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Show Notes

(00:02:18) - (First Question) - EA’s role as a video game publisher within the broader industry

(00:05:06) - EA’s size and scale today compared to its competitors

(00:08:15) - The founding story and the company’s background

(00:16:12) - The impact of licensing agreements with sports games like Madden and FIFA

(00:28:31) - The proportion of their games made for mobile, console, and PC

(00:32:29) - Economics of a typical new game development and launch

(00:34:38) - Expected lifespan of a game or its peak popularity

(00:35:57) - How the industry is shifting from up-front sales to in-game sales

(00:38:19) - The cost of keeping games up to date and working properly

(00:40:00) - Working with third-party game engines versus developing a proprietary engine

(00:44:45) - In-game purchases like loot boxes and the legal risks of being deemed gambling

(00:48:26) - The video game M&A landscape and a discussion of Microsoft and Activision

(00:50:19) - How EA uses a subscription model to unlock value from their back catalog

(00:51:43) - Hypothetical top-line growth in the future and the bull case for EA

(00:55:48) - Lessons for builders and investors when studying EA’s story