The Japanese video game market has experienced declining revenues in recent years due to factors like the global recession and increasing popularity of social and mobile gaming. However, console and arcade gaming remain an important part of Japanese popular culture. The console market is dominated by Nintendo, Sony, and Microsoft platforms, with handheld gaming also very popular due to Japan's mobile culture. Genres like role-playing games appeal widely to both male and female gamers in Japan. Overall, while the market has faced challenges, gaming remains deeply ingrained in Japanese society and culture.
2. Japanese Video Game Market Size
Source: Famitsu by ENTERBRAIN, INC. (Japan) 2
3. Japanese Video Gaming Timeline
Data Collected from December 29, 1986 to December 26, 2010
100 Millions of JPY
8000 2006:
1996: Playstation 3,
2000:
Nintendo 64 Wii
Playstation 2
7000
1994:
1998: 2005:
3DO Real,
NeoGeo Xbox 360
1990: Sega Saturn,
6000 Pocket,
NeoGeo, PlayStation
Dreamcast 2002:
Game Gear, PC-FX
XBox
SNES
5000
1988:
Genesis
4000 1999:
WonderSwan
1995:
Virtual Boy 2004:
3000 Nintendo DS,
1989: PlayStation
Gameboy Portable
2000
1987:
TurboGrafx-16
1000
0
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Famitsu by ENTERBRAIN, INC. (Japan) 3
4. Arcade Gaming Sales in Japan
250
200
Sales/Billion Yen
150
100
50
0
2004 2005 2006 2007 2008 2009 2010
Year
Source: JAMAA 4
5. Arcade Gaming in Japan
Demographics
• Over 19,000 amusement arcades in Japan
• 3.94 arcades per 100,000 people
• Arcade games played across all age groups
• 30% of arcade video game players over 60
Source: Amusement Industry Survey Report 2011, CAPCOM CO., LTD. (Japan) 5
6. Arcade Gaming in Japan
Top Genres:
• Board games
• Horse Racing
• Pachinko
• Trading card games
Source: Amusement Industry Survey Report 2011, CAPCOM CO., LTD. (Japan) 6
7. Arcade Gaming in Japan
Major Developers/Publishers:
• Namco Bandai
• Taito
• Sega
• Capcom
• Konami
Source: Amusement Industry Survey Report 2011, CAPCOM CO., LTD. (Japan) 7
8. Arcade Gaming in Japan
Market Drivers
67
Urbanization Growth In Japan
66.5
66
65.5
65
64.5
64
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Growth in urbanization has fuelled a boom in arcade video gaming.
Source: WORLD BANK 2011 (Japan) 8
9. Arcade Facilities in Japan
Market Trends and Overview
Units $Billions
700
600
500
400
300
200
100
0
2004 2005 2006 2007 2008 2009 2010
Source: Survey on the Amusement Industry, 2011, JAMMA (Japan Amusement Machinery Manufacturers Association) 9
10. Arcade Facilities in Japan
Market Trends and Overview
DOMESTIC ARCADE FACILITY MARKET
504.3
Billion
yen
12.0% Decrease from
FY2008 FY2009 FY2010 previous year
Shrank for the third straight year
Source: Survey on the Amusement Industry, 2011, JAMMA (Japan Amusement Machinery Manufacturers Association) 10
11. Arcade Facilities in Japan
Market Trends and Overview
Over 101 machines 51~100 machines Below 50 machines
30,000
(Units: Stores)
25,000
20,000
15,000
10,000
5,000
0
2004 2005 2006 2007 2008 2009 2010
Years Ended March 31
Currently operating store fronts: 19,213
Source: Survey on the Amusement Industry, 2011, JAMMA (Japan Amusement Machinery Manufacturers Association) 11
12. Arcade Facilities in Japan
Market Trends and Overview
Spreading fear of "Swine Flu Contamination " that gave
rise to "nesting consumers" who avoided going out,
resulting in fewer customers in arcades.
Source: Survey on the Amusement Industry, 2011, JAMMA (Japan Amusement Machinery Manufacturers Association) 12
13. Arcade Facilities in Japan
Market Trends and Overview
Multi-player network games grew in popularity
Source: Survey on the Amusement Industry, 2011, JAMMA (Japan Amusement Machinery Manufacturers Association) 13
14. Console Gaming in Japan
Background
• 1970s: Atari started the market
• 1980s: NEC, Nintendo and Sega
• 2000s: Nintendo, Sony and Microsoft
Top Consoles Today:
• PlayStation 3
• XBOX 360
• WII
14
15. Console Gaming in Japan
Consoles unique to Japanese market:
• PSX - hybrid of PS1, PS2 and XMB
• Panasonic Q - Hybrid of GameCube and DVD Player
• Dreamcast Divers 2000 CX1
• Nintendo Astro Boy Game Boy
• Sony Gold Gundam PlayStation 2
15
16. Console Gaming in Japan - Portable
Background
1980 Game & Watch (Nintendo)
1989 Game Boy (Nintendo), Lynx (Atari)
1990 Game Gear (Sega), PC Engine GT (NEC)
1994 Game Boy Bros. (Nintendo)
1995 Virtual Boy (Nintendo)
1996 Game Boy Pocket (Nintendo)
Game Boy Light, Game Boy Color (Nintendo)
1998
Neogeo Pocket (SNK)
1999 WonderSwan (Bandai), Neogeo Pocket Color (SNK)
2000 WonderSwan Color (Bandai)
2001 Game Boy Advance (Nintendo)
2002 Swan Crystal (Bandai)
2003 Game Boy Advance SP (Nintendo)
Nintendo DS (Nintendo)
2004
PSP (SCE)
2005 Nintendo DS Lite, Game Boy micro (Nintendo)
2008 PSP 3000 (SCE)
2009 PSP Go (SCE)
2011 Nintendo 3DS (Nintendo)
2012 PlayStation Vita (Nintendo)
Source: COMPUTER ENTERTAINMENT SUPPLIERS ASSOCIATION 2012 16
17. Console Gaming in Japan - Home Console
Background
1977 TV Jack 1000, 1200, 1500, 2500, 3000 (Bandai)
1978 Visicom (Toshiba)
Video Computer System (made by Atari, sold by Epoch)
1979
Supervision8000 (Bandai)
Cassette vision (Epoch), Pyu-Ta (Tomy)
1981 Game Pasocom M5 (Sword / Takara)
Max Machine (Commodore)
Family Computer (Nintendo), SG-1000, SC-3000 (Sega)
PV-1000 (Casio), Osero Maltibision (Tsukuda)
1983
TV Boy (Gakken), My Vision (Kanto Denshi / Nihon Bussan)
Cassette vision Jr. (Epoch)
SG-1000 II (Sega), Super Cassette vision (Epoch)
1984
RX-78 (Bandai), Pyu-Ta Mk II (Tomy)
1985 Sega Mark III (Sega)
1986 DiscSystem (Nintendo), Twin Famicom (Sharp)
1987 Master System (Sega), PC Engine (NEC)
1988 Megadrive (Sega), CD-ROM (NEC)
1990 Super Famicom (Nintendo), Neogeo (SNK)
Source: COMPUTER ENTERTAINMENT SUPPLIERS ASSOCIATION 2012 17
18. Console Gaming in Japan - Home Console
Background
1991 MegaCD (Sega), PC Engine Duo, Super CD-ROM (NEC)
1992 Wondermega (Victor)
1993 Laser Active (Pioneer)
PlayStation (SCE), 3DO Real (Panasonic)
3DO Try (Sanyo), Saturn (Sega), PC-FX (NEC)
1994
Playdia (Bandai), Neogeo CD (SNK)
Super 32X (Sega)
1996 Nintendo 64 (Nintendo), PiPPiN@Atmark (Bandai)
1998 Dreamcast (Sega)
2000 PlayStation 2 (SCE), PSone (SCE)
2001 Nintendo GameCube (Nintendo)
2002 X box (Microsoft)
2003 PSX (Sony)
2005 X box 360 (Microsoft)
2006 Family Computer (Nintendo), SG-1000, SC-3000 (Sega)
2006 PS3 (Sony)
Source: COMPUTER ENTERTAINMENT SUPPLIERS ASSOCIATION 2012 18
19. Console Gaming in Japan
Background
35
Total Console Unit Sales in Japan
30
25
SALES/MILLION UNITS
20
15
10
5
0
Source: Famitsu by ENTERBRAIN, INC. (Japan) 19
20. Console Gaming in Japan
Demographics
<18 YRS 18-35 YRS 36 YRS> Male Female
36% 36%
44%
56%
28%
Source: Famitsu by ENTERBRAIN, INC. (Japan) 20
21. Console Gaming in Japan
Preferences driven by culture and brand loyalty
• Sony PS3 and Nintendo WII dominate
• Xbox 360 has smaller following
• Role playing games popular among both genders
• Portable consoles popular due to long train commutes
21
22. Console Gaming in Japan
Preferences
Nintendo WII and PS3 sales in Japan 2006-2011
4.0
3.5
Yearly Units (Millions)
3.0
PS3 Wii
2.5
2.0
1.5
1.0
0.5
0.0
Jan '06 Jul '06 Jan '07 Jul '07 Jan '08 Jul '08 Jan '09 Jul '09 Jan '10 Jul '10 Jan '11 Jul '11 Jan '12
Source: VGCHARTZ
23. Console Gaming in Japan
Preferences
Portable Console Ownership in Japan (2011)
50
45 Male Female
40
35
30
25
%
20
15
10
5
0
Nintendo GB Nintendo GBA Nintendo DS PSP WondeSwan
Source: MIKEMACE.COM 23
24. Console Gaming in Japan vs. America
Preferences (Top 3 Desktop Consoles)
North America Japan
50
45
40
35
Sales/Million Units
30
25
20
15
10
5
0
Wii (Wii) Xbox 360 (X360) PlayStation 3 (PS3)
Source: VGCHARTZ 24
25. Console Gaming in Japan
Developers/Publishers
Nintendo (“Leave luck to heaven”)
• World’s largest gaming company by revenue
• Formed in 1889 and based in Kyoto
• Sales of 565m and 3.4bn hardware and software units respectively₁
• 19% market share of the Japanese video game market ₁
• Major manufacturer of home and portable consoles
Source: NINTENDO FS 2012 (Japan) 25
26. Console Gaming in Japan
Nintendo-Business Model
This key strategy has enabled Nintendo
to become the most profitable of the 3 major console manufacturers
Source: ELIZABETH MENOZZI BUSINESS INSIGHTS 26
27. PC Gaming in Japan
Background
• 1970-1995 was the golden age of PC gaming, with NEC and Toshiba developing their
own microprocessor used on PCs
• Advent of windows 95 led to the decline in overall PC gaming in Japan
• PC games share of the market is constantly being eroded by the increase in social and
mobile gaming
• PC gaming lags behind as the least platform of adoption in Japan
• PC gaming in Japan has seen increased growth recently
• Historically PC games are usually a variant of console games
27
28. PC Gaming in Japan
Background
• Decline since mid 1990s
• Least popular game platform today
• Further eroded by social and mobile gaming
• Role playing most popular genre
28
29. PC Gaming in Japan
Trends
• PC gaming in Japan recently growing again
• Shift from physical media to online
• Shift from solo to social
• Good opportunity for foreign titles
29
30. Key Statistics - Japanese Video Gaming Industry
510 Billion Yen 469.2 Billion Yen
• YoY: 9 % Revenue Decreased
Primary Reasons for Negative Growth
Source: Famitsu by ENTERBRAIN, INC. (Japan) 30
31. Japan vs. USA Major Console Shipments (2005-2012)
Japan
USA
Source: VGCHARTZ 31
32. Japan vs. USA Hardware Shipments (2007-2011)
USA Hardware Year-Over-Year Comparison
10M
2007
8M 2008
2009
2010
2011
6M
Units Sold
4M
2M
OM
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Japan Hardware Year-Over-Year Comparison
3500K
3000K 2007
2008
2009
2500K 2010
2011
Units Sold
2000K
1500K
1000K
500K
OK
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: VGCHARTZ 32
33. Market Value of
Online Game Content in Japan
Source: Famitsu by ENTERBRAIN, INC. (Japan) 33
34. Japanese Market Share Based on
Actual Sales FY 2011
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Nintendo Namco Capcom Square-Enix Pokemon Konami Sega SCE TECMO Level Five Others
Bandai KOEI
GAMES
Source: Famitsu by ENTERBRAIN, INC. (Japan) 34
35. Japanese Gaming Demographics
Japanese gamers are predominantly male.
40% are female with interests in SNS and
arcade games.
Age range of hardcore gamers are between
16-45.
Older women are increasing involved in
playing especially arcade games.
Source: Digi-Capital Investment Review 2012, SERKANTOTO.COM 35
36. Japanese vs. US Video Gaming
• Realism vs. Fantasy (self escapism vs. self
expression)
• Genre differences e.g. RPG
• Philosophy (symbolic world, emphasis on diligence
and tasks, exotic settings)
• Huge infusion of Anime/Manga in Japanese games
• Need for console customization
36
37. Japanese User Preferences: Genre
Top – 3 Genres In Japanese Video Game Industry in 2010
1. ACTION
• Market Share: +16.3% w.r.t 2009 = 42.1%
• 26.468 million copies sold
2. RPG
• Market Share: 24.30 %
• 15.2 million copies sold
3. OTHERS
• Market Share: 9.40%
• 5.9 million copies sold
Source: Famitsu by ENTERBRAIN, INC. (Japan) 37
38. Japanese User Preferences: Genre
Market Share in Percentiles
Source: Famitsu by ENTERBRAIN, INC. (Japan) 38
39. Japanese User Preferences: Genre
Best Selling Games in Top – 3 Genres
• Monster Hunter • Pocket Monster • Tomodachi
Portable 3rd Black/White Collection.
• 3.48M copies sold • 4.914M Copies Sold • Wii Party
ACTION RPG OTHER
Source: Famitsu by ENTERBRAIN, INC. (Japan) 39
40. Platform Usage in Japan
What portable game console do
they currently use the most ?
MALE
FEMALE
10.00%
19% Playstation Playstation
Portable PSP 27.40% Portable PSP
47% Nintendo DS Lite Nintendo DS
Lite
Nintendo DS 52.20% Nintendo DS
34%
Source: NET ASIA CO., LTD. 40
41. Platform Usage in Japan
How often do they use game consoles
11%
?
Less than 1 day a week
12% 37%
Every day
2/3 days a week
4/5 days a week
15% 1 day a week
25%
Source: NET ASIA CO., LTD. 41
42. Platform Usage in Japan
How long do they use the
console for videogames per day ?
14%
29%
1 hour during weekdays
Less than 15 minutes
17%
Almost 2 hours
Almost 30 minutes
More than 5 hrs/day
18% 22%
Source: NET ASIA CO., LTD. 42
43. Platform Usage in Japan
How long do they use the console for
videogames per weekends ?
10.30%
21.60% 1 hour
3 hour
18.10% 2 hour
More than 5 hours
18.50%
Source: NET ASIA CO., LTD. 43
44. Platform Usage in Japan
If there is any variation in the frequency and
time of playing videogames with portable
consoles compared with a year ago ?
22.20%
Increased
Decreased
33.90%
Source: NET ASIA CO., LTD. 44
45. Platform Usage in Japan
Where do they use portable game consoles
?
50.40%
My Room
Living Room
81.50%
Source: NET ASIA CO., LTD. 45
46. Platform Usage in Japan
Survey brought out …
Train
6.50%
Friend's/
14.20% Acquaintance's
house
10.30% Outside Home
Car
11.60%
Most people use their portable game consoles at home……!
Source: NET ASIA CO., LTD. 46
47. Japanese User Preferences:
Gaming Platforms Ranking W.R.T Sales
Console Sales in Japan during FY2011
4500000
4000000
Number of consoles sold
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
Nintendo 3DS Sony PSP Sony Nintendo Wii Nintendo DS Playstation Xbox 360
Playstation 3 Vita
Source: Famitsu by ENTERBRAIN, INC. (Japan)
http://goo.gl/H4rLD 47
48. Top Selling Games
in Japan During FY2011
1,200,000
Number of copies sold
1,000,000
800,000
600,000
400,000
200,000
0
Mario Kart 7 Super Mario Monster Monster Final Fantasy Final Fantasy
(Nintendo 3D Land Hunter Hunter 3G XIII-2 (Sony Type-0 (Sony
3DS) (Nintendo Portable 3rd (Nintendo PS3) PS3)
3DS) (Nintendo 3DS)
3DS)
Source: Famitsu by ENTERBRAIN, INC. (Japan)
http://goo.gl/H4rLD 48
49. Top Publishers in
Japanese Video Gaming Industry
2011 Combined Unit
2011 Ranking Publisher Sales Share
1 Nintendo 10,667,868 (Down) 20.8%
2 NAMCO BANDAI 8,377,529 (Up) 16.3%
Games
3 CAPCOM 4,802,106 (Down) 9.4%
4 SQUARE ENIX 4,725,621 (Down) 9.2%
5 KONAMI 3,492,342 (Down) 6.8%
6 SEGA 2,221,138 (Down) 4.3%
17 TECMO KOEI Games 2,127,995 (Up) 4.1%
8 LEVEL-5 2,016,654 (Up) 3.9%
9 SCEJ (SONY) 1,629,310 (Down) 3.2%
10 Pokemon 1,219,325 (Down) 2.4%
Source: FAMITSU (Japan) MARKETING DATA SERVICE, Yearly Report CY 2011 49
50. Growth Trends in Japan 2000-2011
Japan Video Game Market Value History.
8,000.0
Software
Hardware
7,000.0
6,000.0
5,000.0
100 Million of JPY
4,000.0
3,000.0
2,000.0
1,000.0
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: FAMITSU (Japan) GAMING RESEARCH 2011 50
51. Social/Mobile Gaming in Japan
Background
• Increasing use of mobile phones • Social gaming market worth $3.26bn
since early 1990s in 2011 (y-o-y growth of 80%)
• Early 2000s: • Expected to surpass domestic
• Upswing in mobile gaming console sales by 2014
• Popular arcade titles ported to mobile
• Mobile phones no. 1 platform for
social/mobile gaming today
Source: MINISTRY OF INTERNAL AFFAIRS AND COMMUNICATIONS (Japan) 51
52. Recent Social/Mobile Gaming
Developments in Japan
Background
GREE partners with
DeNA acquires GREE acquires
Chinese IT giant
Ngmoco 100% ownership
Tencent
of Openfeint
Smartphone's DeNA expands GREE starts providing "Tsuri-Sta"
Version of Smartphone services and "Pirate Kingdom Columbus"
GREE launches
"Mixi" launched worldwide
paid for service to IPhone and Android
on Iphone
May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11
DeNA rebrands from
Capcom releases new Mixi announces new platforms GREE sets up its first
"Mobage Town" to
"Monster Hunter" social "Mixi Plugin" and "Mixi Graph API" US based subsidiary
"Mobage"
game for Mobage
“Yahoo Mobage” hits 3 million users
DeNA partners with Japanese mobile
telecom major NTT Docomo
Source: DIGICAPITAL INVESTMENT REVIEW 2012 52
53. Japan’s Social Game
Market Size in FY2011
US$5.4 billion
US$3.6 billion
Japan’s Entire Online Japan’s Social Game Market on
Game Market PCs and Mobile Devices
Source: MINISTRY OF INTERNAL AFFAIRS AND COMMUNICATIONS (Japan) 53
54. Japan’s Social Game
Market Size in FY2011
Smart Phones Feature Phones
US$8.3 billion
US$1.0 billion
(Excluding Mobile Commerce)
(Excluding Mobile Commerce)
Source: MINISTRY OF INTERNAL AFFAIRS AND COMMUNICATIONS (Japan) 54
55. Business Model in
Japanese Mobile Content Market
Out of 4.4 Billion USD,
63.5% was contributed by
4.4 billion dollars Trend shifting from Sell-out the "Freemium" model,
generated by the Model to Freemium Model which grew 28.2% over
"sell-out" model the previous year.
Source: MINISTRY OF INTERNAL AFFAIRS AND COMMUNICATIONS (Japan) 55
56. Social/Mobile Gaming in Japan
Background
Mobile Revenue/Phone category (2011)
3
2.65
2.5
USD/billions
2
1.5
1
0.61
0.5
0
Feature Phone Smart Phone
Source: JAPAN MINISTRY OF INTERNAL AFFAIRS AND COMMUNICATIONS 2012 56
57. Social/Mobile Gaming in Japan
Background
Forecast for # of Paying Social Games Players in Japan
6.2
5.98
6
5.86
5.8
5.6
Millions
5.4
5.27
5.2
5
4.8
2011 2012 2013
Source: MITSUBISHI UFJ MORGAN STANLEY 2011 57
58. Social/Mobile Gaming in Japan
Forecast for Average Revenue per Paying Users (ARPPU) in Japan
$60.00
$53.03
$50.00 $47.42
$42.18
$40.00
$30.00
$20.00
$10.00
$0.00
2011 2012 2013
Source: MITSUBISHI UFJ MORGAN STANLEY 2011 58
59. Social/Mobile Gaming in Japan
Background
100
90 $86.35
80
70
$61.30
USD
60
50
40 36.0981
30
$34.97 $32.86
$19.27 $31.92
20 $16.19
$13.53 $9.22
10 $12.34 $10.97
0
Male Female Male Male Male Male Male Female Female Female Female Female
15-19 16-29 30-39 40-49 50-59 15-19 20-29 30-39 40-49 50-59
Gender/Age
Source: ENTERBRAIN INC. (Japan) 2011
59
60. Social/Mobile Gaming in Japan
Background
100.0%
Gaming Use of SNS Platform 94.2%
90.0%
80.0%
by Device Type in Japan (2011)
75.2%
70.0%
62.9%
60.0%
53.2%
50.0%
40.4% 42.0%
40.0%
32.8%
28.5%
30.0%
22.7%
20.9%
20.0%
10.0% 4.5% 4.0%
0.0% 0.0% 0.0% 0.0%
0.0%
Tablet
Tablet
Tablet
Tablet
Smartphone
Feature Phone
Smartphone
Feature Phone
Smartphone
Feature Phone
Smartphone
Feature Phone
PC
PC
PC
PC
Mobage GREE Mixi
Facebook
Source: ENTERBRAIN INC. (Japan) 2011
60
61. Social/Mobile Gaming in Japan
Current Trends
• Mobile games:
• Downloaded as Apps on smartphones
• Preinstalled on feature phones
• Convergence of social and mobile gaming
• Feature phones market share declining
• Smartphones, led by Android, taking the lead
• Dominant players:
• Mixi
• GREE
• DeNA (Mobage)
61
62. Social/Mobile Gaming in Japan
Forecast of SNS users in Japan
60 Growth in SNS adoption in Japan is expected to impact on gaming!
50.7%
50 47.8%
44.7%
39.5%
40
30
20
10
0
2011 2012 2013 2014
Source: STATISTA 62
63. Social/Mobile Gaming in Japan
90 Mobile Users Activity in Japan (2011)
81.7%
80 Japan United States Europe 75.2%
70 66.8%
59.3%
60
50 43.7%
40.1% 42.3%
38.5%
40 34%
31.1%
30 24.9% 25.8%
20
10
0
Sent SMS Used app Used browser Mobile media usage
(browsing the internet,
using apps, downloading
content)
Source: STATISTA 63
64. Social/Mobile Gaming in Japan
Background
70 Percentage of Mobile Internet Users using browsers on mobile devices (2011)
59.3
60
50
40
34
30 25.8
20
10
0
Japan USA Europe
Source: OFCOM (Office of Communications UK ) 64
65. Social/Mobile Gaming in Japan
OS share of market
Japan Smartphone/Feature phone Penetration
(2011)
Feature Phone
SmartPhone
44.9%
55.1%
Source: COMSCORE MOBILENS 2011 65
66. Social/Mobile Gaming in Japan
OS share of market
Japan Smartphone Market Share by OS (2011)
0.2 0%
Android
IOS
0.3 0%
RIM
5.4 5%
Symbian
Windows Mobile
33.6 34%
60.5 61%
Source: COMSCORE MOBILENS 2011 66
69. Social/Mobile Gaming in Japan
Demographics
Social Mobile Gaming User Activity for Japan (2011)
Active Non Active
Non Mobage and GREE users 68% 32%
Mobage and GREE free users 69% 31%
Mobage and GREE paying Users 80% 20%
Mobage and Gree Users 76% 24%
0% 20% 40% 60% 80% 100%
Source: CA MOBILE 69
70. Social/Mobile Gaming in Japan
Preferences
Medium of choice for playing
social games (2011)
By Phone
1% BY PC & Phone
From PC
21%
78%
Source: GOO RESEARCH 70
71. Social/Mobile Gaming in Japan
Preferences
Frequency of Mobile game
playing in Japan -% of
Smartphone owners (2012)
Less than Less than monthly
Monthly, monthly, Daily
5% 3% Weekly
Never
Monthly
Never, 34%
Daily, 47%
Weekly,
11%
Source: GOO RESEARCH 71
72. Social/Mobile Gaming in Japan
Preferences
Where they usually play their mobile devices (2011)
80% 75%
70%
70%
60%
Male Female
50%
42%
39% 38%
40% 36%
30%
20% 18%
20% 17%
10% 10% 9%
10%
0%
In My Room In another room at On public transport Work or School Train Station/Bus In shops/On the
home stop street
Source: GOO RESEARCH (Japan) 72
73. Social/Mobile Gaming in Japan
Preferences
On which machine do you usually play games (2011)
80 76%
70 65%
60%
60
Male Female
50 45%
40 35%
30%
30
20 15% 15%
10% 12%
10
0
Mobile Phone Home Machine Portable Game Other Don’t Play Games
Machine
Source: INFOPLANT (Japan) 73
74. Social/Mobile Gaming in Japan
Preferences
Which do you access Social games from more: Mobile or PC
Don’t Know, 1%
Both about the
PC, 14%
same, 15%
Mobile Phone, 70%
Source: GOO RESEARCH 74
75. Social/Mobile Gaming in Japan
Preferences
% of population that have played mobile social game in Japan (2011)
Don’t Know
Anything, 15.6%
Havent played but
heard, 16.5%
Have Played, 67.9%
Source: CA MOBILE, 75
76. Social/Mobile Gaming in Japan
Preferences
Do you want to buy a
Smartphone (Mobile Phone
Users) 2011
Don’t
Know, 24%
Yes, 55%
No, 21%
Source: Famitsu by ENTERBRAIN, INC. (Japan) 76
77. Social/Mobile Gaming in Japan
Preferences
Do you want to keep playing
social games (Smart Phone
Users) 2011
Don’t
No, 3% Know, 14%
Yes, 83%
Source: Famitsu by ENTERBRAIN, INC. (Japan) 77
78. Social/Mobile Gaming in Japan
Preferences
Top 5 Venues for Playing mobile games in Japan (2011)
Before Bed 52.0%
Free time 40.0%
During Job breaks 37.0%
At home/TV watching 36.9%
Waiting for transport/Public Transport 29.5%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Source: CA MOBILE 78
79. Social/Mobile Gaming in Japan
Preferences
Top 3 Countries by Revenue Top 3 Countries by Revenue
for IOS (2011) for Google Play (2011)
Rest of
World, Rest of
40% US, 42%
World,
34% US, 45%
Japan, Japan, 10%
UK, 8% 10%
UK, 11%
Source: APPANNIE 79
80. Social/Mobile Gaming in Japan
Preferences
Top 3 Fastest Growing by Revenue
Top 3 Fastest Growing by Revenue
for Google Play (2011)
for IOS (2011)
US, 19%
France,
12% Russia,
Japan,
20%
22% Brazil,
88%
US, 13%
Japan,
23%
Russia,
17%
Source: APPANNIE 80
81. Social/Mobile Gaming in Japan
Preferences
Top Fastest Growing Countries in Terms of Revenue in
600% 560% Apple App Store for Iphone (May 2011-May 2012)
500%
400%
300%
200%
115% 109% 101%
100% 84% 83%
63% 59% 54% 47%
0%
Japan Russia China Taiwan Thailand Brazil Mexico Korea Turkey Canada
Source: DISTIMO PUBLICATION JUNE 2012 81
82. Social/Mobile Gaming in Japan
Preferences
Mobile Social Game Players in Japan (2011)
Engineers 8.0%
School students 10.0%
Part time workers 12.0%
Office Workers 13.0%
Full time Housewives 14.0%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Source: GOO RESEARCH 82
83. Social/Mobile Gaming in Japan
Preferences
25
Japanese Social Networks Population
24
by Asianjin
23
Million Users
22 Gree
Mobage Town
Mixi
21 Mobage + Y!
20
19
18
07/31/10 10/31/10 11/31/11
Date
Source: GOO RESEARCH 83
84. Social/Mobile Gaming in Japan
Preferences Japan Iphone Apps downloaded by Users by App category (2011)
Games 61.9%
72.0%
Weather 6.9%
42.8%
News 7.5%
40.9%
U lity 30.7%
30.6%
Entertainment 21.3%
40.1%
Photos 25.0%
33.9%
Produc vity 21.9%
29.2%
Music 2.0%
23.8%
Business 23.8%
29.2%
Ebooks 22.5%
29.1%
Free
Naviga on 8.1%
23.3%
Paid
SNS 6.9%
21.0%
Educa onal 8.8%
19.5%
Lifestyle 6.9%
17.5%
Finance 7.5%
13.6%
Health and Fitness 7.5%
12.1%
Travel 3.8%
10.1%
Medical 8.6%
10.0%
Sports 5.0%
7.0%
Reference 5.8%
5.0%
Other 1.2%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
Source: APPANNIE 84
85. Social/Mobile Gaming in Japan
Preferences
60%
50%
47% Top 3 Countries by
Top 5 Countries by 49%
50%
45%
App Downloads (2011) App Downloads (2011)
40%
40%
35%
35%
30% 28% IOS
25%
30% Google Play
20% 18%
20%
15%
10% 10%
7% 10%
6%
5%
0% 0%
US China Japan Rest of World US UK Germany Rest Of World
Source: APPANNIE 85
86. Social/Mobile Gaming in Japan
Preferences
Share of Total Traffic by
Non-Computer devices (2011)
7
6.2
5.9
6
5.3
5 4.6
4.3
4
%
3
2
1
0
Australia Japan UK Singapore U.S.
Source: COMSCORE MOBILENS 2011 86
87. Social/Mobile Gaming in Japan
Preferences
Percent of Mobile Phone users who also own a Tablet
JAPAN 5.0%
GERMANY 7.4%
ITALY 9.2%
UK 9.2%
FRANCE 9.4%
SPAIN 10.9%
CANADA 10.9%
US 14.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Source: COMSCORE MOBILENS 2011 87
88. Social/Mobile Gaming in Japan
Market Drivers
• Kompu Gacha is a huge revenue driver for social in-game purchase
• Freemium business model encourages premium in-game purchases
• Integration of virtual wallets into social games
• Advertising revenue growth
• (Relatively) low development costs
88
89. Social/Mobile Gaming in Japan
Market Drivers
• Increase in mobile penetration
• Integration between mobile and social gaming through SNS
• Increase in consumer acceptance
• Increased availability of smartphones
• Social gamers with moderate to high disposable income, especially females
89
90. Social/Mobile Gaming in Japan
“Kompu Gacha”- Revenue Generation Model
Source: SERKANTOTO.COM 90
91. Social/Mobile Gaming in Japan
Revenue Model Validation
35.0% Kind of items purchased
with first payment in a social game
29.8%
30.0%
27.3% Male Female
25.9%
25.2%
25.0%
21.4%
19.8%
20.0% 18.6% 18.7%
18.0%
15.7%
14.5% 14.3%
15.0%
12.0%
10.8%
9.5%
10.0% 8.8%
5.0%
0.0%
Items to shorten Status/power Avatar Items Gacha Limitied edition Experience Hard to get rare Others
waiting times boosting items items Points items
Source: SERKANTOTO.COM 91
92. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
1. Most social games offer free elements coupled with
• In-game purchases
• In-game virtual item purchases
• Subscription and advertising
Source: ARKADIUM.COM
http://goo.gl/IuA7p
92
93. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
2. Focus on genre that supports female participation
93
94. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
3. Subscription and in-game item sales
94
95. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
4. Enhanced capabilities to up-sell, cross-sell and cross promote across media
95
96. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
5. Overseas acquisitions and mergers to enter new markets
96
97. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
6. Selling games for playing on smartphones and tablets directly via app stores
97
98. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
7. Virtual wallet is integrated into social games
98
99. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
8. Strong cultural difference between Western and Japanese social games
99
100. 12 Current Social/Mobile
Gaming Trends in Japan
Present Trends
9. (Relatively) low development costs - popular games profitable within months!
100
111. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• Augmented reality using smartphone features
111
112. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• Growth in Near Field Communication (NFC) adoption
112
113. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• Location-based features of Smartphone to be used in overall game experience
113
114. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• 3D holograms and voice control
• Inbuilt Projection of stored media
114
115. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• In-built Projection of stored media
115
116. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• Market fragmentation due to different operating systems (Android/IOS) and
hardware capabilities of mobile phones
116
117. 7 Future Social/Mobile
Gaming Trends for Japan
Future Trends
• HTML 5 will support cross platform integration and a universal App Store
117
118. Japan's Social Game Market
Experiencing rapid growth
Sales in 100 Million Yen
1400 1000%
750.3%
Sales 800%
1200
600%
1000 Growth
400%
221.3%
156.7%
800 200%
0%
600 1,171
-200%
747
400 -400%
-600%
200 338
45
-800%
0 -1000%
2008 2009 2010 2011
Source: YANO RESEARCH INSTITUTE. 118
119. Potential Venue for Game Development
Key Peculiarity: Facebook Japan
Facebook Users
5 000 000
4 250 000
3 500 000
2 750 000
2 000 000
10.03 09.04 09.05 09.06 08.07 07.08
Source: SOCIAL BAKERS 119
120. Social/Mobile Gaming in Japan
Preferences
Forecast for Mobile Penetration in Japan (2011)
80.00
73.50
68.70
70.00
63.20
60.00 57.80
52.10
50.00 47.30
43.50
40.00
30.00
20.00
10.00
0.00
2010 2011 2012 2013* 2014* 2015* 2016*
Source: STATISTA 120
121. Social/Mobile Gaming in Japan
Revenue Allocation on Social/Mobile Apps
Feature Phone Market
Billing / Operator
Game Developer Publisher Aggregator Portal /
End
Platform
Mgt Hub User
50% 50%
Smartphone App Store
End
Game Developer App Store
User
30%
70%
Source: CAPCOM (Japan) ANNUAL REPORT 2011 121
122. Top Publishers in Japanese
Mobile & Social Gaming Sector
Source: MOBILE SOCIAL GAMING MARKET GUIDE 2011 Published by MOBYAFFILIATES. 122
123. Social/Mobile Gaming in Japan
Platforms
• Most users access via mobile phones
• Top platforms:
1. DeNA (Mobage Town) over 43m registered users
2. GREE over 26m registered users
• Both double as social networks and platform providers
• Used to be closed ecosystem but now open to 3rd party developers
• Rapid growth during 5 years
Source: COMPANY’S WEBSITE 123
124. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• A top mobile game developer, publisher and social mobile game platform
• Top 5 games developer for iPad
• Net revenue of ¥158bn₁
Source: COMPANIES’ WEBSITES 124
125. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• GREE Mobile social gaming platform was launched in 2012 enabling game
distribution in 169 countries with English and Japanese portals
Source: COMPANIES’ WEBSITES 125
126. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• Global expansion into Western market with purchase of Openfeint and Funzio
• Integration of Openfeint into its gaming platform
Source: COMPANIES’ WEBSITES 126
127. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• Formed new partnership with Namco Bandai
Source: COMPANIES’ WEBSITES 127
128. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• GREE Platform support for 15 languages to be launched
Source: COMPANIES’ WEBSITES 128
129. Social/Mobile Gaming in Japan
Publishers/Developers
GREE
• Revenue generation through:
• Advertising (advertising sales)
• Social games (paid service sales)
Source: COMPANIES’ WEBSITES 129
130. Social/Mobile Gaming in Japan
GREE
Major acquisitions by GREE includes
• Paprika (South Korea mobile social game developer)
Source: NY TIMES APRIL 2011 130
131. Social/Mobile Gaming in Japan
GREE
Major acquisitions by GREE includes
• IUGO (San Francisco based social mobile game developer)
Source: NY TIMES APRIL 2011 131
132. Social/Mobile Gaming in Japan
GREE
Major acquisitions by GREE includes
• Funzio
Source: NY TIMES APRIL 2011 132
133. Social/Mobile Gaming in Japan
GREE
Major acquisitions by GREE includes
Openfeint
• Social platform operating on IOS and Android
• Enables developers to add social networking features to their apps and games
• Top mobile game social platform
• Bought by GREE for $104m
Source: NY TIMES APRIL 2011 133
134. Social/Mobile Gaming in Japan
SNS Business Model: GREE Primer
GREE Ad space Advertising
Advertising revenue
•Banner and Text Ads stream
•Tie-Up ads
Avatars
GREE Avatar personalisation through
Main virtual goods and upgrade
Window
purchases Premium
Content
sale
Social Games
•Free social games (Freemium)
•In-game selling of virtual item
Source: INFINITA GREE RESEARCH REPORT 134
135. Social/Mobile Gaming in Japan
Acquisition of Funzio (Sales and position in the market)
Sales
14 Rank Corporate Name No of applications
12
1st Zynga 4
10
2nd Funzio Inc 3
8
6 2nd EA 3
4
2nd TinyCo Inc 3
2
0
3rd Admired Inc 2
July- Sep 2011 Oct-Dec 2011 Jan-Mar 2012
3rd Diaper Gentlemen 2
• Funzio sales grew rapidly, reaching $12m
3rd Pocket Gems Inc 2
from Jan to Mar 2012
• In April, when Kingdom Age was released, monthly sales exceeded $5m, accelerating growth
Source: DIGI-CAPITAL INVESTMENT REVIEW 2012 135
136. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
• Top social mobile game publisher, main competition to GREE
• Net revenue of ¥42bn₁ for FY 2011
• Growth revenue was from online auctions to the present social gaming
Source: COMPANY WEBSITE 136
137. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
• Launched Mobage platform through its acquisition of US based Ngmoco
• Has major games on Android and IOS
Source: COMPANY WEBSITE 137
138. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
• Global alliance was launched with Disney Studios to reach a wider market
Source: COMPANY WEBSITE 138
139. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
• Increased monetization methods introduced across game titles
Source: COMPANY WEBSITE 139
140. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
Major subsidiaries include:
• Gameview (California based,
• Ngmoco (California based, operates
publishes free-to-play games for
Mobage global service)
Android and IOS
Source: DeNA.JP/INTL 140
141. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
Major subsidiaries include:
• DeNA China (Mobage services in China) • DeNA Seoul (games and partnership
with Korean partners
Asia
• DeNA Asia (games and partnership with
Asian developers)
Source: DeNA.JP/INTL 141
142. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
Major subsidiaries include:
• Grasshopper (Japanese mobile • Plus+
game developer)
Source: DeNA.JP/INTL 142
143. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA
Types of games include:
• Real Time
Team Battle (Final
Fantasy Brigade)
• Farming & • Royale • Card Battle
collection (Kaito Royale, (Gundam Card
(Noen Hokorina) Sengoku Royale) Collection)
Source: DeNA.JP/INTL 143
144. Social/Mobile Gaming in Japan
Developers/Publishers
DeNA (Mobage)
1000
917 # of Mobage Social Games (2012)
900
800
First and second party Third Party
700
600
500
400 355
300
202
200
100 48 42
7 16 12
0
Feature phone PC Smartphone( Browser based) Smartphone( App based)
Source: SERKANTOTO.COM 144
145. Social/Mobile Gaming in Japan
Going mobile pays!!!
Mobile-based (GREE and Mobage) more profitable than web-based (Zynga)
Source: GUMI RESEARCH 145
146. Social/Mobile Gaming in Japan
Going mobile pays!!!
Though Zynga has more users worldwide than GREE and DeNA, net
income for both Japanese developers has shown considerable growth!
Source: GUMI RESEARCH 146
147. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Japan is a gaming nation
• 10%₁ share of Global video gaming market
• Video gaming has a huge cultural impact
Source: SERKANTOTO.COM 147
148. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Japan is a mobile nation
• 99%₁ 3g penetration in Japan
• Mobile phones essential for mobile game play
• Easier to sell content on mobile devices
Source: SERKANTOTO.COM 148
149. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Card battle games are popular
• About 70%₁ of top 20 games on GREE and Mobage are card battle games
Source: SERKANTOTO.COM 149
150. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Higher pay walls acceptance
• Micropayment acceptance and processing through coin collection
• Users are comfortable with higher pay walls to progress through game levels
150
151. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Smooth and easy mobile payment systems
151
152. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Focused and aggressive marketing campaigns
152
153. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Pre-Installation on handsets
• Collaboration with mobile operators to preinstall games on handsets
153
154. Social/Mobile Gaming in Japan
Reasons why GREE and Mobage monetize better than Zynga!
• Anonymity /virtual nature of social graph
• GREE and Mobage are used anonymously
• Mass invitation of friends to play/participate
154
155. Japanese SNS Usage by Platform
100 94.2
90
80 75.2
70 62.5
60 53.2
50
40.4 42
40 32.8
28.5
30 22.7
20.9
20
10 4.5 4
0 0 0 0
0
Tablet
Tablet
Tablet
Tablet
SmartPhone
PC
SmartPhone
PC
SmartPhone
PC
SmartPhone
PC
Mobile
Mobile
Mobile
Mobile
Phone
Phone
Phone
Phone
Mobage GREE mixi facebook
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 155
156. Japanese SNS Demographics
Male Users > Female users
Age Brackets of 15-19 & 20-29
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 156
157. Paid-For Usage
on Social Game Content in Japan
8000
7000 6732
6000
5000 4780
4000
3000 2815
2207 2489 2727 2562
2000
1503 1262
1000 962 1055 719 855
0
Total Male Female Male Male Male Male Male Female Female Female Female Female
15-19 20-29 30-39 40-49 50-59 15-19 20-29 30-39 40-49 50-59
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 157
158. Video Game Usage
Among Social Gamers in Japan
Video Game Usage by Social Gamers
Non Video
Game Users
23%
Video Game
Users
77%
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 158
159. Video Game Usage
Among Social Gamers in Japan
Video Game Platform belonged to Social Gamers
70
60
50
40
30
20
10
0
DS Wii PS2 PSP PS3 3DS Xbox 360 Others
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 159
160. Video Game Usage
Among Social Gamers in Japan
Video Game Usage by Gender/Age (Social Gamers)
40
35
30
25 16.8
12.7 12.9
20 12.4
15
9.5 6.5 10.3
10 3.3 16.7 18.1
15.7 7 12.4 8.7
5 7.8 8.3 8.1
3.2 5.9 3.6
0
Male Male Male Male Male Female Female Female Female Female
15-19 18-29 30-39 40-49 50-59 15-19 20-29 30-39 40-49 50-59
Video Game Users Non Video Game Users
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 160
161. Social Gaming Impact
on Video Game Usage in Japan
Video Game Usage Frequency by Social Gamers
Fairly Increased,
2%
Increased,
2.00%
Decreased,
No Changes, 45%
37%
Failry Decreased,
14%
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 161
162. Social Gaming Impact
on Video Game Usage in Japan
Social Gamers Video Game Usage Frequency by Gender/Age
70
Increased
Decreased
60
50
40
30
20
10
0
Male Male Male Male Male Female Female Female Female Female
15-19 16-29 30-39 40-49 50-59 15-19 16-29 30-39 40-49 50-59
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 162
163. Growing Use of
Smartphones for Social Gaming in Japan
Social Game Users Mobile Usage
Smart Phones
32.8%
iOS 11.4 %
Android 20.4 %
Others 2.6 %
Mobile Phones
76.4%
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 163
164. Growing Use of
Smartphones for Social Gaming in Japan
Smart Phone Usage with Social Games Play
30
25 27.4
20
20.4
15
10
8.9
5
0
Smart Phone Users Playing Social Games Started Social Games
by Smart Phones by Purchasing Smart
Phones
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 164
165. Growing Use of
Smartphones for Social Gaming in Japan
Feature phone users: do you want to buy a smartphone?
Don't Know,
24%
Yes,
55%
NO,
21%
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 165
166. Growing Use of
Smartphones for Social Gaming in Japan
Do you want to keep playing Social Games? (Smart Phone Users)
No,
Don't Know, 3%
14%
Yes, 83%
Source: Research Report 2011, ENTERBRAIN, INC. (Japan) 166
167. Market Acquisitions (Japan - US)
Major Japanese acquisitions in US and growing!!!
• DeNA acquired Ngmoco- $400M₁ (Rolando, Eliminate)
Source: COMPANIES’ FS 2012 167
168. Market Acquisitions (Japan - US)
These Japanese developers acquisitions are focused on the following:
• Competing globally by entering the US and European markets
Source: COMPANIES’ FS 2012 168
169. Market Acquisitions (Japan - US)
These Japanese developers acquisitions are focused on the following:
• Diversifying of revenue streams due to recent regulations on kompu gacha
Source: COMPANIES’ FS 2012 169