3% 21.7% 21.8% 33.5%
8 Hit it Rich! Casino Slots Game 9.9 9.9 0% -9.8% 2.9% -10.5% -10.5% -26.1% -10.4% -10.0% -9.7% -10.4% -2.9% -4.3% -6.1% 5.2% 3.8% 15.5%
9 Dragon City Mobile 3.7 3.7 -1% -3.6% -4.7% -9.5% -8.5% -9.7% -8.0% -7.2% -3.1% -6.4% -5.0% 3.7% 2.3% -5.0% 3.7% 0.7%
10 Golf Rival 4.8 5.4 14% -21.0% -6.8% -11.4% -20.4% -8.3% 4.8% 16.3% 38.3% 37.6% 39.0% 19.1% -1.2% 15.3% 1.4% -0.9%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Ubisoft (UBI)

n Revenue. Ubisoft’s mobile games are seeing YoY negative double-digits % declines
in the aggregate for the Q3’22 months, with weakness in some of the company’s
high-grossing games.
n Share. Market share dynamics have remained relatively stable on a YoY basis in
Q3’22.
n Time per user. Time Spent/MAU trended down for several of Ubisoft’s top 10
mobile games into Q3’22.

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Exhibit 19: UBI Top 10 Games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
UBI -27.2% -28.5% -1% -25.4% -42.9% -41.1% -27.2% -34.7% -28.4% -28.5% -24.9% -34.1% -31.0% -27.2% -29.0% -27.5% -24.8% -28.9%
1 Might & Magic: Era of Chaos -30.1% -33.5% -3% -33.7% -51.1% -28.5% -26.0% -30.0% -31.1% -26.3% -26.1% -32.7% -31.0% -20.0% -25.9% -16.2% -19.6% -37.1%
2 South Park: Phone Destroyer™ -24.6% -39.0% -14% -35.6% -28.5% -10.8% -32.2% -39.9% -19.0% -29.6% -26.5% -41.7% -27.3% -33.3% -30.5% -34.4% -37.0% -41.8%
3 Hungry Shark World 3.9% -28.1% -32% 20.7% -12.2% -6.9% 17.2% -29.4% -6.0% -11.2% -11.2% -18.0% -10.6% -18.2% -34.5% -38.8% -28.4% -11.0%
4 Growtopia -14.1% -28.1% -14% -23.4% -25.0% -22.3% -19.0% -13.2% -15.3% -24.4% -4.8% -28.7% -27.8% -16.2% -14.2% -20.9% -9.0% -25.6%
5 Hungry Shark Evolution -8.2% -19.0% -11% -4.6% -29.3% -35.3% -19.1% -10.8% -18.7% -7.8% -4.7% -16.3% -23.7% -15.3% -15.4% -18.3% 1.4% -0.9%
6 Might and Magic RPG 2020 -61.1% -55.9% 5% -61.8% -59.3% -12.9% -11.0% -20.4% -48.7% -38.5% -10.8% -36.6% 43.7% -8.1% -33.9% -100.0% -100.0% -100.0%
7 Just Dance Now -9.6% -40.8% -31% -18.8% -30.7% -29.5% -25.8% -27.6% -34.6% -41.1% -46.1% -47.5% -46.9% -37.6% -28.5% -26.6% -19.5% -14.6%
8 Assassin’s Creed Rebellion -41.3% -24.7% 17% -37.8% -43.7% -32.4% -21.7% -41.0% -25.2% -33.6% -13.4% -25.1% -21.0% -25.4% 11.8% -13.1% -8.1% -5.5%
9 Horse Haven World Adventures -36.3% -60.7% -24% -47.3% -48.0% -60.7% -50.7% -65.6% -54.6% -59.2% -63.1% -67.5% -55.6% -62.1% -59.9% -46.6% -50.3% -40.0%
10 Is It Love? Drogo - vampire -75.3% -51.9% 23% -78.7% -81.6% -75.9% -73.2% -75.1% -70.1% -69.0% -70.0% -31.4% -56.3% -48.1% -34.6% -26.3% -13.8% -29.5%
Market Share
UBI 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
1 Might & Magic: Era of Chaos 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 South Park: Phone Destroyer™ 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3 Hungry Shark World 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4 Growtopia 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5 Hungry Shark Evolution 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
6 Might and Magic RPG 2020 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
7 Just Dance Now 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
8 Assassin’s Creed Rebellion 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9 Horse Haven World Adventures 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10 Is It Love? Drogo - vampire 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Time Spent/MAU YoY Growth
1 Might & Magic: Era of Chaos 7.6 7.9 3% 10.4% 18.2% 8.6% 3.5% 4.0% 5.8% 0.1% 1.1% 1.7% 22.2% 19.9% 19.7% -1.5% 0.4% -8.9%
2 South Park: Phone Destroyer™ 4.4 3.3 -24% -12.1% -6.6% -3.2% -23.3% -2.3% -13.5% -24.2% -24.0% -21.1% -25.5% -20.4% -28.9% -27.0% -29.1% -27.6%
For the exclusive use of [email protected]

3 Hungry Shark World 1.0 1.1 3% 7.5% 4.0% 4.3% 1.1% -3.8% -15.3% 4.6% 9.6% 8.5% 8.7% -11.4% 4.2% 2.2% -10.6% -2.2%
4 Growtopia 13.4 10.0 -25% 42.3% 35.9% 28.6% 31.9% 10.3% 14.9% -8.0% -12.0% -1.0% -2.4% -21.2% -19.5% -36.9% -53.0% -48.4%
5 Hungry Shark Evolution 0.9 1.0 3% 5.6% -1.4% -12.6% -0.6% -3.9% -12.5% -2.2% 4.3% -3.1% 1.2% -8.2% -9.2% 0.0% 8.1% 18.3%
6 Might and Magic RPG 2020 3.0 2.8 -8% -7.1% -3.3% -4.2% -13.2% -3.2% -7.9% -7.0% -24.3% -16.8% -3.0% -4.8% 4.1% 11.0% -26.2% -14.7%
7 Just Dance Now 0.5 0.6 3% -14.0% -9.7% 2.3% 1.6% -5.5% -3.8% 5.3% -2.6% 2.9% 17.7% 7.4% 7.1% 3.1% -0.5% 1.3%
8 Assassin’s Creed Rebellion 2.9 3.2 11% 0.7% 2.0% 2.8% 14.6% 13.0% 13.9% 10.8% 7.5% 8.6% 25.6% 24.8% 24.6% 9.7% 10.0% 1.2%
9 Horse Haven World Adventures 2.5 2.0 -20% -24.8% -24.9% -26.0% -25.7% -25.3% -25.5% -26.6% -26.9% -26.9% -32.5% -26.3% -6.8% -15.9% -15.1% -14.3%
10 Is It Love? Drogo - vampire 1.0 1.0 0% -30.0% -24.0% -23.3% -23.2% -24.0% -23.5% -9.7% -7.6% -20.4% 0.5% 6.2% -3.9% 16.4% 8.6% 0.0%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Roblox (RBLX)

n Revenue. Roblox saw revenue decline YoY in the negative double-digits % in Q3’22,
but sequentially better vs. the sharper YoY declines seen in Q2’22.
n Share. Market share remained largely stable on a YoY and QoQ basis.
n Time per user. Time Spent/MAU improved sequentially, with September 2022
marking the first month with positive YoY growth in that metric in over a year.

Exhibit 20: RBLX Top Game - Revenue Growth, Market Share, & Time Spent

abf1713081cf4bd28921692cb124a462
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
RBLX 16% -14% -30% 4% 8% 13% 5% 6% 0% -8% 5% -3% -19% -26% -25% -18% -16% -17%
Market Share
RBLX 2% 1% 0% 2% 1% 1% 1% 1% 2% 2% 2% 2% 1% 1% 1% 1% 1% 1%
Time Spent/MAU YoY Growth
RBLX 7.8 7.8 -1% -22% -18% -20% -30% -16% -13% -5% -3% -1% -9% -8% -1% -1% -8% 7%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

Playtika (PLTK)

n Revenue. Playtika’s mobile game revenues declined in the negative single-digit %

YoY over the Q3’22 months, but with meaningful variance across the portfolio (as
several games are seeing much better/worse trends).
n Share. On net, the better-than-industry revenue declines have led to market share
gains in Q3’22.
n Time per user. Similar divergence in the Time Spent/MAU trends across the
portfolio (with notable strength in some of the company’s casino games).

5 October 2022 14
 Goldman Sachs Americas Technology: Internet

Exhibit 21: PLTK Top 10 Games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
PLTK 4.1% -3.5% -8% 2.9% -0.7% 5.6% 5.8% 1.2% 7.1% -1.2% 2.4% -2.3% -3.5% -7.1% -6.7% -4.9% -3.8% -3.6%
1 Slotomania™ Slots Vegas Casino -21.8% -19.6% 2% -14.7% -16.5% -20.6% -17.6% -24.1% -24.7% -25.2% -18.7% -22.2% -13.9% -18.8% -25.1% -13.9% -21.5% -15.0%
2 Bingo Blitz™ - BINGO games 9.2% 3.9% -5% 5.8% -0.9% 4.1% -8.9% 6.6% 0.1% -8.7% 15.6% 8.0% -1.5% -1.1% -0.1% 2.6% 10.6% 15.0%
3 House of Fun: Casino Slot Game -3.2% -30.6% -27% 0.3% -11.7% -1.4% -11.9% -23.8% -14.3% -28.5% -23.7% -34.1% -34.4% -28.7% -32.7% -35.2% -26.5% -30.4%
4 Solitaire Grand Harvest 55.5% 20.8% -35% 56.6% 56.4% 54.8% 70.4% 55.2% 76.0% 64.2% 58.8% 24.0% 12.5% 6.3% 3.9% 8.9% 14.7% 21.5%
5 World Series of Poker - WSOP 1.7% -1.8% -4% 1.8% -0.5% 1.3% -6.3% 0.7% 8.4% 1.2% 6.6% -5.7% -7.9% -2.8% -4.6% -1.4% 1.9% -2.3%
6 June's Journey: Hidden Objects 28.3% 35.3% 7% -1.4% 7.9% 44.1% 68.2% 31.5% 66.9% 57.4% 11.3% 39.2% 57.7% 23.6% 53.9% 47.5% 20.9% 13.6%
7 Best Fiends - Match 3 Games 12.4% -3.9% -16% 14.9% 9.1% 16.1% 27.4% 25.0% 23.7% 14.2% 16.2% 8.5% -2.9% -7.1% -10.6% -15.7% -13.7% -20.2%
8 Caesars Slots: Casino games 0.0% -1.9% -2% -8.9% -4.5% 8.9% -0.6% 6.6% 11.3% 12.5% 8.6% -3.6% -3.6% -1.1% -4.8% -6.9% -3.2% -14.2%
9 Board Kings: Board dice games 9.7% -21.4% -31% 11.3% -22.9% -6.4% 6.3% -27.6% -0.5% -24.3% -15.5% -13.4% -23.8% -32.1% -16.3% -36.2% -5.9% -19.2%
10 Redecor - Home Design Makeover 116.6% -25.8% -142% 40.6% 61.6% 62.1% 29.5% 29.1% 18.7% -16.9% -19.0% -13.9% -14.5% -18.9% -22.7% -30.6% -41.9% -51.8%
Market Share
PLTK 2.1% 2.2% 0% 2.1% 2.0% 2.0% 2.1% 2.0% 2.1% 2.1% 2.1% 2.2% 2.2% 2.2% 2.2% 2.3% 2.2% 2.3%
1 Slotomania™ Slots Vegas Casino 0.4% 0.4% 0% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
2 Bingo Blitz™ - BINGO games 0.4% 0.4% 0% 0.4% 0.4% 0.4% 0.3% 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5%
3 House of Fun: Casino Slot Game 0.2% 0.2% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
4 Solitaire Grand Harvest 0.2% 0.3% 0% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4%
5 World Series of Poker - WSOP 0.2% 0.2% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
6 June's Journey: Hidden Objects 0.2% 0.3% 0% 0.2% 0.2% 0.2% 0.3% 0.2% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
7 Best Fiends - Match 3 Games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
8 Caesars Slots: Casino games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
9 Board Kings: Board dice games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
10 Redecor - Home Design Makeover 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0%
Time Spent/MAU YoY Growth
1 Slotomania™ Slots Vegas Casino 4.5 4.0 -12% -35.9% -46.3% -37.5% -51.2% -43.2% -44.0% -15.2% -22.9% -16.6% -14.3% -16.6% -10.5% -21.9% -3.9% -13.2%
For the exclusive use of [email protected]

2 Bingo Blitz™ - BINGO games 1.8 1.7 -6% -35.2% -35.3% -39.7% -33.0% -32.6% -33.3% -24.9% 7.6% 5.0% -3.4% -5.5% -15.3% -13.6% 0.1% 2.1%
3 House of Fun: Casino Slot Game 2.2 2.6 17% 10.7% -21.1% -8.3% 20.6% 28.5% 37.6% 14.7% 13.0% 19.4% 28.6% 3.2% 23.7% 13.3% 61.9% 51.2%
4 Solitaire Grand Harvest 3.8 3.3 -12% -21.6% -19.1% -15.8% -10.1% -17.6% -6.0% 3.3% -1.2% -17.2% -19.0% -20.4% -22.0% -11.8% -1.6% -12.5%
5 World Series of Poker - WSOP 2.3 2.7 17% -26.2% -9.4% -4.8% 8.1% -3.6% 1.0% 19.9% 30.6% 13.9% 15.5% 20.9% 38.5% 30.5% 23.9% 9.3%
6 June's Journey: Hidden Objects 7.0 7.2 3% -33.0% -27.0% -15.8% -8.0% -15.7% -10.9% -6.7% -13.2% -12.0% -3.9% -7.8% 31.1% 27.8% 21.8% 14.2%
7 Best Fiends - Match 3 Games 6.8 6.8 -1% -10.4% -1.9% 5.8% 7.5% 20.8% 16.9% 1.9% 7.6% 0.8% 6.5% 4.8% 4.0% 0.0% 1.1% 1.6%
8 Caesars Slots: Casino games 1.6 2.1 28% -12.7% -13.4% -15.6% 30.8% 32.3% 35.8% 41.9% 39.1% 41.8% 28.0% 27.3% 29.2% 34.8% 35.3% 53.5%
9 Board Kings: Board dice games 1.9 2.9 52% -6.1% 4.4% 3.1% 5.5% 1.2% 36.4% 55.2% 75.7% 77.5% 72.4% 73.3% 67.0% 55.8% 41.1% 35.4%
10 Redecor - Home Design Makeover 3.3 3.2 -3% -6.6% 12.9% 6.8% -7.5% -11.1% -1.7% 0.2% 1.2% 0.6% 0.8% -16.7% 0.2% -1.5% 4.2% -11.0%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

SciPlay (SCPL)

n Revenue. SciPlay’s mobile game revenues are trending higher, with positive
double-digits % YoY growth throughout the Q3’22 months, a meaningful
reacceleration vs. Q2’22.
n Share. This apparent revenue outperformance translated into YoY market share gains
in Q3’22.
n Time per user. Time Spent/MAU is seeing a sequential improvement in September

abf1713081cf4bd28921692cb124a462
relative to the earlier July/August Q3’22 months.

5 October 2022 15
 Goldman Sachs Americas Technology: Internet

Exhibit 22: L&W Top 10 Games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
L&W 3.0% 3.6% 1% -2.8% -2.1% -1.1% 2.7% 0.4% 1.1% -5.2% 2.8% 5.9% -1.1% -0.6% -2.3% 10.0% 10.4% 13.9%
1 Jackpot Party - Casino Slots 3.5% 2.1% -1% -0.5% -7.0% -5.3% 2.4% -2.8% -3.6% -8.6% -1.3% 6.3% -2.8% -3.7% -12.0% 8.0% 14.5% 21.9%
2 Quick Hit Slots - Casino Games 2.7% 38.3% 36% -13.5% 4.6% 13.3% 13.3% 15.1% 15.5% 16.3% 30.7% 27.9% 25.2% 35.1% 58.4% 72.3% 44.9% 42.0%
3 Gold Fish Casino Slot Games 23.6% -1.1% -25% 20.1% 23.3% 15.6% 11.9% 12.6% 19.3% 1.8% 13.1% 10.5% -0.3% -4.0% -5.8% -5.2% -9.0% -10.2%
4 88 Fortunes Slots Casino Games 3.4% -3.0% -6% -2.6% 3.3% 11.9% 15.2% 10.8% 4.8% 3.1% 2.4% 2.9% -0.6% -4.4% -0.3% -7.6% -5.8% -15.2%
5 Bingo Showdown - Bingo Games -11.3% -27.5% -16% -17.9% -8.7% -11.8% -11.7% -11.8% -15.4% -25.8% -19.0% -25.9% -33.8% -33.4% -27.4% -26.1% -27.6% -27.5%
6 MONOPOLY Slots - Casino Games -13.3% -7.8% 6% -21.2% -14.7% -26.2% -28.6% -22.8% -16.5% -24.5% -20.9% -22.0% -13.8% -10.9% -2.3% 1.8% 9.0% 32.0%
7 Hot Shot Casino Slots Games -25.4% -22.4% 3% -20.8% -33.2% -29.8% -29.3% -34.1% -31.6% -34.9% -29.6% -17.4% -28.2% -17.9% -22.7% -23.9% -12.7% -8.6%
8 Backgammon Live™ Board Game 44.0% 0.1% -44% 68.7% 58.4% 26.9% 19.4% 20.8% 3.3% -19.9% 9.0% 13.4% 7.1% 3.9% -5.5% -0.3% -1.5% -2.3%
9 Blazing 7s Casino: Slots Games -29.2% -28.5% 1% -13.8% -32.6% -40.9% -33.9% -32.9% 1.5% -20.8% -24.2% -17.4% -6.3% -43.6% -41.2% -41.1% -32.2% -23.5%
10 Live Hold’em Pro Poker -33.8% -35.2% -1% -13.6% -21.1% -17.7% -21.4% -73.9% -54.8% -36.2% -46.5% -32.8% -44.9% -46.0% -32.4% -24.6% -13.9% -28.2%
Market Share
L&W 0.6% 0.7% 0% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.6% 0.7% 0.7% 0.7% 0.7% 0.8%
1 Jackpot Party - Casino Slots 0.3% 0.3% 0% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.4% 0.4%
2 Quick Hit Slots - Casino Games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2%
3 Gold Fish Casino Slot Games 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
4 88 Fortunes Slots Casino Games 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5 Bingo Showdown - Bingo Games 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
6 MONOPOLY Slots - Casino Games 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
7 Hot Shot Casino Slots Games 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
8 Backgammon Live™ Board Game 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9 Blazing 7s Casino: Slots Games 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10 Live Hold’em Pro Poker 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Time Spent/MAU YoY Growth
1 Jackpot Party - Casino Slots 4.7 4.8 3% 11.5% 10.1% 9.6% -3.8% -5.9% -6.7% 13.9% 13.8% 13.8% -0.9% -2.0% -1.0% -4.9% -4.2% 6.5%
For the exclusive use of [email protected]

2 Quick Hit Slots - Casino Games 3.0 3.2 5% 19.3% 19.1% 19.9% 25.3% 24.7% 25.8% 14.5% 14.7% 15.4% 14.2% 13.5% 13.9% 1.0% 1.4% 10.5%
3 Gold Fish Casino Slot Games 2.9 3.1 4% -4.7% -4.9% -3.8% -0.2% -0.5% 0.2% 10.9% 10.2% 8.9% 0.4% 0.3% 1.3% 0.7% 1.1% 10.5%
4 88 Fortunes Slots Casino Games 2.7 2.9 7% 3.6% 5.0% 5.5% 3.8% 4.1% 4.8% -1.2% -0.3% -2.3% 11.9% 8.8% 8.1% 11.1% 8.2% 19.4%
5 Bingo Showdown - Bingo Games 4.6 4.3 -7% 0.2% 1.2% 0.3% -5.5% -4.1% -4.7% 2.7% 2.9% 3.3% -8.4% -5.5% -6.7% -12.7% -13.9% -12.5%
6 MONOPOLY Slots - Casino Games 0.7 0.9 39% -40.0% -41.2% -41.0% -25.0% -21.6% -20.5% 33.7% 33.6% 34.5% 41.0% 46.1% 43.4% 36.5% 37.6% 51.4%
7 Hot Shot Casino Slots Games 4.4 4.1 -6% 12.5% 10.9% 11.8% 9.7% 9.7% 9.0% -4.0% 7.1% -4.5% -1.9% -4.7% -2.6% -6.4% -10.7% 0.9%
8 Backgammon Live™ Board Game 4.6 5.0 8% 5.9% 6.9% 6.6% 10.7% 8.9% 7.9% 13.3% 11.9% 13.0% 10.7% 10.7% 8.1% 7.2% 6.0% 7.9%
9 Blazing 7s Casino: Slots Games 3.9 3.3 -16% -19.8% -18.6% -8.6% 6.0% -1.7% -13.6% -5.5% -12.9% -20.5% -24.3% -35.7% -6.5% -13.2% 2.6% -15.8%
10 Live Hold’em Pro Poker 1.1 1.1 1% -29.7% -29.1% 7.5% -1.2% 10.7% -2.1% -5.0% -15.7% -10.0% -19.4% -22.3% 42.3% 39.0% 27.6% 11.5%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

AppLovin (APP)

n Revenue. AppLovin’s mobile game revenues are down substantially YoY, with more
pronounced weakness in the company’s top 3 mobile titles over the period.
n Share. This dynamic has led to lower market share YoY into Q3’22.
n Time per user. Time Spent/MAU trended down on a YoY basis for most of the top
10 mobile games.

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 Goldman Sachs Americas Technology: Internet

Exhibit 23: APP Top 10 Games - Revenue Growth, Market Share, & Time Spent
2021 2022 YTD % Change Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
YoY Revenue Growth
APP 36.9% -25.2% -62% 36% 32% 28% 32% 14% -6% -20% -18% -24% -24% -28% -27% -27% -29% -30%
1 Final Fantasy XV: A New Empire -46.4% -45.0% 1% -53% -46% -54% -42% -32% -44% -35% -35% -40% -46% -51% -49% -46% -60% -49%
2 Matchington Mansion -24.5% -42.5% -18% -27% -34% -35% -35% -41% -34% -40% -35% -43% -41% -46% -42% -42% -46% -49%
3 Project Makeover 996.4% -44.3% -1041% n/a n/a 9132% 5895% 235% -14% -44% -41% -38% -41% -45% -47% -48% -51% -46%
4 Wordscapes -16.2% 8.0% 24% -27% -25% -6% 8% 1% 5% 5% 9% 15% 11% 5% 5% 9% 15% -1%
5 Clockmaker: Match 3 Games! 23.7% -30.4% -54% 27% 30% 19% 24% 10% 5% -16% -21% -29% -27% -30% -31% -33% -43% -45%
6 West Game 6.5% -26.9% -33% -22% -24% -19% -17% -22% -22% -26% -18% -33% -29% -23% -31% -22% -24% -34%
7 Cash Tornado™ Slots - Casino 208.3% 25.9% -182% 227% 159% 116% 100% 89% 99% 73% 79% 42% 47% 33% 12% 2% -1% 2%
8 Game of War - Fire Age -28.7% -24.4% 4% -38% -40% -42% -33% -28% -39% -28% -35% -43% -39% -23% -19% -16% 2% 8%
9 Mobile Strike -24.3% -32.4% -8% -27% -34% -31% -15% -22% -41% -32% -27% -44% -45% -32% -32% -28% -22% -17%
10 Cooking Madness -A Chef's Game 79.6% 14.7% -65% 94% 150% 216% 134% 77% 67% 78% 73% 62% 43% 1% -2% -7% -17% -29%
Market Share
APP 1.8% 1.5% 0% 1.7% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.4% 1.4% 1.5%
1 Final Fantasy XV: A New Empire 0.1% 0.0% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0%
2 Matchington Mansion 0.2% 0.1% 0% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
3 Project Makeover 0.4% 0.3% 0% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.3%
4 Wordscapes 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
5 Clockmaker: Match 3 Games! 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
6 West Game 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
7 Cash Tornado™ Slots - Casino 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2%
8 Game of War - Fire Age 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
9 Mobile Strike 0.0% 0.0% 0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10 Cooking Madness -A Chef's Game 0.1% 0.1% 0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Time Spent/MAU YoY Growth
1 Final Fantasy XV: A New Empire 8.1 7.2 -11% -1.1% -0.9% -0.1% 3.0% 2.0% 2.2% -16.6% -16.8% -16.4% -10.7% -8.4% -10.5% -11.2% -12.3% -7.7%
2 Matchington Mansion 6.5 6.3 -4% 1.5% 2.4% -5.1% -11.8% -12.7% -8.5% -4.8% -6.0% -2.9% -3.6% -5.6% 3.9% -14.1% -6.3% -5.5%
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3 Project Makeover 5.1 5.8 14% 15.2% 16.2% 45.0% 62.4% 130.9% 24.5% 17.5% 27.3% 27.6% 25.6% 28.6% 18.9% 12.8% 4.8% 5.5%
4 Wordscapes 2.5 2.3 -10% -15.4% -7.7% -10.3% -27.8% -21.9% -27.9% -15.7% -10.8% -17.4% -15.5% -13.9% -12.1% -14.2% -12.5% -8.0%
5 Clockmaker: Match 3 Games! 8.7 8.7 1% 2.2% -10.5% -0.3% -1.7% -1.9% 16.3% 11.8% -8.2% -4.3% 8.2% -1.9% 3.4% -5.4% 8.4% -0.9%
6 West Game 2.9 2.7 -7% -28.1% -27.0% -29.4% -25.5% -24.4% -22.2% -29.7% -12.1% -12.2% 10.4% -18.8% -8.4% 1.6% 0.0% 5.5%
7 Cash Tornado™ Slots - Casino 2.8 3.6 29% 19.1% 18.7% 17.9% 13.1% 13.7% 14.1% 27.3% 29.3% 30.5% 40.4% 42.3% 42.7% 24.2% 25.0% 37.1%
8 Game of War - Fire Age 3.2 2.9 -9% -20.9% -21.0% -25.7% -29.2% -10.4% -5.7% -17.7% 16.3% -10.9% -13.1% -9.8% -49.5% -3.9% -7.5% 7.1%
9 Mobile Strike 8.8 8.2 -8% 5.7% 5.7% 5.7% 7.4% 5.1% 4.4% 5.4% 5.9% 3.0% -16.8% -17.4% -16.9% -13.0% -10.2% -3.2%
10 Cooking Madness -A Chef's Game 2.4 2.3 -3% 5.2% -8.0% -10.2% -4.6% -5.6% -2.1% 5.2% -2.1% -5.1% -5.3% -12.3% -5.5% -6.7% 0.5% 1.3%

Source: SensorTower, Data compiled by Goldman Sachs Global Investment Research

abf1713081cf4bd28921692cb124a462

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 Goldman Sachs Americas Technology: Internet

Disclosure Appendix
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Rating and pricing information
Sciplay Corp. (Buy, $12.51) and Take-Two Interactive Software Inc. (Buy, $116.59)

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abf1713081cf4bd28921692cb124a462
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5 October 2022 19
 Goldman Sachs Americas Technology: Internet

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