Rovio’s Pre-IPO Health Check
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The 20,000 Foot View: Rovio, the publisher of Angry Birds, announced it would go public in October 2017 via NASDAQ Helsinki. The company is beyond its user growth peak, but is midway through a company turn around in terms of revenues and profitability. The company has IPOed as a profitable and revenue (rather than user growth) – oriented enterprise, willing to pay dividends from the get go. However, Rovio’s success still depends largely on the Angry Birds brand and the ability of its adjacent entertainment propositions to promote sales of old and new Angry Birds games titles. Beyond Angry Birds, Rovio faces a race against time to create another runaway success that can sustain its revenue aspirations once the Angry Birds machine inevitably begins to lose steam once again.
Key Findings
- Rovio swung to profit in the year The Angry Birds Movie release, a three-year downward EBIT trend
- Declines in revenue and EBIT were caused by falling merchandise sales, which for of Rovio’s total revenue 2013
- Despite volatile Rovio’s games revenue never stopped tripling in value between 2011 2016
- Rovio’s monthly users declined from million in to million in 2017
- Rovio’s games grew from in 2011 to 2016, while non-games ARPU had flatter trajectory from to
- Only six of Rovio’s games do not Angry Birds in the title
- USA and are Rovio’s key markets to in terms of how movies boost games revenue
- Beside monetization Angry Birds games, the performance Battle Bay and The Angry movie sequel will be the most important things to monitor Rovio’s long-term potential
Companies mentioned: Angry Birds, Angry Birds Battle Bay, Nasdaq, Rovio