NYAIR Episode 86
Investing in Gaming: Opportunities & Challenges
Gaming has become the largest media category, outpacing film and music, and evolving rapidly with technological innovation and expanding demographics. Join industry veterans Jos van Drunen, co-founder of Algora.io and NYU educator, and Mario Stephanitis, VP of Research at Round Hill Investments, as they dive into the growing complexities and opportunities of gaming investments—from monetization models and regulatory shifts to market-sizing and mega-deals. This episode is a must-listen for investors eager to understand the future of digital entertainment assets.
Featured Guests
Joost van Drunen
Co-Founder & CEO, Algora.io | NYU Stern School of Business Educator
With a background combining academia, entrepreneurship, and investment, Jos van Drunen is a respected thought leader in gaming and interactive entertainment research. He authored One Up, a deep dive into the business of video games, and co-hosts the podcast Unboxing. Having built and sold a data company to Nielsen, Jos integrates technology, media, and finance, fueling his work bridging academia and the investment community focused on gaming tech.
Mario Stephanitis
Vice President, Research, Round Hill Investments
Mario heads research within digital media and entertainment at Round Hill Investments, overseeing $1.4 billion in AUM. A former BlackRock ETF specialist, he drives investment decisions in gaming, esports, cannabis, and digital infrastructure. Mario frequently contributes to Bloomberg and other major outlets, bringing market expertise to innovative subsectors in entertainment and alternative assets.
Kevin Mirabile
Professor and Director, Alternative Investment Program, Fordham University
Kevin Mirabile is a distinguished finance academic and practitioner specializing in alternative investments, including hedge funds, private equity, and emerging asset classes. As Director of the Alternative Investment Program at Fordham’s Gabelli School of Business, he educates tomorrow’s leaders on cutting-edge strategies like litigation finance, collectibles, crypto, and gaming investments. With a deep background in capital markets—having held senior roles at Barclays Capital and other major institutions—Kevin combines rigorous academic insight with practical industry experience.
Key Insights From This Episode
Gaming Is the Largest Media Category Globally
Gaming revenues exceed those of film and music, driven by diverse platforms including mobile, console, PC, and streaming.
Monetization Is Shifting Toward Games as a Service
Subscription models, battle passes, and microtransactions replace traditional one-time sales, fostering ongoing revenue streams and player engagement.
The Industry Is Broadening Demographics and Accessibility
Mobile and cloud gaming have democratized participation, bringing broader age and cultural groups into gaming ecosystems.
Regulatory Scrutiny Is Increasing, Especially in the U.S. and China
Mega-mergers like Microsoft-Activision face delays; Chinese government restrictions on gaming time and licenses have reshaped the market.
Valuations Are Compressing Amid Broader Tech Sell-Offs
Despite short-term volatility, high-margin SaaS-like models in gaming hold promise for multiple expansion long-term.
Competitive Execution Determines Success
Strong team execution and business strategy matter more than individual creativity; many studios rise or fall based on leadership quality.
Access the Full Conversation
Gain access to the full episode audio and curated insights deck offering strategic frameworks and market outlooks for gaming and entertainment investors, asset managers, and finance professionals focused on alternative investments.
Soundbites Worth Saving
“Gaming is no longer niche; it is the largest media category and a critical frontier for innovation and investment.”
— Joost van Drunen
“Subscription and microtransaction models have transformed monetization—it’s about sustained engagement, not just sales.”
— Mario Stephanitis
“S“Understanding exotic alternative investments requires blending academic rigor and real-world experience—only then can investors truly navigate the risks and uncover the outsized opportunities.”
— Kevin Mirabile
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