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Video Games: The tax credits behind the results
We read 79 listed companies against 34 government schemes, and asked what a games credit is worth to the company that draws it.
Aug 9
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Chirag Vadhia
4
2
Sony: When do you switch off physical distribution?
Sony is ending PlayStation disc production in January 2028. A platform switches physical off when demand for the object falls below the cost of the…
Aug 3
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Chirag Vadhia
6
2
July 2026
Jason Della Rocca (Griffin, Execution Labs, ex-IGDA): “Zero-to-evidence is where the market failure is”
Every fund now waits for proof that players want a game, and reaching that proof runs on savings, a grant if your country has one, or an incubator place…
Jul 26
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Chirag Vadhia
7
1
Microsoft and Xbox: Separable, but still staying
Microsoft has done everything you would do before selling Xbox. We priced seven ways of doing it, and every one it can execute itself is worth less than…
Jul 19
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Chirag Vadhia
7
2
AppLovin vs Unity: are two of the market's favourite ad engines worth it?
Both are valued on their advertising engine, AppLovin's AXON and Unity's Vector. A forensic look at how they make money, whether the growth is what it…
Jul 12
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Chirag Vadhia
4
1
Microsoft and Xbox: Unwinding the Game Pass bet
Xbox is focusing on its platforms, Minecraft and King, now reporting to the CEO, and its biggest AAA franchises.
Jul 7
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Chirag Vadhia
3
2
Jen MacLean (CEO, Dragon Snacks Games): "You cannot allocate your way to a hit"
Why games over-builds every cycle, why the money renamed itself AI, and why the winners stayed small.
Jul 5
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Chirag Vadhia
4
3
Epic Games: what is it worth, and what did the generosity cost?
Fortnite pays for four free layers. The cash Epic captures is worth about $7.5bn; the tools it under-monetises lift fair value toward $14bn, and the…
Jul 2
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Chirag Vadhia
1
1
June 2026
Roblox: A great company lost on valuation
It owns the most complete stack in interactive entertainment yet profits from it the least, and rising costs are eating into what little is left.
Jun 29
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Chirag Vadhia
1
1
World of Claudecraft: An MMO for $1,000 and where the value goes
How Levy Street built their own World of Warcraft with Claude and a crypto community adopted it.
Jun 24
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Chirag Vadhia
1
1
Microsoft and Xbox: Too small to sell, too strategic to spin
On the numbers, Xbox is worth about $49bn, a rounding error to Microsoft. It won't be sold, and any separation keeps a grip on the data its games…
Jun 21
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Chirag Vadhia
1
1
NCsoft: The importance of Commanders in Guild Wars 2
Five commanders gave up their time to speak to me about why they chose to lead. Commanders contribution could be between 2.5-6.5% of annual Guild Wars 2…
Jun 18
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Chirag Vadhia
3
1
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