0:00 Intro
1:42 Background on FunPlus
2:35 Embracer Group - Historical context and current status, including breakup
6:06 Why did Embracer break up? What form of game industry consolidation makes sense?
7:40 When do company synergies make sense for game studio consolidation?
9:40 Comparison of Zynga vs. Embracer M&A strategy, Zynga’s historical M&A context
14:00 Could Embracer’s consolidation strategy have worked out? How?
16:00 Embracer’s lack of centralization functions and impact of debt to break up
19:31 Impact of easy money on M&A in 2021/2022 and then after
21:45 Outlook for Embracer split-off companies
25:38 Lars’ role in the new split-off Embracer companies
26:50 Impact of trading on the Swedish exchange
29:08 Importance of post-acquisition integration
36:22 Chris’ take on advantages of scale for gaming studios - ideal level of scale
41:08 Matt’s thoughts on game studio scale
42:30 Value from sharing best practices
47:09 Thoughts on how big studios will consider Roblox more seriously
50:05 Will FunPlus consider acquiring one of the Embracer companies?
51:47 What is the outlook for M&A in 2024 and beyond?

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