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They know their technique to score a touchdown, but the spectator only learns of their strategy as soon as it has been executed on the field. The excitement of watching qualified players' plans unfold in actual time contributes to the general entrainment value of eSports as a spectator sport. The most beneficial asset of live on the web video streaming and Twitch Television is the spectator. The spectator is defined as the individual who follows the in-game encounter, but not a direct participant in the game (Cheung & Huang, 2011). According to cultural anthropologist John Huizinga, spectators of a game are active participants of "play," and have adopted the values of the game-globe (Cheung & Huang, 2011). Relating play to the ancient globe, Huizinga describes the shift from protagonist to the spectator in the gladiatorial games. The emergence of new technologies and competitors inside the marketplace has provided rise to a wide variety of new platforms for streaming media content material targeting a wide array of conventional broadcast audiences on line. Streaming enables for a new type of social Tv that gives an interactive platform for audiences to engage, on a individual level, with their favored gamer personalities.

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On this slide, you see the logo type of the 12 Live games that we launched for the duration of the year. Two of the strongest brands in our portfolio are our Lighting and Crazy Time. We grew Reside revenue at 21.1% compared to Q4 last year, summarizing to total income of €406 million. In the fourth quarter, RNG income amounted to €69.eight million, which is a growth of four.five% compared to Q3, but a negative growth of three.7% compared to the identical quarter last year. Revenues in the quarter improved by 16.six% to €475 million with the year-to-date growth amounted to 23.5%. EBITDA in the quarter elevated by 20.5% to €337 million, corresponding to a margin of 70.9%. For the complete year, we reached a margin of 70.five%, which is in the upper part of our 68% to 71% guidance of 2023. For those reasons, I am strongly bullish on Evolution's shares, which give a substantial discount of pretty much 40% compared to its fair value of €163 in a base case scenario.