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Asian	
  Eye	
  
                     for	
  the	
  
  Gaming	
  Guy	
  


@benjaminjoffe	
  |	
  CEO,	
  +8*	
  |	
  Plus	
  Eight	
  Star	
  
   TGX	
  |	
  Singapore,	
  September	
  2011	
  
Asia,	
  Gaming	
  and	
  Me	
  
•  Background	
  
      •  10+	
  years	
  in	
  China/Japan/Korea	
  
      •  Researched	
  all	
  top	
  SNS	
  &	
  virtual	
  worlds	
  in	
  Asia	
  
      •  Advised	
  IMVU,	
  Kabam,	
  DeNA…	
  
      •  Organized	
  40	
  Mobile	
  Monday	
  in	
  Beijing	
  
      •  Now	
  building	
  a	
  social	
  startup	
  in	
  Singapore	
  


•  Gaming	
  
      •  “SoLoMo”	
  startup	
  Newt	
  Games	
  in	
  2003	
  (JP)	
  
      •  Founding	
  Partner	
  of	
  Cmune	
  (#1	
  FPS	
  on	
  FB)	
  
Content	
  
1.    What	
  is	
  Asia?	
  
2.    	
  China	
  
3.    	
  Japan	
  
4.    	
  South	
  Korea	
  
5.    	
  Succeeding	
  in	
  Asia	
  
6.    New	
  Asian	
  wisdom	
  
1.	
  What	
  is	
  Asia?	
  
The	
  Trouble	
  with	
  “Asia”	
  
   1.  Different	
  infrastructures	
  

   2.  Different	
  GDP	
  /	
  capita	
  

   3.  Different	
  distribuCon	
  channels	
  

   4.  Different	
  payment	
  soluCons	
  

   5.  And	
  somedmes	
  different	
  regulaCons	
  

   6.  Highly	
  compeCCve	
  

   (and	
  of	
  course:	
  language)	
  
Users	
  




                                                                                                                                       ©PlusEightStar,	
  2011	
  -­‐	
  www.plus8star.com	
  
              Country	
  
                                             USA	
                   China	
                 Japan	
            South	
  Korea	
  

           PopulaCon	
                    310	
  mln	
           1,330	
  mln	
            130	
  mln	
              50	
  mln	
  

         Internet	
  Users	
              245	
  mln	
             485	
  mln	
            100	
  mln	
              40	
  mln	
  

         Mobile	
  Users	
                295	
  mln	
             900	
  mln	
            120	
  mln	
              50	
  mln	
  

             3G	
  Users	
                120	
  mln	
              80	
  mln	
            115	
  mln	
              30	
  mln	
  




Sources:	
  CIA	
  World	
  Fact	
  Book,	
  MIIT,	
  Japan	
  TCA,	
  SKT,	
  March	
  2011.	
  Numbers	
  are	
  rounded	
  for	
  easier	
  comparisons	
  
Networks	
  
                         100%
                                                                                                                        3G:	
  98%	
  
                                                                                                                        Web:	
  60%	
  
                                                                                                                        Avg.	
  8.5	
  Mbps	
  
                         80%
3G	
  Users	
  (%)	
  



                                                                                                                        3G:	
  60%	
  (W-­‐CDMA	
  only)	
  
                                                                                                                        Web:	
  72%	
  
                         60%                                                                                            Avg.	
  14	
  Mbps	
  
                                 C
                                 hi                                                                                     3G:	
  40%	
  
                         40%
                                 n                                                                                      Web:	
  34%	
  
                                                                                                                        Avg.	
  5.0	
  Mbps	
  
                                 a	
  
                         20%
                                                                                                                        3G:	
  5%	
  
                                                                                                                        Web:	
  0.5%	
  
                                            ©PlusEightStar,	
  2011	
  -­‐	
  www.plus8star.com	
                       Avg.	
  1.0	
  Mbps	
  
                          0%
                                0%             20%                40%               60%                80%


                          Internet	
  ConnecCons	
  Measured	
  >5	
  Mbps	
  (%)	
  


                                         Sources:	
  Akamai	
  4Q10,	
  Japan	
  TCA,	
  SKT,	
  ITU,	
  IDA,	
  Internet	
  World	
  Stats,	
  March	
  2011	
  
H	
  




                    Source:	
  GapMinder.org	
  
A	
  
R	
     MONEY	
  
D	
  
What	
  is	
  this?	
  
What	
  is	
  this?	
  




                           Answer:	
  Tencent’s	
  
                          new	
  HQ	
  in	
  Shenzhen	
  
#Gimougous	
  Companies	
  
•  China	
  
    –  Tencent	
  made	
  $1B	
  in	
  1Q2011	
  (40%	
  net	
  profit,	
  50%	
  games)	
  
    –  10	
  others	
  listed	
  on	
  Nasdaq,	
  NYSE,	
  HKSE	
  
    –  Renren	
  (SNS)	
  listed	
  on	
  NYSE	
  for	
  $5B	
  in	
  April	
  2011	
  

•  Japan	
  
    –  DeNA 	
  $1.3B	
  (2010)	
  
    –  GREE 	
  $600	
  million	
  (2010)	
  

•  Korea	
  
    –  Nexon 	
   	
   	
   	
   	
          	
  $1B	
  (2010	
  est.)	
  
    –  NHN	
  (Naver,	
  Hangame)            	
  $1.3	
  billion	
  (2010,	
  35%	
  games)	
  
    –  NC	
  So 	
   	
   	
   	
   	
      	
  $525	
  million	
  (2010)	
  
Social	
  Networks	
  in	
  Asia	
  
  China	
       Accounts	
       Korea	
      Accounts	
              Japan	
                Accounts	
  

Facebook	
         n.a.	
      Facebook	
        4M	
             Facebook	
                       3M	
  

  Qzone	
                                                          Mobage	
  
                  505M	
       Cyworld	
        25M	
                                             25M	
  
(Tencent)	
                                                        (DeNA)	
  

 51.com	
         178M	
         Naver	
         n.a.	
               GREE	
                      25M	
  


 Renren	
         117M	
         Daum	
          n.a.	
                Mixi	
                     25M	
  

Pengyou	
                                                          Yahoo	
  
                  101M	
                                                                           3M	
  
(Tencent)	
                                                        Mobage	
  

Kaixin001	
       100M	
  
                                                            ©PlusEightStar,	
  2011	
  -­‐	
  www.plus8star.com	
  
Just	
  an	
  idea	
  about	
  staff…	
  


•  Twiuer	
   	
      	
  500	
       •  Renren	
   	
      	
  1,500	
  

•  Facebook	
  	
     	
  2,500	
     •  Tencent	
   	
     	
  12,000	
  
Digital	
  Goods	
  &	
  Currencies	
  in	
  2010	
  




Asia:	
  $18	
  Billion	
  
     USA:	
  $2	
  Billion	
  




                                                              Source:	
  Plus	
  Eight	
  Star,	
  2011	
  
$18	
  billion	
  	
  
      Digital	
  Goods	
  &	
  Currencies	
  in	
  Asia	
  

                  Online	
  Games	
              Social	
  Plavorms	
         Social	
  Games	
  
                  Virtual	
  Worlds	
            Tencent	
  IM,	
  etc.	
     Secondary	
  Market	
  
10,000	
  
                                                                                                    Unit:	
  MUSD	
  

 8,000	
  
                           2,000	
  
 6,000	
                     910	
  
                             200	
                             1,000	
  
                                                                100	
  
 4,000	
  

                           5,000	
                             4,700	
                         2,000	
  
 2,000	
  

               ©PlusEightStar,	
  2011	
  -­‐	
  www.plus8star.com	
  
                                                                                               1,500	
  
       0	
  
                           China	
                             Korea	
                         Japan	
  
Digital	
  Labor	
  
2.	
  China	
  
Users	
  Demographics	
  

            1.1%	
   0.2%	
  

            7.9%	
  
                                            11-­‐19	
  
                                35.8%	
     20-­‐29	
  
19.6%	
  
                                            30-­‐39	
  
                                            40-­‐49	
  
                                            50-­‐59	
  
                                            60	
  and	
  above	
  
            35.4%	
  




                                                              Source:	
  CNNIC,	
  2010.07	
  
Educadon	
  

                                         Primary	
  School	
  

        11.3%	
   9.2%	
  
                                         Junior	
  Middle	
  School	
  

12.0%	
  
                             27.5%	
     Senior	
  Middle	
  School	
  



                                         Professional	
  Training	
  College	
  

     40.1%	
  
                                         Undergraduate	
  EducaCon	
  and	
  
                                         The	
  Above	
  




                                                                   Source:	
  CNNIC,	
  2010.07	
  
Income	
  
            2.8%	
  
                   2.3%	
  
                                                 without	
  income	
  
                         8.1%	
  
      10.1%	
                                    Below	
  $76	
  
                                                 $77-­‐153	
  
                                     20.5%	
     $154-­‐229	
  
14.4%	
  
                                                 $230-­‐306	
  
                                                 $307-­‐458	
  
   14.4%	
                          13.5%	
      $459-­‐764	
  
                    13.9%	
                      $765-­‐1222	
  
                                                 Above	
  $1222	
  




                                                                    Source:	
  CNNIC,	
  2010.07	
  
Online	
  Games	
  
•  120	
  million	
  online	
  game	
  users                                                      	
  



•  $5	
  billion	
  in	
  2010	
  

          Unit:	
  billion	
  $US	
                                                                                                           7	
  
                                                                                         6.2	
                    6.6	
  
                                                                5.6	
  
                                          5	
  
                        4.1	
  
          3.2	
  




         2008	
        2009	
           2010	
                2011	
                   2012	
                   2013	
                   2014	
  

                                          Sources:	
  2008-­‐2014	
  China's	
  Online	
  Game	
  Market	
  Annual	
  Report	
  by	
  Ministry	
  of	
  Culture,	
  iResearch,	
  2011	
  
Market	
  Shares	
  

                   Others
                    16%
                                 Tencent
                                   31%
    Giant
     4%
Changyou
   7%
                                Netease
                                 16%
  Perfect World
       7%
                  Shanda Game
                      12%


                                           Source:	
  iResearch,	
  2010	
  
Revenue	
  &	
  Profit	
  

4,000	
  
                Unit:	
  million	
  US$	
                                                                                                         Revenue	
              Profit	
  
              2,966	
  
3,000	
  


2,000	
  

                1,228	
  
                                            852	
   866	
  
1,000	
                       689	
                                                                                                                            LOSS	
  
                                                            336	
   365	
   329	
  
                                 197	
   180	
                       128	
   176	
   203	
   148	
   81	
   213	
   111	
  
                                                                                      123	
   56	
     5	
    22	
                                                       77	
  
      0	
  
                Tencent	
      Shanda	
      Shanda	
     Netease	
     Perfect	
     Changyou	
        Giant	
       Kingsoy	
   NetDragon	
      CDC	
     The9	
       Renren	
  
                                Game	
                                  World	
                      Interacdve	
  



                                                                                                                                                             Source:	
  Companies,	
  2010	
  
Market	
  Cap	
  
        $53.5B	
  


8	
  
                                                                                                                                                          Unit:	
  billion	
  US$	
  
7	
  
                                    6.2	
  
6	
  
                                                                                                                                                                                  5	
  
5	
                                               4.5	
  
4	
  
3	
                    2.4	
  
2	
                                                                            1.7	
          1.7	
  
                                                               1.1	
  
1	
                                                                                                          0.764	
  
                                                                                                                             0.29	
   0.1	
   0.165	
  
0	
  
         Tencent	
     Shanda	
     Shanda	
     Netease	
     Perfect	
     Changyou	
        Giant	
        Kingsoy	
     NetDragon	
         CDC	
           The9	
         Renren	
  
                        Game	
                                 World	
                      Interacdve	
  




                                                                                                                               Source:	
  Companies,	
  2011.04	
  except	
  Renren,	
  2011.05	
  
Tencent	
  


          Other
          21%
                            Online
                            Games
                             49%
      Non-gaming
      digital goods
           30%




$3B	
  in	
  2010,	
  $1B	
  in	
  1Q2011	
  
Renren	
  
                                SNS	
  +	
  Game	
  Dev.	
  
       Value-­‐Added	
  Services	
  
          Includes	
  Nuomi	
                                        AdverCsing	
  
         (Groupon	
  Clone)	
                                        -­‐	
  Mostly	
  ads	
  sold	
  “per	
  day”	
  
                                                 13%	
               -­‐	
  Limited	
  targedng	
  

                                                           42%	
  



                                          45%	
  

          Online	
  Games	
  
Top	
  MMORPG	
  =	
  31%	
  of	
  game	
  rev.	
  
          (14%	
  of	
  total)	
  



                                 $76.5m	
  in	
  2010	
  (Loss)	
  
Walled	
  Garden	
  


                 Item	
                          Figure	
  


     Third-­‐party	
  ApplicaCons	
              1,000	
  

          Revenue	
  from	
                 $3.5	
  million	
  
         Plahorm	
  in	
  2010	
          (Renren	
  share)	
  
                                        Renren:	
  52%	
  (avg.)	
  
           Revenue	
  Share	
  
                                         Developer:	
  48%	
  




Most	
  developers	
  Look	
  Overseas	
  or	
  at	
  Qzone	
  
3.	
  Japan	
  
Japan’s	
  Gaming	
  Market	
  
•  Online	
  Games	
  
    –  $1.5B	
  in	
  2010	
  
    –  Casual	
  Games	
  &	
  MMOs	
  from	
  Korea,	
  China	
  
    –  Shiy	
  to	
  Free-­‐to-­‐Play	
  


•  Mobile	
  &	
  Social	
  boom	
  
    –  Konami:	
  Mobile/Social!	
  ($10M/month	
  on	
  GREE)	
  
    –  Mobile	
  social	
  gaming	
  ecosystem	
  >$500M	
  in	
  2010	
  
The	
  Real	
  Thing:	
  Mobile	
  Social	
  Gaming	
  

          Self-­‐published	
  +	
  Open	
  plavorms	
  


                                                          	
  	
  	
  	
  	
  	
  Some	
  ads	
  




                                                                  SNS	
  
                                                                      +	
  
                                                              Free	
  games	
  
                                                                      +	
  
                              Homepage	
                     Virtual	
  goods	
  
GREE	
  Service	
  
                                   AdverCsing	
  

                              -­‐ 	
  Banners	
  &	
  Ce-­‐ups	
  
GREE	
  top	
  page	
                                                               AdverCsing	
  
                                                                                         20%	
  
      banner	
  


                                          Avatars	
  
                             -­‐ 	
  CustomizaCon	
  with	
  various	
  items	
  
                             (clothes,	
  accessories,	
  etc..)	
  




                                                                                    Digital	
  goods	
  
                                  Social	
  Games	
                                       80%	
  
                             -­‐ 	
  Integrated	
  with	
  SNS	
  funcCons	
  
GREE	
  Games	
  
 (8	
  self-­‐published)	
  
Revenue	
  of	
  Leading	
  Plavorms	
  

Net	
  sales	
  and	
  profitability	
  (million	
  USD)	
     Adverdsing	
  revenue	
  vs.	
  digital	
  currency*	
  




                                                                              * Considering	
  that	
  there	
  are	
  no	
  other	
  source	
  of	
  revenues	
  
Not	
  Only	
  Kids	
  &	
  Housewives	
  

           Teens	
                20s	
            30s	
  




                       Male	
               Female	
  
DENA	
  &	
  GREE	
  

•  Self-­‐Published	
  Games	
  +	
  Walled	
  Gardens	
  

•  Proprietary	
  digital	
  currencies	
  

•  70/30	
  Revenue	
  share	
  

•  $500	
  million	
  paid	
  to	
  third-­‐pardes	
  (GREE,	
  2010)	
  


       Mobile	
  Social	
  Apps	
  Make	
  Money	
  in	
  Japan	
  
Very	
  Local	
  Payment	
  
CyberAgent	
  |	
  $18M	
  in	
  1Q2011	
  

CyberAgent	
  Subsidiaries	
     37	
  Ctles	
  across	
  6	
  plahorms	
  




                                                             Source:	
  CyberAgent,	
  2011.03	
  
#1	
  Virtual	
  World	
  |	
  Pigg	
  
Pigg	
  by	
  CyberAgent	
  
•  6M	
  reg.	
  users	
  bring	
  fortunes	
  
        •  $20M	
  in	
  1Q2011	
  
        •  As	
  much	
  as	
  Angry	
  Birds!	
  
        •  $100M+	
  in	
  2011?	
  
Mini-­‐Games	
  for	
  $1M	
  




•  Each	
  game	
  generated	
  $1.2M	
  in	
  December	
  2010	
  
On	
  Android	
  
4.	
  South	
  Korea	
  
Digital	
  Goods	
  Market	
  

$100	
  mln	
   $10	
  mln	
         $10	
  mln	
  


$1	
  bln	
  
                                                      Online	
  Games	
  
                                                      Secondary	
  Market	
  
                                                      Social	
  Plavorms	
  
                                                      Social	
  Games	
  
                       $4.7	
  bln	
                  Virtual	
  Worlds	
  
Online	
  Games	
  |	
  Key	
  Players	
  
Revenue	
  &	
  Profits	
  (2010)	
  

                                          Revenue	
          Profit	
  
1,400	
                       1,310	
  
                                                                                         Unit:	
  MUSD	
  
1,200	
  
1,000	
       935	
  

  800	
  
                                     607	
  
  600	
                                            525	
  
                                                                         427	
  
                    376	
  
  400	
  
                                                         251	
                             243	
  
  200	
                                                                        111	
  
                                                                                                     47	
  
      0	
  
               Nexon	
           NHN	
             NC	
  Soy	
           Neowiz	
        CJ	
  Internet	
  
                              (Hangame)	
  


              >50%	
  of	
  Nexon’s	
  revenue	
  is	
  overseas	
  
Market	
  Cap	
  (2011.04)	
  

14.0	
       13.0	
  
12.0	
  
                                                                        Unit:	
  billion	
  USD	
  
10.0	
                         9.2	
  

  8.0	
  

  6.0	
                                       5.4	
  
                                                                              This	
  is	
  sCll	
  
  4.0	
                                                                      $300	
  million!	
  
  2.0	
                                                      1.1	
  
                                                                                     0.3	
  
  0.0	
  
            Nexon	
           NHN	
        NC	
  Soy	
     Neowiz	
           CJ	
  Internet	
  
                           (Hangame)	
  
Ranking	
  in	
  Internet	
  Cafes	
  	
  
                                Name                                         Category           Publisher         Market Share

                                 AION                                        MMORPG              NCsoft              15.6%

                                  Tera                                       MMORPG          NHN (Hangame)           14.2%

                         Sudden attack                                             FPS         CJ Internet           10.6%

                           WarCraft 3                                              RTS        Blizzard (US)          5.9%

                             StarCraft                                             RTS        Blizzard (US)          5.0%

                                                                                             Neowiz Games +
                          FIFA Online                                             Sports                             4.3%
                                                                                           Electronic Arts (US)

                     World of Warcraft                                       MMORPG           Blizzard (US)          4.0%

                             Lineage 2                                       MMORPG              Ncsoft              3.5%

                     Dungeon & Fighter                                       MMORPG              Nexon               3.2%

                             Lineage 1                                       MMORPG              Ncsoft              2.9%



MMORPG      	
  Massively	
  Muldplayer	
  Online	
  Role-­‐Playing	
  Game	
  
RTS  	
     	
  Real-­‐Time	
  Strategy	
  
FPS  	
     	
  First-­‐Person	
  Shooter	
                                                                            Source	
  :	
  Gametrix,	
  2011.02	
  
Secondary	
  Markets	
  


                               6M	
  Users	
  	
       $480M	
  
  Growth	
  of	
  	
  
ItemBay	
  users	
  
     Unit:	
  million	
  




                                                         Source	
  :	
  ItemBay	
  
Social	
  Plavorms	
  

•  Fragmented	
  
    –  Naver	
  Social	
  Apps	
  
    –  Nate	
  /	
  Cyworld	
  
    –  Facebook	
  Korea	
  
    –  Daum	
  Yozm	
  


•  All	
  early	
  stage	
  
    –  Limited	
  revenue	
  (<$10M	
  in	
  2010)	
  
    –  Facebook	
  growing	
  fast	
  but	
  weak	
  payment	
  soludons	
  
Cyworld	
  |	
  Digital	
  Currency	
  
                Type of payment

                Credit card             Regular credit cards

                Mobile billing          Reported on the mobile phone bill

                1588 ARS                Call 1588 and bill on fixed line

                Rainbow point           SK Telecom’s membership

                E-Station pointBox      SK’s web-to-phone system point

                OK Cashbag              SK Group’s loyalty points service

                BC Top point            BC card’s point service

                KB Total point          KB bank’s point

                Hyundai Card point      Hyundai credit card point

                PointRO(KT point)       KT’s point system

                Culture Coupon          Coupon from Ministry of Culture

                Book & Culture Coupon   Coupon from Book Organization

                Happy Money Coupon      Independent firm’s coupon

                Teen Cash               Independent firm’s coupon

                Cyworld Coupon          Cyworld’s coupon
5.	
  Succeeding	
  in	
  Asia	
  
Defining	
  Success	
  

1.  Revenue	
  

2.  Profit	
  

3.  Usage	
  /	
  Brand	
  recognidon	
  

4.  Development	
  

5.  Learning	
  
Western	
  Companies	
  
                                       China	
                Japan	
              Korea	
  

                             Zynga	
  (w/	
  Tencent)	
       Zynga	
  
     OperaCons	
                                                                    WoW	
  
                             PopCap	
  (w/	
  Renren)	
      RockYou	
  

                                                                            EA	
  (FIFA	
  Online)	
  
                                                                                   PopCap	
  
                                WoW	
  (+Netease)	
  
                                                             PopCap	
               Kabam	
  
Licensing	
  /	
  Partners	
   Crossfire	
  (+Tencent)	
  
                                                            Crowdstar	
            RockYou	
  
                                   Angry	
  Birds	
  
                                                                                   Playfish	
  
                                                                                   Cmune	
  
                                     Ubisoy	
  
                                     PopCap	
  
                                                              Zynga	
  
                                      Zynga	
  
    Development	
                                            Playfish	
  
                                     Playfish	
  
                                                             RockYou	
  
                                     Kabam	
  
                                     Cmune	
  


Ideas	
  too!	
  The	
  First	
  Farm	
  Game	
  was	
  made	
  in	
  China	
  
Wealth	
  of	
  Plahorms:	
  How	
  much	
  for	
  you?	
  

•  China	
  
    –  Qzone 	
         	
  $M	
  for	
  happy	
  few	
  (~10)	
  
    –  Renren 	
        	
  Sdll	
  small	
  
    –  Others 	
        	
  Unclear	
  

•  Korea	
  
    –  Sdll	
  small:	
  total	
  market	
  was	
  $10M	
  in	
  2010	
  

•  Japan	
  
    –  Mobile	
  mostly,	
  but	
  hundreds	
  of	
  $mln!	
  
    –  Chinese	
  companies	
  first	
  movers	
  (Rekoo,	
  Rakoo,	
  etc.)	
  
iOS	
  Mobile	
  Rankings	
  |	
  China	
  
               (games	
  &	
  udlides)	
  




                                              Nubee	
  
     PvZ	
  
                            FHM	
  
iOS	
  Mobile	
  Rankings	
  |	
  Japan	
  
                   (RPGs,	
  Adventure)	
  


             (Book)	
                                        (Adv.	
  Game)	
  
         BioHazard	
                                         (RTS,	
  SEGA)	
  
            (Photo)	
                                        (Social	
  RPG)	
  
             (Slot)	
                                                 (Slot)	
  
          (AR	
  Game)	
                                     (Adv.	
  Game)	
  
      (Racing	
  Game)	
                                       (Pokemon)	
  
           (Music)	
                          (Pirate	
  RPG,	
  by	
  GREE)	
  
            (Book)	
                                      (Hostess	
  SIM)	
  
         (BioHazard)	
                                                (RPG)	
  

                                                                      (RPG)	
  
iOS	
  Mobile	
  Rankings	
  |	
  Korea	
  
                  (English,	
  Tools,	
  Games)	
  



          (English)	
  
              (Tool)	
  


              (Tool)	
  




    (Xvid	
  player)	
  

          (English)	
  
Case	
  Studies	
  


•  PopCap 	
   	
   	
  Pragmadc	
  and	
  organic	
  

•  Angry	
  Birds 	
  Soon	
  big	
  in	
  China?	
  
                	
  

•  Cmune 	
   	
   	
  Made	
  from	
  China	
  
Asian Eye For The Gaming Guy TGX Edition
Asian Eye For The Gaming Guy TGX Edition
Uberstrike	
  	
  	
  by	
  Cmune	
  

•  #1	
  FPS	
  on	
  Facebook	
  

•  Made	
  from	
  China	
  +	
  Global	
  reach	
  

•  We’re	
  hiring!	
  

•  www.facebook.com/uberstrike	
  

             Disclosure:	
  I	
  am	
  an	
  investor	
  in	
  Cmune	
  
Asian Eye For The Gaming Guy TGX Edition
Mac	
  App	
  Store	
  
Uberstrike.com	
  
                            Facebook	
  


Cyworld	
  (Korea)	
  
6.	
  New	
  Asian	
  Wisdom	
  
Interesdng	
  New	
  Things	
  
1.  	
  Nano-­‐transacdons	
  

2.  	
  SNS	
  as	
  MMO	
  funnels	
  

3.  	
  New	
  social	
  plavorms	
  

4.  	
  Fourth	
  GeneraCon	
  Digital	
  Goods	
  Model	
  

5.  	
  Smartphone	
  opportunity	
  

6.  	
  Various	
  deals	
  &	
  partnerships	
  
1.	
  Nano-­‐Transacdons	
  

•  Tencent	
  had	
  
   –  1	
  Q	
  Coin	
  =	
  1	
  RMB	
  =	
  0.1	
  EUR	
  


•  They	
  introduced	
  
   –  1	
  Q	
  Point	
  =	
  0.1	
  RMB	
  =	
  0.01	
  EUR	
  


•  …for	
  goods	
  &	
  dme-­‐based	
  “nano-­‐transacCons”	
  
2.	
  SNS	
  as	
  MMO	
  funnels	
  

•  Renren	
  revenue	
  more	
  from	
  games	
  than	
  ads	
  

•  MoneCzaCon	
  much	
  higher	
  in	
  MMOs	
  

•  RetenCon	
  is	
  beuer	
  too	
  

•  What’s	
  your	
  ROI?	
  
3.	
  New	
  Social	
  Plavorms	
  

•  Naver,	
  Nate,	
  Daum 	
   	
   	
  Portals	
  

•  QQ,	
  NateOn 	
   	
   	
   	
   	
  IM	
  

•  Ameba 	
   	
   	
   	
   	
   	
   	
  Blog	
  plahorm	
  

•  DeNA,	
  GREE 	
   	
   	
   	
   	
  Mobiles	
  +	
  Smartphones	
  
4.	
  Fourth	
  Generadon	
  Model?	
  

•  1G 	
   	
  Box	
  game	
  /	
  Pay-­‐per-­‐download	
   	
  (e.g.	
  COD)	
  

•  2G 	
   	
  Time-­‐based	
  (1	
  hour	
  to	
  1	
  year) 	
  (e.g.	
  WoW)	
  

•  3G 	
   	
  Digital	
  goods:	
  permanent	
  	
   	
   	
  (e.g.	
  IMVU)	
  

•  3.5G 	
  Digital	
  goods:	
  rental	
   	
   	
   	
   	
  (e.g.	
  QQ)	
  

•  4G? 	
  Digital	
  goods:	
  trading	
   	
   	
  (e.g.	
  ZT	
  Online	
  2)	
  
e.g.	
  ZT	
  Online	
  2	
  

•  Giant	
  Interacdve	
  no	
  longer	
  sells	
  items	
  in	
  ZTO2!	
  
    –  Trading	
  is	
  main	
  revenue	
  model	
  
    –  Reward	
  acdve	
  users	
  with	
  items	
  
    –  Let	
  users	
  decide	
  on	
  the	
  right	
  price	
  
    –  5%	
  commission	
  on	
  transacCons	
  

•  Benefits	
  
    –  Capture	
  secondary	
  market	
  
    –  Avoid	
  “one-­‐price	
  for	
  all”	
  for	
  digital	
  goods	
  
    –  Ensure	
  fairness	
  
    –  MoCvate	
  users	
  
5.	
  Smartphone	
  Opportunity	
  
•  Smartphones	
  booming	
  in	
  Japan	
  &	
  Korea	
  
       •  Japan:	
  50%	
  of	
  new	
  phones	
  in	
  2011	
  (today:	
  5M+	
  iPhones)	
  
       •  Korea	
  >	
  10M	
  smartphones	
  




•  China	
  has	
  lots	
  of	
  smartphones	
  &	
  feature	
  phones	
  
       •  Beijing	
  Apple	
  store	
  is	
  #1	
  worldwide	
  (>Times	
  Square)	
  
       •  Android	
  spreading	
  but	
  app	
  stores	
  fragmented	
  
       •  Building	
  apps	
  from	
  China	
  works	
  



           Disclosure:	
  I	
  am	
  an	
  investor	
  in	
  MyGengo	
  
6.	
  Deals	
  &	
  Partnerships	
  

•  China	
  
    –  Funds	
  by	
  Tencent,	
  Giant,	
  Shanda	
  (>$1B)	
  

•  Japan	
  
    –  Funds	
  by	
  DeNA,	
  GREE,	
  Mixi	
  (>$1B?)	
  
    –  GREE	
  acquires	
  OpenFeint	
  (US)	
  
    –  GREE	
  partners	
  with	
  Tencent	
  (CN)	
  and	
  Mig33	
  (SE	
  Asia)	
  
    –  DeNA	
  acquires	
  NGMOCO	
  (US)	
  

•  Korea	
  
    –  Various	
  M&As	
  
    –  Some	
  investments	
  by	
  Nexon	
  in	
  US	
  
Thanks!	
  
   More	
  about	
  “Innovadon	
  Arbitrage”	
  

www.plus8star.com	
  

benjamin@plus8star.com	
  	
  
                                                 +81	
  |	
  Japan	
  

benjaminjoffe	
                                   +82	
  |	
  Korea	
  

                                                 +86	
  |	
  China	
  
@benjaminjoffe	
  
                                            Telecom	
  &	
  Internet	
  

www.linkedin.com/in/benjaminjoffe	
  	
         +	
  Added	
  Value	
  

                                               *	
  High	
  quality	
  
www.slideshare.net/plus8star	
  	
  

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Asian Eye For The Gaming Guy TGX Edition

  • 1. Asian  Eye   for  the   Gaming  Guy   @benjaminjoffe  |  CEO,  +8*  |  Plus  Eight  Star   TGX  |  Singapore,  September  2011  
  • 2. Asia,  Gaming  and  Me   •  Background   •  10+  years  in  China/Japan/Korea   •  Researched  all  top  SNS  &  virtual  worlds  in  Asia   •  Advised  IMVU,  Kabam,  DeNA…   •  Organized  40  Mobile  Monday  in  Beijing   •  Now  building  a  social  startup  in  Singapore   •  Gaming   •  “SoLoMo”  startup  Newt  Games  in  2003  (JP)   •  Founding  Partner  of  Cmune  (#1  FPS  on  FB)  
  • 3. Content   1.  What  is  Asia?   2.   China   3.   Japan   4.   South  Korea   5.   Succeeding  in  Asia   6.  New  Asian  wisdom  
  • 4. 1.  What  is  Asia?  
  • 5. The  Trouble  with  “Asia”   1.  Different  infrastructures   2.  Different  GDP  /  capita   3.  Different  distribuCon  channels   4.  Different  payment  soluCons   5.  And  somedmes  different  regulaCons   6.  Highly  compeCCve   (and  of  course:  language)  
  • 6. Users   ©PlusEightStar,  2011  -­‐  www.plus8star.com   Country   USA   China   Japan   South  Korea   PopulaCon   310  mln   1,330  mln   130  mln   50  mln   Internet  Users   245  mln   485  mln   100  mln   40  mln   Mobile  Users   295  mln   900  mln   120  mln   50  mln   3G  Users   120  mln   80  mln   115  mln   30  mln   Sources:  CIA  World  Fact  Book,  MIIT,  Japan  TCA,  SKT,  March  2011.  Numbers  are  rounded  for  easier  comparisons  
  • 7. Networks   100% 3G:  98%   Web:  60%   Avg.  8.5  Mbps   80% 3G  Users  (%)   3G:  60%  (W-­‐CDMA  only)   Web:  72%   60% Avg.  14  Mbps   C hi 3G:  40%   40% n Web:  34%   Avg.  5.0  Mbps   a   20% 3G:  5%   Web:  0.5%   ©PlusEightStar,  2011  -­‐  www.plus8star.com   Avg.  1.0  Mbps   0% 0% 20% 40% 60% 80% Internet  ConnecCons  Measured  >5  Mbps  (%)   Sources:  Akamai  4Q10,  Japan  TCA,  SKT,  ITU,  IDA,  Internet  World  Stats,  March  2011  
  • 8. H   Source:  GapMinder.org   A   R   MONEY   D  
  • 10. What  is  this?   Answer:  Tencent’s   new  HQ  in  Shenzhen  
  • 11. #Gimougous  Companies   •  China   –  Tencent  made  $1B  in  1Q2011  (40%  net  profit,  50%  games)   –  10  others  listed  on  Nasdaq,  NYSE,  HKSE   –  Renren  (SNS)  listed  on  NYSE  for  $5B  in  April  2011   •  Japan   –  DeNA  $1.3B  (2010)   –  GREE  $600  million  (2010)   •  Korea   –  Nexon            $1B  (2010  est.)   –  NHN  (Naver,  Hangame)  $1.3  billion  (2010,  35%  games)   –  NC  So            $525  million  (2010)  
  • 12. Social  Networks  in  Asia   China   Accounts   Korea   Accounts   Japan   Accounts   Facebook   n.a.   Facebook   4M   Facebook   3M   Qzone   Mobage   505M   Cyworld   25M   25M   (Tencent)   (DeNA)   51.com   178M   Naver   n.a.   GREE   25M   Renren   117M   Daum   n.a.   Mixi   25M   Pengyou   Yahoo   101M   3M   (Tencent)   Mobage   Kaixin001   100M   ©PlusEightStar,  2011  -­‐  www.plus8star.com  
  • 13. Just  an  idea  about  staff…   •  Twiuer      500   •  Renren      1,500   •  Facebook      2,500   •  Tencent      12,000  
  • 14. Digital  Goods  &  Currencies  in  2010   Asia:  $18  Billion   USA:  $2  Billion   Source:  Plus  Eight  Star,  2011  
  • 15. $18  billion     Digital  Goods  &  Currencies  in  Asia   Online  Games   Social  Plavorms   Social  Games   Virtual  Worlds   Tencent  IM,  etc.   Secondary  Market   10,000   Unit:  MUSD   8,000   2,000   6,000   910   200   1,000   100   4,000   5,000   4,700   2,000   2,000   ©PlusEightStar,  2011  -­‐  www.plus8star.com   1,500   0   China   Korea   Japan  
  • 18. Users  Demographics   1.1%   0.2%   7.9%   11-­‐19   35.8%   20-­‐29   19.6%   30-­‐39   40-­‐49   50-­‐59   60  and  above   35.4%   Source:  CNNIC,  2010.07  
  • 19. Educadon   Primary  School   11.3%   9.2%   Junior  Middle  School   12.0%   27.5%   Senior  Middle  School   Professional  Training  College   40.1%   Undergraduate  EducaCon  and   The  Above   Source:  CNNIC,  2010.07  
  • 20. Income   2.8%   2.3%   without  income   8.1%   10.1%   Below  $76   $77-­‐153   20.5%   $154-­‐229   14.4%   $230-­‐306   $307-­‐458   14.4%   13.5%   $459-­‐764   13.9%   $765-­‐1222   Above  $1222   Source:  CNNIC,  2010.07  
  • 21. Online  Games   •  120  million  online  game  users   •  $5  billion  in  2010   Unit:  billion  $US   7   6.2   6.6   5.6   5   4.1   3.2   2008   2009   2010   2011   2012   2013   2014   Sources:  2008-­‐2014  China's  Online  Game  Market  Annual  Report  by  Ministry  of  Culture,  iResearch,  2011  
  • 22. Market  Shares   Others 16% Tencent 31% Giant 4% Changyou 7% Netease 16% Perfect World 7% Shanda Game 12% Source:  iResearch,  2010  
  • 23. Revenue  &  Profit   4,000   Unit:  million  US$   Revenue   Profit   2,966   3,000   2,000   1,228   852   866   1,000   689   LOSS   336   365   329   197   180   128   176   203   148   81   213   111   123   56   5   22   77   0   Tencent   Shanda   Shanda   Netease   Perfect   Changyou   Giant   Kingsoy   NetDragon   CDC   The9   Renren   Game   World   Interacdve   Source:  Companies,  2010  
  • 24. Market  Cap   $53.5B   8   Unit:  billion  US$   7   6.2   6   5   5   4.5   4   3   2.4   2   1.7   1.7   1.1   1   0.764   0.29   0.1   0.165   0   Tencent   Shanda   Shanda   Netease   Perfect   Changyou   Giant   Kingsoy   NetDragon   CDC   The9   Renren   Game   World   Interacdve   Source:  Companies,  2011.04  except  Renren,  2011.05  
  • 25. Tencent   Other 21% Online Games 49% Non-gaming digital goods 30% $3B  in  2010,  $1B  in  1Q2011  
  • 26. Renren   SNS  +  Game  Dev.   Value-­‐Added  Services   Includes  Nuomi   AdverCsing   (Groupon  Clone)   -­‐  Mostly  ads  sold  “per  day”   13%   -­‐  Limited  targedng   42%   45%   Online  Games   Top  MMORPG  =  31%  of  game  rev.   (14%  of  total)   $76.5m  in  2010  (Loss)  
  • 27. Walled  Garden   Item   Figure   Third-­‐party  ApplicaCons   1,000   Revenue  from   $3.5  million   Plahorm  in  2010   (Renren  share)   Renren:  52%  (avg.)   Revenue  Share   Developer:  48%   Most  developers  Look  Overseas  or  at  Qzone  
  • 29. Japan’s  Gaming  Market   •  Online  Games   –  $1.5B  in  2010   –  Casual  Games  &  MMOs  from  Korea,  China   –  Shiy  to  Free-­‐to-­‐Play   •  Mobile  &  Social  boom   –  Konami:  Mobile/Social!  ($10M/month  on  GREE)   –  Mobile  social  gaming  ecosystem  >$500M  in  2010  
  • 30. The  Real  Thing:  Mobile  Social  Gaming   Self-­‐published  +  Open  plavorms              Some  ads   SNS   +   Free  games   +   Homepage   Virtual  goods  
  • 31. GREE  Service   AdverCsing   -­‐   Banners  &  Ce-­‐ups   GREE  top  page   AdverCsing   20%   banner   Avatars   -­‐   CustomizaCon  with  various  items   (clothes,  accessories,  etc..)   Digital  goods   Social  Games   80%   -­‐   Integrated  with  SNS  funcCons  
  • 32. GREE  Games   (8  self-­‐published)  
  • 33. Revenue  of  Leading  Plavorms   Net  sales  and  profitability  (million  USD)   Adverdsing  revenue  vs.  digital  currency*   * Considering  that  there  are  no  other  source  of  revenues  
  • 34. Not  Only  Kids  &  Housewives   Teens   20s   30s   Male   Female  
  • 35. DENA  &  GREE   •  Self-­‐Published  Games  +  Walled  Gardens   •  Proprietary  digital  currencies   •  70/30  Revenue  share   •  $500  million  paid  to  third-­‐pardes  (GREE,  2010)   Mobile  Social  Apps  Make  Money  in  Japan  
  • 37. CyberAgent  |  $18M  in  1Q2011   CyberAgent  Subsidiaries   37  Ctles  across  6  plahorms   Source:  CyberAgent,  2011.03  
  • 38. #1  Virtual  World  |  Pigg  
  • 39. Pigg  by  CyberAgent   •  6M  reg.  users  bring  fortunes   •  $20M  in  1Q2011   •  As  much  as  Angry  Birds!   •  $100M+  in  2011?  
  • 40. Mini-­‐Games  for  $1M   •  Each  game  generated  $1.2M  in  December  2010  
  • 43. Digital  Goods  Market   $100  mln   $10  mln   $10  mln   $1  bln   Online  Games   Secondary  Market   Social  Plavorms   Social  Games   $4.7  bln   Virtual  Worlds  
  • 44. Online  Games  |  Key  Players  
  • 45. Revenue  &  Profits  (2010)   Revenue   Profit   1,400   1,310   Unit:  MUSD   1,200   1,000   935   800   607   600   525   427   376   400   251   243   200   111   47   0   Nexon   NHN   NC  Soy   Neowiz   CJ  Internet   (Hangame)   >50%  of  Nexon’s  revenue  is  overseas  
  • 46. Market  Cap  (2011.04)   14.0   13.0   12.0   Unit:  billion  USD   10.0   9.2   8.0   6.0   5.4   This  is  sCll   4.0   $300  million!   2.0   1.1   0.3   0.0   Nexon   NHN   NC  Soy   Neowiz   CJ  Internet   (Hangame)  
  • 47. Ranking  in  Internet  Cafes     Name Category Publisher Market Share AION MMORPG NCsoft 15.6% Tera MMORPG NHN (Hangame) 14.2% Sudden attack FPS CJ Internet 10.6% WarCraft 3 RTS Blizzard (US) 5.9% StarCraft RTS Blizzard (US) 5.0% Neowiz Games + FIFA Online Sports 4.3% Electronic Arts (US) World of Warcraft MMORPG Blizzard (US) 4.0% Lineage 2 MMORPG Ncsoft 3.5% Dungeon & Fighter MMORPG Nexon 3.2% Lineage 1 MMORPG Ncsoft 2.9% MMORPG  Massively  Muldplayer  Online  Role-­‐Playing  Game   RTS    Real-­‐Time  Strategy   FPS    First-­‐Person  Shooter   Source  :  Gametrix,  2011.02  
  • 48. Secondary  Markets   6M  Users     $480M   Growth  of     ItemBay  users   Unit:  million   Source  :  ItemBay  
  • 49. Social  Plavorms   •  Fragmented   –  Naver  Social  Apps   –  Nate  /  Cyworld   –  Facebook  Korea   –  Daum  Yozm   •  All  early  stage   –  Limited  revenue  (<$10M  in  2010)   –  Facebook  growing  fast  but  weak  payment  soludons  
  • 50. Cyworld  |  Digital  Currency   Type of payment Credit card Regular credit cards Mobile billing Reported on the mobile phone bill 1588 ARS Call 1588 and bill on fixed line Rainbow point SK Telecom’s membership E-Station pointBox SK’s web-to-phone system point OK Cashbag SK Group’s loyalty points service BC Top point BC card’s point service KB Total point KB bank’s point Hyundai Card point Hyundai credit card point PointRO(KT point) KT’s point system Culture Coupon Coupon from Ministry of Culture Book & Culture Coupon Coupon from Book Organization Happy Money Coupon Independent firm’s coupon Teen Cash Independent firm’s coupon Cyworld Coupon Cyworld’s coupon
  • 51. 5.  Succeeding  in  Asia  
  • 52. Defining  Success   1.  Revenue   2.  Profit   3.  Usage  /  Brand  recognidon   4.  Development   5.  Learning  
  • 53. Western  Companies   China   Japan   Korea   Zynga  (w/  Tencent)   Zynga   OperaCons   WoW   PopCap  (w/  Renren)   RockYou   EA  (FIFA  Online)   PopCap   WoW  (+Netease)   PopCap   Kabam   Licensing  /  Partners   Crossfire  (+Tencent)   Crowdstar   RockYou   Angry  Birds   Playfish   Cmune   Ubisoy   PopCap   Zynga   Zynga   Development   Playfish   Playfish   RockYou   Kabam   Cmune   Ideas  too!  The  First  Farm  Game  was  made  in  China  
  • 54. Wealth  of  Plahorms:  How  much  for  you?   •  China   –  Qzone    $M  for  happy  few  (~10)   –  Renren    Sdll  small   –  Others    Unclear   •  Korea   –  Sdll  small:  total  market  was  $10M  in  2010   •  Japan   –  Mobile  mostly,  but  hundreds  of  $mln!   –  Chinese  companies  first  movers  (Rekoo,  Rakoo,  etc.)  
  • 55. iOS  Mobile  Rankings  |  China   (games  &  udlides)   Nubee   PvZ   FHM  
  • 56. iOS  Mobile  Rankings  |  Japan   (RPGs,  Adventure)   (Book)   (Adv.  Game)   BioHazard   (RTS,  SEGA)   (Photo)   (Social  RPG)   (Slot)   (Slot)   (AR  Game)   (Adv.  Game)   (Racing  Game)   (Pokemon)   (Music)   (Pirate  RPG,  by  GREE)   (Book)   (Hostess  SIM)   (BioHazard)   (RPG)   (RPG)  
  • 57. iOS  Mobile  Rankings  |  Korea   (English,  Tools,  Games)   (English)   (Tool)   (Tool)   (Xvid  player)   (English)  
  • 58. Case  Studies   •  PopCap      Pragmadc  and  organic   •  Angry  Birds  Soon  big  in  China?     •  Cmune      Made  from  China  
  • 61. Uberstrike      by  Cmune   •  #1  FPS  on  Facebook   •  Made  from  China  +  Global  reach   •  We’re  hiring!   •  www.facebook.com/uberstrike   Disclosure:  I  am  an  investor  in  Cmune  
  • 63. Mac  App  Store   Uberstrike.com   Facebook   Cyworld  (Korea)  
  • 64. 6.  New  Asian  Wisdom  
  • 65. Interesdng  New  Things   1.   Nano-­‐transacdons   2.   SNS  as  MMO  funnels   3.   New  social  plavorms   4.   Fourth  GeneraCon  Digital  Goods  Model   5.   Smartphone  opportunity   6.   Various  deals  &  partnerships  
  • 66. 1.  Nano-­‐Transacdons   •  Tencent  had   –  1  Q  Coin  =  1  RMB  =  0.1  EUR   •  They  introduced   –  1  Q  Point  =  0.1  RMB  =  0.01  EUR   •  …for  goods  &  dme-­‐based  “nano-­‐transacCons”  
  • 67. 2.  SNS  as  MMO  funnels   •  Renren  revenue  more  from  games  than  ads   •  MoneCzaCon  much  higher  in  MMOs   •  RetenCon  is  beuer  too   •  What’s  your  ROI?  
  • 68. 3.  New  Social  Plavorms   •  Naver,  Nate,  Daum      Portals   •  QQ,  NateOn          IM   •  Ameba              Blog  plahorm   •  DeNA,  GREE          Mobiles  +  Smartphones  
  • 69. 4.  Fourth  Generadon  Model?   •  1G    Box  game  /  Pay-­‐per-­‐download    (e.g.  COD)   •  2G    Time-­‐based  (1  hour  to  1  year)  (e.g.  WoW)   •  3G    Digital  goods:  permanent        (e.g.  IMVU)   •  3.5G  Digital  goods:  rental          (e.g.  QQ)   •  4G?  Digital  goods:  trading      (e.g.  ZT  Online  2)  
  • 70. e.g.  ZT  Online  2   •  Giant  Interacdve  no  longer  sells  items  in  ZTO2!   –  Trading  is  main  revenue  model   –  Reward  acdve  users  with  items   –  Let  users  decide  on  the  right  price   –  5%  commission  on  transacCons   •  Benefits   –  Capture  secondary  market   –  Avoid  “one-­‐price  for  all”  for  digital  goods   –  Ensure  fairness   –  MoCvate  users  
  • 71. 5.  Smartphone  Opportunity   •  Smartphones  booming  in  Japan  &  Korea   •  Japan:  50%  of  new  phones  in  2011  (today:  5M+  iPhones)   •  Korea  >  10M  smartphones   •  China  has  lots  of  smartphones  &  feature  phones   •  Beijing  Apple  store  is  #1  worldwide  (>Times  Square)   •  Android  spreading  but  app  stores  fragmented   •  Building  apps  from  China  works   Disclosure:  I  am  an  investor  in  MyGengo  
  • 72. 6.  Deals  &  Partnerships   •  China   –  Funds  by  Tencent,  Giant,  Shanda  (>$1B)   •  Japan   –  Funds  by  DeNA,  GREE,  Mixi  (>$1B?)   –  GREE  acquires  OpenFeint  (US)   –  GREE  partners  with  Tencent  (CN)  and  Mig33  (SE  Asia)   –  DeNA  acquires  NGMOCO  (US)   •  Korea   –  Various  M&As   –  Some  investments  by  Nexon  in  US  
  • 73. Thanks!   More  about  “Innovadon  Arbitrage”   www.plus8star.com   benjamin@plus8star.com     +81  |  Japan   benjaminjoffe   +82  |  Korea   +86  |  China   @benjaminjoffe   Telecom  &  Internet   www.linkedin.com/in/benjaminjoffe     +  Added  Value   *  High  quality   www.slideshare.net/plus8star