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1、Digital Mediasector update Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regulate

2、d by the CSSF in LuxembourgQualitative insights into broader Digital Media trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Q4 20222THE VIEWQ4 Digital Media perspectives from GP BullhoundElon Musks takeover of Twitter

3、 was a rocky process filled with legal battles and a shake-up in the tech firms cultureA number of competitors have risen to take advantage of Twitters challenging period seeking to capture its market shareIts biggest rival,Mastodon,has grown eight-fold but Twitter remains far larger at almost 100 x

4、 Mastodons sizeHypercasual games have become a staple on the mobile app storesWhile activity in the space has fluctuated,2022 saw increased global revenue growth of 21%and 200 M&A deals worldwideFactors like lower development costs,high user acquisition,and engagement make hypercasual games an attra

5、ctive advertising mediumUS regulators and government officials have begun cracking down on major digital media companiesIncreasing concerns over user privacy,homeland security,and anticompetitive transactions have caused backlashWhile the US Federal Trade Commission(FTC)has fined Epic Games and seek

6、s to block the Microsoft/Activision deal,several government officials call for a ban on TikTokUS AGENCIES TIGHTEN REGULATIONSNEW PLAYERS VIE FOR TWITTERS SPOTHYPERCASUAL GAMING REMAINS ACTIVETakeawaysNote:Please see following slides for sources3GP Bullhound Fund IVINVESTED INACTIVE(DIRECT LISTING)Un