Corsair Gaming ($CRSR)
Redefining gaming, eSports, and streaming
Company Overview
Corsair Gaming is an American computer hardware and peripherals company founded in 1994 and headquartered in California.
They acquired Elgato Gaming in 2018 to expand to the streaming gear market, Origin PC and SCUF gaming in 2019 to expand into the custom-built PC systems and console controllers markets, respectively, and during 2020 they acquired Gamer Sensei and EpocCam, and partnered with Pipeline to grow into the gaming and streaming coaching market.
Corsair went public on September 23, 2020, with its IPO priced at $17, valuing the company at about $1.3B.
Understanding the Business
Value Proposition
Corsair provides specialized, high-performance gear for gamers and streamers. Their products are designed to provide speed and reliability for competitive gaming, high quality content for streamers, and powerful PC components that allows gamers to run modern games smoothly.
Revenue Streams
Currently, Corsair groups its product offering into two segments: gamer and creator peripherals and gaming components and systems.
Gamer and Creator Peripherals:
which represents around 25% of net revenue, includes gaming mice, keyboards, and headsets, streaming gear, and high performance console controllers.
Gaming Components Systems:
which represents around 75% of net revenue includes computer cases, power supply units (PSU), high performance memory products (40% of net revenue), and custom-built gaming systems.
Acquisitions and Partnerships:
During 3Q 2020 Corsair acquired Gamer Sensei, a gaming coaching platform, EpocCam, an app that allows iPhones to serve as a webcam, and partnered with Pipeline, a course-based education platform for streamers.
Industry
Market Size
According to Jon Peddie Research, the global gaming and streaming gear markets is expected to reach $40B by the end of 2020. Before the pandemic JPR estimated the market to grow at a modest 1.05% CAGR until 2022. However, during 2020 the market has grown an estimated 10% year-over-year.
Additionally, DFC Intelligence research estimated that the video-game coaching market surpasses $1B.
Industry Fundamentals
Growth in the gaming and streaming gear industries are driven by strong and robust fundamentals.
Popularity of gaming is increasing:
According to Newzoo, there are an estimated 2.7B gamers worldwide, which are expected to spend $159B on games in 2020 and is expected to grow at an 8.3% CAGR to exceed $200B by 2023. PC and console gaming represents 51% of the total market, and mobile gaming 49%. Corsair has stated that currently there is no interest in expanding to the mobile gaming market.
Tech-driven improvements in game quality:
Advances in computer power have enabled gaming platforms to provide increasingly immersive experiences. This in turn, places increased demand on high-performance computing hardware.
Increasing gaming and streaming engagement:
Some interesting facts reported in the Limelight Networks’ State of Online Gaming 2019 research report include:

• On average, video gamers spend six hours and 20 minutes each week playing video games
• More than 38% of gamers would like to become professionals if it could support themselves
• Gamers from novice to aspiring professionals report missing daily activities due to gaming, missed sleep is the most pervasive
• Watching gamers play video games online is more popular than watching traditional sports for 18-25 year olds.

The eSports and streaming flywheel
The rise in popularity and viewership of eSports brings more investment from publishers, sponsors, advertisers, team owners, and leagues to the eSports industry. Increased investment brings more players and increased performance focus of gamers who advance from less engaged gaming to high-performance gameplay, which in turn brings more viewers.
Competitive Landscape & Risks
Competition
The gaming and streaming market is characterized by intense competition, constant price pressure and rapid change. Competition across Corsair’s product offering includes:
Gaming keyboards and mice - Logitech and Razer
Headsets and related audio products -Logitech, Razer, and HyperX
Streaming gear - Logitech and AVerMedia
Performance controllers - Microsoft and Logitech
PSUs, cooling solutions, and computer cases - Cooler Master, NZXT, EVGA, Seasonic, and Thermaltake
High performance memory - G.Skill, HyperX, and Micron
Pre-built and custom-built gaming PCs - Alienware (Dell), Omen (HP), Asus, Razer, iBuypower and Cyberpower
Competitive Strategy
The company follows a differentiation leadership strategy by prioritizing high-performance and professional quality and charging a price premium on their products in exchange for superior quality, high value added features, and superior brand recognition.
Market Share
According to NPD Group, by 2020 Corsair had #1 market share position in the US in its gaming components and systems products with 42% of the market share from 26% in 2015. Their gamer and creator peripheral products are not yet market leaders, however, the company increased its market share in that segment from 5% in 2013 to 18% by 2020 in the US.
Growth Strategy
Move into the Asia Pacific region:
The Asia Pacific Region represents a long-term growth opportunity. According to Newzoo, they represent 54% of the global gaming community.
Complimentary acquisitions:
Corsair has carried out this strategy aggressively since 2018 with the acquisitions of Elgato Gaming, Origin PC, SCUF and Gamer Sensei. They plan to continue evaluating and pursuing new acquisitions that may strengthen their competitive position.
New Markets:
Uses of streaming gear has spread into areas including, podcasting, video blogging, interactive fitness, remote learning, and work-from-home, which represent a promising avenue for continued expansion in this product segment.
Threat of New Entrants
Because of the continued convergence between the computing devices and consumer electronics markets, increased competition from well-established consumer electronics companies is expected in the gaming and streaming peripherals segment (e.g. use of Audio-technica microphones by streamers).
Threat of Substitution
A significant medium- to long-term risk for Corsair’s business model is the evolution of cloud computing and augmented/virtual reality entertainment.
Cloud computing refers to a computing environment in which software is run on third-party servers and accessed by end users over the internet, requiring minimal processing power from the end-user’s system. Through cloud computing, gamers will be able to access and play sophisticated games without the need of expensive high-performance PC systems and components.
According to Grand View Research, the global cloud gaming market is expected to grow at a CAGR of 48% from 2020 to reach $7.2B by 2027.
Additionally, Corsair must be able to adapt its product offering to meet the needs of the evolving augmented/virtual reality industry.
Moats
There does not seem to be any relevant, structural moats, that may prohibit competitors from capturing Corsair’s market share across their product offering.
Other Relevant Risks
Due to the concentration of their production facilities in Taiwan and China, Corsair may be adversely by geopolitical tensions and trade disputes.
Financial Summary
Proforma Balance Sheet
https://postimg.cc/QHgY1ZxL
Income Statement
https://postimg.cc/qNkbGDzN
For the 9 months ended September 2020 compared to the same period last year:
The 49% increase in net revenue is mostly attributed to a large number of consumers gaming and working from home during the COVID-19 pandemic.
The company’s gross margin is influenced by its product mix for the period, gamer and creator peripherals have a higher gross margin (25-35%) than gaming components and systems (15-25%).
Proforma Cashflow Statement
https://postimg.cc/XXCzNyRY
Cash used in investing activities consists primarily on the acquisitions of Elgato in 2018, and SCUF and Origin PC in 2019.
Peer Comparison
https://postimg.cc/Whcfd1V6
Logitech International (LOGI) and Micron Technologies (MU)
Why am I posting this now?
I believe they are going to have very strong 4th quarter 2020 earning results. 2020 had record pc sales,and pc video games has reported record numbers of players. They are in my opinion the leading pc peripherals brand for gamers. Q4 Earnings Include both Black Friday and Christmas Sales
Record pc sales:
https://www.businesstoday.in/technology/news/record-pc-sales-in-2020-as-covid-limits-work-education-to-homes/story/427858.html#:~:text=According%20to%20the%20latest%20data,units%20in%20Q4%20of%202020&text=COVID%2D19%20pandemic%20has%20turned,personal%20computer%20(PC)%20industry%20industry).
Google trends:
https://imgur.com/oKPn6R5
My price target for this earnings: $65 EDIT: (EOM)
TLDR: $CRSR will crush Q4 earnings 🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀
Position: 60 Contracts 40c exp 2/19
disclaimer: I am not a financial advisor. DO YOUR OWN RESEARCH
credit: u/italiansomali and u/erythaean

Corsair Gaming ($CRSR)
Redefining gaming, eSports, and streaming
Company Overview
Corsair Gaming is an American computer hardware and peripherals company founded in 1994 and headquartered in California.
They acquired Elgato Gaming in 2018 to expand to the streaming gear market, Origin PC and SCUF gaming in 2019 to expand into the custom-built PC systems and console controllers markets, respectively, and during 2020 they acquired Gamer Sensei and EpocCam, and partnered with Pipeline to grow into the gaming and streaming coaching market.
Corsair went public on September 23, 2020, with its IPO priced at $17, valuing the company at about $1.3B.
Understanding the Business
Value Proposition
Corsair provides specialized, high-performance gear for gamers and streamers. Their products are designed to provide speed and reliability for competitive gaming, high quality content for streamers, and powerful PC components that allows gamers to run modern games smoothly.
Revenue Streams
Currently, Corsair groups its product offering into two segments: gamer and creator peripherals and gaming components and systems.
Gamer and Creator Peripherals:
which represents around 25% of net revenue, includes gaming mice, keyboards, and headsets, streaming gear, and high performance console controllers.
Gaming Components Systems:
which represents around 75% of net revenue includes computer cases, power supply units (PSU), high performance memory products (40% of net revenue), and custom-built gaming systems.
Acquisitions and Partnerships:
During 3Q 2020 Corsair acquired Gamer Sensei, a gaming coaching platform, EpocCam, an app that allows iPhones to serve as a webcam, and partnered with Pipeline, a course-based education platform for streamers.
Industry
Market Size
According to Jon Peddie Research, the global gaming and streaming gear markets is expected to reach $40B by the end of 2020. Before the pandemic JPR estimated the market to grow at a modest 1.05% CAGR until 2022. However, during 2020 the market has grown an estimated 10% year-over-year.
Additionally, DFC Intelligence research estimated that the video-game coaching market surpasses $1B.
Industry Fundamentals
Growth in the gaming and streaming gear industries are driven by strong and robust fundamentals.
Popularity of gaming is increasing:
According to Newzoo, there are an estimated 2.7B gamers worldwide, which are expected to spend $159B on games in 2020 and is expected to grow at an 8.3% CAGR to exceed $200B by 2023. PC and console gaming represents 51% of the total market, and mobile gaming 49%. Corsair has stated that currently there is no interest in expanding to the mobile gaming market.
Tech-driven improvements in game quality:
Advances in computer power have enabled gaming platforms to provide increasingly immersive experiences. This in turn, places increased demand on high-performance computing hardware.
Increasing gaming and streaming engagement:
Some interesting facts reported in the Limelight Networks’ State of Online Gaming 2019 research report include:

• On average, video gamers spend six hours and 20 minutes each week playing video games
• More than 38% of gamers would like to become professionals if it could support themselves
• Gamers from novice to aspiring professionals report missing daily activities due to gaming, missed sleep is the most pervasive
• Watching gamers play video games online is more popular than watching traditional sports for 18-25 year olds.

The eSports and streaming flywheel
The rise in popularity and viewership of eSports brings more investment from publishers, sponsors, advertisers, team owners, and leagues to the eSports industry. Increased investment brings more players and increased performance focus of gamers who advance from less engaged gaming to high-performance gameplay, which in turn brings more viewers.
Competitive Landscape & Risks
Competition
The gaming and streaming market is characterized by intense competition, constant price pressure and rapid change. Competition across Corsair’s product offering includes:
Gaming keyboards and mice - Logitech and Razer
Headsets and related audio products -Logitech, Razer, and HyperX
Streaming gear - Logitech and AVerMedia
Performance controllers - Microsoft and Logitech
PSUs, cooling solutions, and computer cases - Cooler Master, NZXT, EVGA, Seasonic, and Thermaltake
High performance memory - G.Skill, HyperX, and Micron
Pre-built and custom-built gaming PCs - Alienware (Dell), Omen (HP), Asus, Razer, iBuypower and Cyberpower
Competitive Strategy
The company follows a differentiation leadership strategy by prioritizing high-performance and professional quality and charging a price premium on their products in exchange for superior quality, high value added features, and superior brand recognition.
Market Share
According to NPD Group, by 2020 Corsair had #1 market share position in the US in its gaming components and systems products with 42% of the market share from 26% in 2015. Their gamer and creator peripheral products are not yet market leaders, however, the company increased its market share in that segment from 5% in 2013 to 18% by 2020 in the US.
Growth Strategy
Move into the Asia Pacific region:
The Asia Pacific Region represents a long-term growth opportunity. According to Newzoo, they represent 54% of the global gaming community.
Complimentary acquisitions:
Corsair has carried out this strategy aggressively since 2018 with the acquisitions of Elgato Gaming, Origin PC, SCUF and Gamer Sensei. They plan to continue evaluating and pursuing new acquisitions that may strengthen their competitive position.
New Markets:
Uses of streaming gear has spread into areas including, podcasting, video blogging, interactive fitness, remote learning, and work-from-home, which represent a promising avenue for continued expansion in this product segment.
Threat of New Entrants
Because of the continued convergence between the computing devices and consumer electronics markets, increased competition from well-established consumer electronics companies is expected in the gaming and streaming peripherals segment (e.g. use of Audio-technica microphones by streamers).
Threat of Substitution
A significant medium- to long-term risk for Corsair’s business model is the evolution of cloud computing and augmented/virtual reality entertainment.
Cloud computing refers to a computing environment in which software is run on third-party servers and accessed by end users over the internet, requiring minimal processing power from the end-user’s system. Through cloud computing, gamers will be able to access and play sophisticated games without the need of expensive high-performance PC systems and components.
According to Grand View Research, the global cloud gaming market is expected to grow at a CAGR of 48% from 2020 to reach $7.2B by 2027.
Additionally, Corsair must be able to adapt its product offering to meet the needs of the evolving augmented/virtual reality industry.
Moats
There does not seem to be any relevant, structural moats, that may prohibit competitors from capturing Corsair’s market share across their product offering.
Other Relevant Risks
Due to the concentration of their production facilities in Taiwan and China, Corsair may be adversely by geopolitical tensions and trade disputes.
Financial Summary
Proforma Balance Sheet
https://postimg.cc/QHgY1ZxL
Income Statement
https://postimg.cc/qNkbGDzN
For the 9 months ended September 2020 compared to the same period last year:
The 49% increase in net revenue is mostly attributed to a large number of consumers gaming and working from home during the COVID-19 pandemic.
The company’s gross margin is influenced by its product mix for the period, gamer and creator peripherals have a higher gross margin (25-35%) than gaming components and systems (15-25%).
Proforma Cashflow Statement
https://postimg.cc/XXCzNyRY
Cash used in investing activities consists primarily on the acquisitions of Elgato in 2018, and SCUF and Origin PC in 2019.
Peer Comparison
https://postimg.cc/Whcfd1V6
Logitech International (LOGI) and Micron Technologies (MU)
Why am I posting this now?
I believe they are going to have very strong 4th quarter 2020 earning results. 2020 had record pc sales,and pc video games has reported record numbers of players. They are in my opinion the leading pc peripherals brand for gamers. They also have strong support from wallstreetbets.
Record pc sales:
https://www.businesstoday.in/technology/news/record-pc-sales-in-2020-as-covid-limits-work-education-to-homes/story/427858.html#:~:text=According%20to%20the%20latest%20data,units%20in%20Q4%20of%202020&text=COVID%2D19%20pandemic%20has%20turned,personal%20computer%20(PC)%20industry%20industry).
Google trends:
https://imgur.com/oKPn6R5
My price target for this earnings: $55
disclaimer:I am not a financial advisor. Do not trade based on the information I have posted.
credit: u/italiansomali and u/erythaean

Alright apes and autists, let me explain why I believe GameStop has a strong fundamental case without mentioning diamond hands and short squeeze. If Ryan Cohen can successfully execute his vision, this leaky vessel will turn into a rocket ship blasting past the moon to the edge of the observable universe.
On November 16, 2020, Ryan Cohen sent a letter to the GameStop's Board of Directors titled "Maximizing Stockholder Value by Becoming the Ultimate Destination for Gamers". In it, Ryan Cohen outlined the roadmap for GameStop to pivot and become a technology first company. Let me boil this down for you in simple language for you smooth brain apes.
The Mission Statement
"GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences [...] the successful and durable players of tomorrow will be technology-first companies that specialize in gaming products, experiences and services."
The Landscape

• Explosive Growth in the Gaming Industry
  • "The size of the global gaming market has grown by more than 2.5x since the last console cycle."
  • "The global gaming market expected to be $174.9 billion this year and reach $217.9 billion by 2023."
• Valuable Assets
  • Existing "strong brand" and recent Reddit frenzy is net positive to the brand, increases awareness, and strengthens its base.
  • "Large customer base and 55 million PowerUp members."
  • Large retail and physical footprint.

The Roadmap

• Evolve into a Technology-first company
  • "Technology is changing nearly every aspect of the gaming world, ranging from the way gamers shop to how they interact and compete with one another."
  • GameStop will have to "begin building a powerful e-commerce platform that provides competitive pricing, broad gaming selection, fast shipping and a truly high-touch experience that excites and delights customers." (Ryan successfully executed this vision with Chewy and he can do it again in gaming)
  • GameStop will have to "hire the right talent." (So far, Ryan has recruited 5 rock stars from Chewy and Amazon to join the team, more on that later).
• Create the Ultimate Gaming Platform
  • "Shift to purchasing from mass retailers and other online competitors." (Create a marketplace of wanted products and services, i.e. Amazon, Target, App Store)
  • Provide and expand "larger gaming catalogs" (Capture all games)
  • Create "community experiences" (This could be both physical and digital experiences)
  • Provide "streaming services" (New vertical opportunity for content creation, tournaments, and others)
  • Support "Esports" (Expanding scene that is not going away)
• Transition to Digital
  • "Industry developments in recent years" include "transition from physical hardware to digital streaming" and the "explosion of mobile."
  • Expand "digital content." (This needs to be a focus as it's competing against Steam, Blizzard, App Store, etc)
  • Allow "online trade-ins." (This would be a game changer)
• Cut Excessive costs
  • "Cut its excessive real estate costs" and "identify duplicative, under performing stores and plan to forgo lease renewals."
  • Streamline "Non-core operations in Europe and Australia [...] in order to reduce losses and potentially generate cash."
  • "Near-term increases in cash flow stemming from the console cycle can also help finance the future."

The Financials
Analysts are valuing GameStop as a traditional brick-and-mortar business. If Ryan can properly execute and transform the company, I believe they can become the Target and Chewy of Gaming with potential verticals of streaming and Esports (not factored into this calculation for now). GameStop makes roughly $8 Billion in Revenue, however it is currently valued at a $3.5B Market Cap as it bleeds cash. Target makes roughly $78B in Revenue with $3.3B in Net Income and a Market Cap of $96 Billion. Chewy makes roughly $4.8B in Revenue, losing money but growing quickly, and is valued at $44B in Market Cap. Target and Chewy are valued at 1.25x to 9x Price to Sales respectively. This equates to $10B to $72B Market Cap transposed to GameStop. Obviously, this is very simplistic and does not consider their balance sheet and other factors, but given these metrics:

• GameStop stock price potential is between $143 to $1,032 a share based on a current revenues.

Note this is assuming $8B in Revenue. If GameStop can grow revenues, focus on digital to improve margins, and expand within the growing total addressable market, I see potential for higher prices and achieving Target to Chewy-like multiples.
The X Factor
I believe Ryan Cohen was offered to lead GameStop's transition with significant control and autonomy. Otherwise, I do not believe he would have joined the Board. In his letter, Ryan simply stated that "RC Ventures is not interested in receiving a lone seat on GameStop's ten-member Board. It is not enticing to become an isolated stockholder advocate on a Board that has overlooked years of digital revenue opportunities and presided over massive value destruction without assuming full accountability." With the recent additions of two Chewy Executives to the Board of Directors, a new Chief Technology Officer who was the Engineering Lead in Amazon Web Services, a new Customer Care Executive from Chewy, and a new Fulfillment Executive from Amazon, I believe Ryan is executing his vision and revamping the GameStop team.
Notice his hires are from Chewy and Amazon? Ryan Cohen was obsessed with Amazon’s customer centric philosophy and built Chewy to follow that same model. He is hiring digital and e-commerce focused leaders to manage this transformation. Ryan's customer centric obsession is what allowed Chewy to beat Amazon. If GameStop pivots to digital and follows that same obsession, this will be a great opportunity to win.
Furthermore, I believe Ryan's vision is the right roadmap for GameStop. Digital e-commerce, streaming, and mobile is the future and Ryan fully acknowledges and embraces that future. GameStop will need to revamp and modernize their website and phone app, but I am sure that will follow in the months ahead. GameStop has the financial and brand assets that should weather this storm, but execution will be key. Ryan owns nearly 10% of GameStop, so he has a vested interest in its success and has much more to lose than my stake.
So degens, I say think with your heart and not with your smooth brain. Strap in and sit tight, this rocket ship may turn into a long journey to Mars. Maybe Papa Elon will be our catalyst.
P.S. If we all buy something from GameStop this quarter we can load this rocket ship ourselves.
TLDR; Ryan Cohen is Jesus. Buy and Hold $GME.

Game Information

Game Title: Cyberpunk 2077
Platforms:

• PC (Dec 10, 2020)
• PlayStation 4 (Dec 10, 2020)
• Xbox One (Dec 10, 2020)
• Google Stadia (Dec 10, 2020)
• Xbox Series X/S (Dec 10, 2020)
• PlayStation 5 (Dec 10, 2020)

Trailers:

• Cyberpunk 2077 — Xbox E3 2019 Briefing
• Cyberpunk 2077 — Official E3 2019 Cinematic Trailer
• Cyberpunk 2077 Gameplay Reveal — 48-minute walkthrough
• Cyberpunk 2077 – Official E3 2018 Trailer
• Cyberpunk 2077 Teaser Trailer

Developer: CD PROJEKT RED
Publisher: CD PROJEKT RED
Review Aggregator:
OpenCritic - 87 average - 89% recommended - 62 reviews

Note from OpenCritic:

Please note: This game has significant disparities in performance, player experience, and review scores between the PC, next-gen consoles, Xbox One, and PS4 versions.
The OpenCritic team and several critics suspect that the developer, CD PROJEKT RED, intentionally sought to hide the true state of the game on Xbox One and PS4, with requirements such as only allowing pre-rendered game footage in reviews and not issuing review copies for PS4 and Xbox One versions.
This notice will be taken down in February 2021.

Recent News and Notable Information

SkillUp reports:

I have finished Cyberpunk but I will not have a review up today as I could not comply with CDPR"s embargo requirement that prohibited us from using our own recorded gameplay in the review. Instead, we were told to use b-roll, which is basically trailer footage.
Reviews should not be vehicles for rolling out more marketing material, so I'll put my review up when I'm able to show you the reality of the game with my own footage.
I'm also disappointed that no console review code was provided to any outlet...
Console games are often reviewed without their day one or even day zero patches, so Cyberpunk would not have been special in this regard. Its really lame that no reviewer can tell you how this game runs on console on the review embargo.
I absolutely love this game and I think CDPR did extraordinary work, but its clearly unfinished at this point and no review relying on trailer footage alone can properly convey that.

Fabian Mario Döhla (CDPR PR) regarding reviews being on the Day 1 patch or not (getting conflicting info regarding this so take it with a grain of salt):

They are not - a bunch of issues reviewers encountered (and reported) have been fixed already, some more are part of the update.

Toms Hardware Performance Review:

The minimum GPU listed is a GTX 780, with GTX 1060 6GB recommended for 1080p high, RTX 2060 for 1440p ultra, and an RTX 2080 Super for 4K ultra. Then there's the ray tracing additions, with the RTX 2060 listed as the minimum for 1080p and RT medium, 3070 for 1440p and RT ultra, and 3080 for 4K RT ultra. Based on what we're seeing, it looks like those recommendations are for 30-40 fps.

Critic Reviews

ACG - Jeremy Penter - Unscored

Video Review - Quote not available

Areajugones - Víctor Rodríguez - Spanish - 9.5 / 10

Cyberpunk 2077 is the ultimate power fantasy. A video game that takes the best of modern RPG, first-person shooter, stealth, and the open world and masterfully blends it into a single product. If Skyrim and GTA V marked a before and after for their genres at the beginning of the 2010s, Cyberpunk 2077 is called to do the same from this 2020.

Daily Mirror - James Ide - 5 / 5 stars

The game may not be perfect but given CD project Red's reputation for fixing and updating games Cyberpunk has a bright neon-lit future. It can proudly sit among its influences of Ghost in the Shell, Blade Runner and Neuromancer (as well as games like Deus Ex, System Shock) with its augmented head held high.
It's been a long wait, but the end result is a massive sprawling RPG with an incredible story, heart-pounding action, solid mechanics and customisation, offering you unparalleled player choice in a deep, atmospheric world that I can't wait to plug myself back into.

Destructoid - Chris Carter - 7.5 / 10

Cyberpunk 2077 is a victim of bloat, but you can choose to ignore a lot of it and take in the sights. That's where Night City is at its best, and I sincerely suggest that you take your time going through it, as rushing will only lead to disappointment. Even just strolling through though though, you'll probably be left wanting more.

Digital Spy - Owen Gough - 5 / 5 stars

We could wax lyrical about how good this game is for another ten years, and we still think the conversation would be relevant - so yes, we think Cyberpunk 2077 is the game of the decade. This is an event, and a big moment in gaming, because the brilliant Cyberpunk 2077 is laying down the stepping stones for greater feats in the future.

Easy Allies - Daniel Bloodworth, Ben Moore - Unscored

Video Review - Quote not available

Enternity.gr - Nikos Papakonstantinou - Greek - 9.5 / 10

CD Projekt RED is willing to take an even bigger risk and dare something very different, combining elements that they have proven to know well and elements which they have no previous experience in.

Eurogamer - Chris Tapsell - Recommended

Exceptional characters, heartfelt storytelling and enjoyable action threaten to be engulfed by endless bugs and hasty, uneven design.

Everyeye.it - Alessandro Bruni - Italian - 9 / 10

And it is precisely for this reason that, despite all the technical problems of the production, we cannot in any way fail to assign a vote of excellence to the work of CDPR: the defects will disappear over time, but already now Cyberpunk 2077 is a title which undoubtedly deserves a place of honor in all players' library.

GAMES.CH - Benjamin Braun - German - 88 / 100

Measured against the extreme expectations, Cyberpunk 2077 can't fulfill any of them. But all in all, despite the countless small weaknesses and inconsequences, with interesting characters, great story and dialogues or the freedom concerning gameplay, CD Projekt delivers a unique and great RPG that every fan of the genre needs to play.

GRYOnline.pl - Michał Mańka - Polish - 9 / 10

Cyberpunk 2077 proves that the developers have improved their skills since fantastic The Witcher 3. It is an excellent action RPG that would benefit from a longer delay to polish the various issues. However, no amount of bugs can diminish the immense pleasure of exploring this world.

Gadgets 360 - Akhil Arora - 3 / 10

The era of the PlayStation 5 and the Xbox Series X has arrived, but Cyberpunk 2077 is currently running on those next-gen platforms via backwards compatibility. A true next-gen update isn't due until sometime in 2021. That means CD Projekt Red developed a game for three platforms, and it's running on an acceptable level on just one (PC), provided you have the hardware. That is just plain ridiculous.

Game Informer - Andrew Reiner - 9 / 10

An open world you can get lost in and continue finding new things to do

GameHaunt - Mark Louis Salazar - 4 / 5 stars

Cyberpunk 2077 is of massive ambition, and the characters in it are brilliantly written and performed.

GameMAG - Александр Копанев - Russian - 9 / 10

It's definitely feels like with Cyberpunk 2077 CD Projekt RED tried to tell a really meaningful story, while using as a backdrop truly a unique setting. And all the while the developers made sure that the game still feels approachable by all kind of people, and that it presents itself with insane graphical fidelity painting an image of an eerily realistic world of tommorow. We doubt there's too many people who don't believe in CD Projekt RED, but in case you're one of them, be warned - Cyberpunk 2077 is something that will change the way you look at the gaming industry as a whole.

GameOnAUS - Royce Wilson - Essential

This is an outstanding and highly enjoyable game, but take your time with it, do all the side missions (think of them as extensions of the main quest, in fact) and don’t rush the main storyline. You should absolutely take the earliest available opportunity to explore Night City and everything it has to offer. From the visuals to the music to the vibe, it’s a superb experience and one I am looking forward to spending a lot more time with.

GamePro - Dennis Michel - German - 83 / 100

Cyberpunk fascinates with its story and characters, but presents itself in a partially desolate state on consoles.

GameSpew - Richard Seagrave - 10 / 10

Cyberpunk 2077 isn’t perfect, but it is ambitious. It marries a gripping story with a huge open world absolutely dripping with atmosphere; one in which, after fifty hours of gameplay, I still feel like I’ve only scratched its surface. Even now I’m itching to jump back in and complete yet more side jobs, not only because they’re enjoyable, but also just in case they offer V more options when it comes to ending their story.

GameSpot - Kallie Plagge - 7 / 10

Cyberpunk 2077 has standout side quests and strong main characters, though its buggy, superficial world and lack of purpose bring it down.

GameWatcher - Marcello Perricone - 9 / 10

A remarkably well-executed open world game whose greatest heights exceed its deepest failings.

Gameblog - Gianni Molinaro - French - 7 / 10

Cyberpunk 2077 is a new masterpiece from CD Projekt RED, a huge, dense, vibrant, colorfoul and dark Sci-Fi RPG that any fan of the genre should step in. First because it will provide the sensation that the story really depends on you choices and that you have everything you need for your playstyle. Then because streets, stores, buildings, inhabitants of Night City won't get out of your head easily. You'll be happy to interact with Keanu Reeves, but the real star is this city and all it provides in terms of atmosphere, game mechanics and stories.
[OpenCritic note: Gianni Molinaro separately reviewed the next-gen (10) and current-gen (4) versions. The scores have been averaged.]

Gamerheadquarters - Jason Stettner - 10 / 10

Cyberpunk 2077 is the cyberpunk game of my dreams, it provides one of the most highly detailed environments I’ve ever seen, with an incredibly expansive and immersive narrative.

Gamers Heroes - Blaine Smith - 60 / 100

Cyberpunk 2077 is a great game, but it could have been an incredible game that defined a generation. Instead, it falls victim to its own ambition and the industry's constant desire to push, push, push it out. In its current state, it's not for the faint of heart, and even hardcore Cyberpunk fans may struggle to stay interested amidst all the crashes and issues. If you have yet to pick it up, wait a few months and you could very well be treated to the experience we were all hoping for at launch.

Gamersky - 不倒翁蜀黍 - Chinese - 9.1 / 10

Although there still exist a lot of technical glitches, Cyberpunk 2077 stands out in terms of cyberpunk concept, story-telling, characters, level-design, combat, and so forth. It's a pleasure to spend hundreds of hours in the Night City, and I believe it would be one of the greatest open-world RPGs in the next decade.

GamesBeat - Jeff Grubb - 3 / 5 stars

It’s fine to make a game like that — for many, that’s the promise of Cyberpunk 2077. It just wasn’t the promise to me.

GamesRadar+ - Sam Loveridge - 5 / 5 stars

What Cyberpunk 2077 lacks in core campaign length, it makes up for with depth and soul, offering a world of intrigue and violence unlike any other.

Geek Culture - Marion Frayna - 9.1 / 10

The dark future certainly looks promising, thanks to the collective imagination of the team at CD Projekt Red, which seems to know no bounds. Cyberpunk 2077 certainly took a while to come to our hands, but be glad it’s finally here, for it is here to stay for a long time to come. And it certainly did not disappoint.

Giant Bomb - Unscored

Early Impressions Discussion: They should have delayed this game even more
One word: undercooked

God is a Geek - Mick Fraser - 10 / 10

Despite a few flaws, Cyberpunk 2077 is one of the most consistently astounding pieces of media I've ever had the pleasure of consuming.

Hobby Consolas - David Martinez - Spanish - 98 / 100

Cyberpunk 2077 is one of the greatest RPGs of the generation. We love Night City, its characters and great writing for every mission. It is also one of the best looking games out there (if your PC is powerful enough).

IGN - Tom Marks - 9 / 10

Cyberpunk 2077 throws you into a beautiful, dense cityscape and offers a staggering amount of flexibility in how you choose to take it from there.

IGN Italy - Davide Mancini - Italian - 9.3 / 10

Cyberpunk 2077 is like an addictive, huge, impressive braindance, where the feelings are real, while sometimes you see the puppet strings. It's an ambitious RPG, where narration, decisions and dialogue are far more important than combat, wrapped around a lot of fun, but usual and not always perfect, action mechanics. Engaging and marvellous to play, Night City on high-end PCs is stunning to see and super stylish. Cyberpunk 2077 is worth the wait, because the adventure of V and Johnny Silverhand is greater than the sum of its parts.

INDIANTVCZ - Filip Kraucher - Czech - 10 / 10

Cyberpunk 2077 offers a great sci-fi experience in which you can get lost for hours. It is not a revolutionary title in its genre, but it brings fresh changes. Whether it's new tasks, well-written dialogues, and characters, good stylized graphics, or very pleasant controls. Decision-making constructions leave you free where you need them. Conversely, they bind you in places where it is important. Everything fits together thanks to that. And if you were afraid that Cyberpunk 2077 would be a debacle. Throw this worry behind your head. Enjoy Night City to the fullest!

Kotaku - Riley MacLeod - Unscored

I haven’t fallen in love with playing Cyberpunk 2077, but I haven’t loathed it either. Some moments have been exciting or moving, while others have just felt like stuff to do.

M3 - Raphael Cano Felix - Swedish - 5 / 5 stars

A more emotive and engaging title is hard to find.

Merlin'in Kazanı - Ersin Kılıç - Turkish - 85 / 100

Cyberpunk 2077 offers an experience that players who love the genre should definitely try despite the bugs and big problems it contains.

Metro GameCentral - GameCentral - 8 / 10

A stunning achievement in open world gameplay but one whose tonal inconsistencies and weak narrative undermines what could have been an all-time classic.

PC Gamer - James Davenport - 78 / 100

Some nice characters and stories nested in an astounding open world, undercut by jarring bugs at every turn.

PCGamesN - Richard Scott-Jones - 9 / 10

Groundbreaking, but not quite as much as you're hoping it is. Cyberpunk 2077 doesn't surpass its brilliant influences, but in Night City, Johnny Silverhand, and its chilling vision of hyper-capitalism, it claims territory of its own.

PCMag - 3.5 / 5 stars

I fell in love with Night City, warts and all. If its many bugs can get ironed out, Cyberpunk 2077 is a potential Game of the Year candidate. Here’s hoping that CD Projekt Red can quickly push out fixes.

PPE.pl - Wojciech Gruszczyk - Polish - 9.5 / 10

Cyberpunk 2077 is huge, steeped in sex, satisfying shooting, and the expansion of individual elements delights. It's one of those productions you want to get ing into to get to know its charms and enjoy every moment in Night City.

Polygon - Carolyn Petit - Unscored

Cyberpunk 2077 is dad rock, not new wave

PowerUp! - Leo Stevenson - 10 / 10

Frankly, Cyberpunk 2077 is the best video game I've ever played

Press Start - Brodie Gibbons - 9 / 10

Cyberpunk 2077 is staggering, overwhelming, and even surprising at times in its spectacle. Although my first dozen hours with the game has been marred by easy-to-fix problems, Nighty City, along with all it offers and all that call it home, makes for an intoxicating escape. Here's hoping the next one hundred hours are as utterly compelling.

Push Square - Robert Ramsey - Unscored

We're still playing Cyberpunk 2077 in order to bring you a finished review, but it's impossible to recommend picking this game up at launch on PS4 or PS4 Pro. On PS5 via backwards compatibility, there's still fun to be had - a glimpse of the game's excellent potential - but even then, it's crippled by bugs and crashing issues. There's something truly special at the core of Cyberpunk 2077, but in its current state, it's simply not good enough. So far, a colossal disappointment.

RPG Site - 9 / 10

When Cyberpunk's grim setting and mix of gameplay systems land, it is a powerfully impressive experience - sprawling, dense, clever, witty, and most importantly damn good fun. Other times, it has all the charm of a moody, edgy teenager.

SECTOR.sk - Peter Dragula - Slovak - 10 / 10

Absolutely stunning action game with a lot of content, deep RPG progres and dialogue. Another master-piece from CD Projekt Red!

Saudi Gamer - عصام الشهوان - Arabic - 8 / 10

An ambitious, maybe over ambitious, thrilling ride that falters when it comes to execution. The developer's strength shines through the world building and production, resulting in a unique mix that is let down by a myriad list of technical and AI problems.

Screen Rant - 4 / 5 stars

Ultimately, it feels like Cyberpunk 2077 is a fitting bookend for the previous generation of games and a strong starting point for current-gen. Now it's time to start innovating again.

Skill Up - Ralph Panebianco - Unscored

Video Review - Quote not available

Spaziogames - Italian - 9.5 / 10

Cyberpunk 2077 traces a new path for the open-world RPGs, telling a thought-provoking story about the dangerous drifts of humankind.

Stevivor - Jay Ball - 9.5 / 10

The most important thing that everyone needs to know about Cyberpunk 2077 is that while it’s imperfect, it is without a doubt a superb game.

The Digital Fix - Andrew Shaw - 10 / 10

CD Projekt Red has set a new standard for what can be achieved in this sandbox. Cyberpunk 2077 is taking open-world gaming to the next generation.

The Games Machine - Danilo Dellafrana - Italian - 9.5 / 10

Cyberpunk 2077 is a wild journey within an incredibly fascinating setting; some technical uncertainties destined to disappear and a partial repetitiveness limit its glory, but overall it is an adventure worthy of William Gibson himself. Cyberpunk 2077 allowed me to finally feel immersed in that pen & paper RPG I discovered in 1988, pouring rain clouding my view in a kaleidoscope of neon signs, just as I had imagined while leafing through those pages. Some may not consider it a perfect game, but I do.

TheGamer - Kirk McKeand - 5 / 5 stars

I’m V and the game is Silverhand - I can’t get Cyberpunk 2077 out of my head. I’ve had it a week and played 70 hours, which is probably about as healthy as scooping out my face and replacing it with electronics, but it didn’t feel like work. Like a digital personality loaded onto a biochip, it felt like stepping into another life for a while. It’s a life I can’t wait to relive.

TrueAchievements - Heidi Nicholas - 4.5 / 5 stars

It might not reinvent the genre in every aspect, but for a fantastic story, an insanely detailed word, and brilliant dialogue, you’ve got to try it.

TrustedReviews - Jade King - 4 / 5 stars

CD Projekt Red has created a triumphant RPG experience with Cyberpunk 2077, yet it often falters under the weight of its own ambition thanks to inconsistent writing and narrative

Twisted Voxel - Ali Haider - 7 / 10

Too ambitious for its own good, Cyberpunk 2077 attempts to do too much and falters in its execution as a result. Despite its issues, it’s better than the sum of its parts and might be worth checking out for fans of action RPGs.

VG247 - James Billcliffe - 5 / 5 stars

In the midst of such intense anticipation and scrutiny, it’s easy to get carried away with what Cyberpunk 2077 could have been. The final experience might be more familiar than many predicted, with plenty of elements that aren’t perfect, but it’s dripping with detail and engaging stories. With so much to see and do, Cyberpunk 2077 is the kind of RPG where you blink and hours go by, which is just what we need to finish off 2020.

Windows Central - Jez Corden - 5 / 5 stars

Cyberpunk 2077 is an open-world masterpiece that features some of the most immersive and liberating storytelling this industry has to offer. With full freedom to choose V's personality, looks, and gameplay style, Cyberpunk 2077 gives the player an unrelenting amount of control in a world that delivers dozens upon dozens of hours of high-quality content. Cyberpunk 2077 is a mammoth achievement and solidifies CD Projekt RED's place at the top of the pile.

Worth Playing - Chris "Atom" DeAngelus - 6.5 / 10

It may not sound like it, but I enjoyed many aspects of Cyberpunk 2077. It doesn't hit the highs of The Witcher 3, but it still has a lot going for it. However, it was released in such an unfinished state that it's hard to give it a positive review. It's an 8.0 game hiding in a 4.0 game wrapper. I might change my tune in a few months, when patches have rolled out, but even when playing the best version available on the PlayStation systems, there's no getting around it: Cyberpunk 2077 might have been mocked for its delays, but it needed more of them. You'll still have fun if you pick it up now, but unless you're dying for it, it's best to wait until it's been patched and improved.

TLDR; EGLX.to is the single best pure-eSports play in the world.

Look I have an incredible track record of getting lucky picking stocks in the new reddit dominated market (PLTR, U, AI, BB, etc) and I want to tell you all about my next big one: Enthusiast Gaming.
While our community has nearly quadrupled in size, I still believe EGLX is one of the most underappreciated plays out there.
Since writing my first DD on EGLX, a few things have transpired:

• The stock has gone up like 80%.
• EGLX signed a massive deal with Samsung and Samsung will be the official sponsor of their 7 eSports teams.
• EGLX has strengthened their balance sheet by $50M, taking care of the cash risk I identified in the original DD.
• The stock price has formed some significant resistance, and has a solid foundation above $6.
• Call of Duty has had their best year in franchise history, and was crowned the best selling game of 2020 -> Great news for a company who owns 1 of 12 professional COD esports licenses.
• One of EGLX's streamers, xQc, found his way to the top of WSB... indicating people on that forum follow EGLX, but they just don't know it yet.
• Their recent bought deal is set to conclude this week, and I am hoping for big news on their Nasdaq application to follow shortly thereafter.
• Last and probably least, I was personally right again and won big again, in both BB and GME. And yes I realized my gains in both. So for whatever it's worth, I have proven my track record again.

Get in before the Nasdaq listing if you like money.
Positions: I currently have 40% of my portfolio in Enthusiast Gaming.
I hope the mods don't mind, but I wanted to repost this DD I wrote about a month ago, because it seems like none of the noobs know about the Enthusiast Gaming eSports revolution. So here it is below:
---------------------------------------------------------
LINK to original post - POSTED JAN 6TH 2020:
Greetings friendos.
It's 12:20 AM where I live and since I can't sleep, I have decided to finally write a DD on Enthusiast Gaming that I have been thinking about for some time... EGLX is a stock that I believe can make you 5-20x gains in the next year. I have been watching this stock since like $1.50 during the darkest days of COVID, and I am kicking myself for not getting in until $4 just before Christmas. But I am now a proud shareholder preaching the gospel.
What the eff do I know?
For some background information on my own stock picking prowess and why my ideas might be worth considering, I previously wrote super early DD's on Palantir, Telos and C3ai before making money in all 3 of them. I have a large number of people who have sent me thank you messages on reddit for my DD's on those companies.

PLTR - I was in at 10.50 Telos - I was in at 20 C3ai - I was in at 95

​
As a final qualifying note, in addition to getting incredibly lucky at picking random stocks, I also work in the gaming and digital marketing spaces, and I believe that I am somewhat qualified to comment on the merits of an esports and influencer company such as EGLX.

Who the heck is Enthusiast Gaming?

Enthusiast Gaming is a giant network of websites, esports teams and streaming influencers in the gaming space. Actually, they proclaim to be the single largest esports platform in North America. As of yesterday, they have officially announced that all of their collective followings put them in the top 100 web companies operating in America. Note, the only downside here is that they are getting that number from a huge number of mid sized platforms, not one single super popular site like twitch or youtube.
>Source: https://www.enthusiastgaming.com/news/

Does anyone even watch video games?

Yes. They do and will continue to. Actually us North Americans are very late to the party. The League of Legends world championship is already as popular as the super bowl. These viewers are coming primarily from Asia.
>Facts: https://dotesports.com/league-of-legends/news/league-of-legends-vs-superbowl-viewer-numbers
Furthermore, the hyper focus on gaming as a cultural cornerstone is in fact coming to North America. I hope you don't actually need convincing on this point, but here is a fact for you:
Prior to COVID, studies were already showed that over 90% of all children in America were gaming in some capacity.
>Source: https://www.healthline.com/health-news/video-games-saints-or-psychopaths-082814#:~:text=More%20than%2090%20percent%20of%20American%20kids%20play%20video%20games,of%20Americans%20over%2050%20play.
Now for comparison, most of us now adults grew up while gaming became a thing. If you are a similar age to me, you know when we were growing up, it was like 20-40% of boys gamed, and maybe 1-5% of girls gamed. This dramatic cultural shift is staggering. Obviously, this trend has been solidified this year with COVID. These gamers will and are translating to not only playing, but also watching games. That's Amazon's Twitch platform is growing fast AF. Watching video games is big big big money.
>Twitch facts: https://www.businessinsider.com/twitch-viewership-grows-faster-than-previously-forecast-2020-9#:~:text=That's%20a%2026.2%25%20increase%20from,gaming%20streams%20are%20gaining%20popularity.&text=We%20forecast%20that%20the%20number,next%20year%2C%20to%2044.0%20million.

Who are their competitors?

Actually this is where I think it gets particularly interesting. As a huge gamer and esports believer, I have been looking to find esports investments, but having a real hard time finding pure esports plays. There aren't many companies out there to invest in that are strictly set to capitalize on esports. Frankly, most of the stocks I have found are seemingly doing dick all. I would encourage you to google esports companies. You will mostly find a bunch of garbo sounding companies that are somehow valued at $25m-$50m market cap, but their websites are broken and aren't even up-to-date. Really the only "esports" companies to invest in are the tech majors like Microsoft, Amazon, or Facebook, and the video game companies like Sony, Nintendo, ATVI, EA etc. Sure these are all great companies, but none of them are strictly focused on esports and none of them are new or cheap enough to turn into a ten bagger.
*** IF YOU ARE SKIMMING, THIS NEXT ARTICLE IS IMPORTANT**\*
Forbes recently released a report on the top 10 most valuable esports companies. Obviously, EGLX is on the list, or I wouldn't be mentioning it. But get this, EGLX is not only the ONLY publicly listed company that forbes identified, but they also have the highest revenue by a long shot.
>SORCERY: https://www.forbes.com/sites/christinasettimi/2020/12/05/the-most-valuable-esports-companies-2020/?sh=2e4769ae73d0
EGLX is honestly positioned as the supreme pure esports play in the world right now.

Who the hell is leading this little company?

Well my number one most important metric when assessing a little random undiscovered company is who is captaining the ship? The best way to tell if a small cap stock is a scam or the real deal is to see who is involved. In fact, the biggest reason I chose to invest in the above mentioned companies was because of who was leading them (PLTR = Theil, C3.ai = microsoft ties and the dude from oracle, Telos = a former US general)
Good news of course, EGLX has an A+ grade with leadership legitimacy.
Adrian Montgomery, the former CEO of the Aquilini Sports and Entertainment (AKA THE VANCOUVER CANUCKS) is running EGLX. These guys are the real deal and they aren't fuckin about in some scam company. If they can run the Canucks, they can run an esports team.

But how do they profit?

EGLX does not own games or huge streaming platforms like twitch. So you may be wondering how they actually make money? INFLUENCER MARKETING. That's how. They are generating money through ad placements and influencer marketing on their huge platform. (And remember, they are in the top 100 US online companies in terms of reach.)
Facebook and Google are already soaking up ungodly amounts of money through online advertising and taking over the world. But paid ad placements only go so far. I don't know of a good source off hand, but I am telling you subjectively that influencer marketing is one of the "next big things". Companies are paying people with major social followings to review and talk about their shit. This is a very very big industry. I truly believe influencers are going to overtake hollywood and MSM. You shall see... No sources here. Pure opinion.

Is it actually making money?

Shit loads actually. This year EGLX is talking about increasing their total revenue from $9m last year to $120m this year for like a 1100% annual revenue increase. Obviously, if their proforma numbers turn out to be bogus the stock will collapse. But, referring to the fact that the owners of the Canucks are running this company, I am hoping we are not all being lied to and frauded out of our money.
https://www.enthusiastgaming.com/financial-statements/

How do you know I will make the tendies though?

***IF YOU ARE SKIMMING, ALSO READ THIS PART**\*
EGLX is currently trading at a $450m CAD or about $300M USD market cap. That is absolute peanuts compared to any other hype stock in the memesphere. With $120m annual revenue, that puts them at about a 3x price to sales ratio, which really isn't that bad at all for even a boring a blue chip. For a growth stock, it is extremely low.
But if you dig into their investor presentation, they are actually claiming they will raise their Revenue Per User from $0.40 to $3 in the next 2 years, or a nearly 750% revenue increase, not accounting for growth in the size of their social reach. If you include reach growth, it could be nearly 10 times revenue growth. By that point, the current market cap would be a fraction of their annual sales.
This stock is absurdly undervalued if the promises being made by the leadership come true.
>Go look: https://www.enthusiastgaming.com/wp-content/uploads/2020/11/EG-Presentation-November-2020-Nov-27.pdf

Final Fun facts:

- They own the best Overwatch team.
- They own the Seattle Call of Duty team, which happens to be among the nerdiest cities in America.
- They claim to have the best Fortnite players, but idk that game is trash so I couldn't really say if it's true or not.
But wait there's more!
Saved the best info for last.
The stock tripled in the past month. Why?
Because EGLX is still only trading on the TSX and they have applied to list on the US stock exchange.
They have appointed KPMG as the auditor for the application, and having nice big reputable firm involved certainly increases the odds it will get approved. Furthermore, I actually emailed their investor relations folks and asked when they expect to hit the US markets. Surprisingly, they responded and told me they expect their application to be approved Q1 2021.
Once this puppy hits wallstreet, I see it breaking $1B USD in no time, which would be a 3x return. $3B-$5B doesn't seem unreasonable if the current market insanity persists through 2021.
We have the opportunity to get in on this company before those darned Americans pump it to the moon.
CANADIANS HAVE THE UPPER HAND IN THE STONK MARKET FOR THE FIRST TIME IN OUR DAMN LIVES. TAKE ADVANTAGE OF IT.
--
PS: Risks. Risks. I think it's almost certain that these guys will issue more shares to raise some capital. They are kinda acting like the want to pump their own stock with unnecessary positive announcements, and honestly, they are pretty low on cash. Think they only have $9m on hand or something small like that. Too lazy to look it up again. Just watch out for dilution. My bet is that they will do it after listing on the US exchanges and mooning. But honestly I am not too worried in the long run because they need the cash to compete in this space.
PSS: More risks. If the us exchange application gets denied it will be bad bad news for my TFSA.

Corsair Gaming ($CRSR)
Redefining gaming, eSports, and streaming
Company Overview
Corsair Gaming is an American computer hardware and peripherals company founded in 1994 and headquartered in California.
They acquired Elgato Gaming in 2018 to expand to the streaming gear market, Origin PC and SCUF gaming in 2019 to expand into the custom-built PC systems and console controllers markets, respectively, and during 2020 they acquired Gamer Sensei and EpocCam, and partnered with Pipeline to grow into the gaming and streaming coaching market.
Corsair went public on September 23, 2020, with its IPO priced at $17, valuing the company at about $1.3B.
Understanding the Business
Value Proposition
Corsair provides specialized, high-performance gear for gamers and streamers. Their products are designed to provide speed and reliability for competitive gaming, high quality content for streamers, and powerful PC components that allows gamers to run modern games smoothly.
Revenue Streams
Currently, Corsair groups its product offering into two segments: gamer and creator peripherals and gaming components and systems.
Gamer and Creator Peripherals:
which represents around 25% of net revenue, includes gaming mice, keyboards, and headsets, streaming gear, and high performance console controllers.
Gaming Components Systems:
which represents around 75% of net revenue includes computer cases, power supply units (PSU), high performance memory products (40% of net revenue), and custom-built gaming systems.
Acquisitions and Partnerships:
During 3Q 2020 Corsair acquired Gamer Sensei, a gaming coaching platform, EpocCam, an app that allows iPhones to serve as a webcam, and partnered with Pipeline, a course-based education platform for streamers.
Industry
Market Size
According to Jon Peddie Research, the global gaming and streaming gear markets is expected to reach $40B by the end of 2020. Before the pandemic JPR estimated the market to grow at a modest 1.05% CAGR until 2022. However, during 2020 the market has grown an estimated 10% year-over-year.
Additionally, DFC Intelligence research estimated that the video-game coaching market surpasses $1B.
Industry Fundamentals
Growth in the gaming and streaming gear industries are driven by strong and robust fundamentals.
Popularity of gaming is increasing:
According to Newzoo, there are an estimated 2.7B gamers worldwide, which are expected to spend $159B on games in 2020 and is expected to grow at an 8.3% CAGR to exceed $200B by 2023. PC and console gaming represents 51% of the total market, and mobile gaming 49%. Corsair has stated that currently there is no interest in expanding to the mobile gaming market.
Tech-driven improvements in game quality:
Advances in computer power have enabled gaming platforms to provide increasingly immersive experiences. This in turn, places increased demand on high-performance computing hardware.
Increasing gaming and streaming engagement:
Some interesting facts reported in the Limelight Networks’ State of Online Gaming 2019 research report include:

• On average, video gamers spend six hours and 20 minutes each week playing video games
• More than 38% of gamers would like to become professionals if it could support themselves
• Gamers from novice to aspiring professionals report missing daily activities due to gaming, missed sleep is the most pervasive
• Watching gamers play video games online is more popular than watching traditional sports for 18-25 year olds.

The eSports and streaming flywheel
The rise in popularity and viewership of eSports brings more investment from publishers, sponsors, advertisers, team owners, and leagues to the eSports industry. Increased investment brings more players and increased performance focus of gamers who advance from less engaged gaming to high-performance gameplay, which in turn brings more viewers.
Competitive Landscape & Risks
Competition
The gaming and streaming market is characterized by intense competition, constant price pressure and rapid change. Competition across Corsair’s product offering includes:
Gaming keyboards and mice - Logitech and Razer
Headsets and related audio products -Logitech, Razer, and HyperX
Streaming gear - Logitech and AVerMedia
Performance controllers - Microsoft and Logitech
PSUs, cooling solutions, and computer cases - Cooler Master, NZXT, EVGA, Seasonic, and Thermaltake
High performance memory - G.Skill, HyperX, and Micron
Pre-built and custom-built gaming PCs - Alienware (Dell), Omen (HP), Asus, Razer, iBuypower and Cyberpower
Competitive Strategy
The company follows a differentiation leadership strategy by prioritizing high-performance and professional quality and charging a price premium on their products in exchange for superior quality, high value added features, and superior brand recognition.
Market Share
According to NPD Group, by 2020 Corsair had #1 market share position in the US in its gaming components and systems products with 42% of the market share from 26% in 2015. Their gamer and creator peripheral products are not yet market leaders, however, the company increased its market share in that segment from 5% in 2013 to 18% by 2020 in the US.
Growth Strategy
Move into the Asia Pacific region:
The Asia Pacific Region represents a long-term growth opportunity. According to Newzoo, they represent 54% of the global gaming community.
Complimentary acquisitions:
Corsair has carried out this strategy aggressively since 2018 with the acquisitions of Elgato Gaming, Origin PC, SCUF and Gamer Sensei. They plan to continue evaluating and pursuing new acquisitions that may strengthen their competitive position.
New Markets:
Uses of streaming gear has spread into areas including, podcasting, video blogging, interactive fitness, remote learning, and work-from-home, which represent a promising avenue for continued expansion in this product segment.
Threat of New Entrants
Because of the continued convergence between the computing devices and consumer electronics markets, increased competition from well-established consumer electronics companies is expected in the gaming and streaming peripherals segment (e.g. use of Audio-technica microphones by streamers).
Threat of Substitution
A significant medium- to long-term risk for Corsair’s business model is the evolution of cloud computing and augmented/virtual reality entertainment.
Cloud computing refers to a computing environment in which software is run on third-party servers and accessed by end users over the internet, requiring minimal processing power from the end-user’s system. Through cloud computing, gamers will be able to access and play sophisticated games without the need of expensive high-performance PC systems and components.
According to Grand View Research, the global cloud gaming market is expected to grow at a CAGR of 48% from 2020 to reach $7.2B by 2027.
Additionally, Corsair must be able to adapt its product offering to meet the needs of the evolving augmented/virtual reality industry.
Moats
There does not seem to be any relevant, structural moats, that may prohibit competitors from capturing Corsair’s market share across their product offering.
Other Relevant Risks
Due to the concentration of their production facilities in Taiwan and China, Corsair may be adversely by geopolitical tensions and trade disputes.
Financial Summary
Proforma Balance Sheet
https://postimg.cc/QHgY1ZxL
Income Statement
https://postimg.cc/qNkbGDzN
For the 9 months ended September 2020 compared to the same period last year:
The 49% increase in net revenue is mostly attributed to a large number of consumers gaming and working from home during the COVID-19 pandemic.
The company’s gross margin is influenced by its product mix for the period, gamer and creator peripherals have a higher gross margin (25-35%) than gaming components and systems (15-25%).
Proforma Cashflow Statement
https://postimg.cc/XXCzNyRY
Cash used in investing activities consists primarily on the acquisitions of Elgato in 2018, and SCUF and Origin PC in 2019.
Peer Comparison
https://postimg.cc/Whcfd1V6
Logitech International (LOGI) and Micron Technologies (MU)
Why am I posting this now?
I believe they are going to have very strong 4th quarter 2020 earning results. 2020 had record pc sales,and pc video games has reported record numbers of players. They are in my opinion the leading pc peripherals brand for gamers. They also have strong support from wallstreetbets.
Record pc sales:
https://www.businesstoday.in/technology/news/record-pc-sales-in-2020-as-covid-limits-work-education-to-homes/story/427858.html#:~:text=According%20to%20the%20latest%20data,units%20in%20Q4%20of%202020&text=COVID%2D19%20pandemic%20has%20turned,personal%20computer%20(PC)%20industry%20industry).
Google trends:
https://imgur.com/oKPn6R5
My price target for this earnings: $55
disclaimer:I am not a financial advisor. Do not trade based on the information I have posted.
credit: u/italiansomali and u/erythaean

eSports is on the rise in the United States and the need for a eSports Gaming "Gamestop?" League EGL is here. While leagues and competitions can be held online they aren't without their caveats. Differences in internet and computer hardware can prove critical to a gamers ability to perform.
I believe a physical location with standardized high performance gear and internet is required to go forward if there is to be any more growth and adoption past it's normal target audience.
If done properly and well it could augment GameStop’s customer base to not only become customers but become the audience and competitors. Matches can be streamed and monetized. Competitors can compete at all levels "City/State/National".
Merchandise, Sponsorships, Partnerships.
But I digress..
WHY GAMESTOP?!?
They have the customer base, they have the locations and with a little capital can ramp this up quick. They have even started already…
https://gspc.gg/
As a gaming enthusiast I have been waiting for the entrance of a true US eSports giant to rear its head. Much like all sports started with friendly competition, they eventually developed into the jaw dropping revenue producing markets we see today.
The NFL generated 15 Billion in revenue.
The MLB generated 9.9 BIllion in revenue.
Their new revenue streams…
The global gaming peripheral market was worth US$ 3.64 Billion in 2020. A Gaming peripheral is an auxiliary device that provides input and output for the computer and assists in enhanced gaming experience for the user.
https://www.imarcgroup.com/gaming-peripherals-market#:\~:text=The%20global%20gaming%20peripheral%20market,gaming%20experience%20for%20the%20user.
The global esports market size was valued at USD 1.1 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 24.4% from 2020 to 2027.
https://www.grandviewresearch.com/industry-analysis/esports-market
Global gaming chair market size will grow by almost USD 66 million during 2019-2023, at a CAGR of more than 5%. The gaming industry has been evolving in the digital age owing to the introduction and popularity of PC games and gaming consoles such as Xbox and PlayStation. The PlayStation 4 Pro and the Xbox One X can render games at 4K resolutions with HDR color technology, which will result in an increasing demand for gaming consoles among end-users.
https://www.businesswire.com/news/home/20190109005497/en/Global-Gaming-Chair-Market-Will-Grow-at-a-CAGR-of-over-5-During-2019-2023-Technavio
The Conclusion...
There is a lot of untapped revenue potential in the eSports US market.
There is a need for a physical presence in the United States where by other country standards we are spread so far apart.
Utilizing a company with existing framework built around gaming is a boon.
Buying quality internet, high quality gaming computers is a fairly low cost of entry.
Streaming the competitions will only bring more eyes, interest, business.
FUCKING ROCKETS THERE ARE FUCKING ROCKETS ON THIS THING. 🚀🚀🚀🚀🚀🚀

NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY.
https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html
NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1.
https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html
NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%)
NEW INFO 2 Here is the full webinar.
https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866
NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below
https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx
Playboy going public: Porn, Gambling, and Cannabis
!!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should.
In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase.
Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below:
https://www.playboy.com/
https://www.playboytv.com/
https://www.playboyplus.com/
https://www.iplayboy.com/
Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success.
“Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.”
https://www.scientificgames.com/
https://www.microgaming.co.uk/
“This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.”
https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/
As per their SEC filing:
“Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1
They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon.
https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era
Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again:
https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea
“Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.”
“According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently:
https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae
Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress.
Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait.
https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/
Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video:
https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html
Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05
Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing:
“For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.”
“In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.”
“In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.”
“In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.”
They are profitable across all three of their current business segments.
“Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF
Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders).
https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm
This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world.
"Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.”
Also in the SEC filing, the Time Frame:
“As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn.
The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :(
He should be fine with the 16 million PLBY shares he's going to have though :)
Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw.
I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets.
https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003
Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this:
“Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy.
“Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company
Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative.
https://www.secform4.com/insider-trading/1832415.htm
https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html
Y’all like that China money?
“Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.”
Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company
These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose.
I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future.
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF
I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing.
https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing
“Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.”
“Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.”
Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong.
Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will.
Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way.
Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains.
TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here:
WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though
https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf
Or here:
https://www.mcacquisition.com/investor-relations/default.aspx
Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.”
STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon.
Position: 5000 shares. I will buy short, medium, and long-dated calls once available.