cut and paste from Financial Review today. A good read.
For Yash Patel, a US-based general partner at venture capital firm Telstra Ventures, the impressive sharemarket debut of gaming platform Roblox last week is just another sign that gaming is going mainstream.Roblox listed on the New York Stock Exchangewith a reference price of $US45 and on Wednesday night closed at $US79 to be valued at $US42 billion ($54 billion).Telstra Ventures has seen Wall Street’s growing love of gaming stocks up close. It was an investor in mobile e-sports platform Skillz, which went public late last year via a SPAC listing. The stock started trading in December with a valuation of $US3.5 billion, ended its first day of trade worth $US7 billion and is now worth almost $US11 billion.Patel says investor enthusiasm is one of a number of factors that have pushed the sector from being the preserve of hardcore gamers – the stereotypical teenager in a dark room – to the mainstream.Improvements in hardware and the development of virtual and augmented reality technologies have helped, but faster internet speeds have been crucial, including the rollout of 5G. Mobile gaming now accounts for more than 50 per cent of the gaming sector, Patel says, and is growing.Telstra Ventures has a range of bets in the sector, including eSports team manager Team SoloMid and Indian giant Mobile Premier League. But Patel is also closely watching the way gaming concepts are being used in all sorts of sectors, arguing gaming concepts are becoming particularly prevalent in the areas of growth, retention and monetisation.Acquiring users is a huge part of the gaming sector and Patel says firms across the economy are borrowing gaming tactics such as mini incentives and offering a free level of a product or service as an introduction.Gaming retention and engagement tactics are also popular. Think of the way a range of products and services now have levels that a user progresses through over time, or the use of leaderboards and rewards that help make a product or service stickier.The way gaming firms monetise their platforms also has wider applications. The model of offering the basic service for free and then offering in-game purchases has become ubiquitous in the app sector. Similarly, the gaming business model where super-users underpin the economics for less frequent users to play for free has also been more widely adopted.There have been interesting examples of Australian firms dabbling in gamification, including Origin Energy’s tie-up with US start-up OhmConnect (the maker of Words with Friends) to create a game called Spike that rewards customers for reducing their energy use at times of high demand.But there is a need for care here too. US share trading app Robinhood has been criticised for its heavily gamified user experience, which can make investing real money – and particularly placing options bets with real financial consequences – seem like a lark.Patel says it’s a danger to watch. Although he argues Robinhood’s gamification strategy has introduced millions to the market who may not have otherwise invested he agrees that “at the same time there need to be guardrails”.“The democratisation of some sectors is really powerful but of course it needs to be balanced.”Taken from Fin Review today.
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