PALM BEACH, Fla., Nov. 23, 2020 /PRNewswire/ -- The world is currently undergoing a harrowing and unprecedented event: the COVID-19 pandemic. During these trying times, gaming has become a means of escapism and time filling for many. As a result, one of this year's growth drivers is an increased interest in gaming due to COVID-19-related lockdown measures. Recent industry reports and publications estimate that the world's 2.7 billion gamers will spend $159.3 billion on games in 2020 and that the market will surpass $200 billion by 2023. Across all three segments (PC, console, and mobile), almost half of consumer spending on games will come from China and the U.S. in 2020. However, growth will be driven by emerging markets in regions like Latin America and Asia-Pacific in the years to come. According to NewZoo, the total games market is projected to continue to grow in the following years, exceeding $200 billion at the end of 2023. "By then, we forecast the games market to grow with a +8.3% CAGR to $200.8 billion… Due to the new generation of consoles, growth in console game revenues will steadily grow every year, although we do not foresee revenues reaching double-digit growth before five to six years into the launch. Mobile gaming will continue to be the fastest-growing segment overall." Active tech companies in the markets this week include Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF), Zynga Inc. (NASDAQ: ZNGA), GameStop Corp. (NYSE: GME), Unity Software Inc. (NYSE: U), Activision Blizzard, Inc. (NASDAQ: ATVI).
The NewZoo article reported: "All game segments saw an increase in engagement and revenues as a result of the COVID-19 measures, but mobile gaming saw the biggest increase. In total, mobile games will generate revenues of $77.2 billion in 2020, growing +13.3% year on year. There are a few reasons why mobile will enjoy more growth than both PC and console gaming: Mobile gaming has the lowest barrier to entry: more than two-fifths of the global population owns a smartphone—and many mobile titles are free to play; Mobile gaming as an alternative to PC cafes: the closure of these cafes has led many to (temporarily) churn to mobile gaming; and The mobile development process is less complex and, therefore, less likely to suffer delays from COVID-19-related disruption."
Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF) BREAKING NEWS: Versus Systems Files to List on Nasdaq - Rewards Software Company Files F-1 Registration Statement for Proposed Public Offering and Application for Nasdaq Uplisting – Versus Systems today announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed public offering of its common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Versus has also applied to list its common shares on The Nasdaq Capital Market under the ticker symbol "VS." The Company believes it meets the initial listing requirements for The Nasdaq Capital Market except for the equity standard requirement, which the Company anticipates satisfying upon closing of this proposed public offering.
Lake Street Capital Markets, LLC is acting as representative of the underwriters for the offering.
The proposed offering will be made only by means of a prospectus. Once available, a copy of the preliminary prospectus related to the offering may be obtained from Lake Street Capital Partners, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, telephone: (612) 326-1305, or by emailing [email protected].
A registration statement relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The listing of the Company's common shares with The Nasdaq Capital Market remains subject to approval by The Nasdaq Stock Market and the satisfaction of all applicable listing and regulatory requirements. No assurance can be given that the Company's common shares will ultimately be listed on The Nasdaq Capital Market. During the review process, the Company's common shares will continue to trade on the CSE under its current symbol "VS," and on OTCQB under its current symbol "VRSSF." Read this and more news for Versus Systems at: https://www.financialnewsmedia.com/news-vs/
In other gaming news:
Zynga Inc. (NASDAQ: ZNGA) recently released financial results for its third quarter ended September 30, 2020 by posting management's Q3 2020 Quarterly Earnings Letter to its Investor Relations website.
"We delivered strong results in Q3, ahead of guidance across all key financial measures, including our highest ever quarterly revenue and bookings and best Q3 operating cash flow. Execution of our multi-year growth strategy has driven our tremendous results to date and generated positive momentum across our live services and overall business," said Frank Gibeau, Chief Executive Officer of Zynga. "Extending our strength in live services, we recently launched one of our key franchises Harry Potter: Puzzles & Spells to global fanfare and positive player reviews and closed our acquisition of Rollic on October 1 – marking our entry into the high-growth, hyper-casual games category. Today, we are raising our full year 2020 guidance and are uniquely positioned to be an interactive entertainment growth leader in 2021 and beyond."
GameStop Corp. (NYSE: GME) recently announced that Black Friday deals keep getting better at GameStop, as the company just announced new offers across a variety of video game software, hardware, accessories, PC gaming equipment and pop culture collectibles merchandise.
"We are very proud to announce the next tier of our holiday promotions. They provide our customers with some of the hottest and most relevant deals in gaming along with access to several exclusive items that cannot be found anywhere else – all within a safe and convenient shopping environment through our 'Shop in Easy Mode' omnichannel platforms," said Chris Homeister, chief merchandising officer for GameStop. "Regardless of how customers want to shop, they can access all of our Black Friday offers through our GameStop mobile app, website, or visiting one of more than 3,300 U.S. GameStop stores."
Unity Software Inc. (NYSE: U), the world's leading platform for creating and operating interactive, real-time 3D content, recently announced results for the third quarter ended September 30, 2020. "Companies in the gaming industry have been using real-time 3D technology to create immersive, interactive content for over two decades, and we are proud to be able to support more than 90% of the top game companies globally," said John Riccitiello, President and Chief Executive Officer, Unity. "Now, developers in other industries are taking note and engaging with Unity in transforming their content to be real-time 3D. Creators - from game developers to artists, architects, automotive designers, filmmakers, and more - are turning to Unity to bring their imaginations to life."
"We are very pleased to start our public company journey with such a strong quarter," said Kim Jabal, Chief Financial Officer, Unity. "Revenue of $200.8 million in the third quarter, up 53.3% year-over-year, reflects the resilience of our business model and strong execution across our operational teams and geographies. Our robust growth has reinforced our confidence in the fundamental strength of our business model, and in the long-term opportunity that we see ahead."
Activision Blizzard, Inc. (NASDAQ: ATVI) recently announced third-quarter 2020 results. "Our teams continue to execute our growth plans with excellence during incredibly challenging circumstances," said Bobby Kotick, Chief Executive Officer of Activision Blizzard. "We are on a path to deliver sustained long-term growth across our fully-owned franchises. With confidence in our ability to continue to execute, we are raising our outlook for the year and remain enthusiastic for our growth prospects next year."
For the quarter ended September 30, 2020, Activision Blizzard's net revenues presented in accordance with GAAP were $1.95 billion, as compared with $1.28 billion for the third quarter of 2019. GAAP net revenues from digital channels were $1.75 billion, as compared with $1.01 billion for the third quarter of 2019. GAAP operating margin was 40%. GAAP earnings per diluted share were $0.78, as compared with $0.26 for the third quarter of 2019. For the quarter ended September 30, 2020, on a non-GAAP basis, Activision Blizzard's operating margin was 44% and earnings per diluted share were $0.88, as compared with $0.38 for the third quarter of 2019. For the quarter ended September 30, 2020, operating cash flow was $196 million. For the trailing twelve-month period, operating cash flow was $2.03 billion.
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