英文【高盛】游戏、媒体与货币化交叉领域的行业趋势分析（Roblox深度研究）：美国互联网与互动娱乐覆盖范围

Framing the Industry Trends at the Intersection of Gaming, Media & Monetization (RBLX Deep Dive)May 2025Eric Sheridan Goldman, Sachs & Co. +1 917 343-8683 eric.sheridan@gs.comJulia Fein-Ashley Goldman, Sachs & Co. +1 212 902-5070 julia.fein-ashley@gs.comGoldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.US Internet & Interactive Entertainment Coverage Universe2Global Investment ResearchKey Trends in Video Game & Interactive Entertainment Landscape (1)•Broadening of audience and demographic mix shift•Interactions across more surfaces and platforms•Widening use cases supporting engagement (e.g. eCommerce, content offerings)User Engagement & Audience Expansion•Valuation frameworks for US-listed interactive entertainment companies•Key financial attributes for public investors (compounded growth potential and incremental margins)•Roblox (RBLX) case studyPublic Company Valuation•In-app purchases•Advertising •Ecosystem partnerships & collaborations•Gaming as a form of content consumptionEvolution of Monetization Channels•Potential impact of AI on content creation and consumption habits•Regulatory matters Other Key ThemesSource: 1) Goldman Sachs Global Investment Research1. The Evolution of the Consumer AI LandscapeMajority of coverage universeIndustry Trends Most Exposed Companies3. The Transition from Spatial Computing to Mobile Computing (Over the Long-Term)4. Regulatory Matters & Changed Ecosystem Defaults Remains the Dominant Risk Factor to Industry2. The Evolution of Interactive Entertainment PlatformsMETA, GOOGL, SNAP, PINS, RBLX, EA, TTWO, UBI, AMZNAMZN, GOOGL, META, LYFT, UBER, ABNB, BKNG, EXPENFLX, SPOT, EA, TTWO, UBI, PLTK, RBLX, DKNG, GENI, WBTNKey Themes Covered in Report3Global Investment Research$68 $86 0%5%10%15%20%25%30%35% $- $15 $30 $45 $60 $75 $90 $1052013201420152016201720182019202020212022202320242025E2026E2027E2028ENorth America Gaming Industry% YoYRed Dead Redemption 2in Q4 2018Expect Global Gaming Market to Exceed $300bn by 2028Note*: Based on 2024-2028 CAGR Source: 1) Company data; 2) IDC; 3) Newzoo; & 4) Goldman Sachs Global Investment Research$249 $306 -5%0%5%10%15%20%25%30% $- $50 $100 $150 $200 $250 $300 $3502013201420152016201720182019202020212022202320242025E2026E2027E2028EGlobal Gaming Industry% YoYGTA V launch in 2H13COVIDExpect the Global Gaming Market to Grow at a 5% CAGR…$bn* (1-4)… And North America Reaching $86bn$bn (1-4)We expect the global gaming market to grow at a +5% CAGR (2024-2028