Basic conclusion
Game operation tracking in February:
Industry flow end: in February 2022, China’s mobile game revenue increased by 2.03% year-on-year and decreased by 2.76% month on month. According to the mobile game report of February 2022 of Gamma data, the actual sales revenue of China’s mobile game market in February 2022 was 21.627 billion yuan, a month on month decrease of 2.76% and a year-on-year increase of 2.03%, which was mainly due to the poor performance of Xinyou in February and no large increment brought by high flow products. In China, in February, the revenue ranking of China’s IOS mobile games, Tencent’s “glory of the king” and “peace elite” remained stable, ranking first and second respectively. Netease “dream journey to the west” ranked fourth. At the overseas end, in February, 36 Chinese manufacturers were shortlisted in the top 100 global mobile game publishers’ revenue list, with a total revenue of nearly US $2 billion, accounting for 37.9% of the global top 100 mobile game publishers’ revenue (Android channel revenue in China is not included). Among them, Tencent, Netease and MIHA are stable in the top three.
February streaming media operation tracking:
Policy side: the number of TV dramas recorded declined slightly. 33 TV dramas were recorded in February 2022, a decrease of 11 compared with January 22. The proportion of themes remains stable, and urban themes are still the mainstream themes. According to the theme, there are 28 contemporary themes, 4 modern themes and 1 ancient theme, accounting for 85%, 12% and 3% respectively.
Film and television track: on the popular film and television drama broadcasting platform, Youku maintains a leading position, and Tencent’s share has declined. According to the data of boom, mango and Deyi ranked 20% of the top 20% of TV works in 2022, and the distribution of TV works accounted for 40% of the top 20% of the total.
Variety track: Mango TV alone accounts for an excellent proportion. According to Guduo data, among the top 10 variety shows in the whole network in February 2022, mango TV variety shows occupied the top position, with the broadcasting proportion accounting for 40%. Among them, “big detective Season 7” ranked second in the whole network popularity list, and “late departure in spring”, “our hot life” and “friends, please listen to season 2” ranked sixth, eighth and tenth respectively.
Investment advice
We believe that the game and content sectors have long-term investment value and are currently a good investment time point. The game industry is currently at a low valuation, and PE, the main game manufacturer, is still at a low position in the history of PE band. In the follow-up, we will pay attention to the version number dynamics and the trend of going to sea. Accelerating the development of the meta universe industry or promoting the valuation of the game sector; If the game version number is reissued, it is expected to increase the game supply; Games going to sea has become a general trend, and high-quality streaming media companies and undervalued game sectors are expected to receive more attention. It is suggested to pay attention to: Wuhu 37 Interactive Entertainment Network Technology Group Co.Ltd(002555) , Mango Excellent Media Co.Ltd(300413) , G-Bits Network Technology(Xiamen)Co.Ltd(603444) , Wuxi Boton Technology Co.Ltd(300031) .
Risk tips
The online performance and investment promotion of film and television variety programs are less than expected; The online performance of the game is less than expected; Offline recovery is less than expected: industry policy risk
