Patrick Saardi and Kenneth Avery

Dr. John Longo

Investment Analysis Spring 2015
Rutgers University

Executive Summary
GLU MOBILE (GLUU NASDAQ)
Recommendation: BUY
Current price: $5.08
Target Price: $6.62
Diversified Portfolio
Glu Mobile has successfully
diversified their portfolio of titles,
which has thus diversified risk for
investors by generating revenue
from over 70 different games
across many different genres.
Growing Market/Trends
For the first time, mobile
gaming
has
surpassed
console gaming in annual
revenue. Global trends also
indicate that 39% of the
time spent on smartphones
is spent on playing mobile
games. Furthermore, 67%
of the time spent on tablets
its spent on mobile gaming.
These
are
immense
numbers that allow Glu to
monetize the global market.
Emerging Catalysts
Glu Mobiles 2015 roadmap looks quite promising. Titles such as Katy Perry, James Bond 007,
Deer Hunter 2015, and other titles are set to be released and will serve as catalysts for the stock
price. With well respected Glu CEO Niccolo De Masi at the helm, the company has announced
many more stars to be signed in the near future with one being signed as soon as April 29 th, Glus
next earnings date.
Value Proposition/Competencies
Glu has established a comparative advantage in the celebrity gaming market by becoming the one
stop shop for design, development, and distribution of gaming titles. Other companies have tried to
create successful titles like the Lindsey Lohan game that didnt even break into the top 800 grossing
games. This unique set of competencies positions Glu as the premier company that celebrities go to
when they want to create a game and connect with their fans. This allows Glu to tap into their
immense social following and generate revenue.

Company Overview
Glu Mobile Inc. is a developer of free-to-play games for tablets and smart phones on both Android
and iPhone platforms worldwide. The titles in Glus portfolio span over many different genres
including racing, first person shooters, role-playing games, and arcade style games. In the past 18
months, the San Francisco based company has ramped up their licensing and franchising efforts
starting with the release of The Official Hercules Game based on the 2014 release of Hercules the
movie as well as a soon to be released James Bond game that will coincide with the production of
James Bond Spectre that will hit theatres in November 2015. The biggest title in Glus portfolio
to date is Kim Kardashian: Hollywood, a game that is based on the life of reality superstar Kim
Kardashian. During the 2014 Q4 earnings call, Glu Chief Executive Officer Niccolo De Masi
announced a 5-year contract with Katy Perry to produce a game that caters to her celebrity status
and immense fan base. Glu employs about 650 people across their 8 offices located in the UK,
Canada, US, China, Russia, Korea, and India.
Company History and Acquisitions
Sorrent Inc. was a US based company that produced mobile entertainment applications with nearly
100 different applications in its portfolio at a time when the mobile segment as a whole was still in
its rudimentary stages. In 2004, Sorrent Inc. would merge with UK- based Macrospace and form a
new entity called Glu Mobile. In 2006, Glu bought IFone, one of the largest mobile entertainment
companys in Europe for $23.5 million dollars. In 2007, Glu bought Beijing Zhangzhong MIG
Information Technology Co. Ltd, or MIG for short, a major player in the mobile gaming market in
China. In 2012, Glu bought GameSpy Technologies from IGN. In May 2014, Glu acquired
PlayFirst, a company that created titles such as Diner Dash on PC, Mac, and eventually mobile
devices. Glus latest acquisition is CIE Games, the developer of top racing titles including Racing
Rivals and Car Towns.

Titles/Products
Kim Kardashian: Hollywood: Glu Mobiles most
successful product, playable on multiple platforms
and free-to-play. The game follows the lifestyle of
Kim Kardashian, while allowing users to virtually
realize their own celebrity dreams. In our field
research, the game was visually appealing with
bright colors and sharp lines. Target audience is
both men and women, ages 13 and up.

Robocop: Shooter game based off of widely

popular Robocop movie series. Game is free-toplay and allows for quick in-app purchasing to
progress further into the storyline. Graphics are 3D and has the option to be a first-person shooter.
With a 4/5 rating on Google Play, the target
audience is primarily men, ages 13 and up.

Deer Hunter 2014: Hunting genre that attracts any

user interested in hunting with stunning visuals
and a realistic first-person perspective. In our
research, the games graphics were extremely
detailed and contained realistic environmental
settings. With a 4.4/5 rating on Google Play, the
target audience is primarily men, ages 13 and up.

Hercules: The Official Game: Based off the motion

picture, starring Dwayne The Rock Johnson, this
game allows users to delve into the world of
ancient mythological Greece. Part of the RPG
genre of games, Hercules offers AAA graphics and
can be played on multiple devices, including
tablets. With a 4/5 rating on Google Play, the
target audience is primarily men, ages 13 and up.

Racing Rivals: One of Glu Mobiles premier racing

games that offers the chance to compete against
users across the globe with live chatrooms. In our
research, the seamless play was reminiscent of 6th
generation console gaming with added wireless
multiplayer features. The game is free-to-play, but
offers in-app purchased upgrades and team
competitions. With immersive tablet gameplay, the
target audience is both men and women, ages 10 and
up.

Blood & Glory Immortals: An immersive RPG

game that is set in ancient mythological Rome
and offers a unique, fluid combat system. This
visually stunning game offers live multiplayer
combat to users across the globe. Free-to-play,
but allows for in-app purchases to upgrade
weaponry, guilds, armor, etc. With a 4.2/5 rating
on Google Play, the target audience is primarily
men, ages 13 and up.

Diner Dash: Glu Mobils premier game for

targeting all users who have an interest in
cooking. A highly addictive game, Diner Dash
has fast-paced gameplay multiple levels that
require in-app purchases to access. In our
research, the free-to-play portion was visually
attractive and definitely has a target audience for
both men and women of all ages. This genre of
gaming is becoming increasingly popular and
Diner Dash is one of the most recognizable in the
market.

2015 Titles
Kendall and Kylie Jenner: Announced in March
2015, the sisters have decided to rival big sister
Kim Kardashian in attaining Glu Mobiles top
mobile game spot. The two sisters have grown
increasingly popular over the years and are not
new to the Hollywood spotlight. In the last few
years alone, Kendall and Kylie have created their
own lines for both clothing and makeup, and they
continue to seek other business ventures, such as
modeling. Their mobile game will be similar to
Kims, but the game will be catered to their
lifestyles. The release of this game will generate
immense revenue for Glu Mobile and will give the
shareholders a boost in profits.

Katy Perry: It is no surprise that Glu Mobile has

decided to team up with Katy Perry, the bestselling digital artist in the country, for venturing
out into the musical aspect of celebrity fame.
According to Forbes, Perry has sold 81 million
digital singles and 11 million albums worldwide.
If that is not enough, Perry has a mass social media
following with 69 million followers on Twitter
alone. Her popularity skyrocketed to further
heights when she performed at this years
Superbowl halftime show to 111.5 million viewers
worldwide. Glu Mobile will be sure to provide the
same gaming quality as Kim Kardashian:
Hollywood, but will look to exploit a more musical
premise to differentiate the two games in the
market.

In

the

most recent conference call for Q4 2014, Glu CEO Niccolo De Masi
promised the announcement of another star by next earnings. He
explained the company was in late stage negotiations with numerous
and many have speculated this one to be in the sports space due to De
emphasis on diversification.

stars
Masis

Industry Analysis
Competitors/Market Share/Comparative advantage

Over the years, the mobile gaming industry has established a large market by evolving with
technology. As new platforms are released, companies try to take full advantage by creating the
most widely played mobile game for different devices. Smart devices have made it easy for both
the introduction and expansion of mobile gaming because the devices are owned by all
demographics. In contrast to console gaming, such as Xbox and PlayStations, most people in
todays society have a smart device, which mobile gaming companies capitalize on. Many of the
larger, more distinguished gaming companies have gained a foothold in the market, but none have
differentiated their product like Glu Mobile has. Zynga, which created the extremely popular
Farmville and Farmville 2, established a partnership with Facebook, and used the social media site
as a way to attract users to its games frequently. In addition, the games created by Zynga require
constant attention in order to succeed, which allowed heavy amounts of traffic for ad placement and
monetary involvement. The household gaming brand Nintendo has recently announced they will be
joining the mobile gaming industry to try and expand their own markets. Unlike Zynga, Nintendo
has already developed games in the market from its console-gaming platforms that the company
will use for its mobile-gaming sector. The company will capitalize on big-name games, such as
Mario, Donkey Kong, and Zelda, and use the popularity to attract gamers who are loyal to the
brand. Once Nintendo has integrated itself into the market, the company will then branch off into
creating original games with new premises to continue to diversify itself in the market. One of the
most popular mobile and console gaming companies is Electronic Arts, which has found a way to
develop successful games for all genres. Electronic Arts is well known for diversifying its products
by creating games for multiple genres. For example, EAs sports games, such as FIFA and the
Madden NFL series, are played all over the globe. In addition, EA has also developed popular
games, such as Bejeweled and Rock Band, to appeal to users that do not want to play a game
involving sports. This diversification has allowed Electronic Arts to evolve with what is popular in
the market and to have a game that appeals to all demographics, allowing the company to remain
relevant. EA Mobile, subsidiary of Electronic Arts, has relationships with all major North American
wireless providers. In addition, the mobile subsidiary is continuing to build connections with
wireless providers across the globe, including Europe and Asia, to expand its mobile products to
foreign markets. Activision, Electronic Arts main rival in console gaming, has also joined the
mobile gaming industry by feeding off of the popularity of some of its biggest names, such as the
widely successful Call of Duty series. Activision has diversified itself in the market by honing in on
games that are first-person shooters. First-person shooters is a gaming genre that focuses on gunbased fighting and warfare from a first-person perspective. This genre has become extremely
popular over the years, and Activisions Call of Duty series has established itself as one of the
premier games in the category. It is no surprise that Activision has chosen to create a spinoff of the
Call of Duty series for mobile devices. The game allows multiple mobile devices to band together
to play the game across different screens with multiple people, a wireless gaming format that is very
popular. By sticking to their guns, Activision can attract the users that are loyal to the brand and
work on expanding into new mobile gaming territories in the future. King Digital Entertainment is
a mobile gaming company that creates products that feed off of user attraction to puzzle games.
King Digitals widely addictive and successful gaming series, Candy Crush, has become the most
popular game on Facebook. By connecting through a Facebook account, users are able to
seamlessly transfer their gaming account progress from one smart device to another. King Digitals
synchronized play has allowed the company to diversify itself in the market by keeping a close
relationship with Facebook and by the seamless transfer between the different mobile platforms.
Although each of these companies has a mobile gaming sector that seeks new, innovative ways to
capture market share away from competitors, none has been more successful in doing so than Glu
8

Mobile. In addition to using the different techniques employed by the previous companies to
diversify itself in the market, Glu Mobile has created an entirely new genre of gaming, as well. One
of the first techniques that Glu Mobile uses to keep itself relevant in the mobile gaming industry is
the diversification of its products. In the section Titles/Products, we listed just a few of the different
games that Glu Mobile has to offer. It is evident that Glu Mobile has developed games in multiple
genres to appeal to all users and demographics, allowing the company to keep up with trends. In
contrast to Zynga and King Digital, Glu Mobiles diversification has made the company known for
multiple products, not just one hit wonders, such as Farmville or Candy Crush. This
diversification in products is extremely important in ensuring the company will continue to grow in
the future and evolve with the latest trends and technology. In addition to the diversification of its
products, Glu Mobile has succeeded in offering its products across multiple platforms, making sure
that users across many different platforms can play the games. By making the games available to
iOS, Android, Amazon, Windows, and Google Chrome, platform preference for mobile gaming is
not an issue for the company. When analyzing Glu Mobiles market share, one does not need to
look further than the companys most popular game, Kim Kardashian: Hollywood. Glu Mobile has
differentiated itself from its competitors by creating a new gaming genre that focuses on the
lifestyle of celebrities, in this case, Kim Kardashian. Kim Kardashian is currently one of the
worlds hottest and most recognizable celebrities, and this game lives off of that notion. The game
allows users to follow the lifestyle of Kim Kardashian, while at the same time, living a virtual
celebrity lifestyle of their own. Through our field research in trying the game, we found the product
to be extremely attractive and appealing to the eye. The products color scheme is one that evokes
both glamour and sophistication. Kim Kardashian did the voiceovers for the character, herself, and
the play was seamless. In our research, we did not encounter any bugs or glitches within the game.
According to Business Insider, The game has dominated the Apple App Store charts, peaking at the
#1 overall spot and #4 in top-grossing apps. It raked in $1.6 million in its first five days on the
market, according to the studio behind the game, Glu Mobile. Although the game itself is a free
download, the amount of time users are allowed to play for free is limited. Users must make an inapp purchase to experience the full capacity the game has to offer. This revenue, in addition to the
revenue generated by in-game advertisements, allows Glu Mobile to make substantial profits.
However, many people point to the conclusion that Kim Kardashians fame may wear off
eventually, making the game irrelevant. Glu Mobile has already begun to diversify this new genre
of gaming by branching off from celebrities in reality-television, and instead, creating entirely new
games for celebrities from various backgrounds, such as sports or music. Recently, Glu Mobile has
officially announced that the company will partner with Katy Perry, a top-selling singer and
recording artist, to develop a new mobile game. Although the game will be similar to Kim
Kardashian: Hollywood, it will focus more on a musical aspect that correlates with Katy Perrys
celebrity lifestyle. Through establishing these relationships with the most popular celebrities, Glu
Mobile can continue to ride trends and build connections with users. Currently, none of the
previous companies listed provide any games remotely close to Kim Kardashian: Hollywood.
Although many have tried in the past to feature celebrities in games, none have succeeded like Glu
Mobile. In the future, Glu Mobile will most likely continue to branch off into other celebrity
genres, such as sports. This constant evolution of developing games for users that are a fan of any
celebrity will allow the company to grow and possibly become integrated into the market of console
gaming.

Overall Market/Trends
Ever since mobile gaming was first introduced as a new sector for video game users, the
market has expanded greatly with advances in smart devices and platforms. As the quality of smart
devices grew, the use and value of mobile gaming grew with it. When the first candy bar cell
phones were introduced to the mainstream market, mobile games were built into the devices.
Although the jump from the block cell phone to the candy cell phone was technologically
significant, it was not enough to produce the quality of the games we see and interact with today.
For example, low-pixelated games, such as Snake or Tetris, were built into the phone and could not
be deleted from the memory. As more advanced features, such as cameras, became standard for
higher quality cell phones, the capabilities for mobile gaming increased. Companies were now able
to capitalize on the phones storage capacity and the constant use of cell phones in daily life to
create higher traffic for their games. When the Apple App Store was released in 2008, the market
for mobile gaming was revolutionized. Users were able to download games directly to their smart
device with the click of a button, and they even had to pay for some of them. The App Store
boosted the market considerably, allowing companies to introduce their products to all smart device
users. Today, the market for mobile gaming has become huge. The products themselves are
extremely advanced and contain the graphics of old consoles, such as the original Xbox or
PlayStation 2. According to Statista.com, Onthegloballevel,theindustrygenerated7.8billion
U.S.dollarsrevenuein2012andthefigureisexpectedtogrowtomorethan12.6billionby2016.
Theshareofmobilegamesinvideogamingrevenueisexpectedtogrowfrom14to17percentin
thesameperiod. Thisimmenserevenuebeinggeneratedbymobilegamingcanbeseeninits
popularityinappstores,suchasAppleorGooglePlay.

10

According to Nielsen, mobile games are the most widely used and downloaded apps in any
category. In smartphones, almost 40% of use of the entire phone can be attributed to mobile
gaming, while occupying almost 70% of use when looking at a tablet. In the United States alone,
90% of apps for the iPhone and iPad are some type of mobile game. These statistics are evidence
that many users across the globe use their smart devices to play games daily. These numbers will
only continue to grow as the mobile gaming sector looks to overtake its biggest competitor in the
market, console gaming. One of the reasons that market for mobile gaming is growing larger than
console gaming is the idea of free-to-play games. The most successful mobile games all start out as
products that are free-to-play for all users. Once the game is downloaded, a user can play the game
up to a certain extent, after which they will have to use real money to unlock the rest of the capacity
of the game. This user-generated revenue forced analysts to raise global revenue forecasts from
$21.7 billion to $25 billion for 2014, which was a 43% increase over revenue from 2013, according
to Newzoo.com. The market for mobile gaming is not only expanding rapidly in the United States,
but in Europe and all over Asia, as well. In 2014 alone, revenue for mobile gaming markets in Asia,
especially Japan, has grown 86% in iOS and Android platforms and is forecasted to rise even further
in 2015.

11

A large portion of these revenues can be attributed to the use of tablets over the years. Although
sales in tablets have been on the decline, the amount of gaming apps purchases for the smart devices
continues to rise. Tablets offer a much more immersive gameplay than a standard smart phone, and
allows the user to experience the full capacity of the game. As long as tablets are being used by
consumers, there will always be a market for mobile gaming. The ability to be able to access these
games anywhere is the reason why Newzoo analysts predict mobile gaming revenue will surpass
console gaming revenue in 2015. Newzoo expects that mobile games will generate $30.3 billion
worldwide; it predicts that console games will take in $26.4 billion. The firm expects sales for the
total worldwide gaming market to be $91.95 billion in 2015. The time spent on these devices is
directly correlated with the rise in revenue for mobile gaming. As long as smart devices are being
used, the revenues will continue to grow because more users are accustomed to phones and tablets
than gaming consoles

Financial Statement Analysis

12

Income Statement
Total Revenue Growth
Glu mobile has been
able to take its total
revenue from $105.6
million in 2013 and
more than double it in
2014 to $223.1 million
after
remaining
relatively flat from 2012
to 2013. 88% of total
revenue
has
come
organically, meaning it
is not from titles in
recently
acquired
companies. This
is
attributed
to
the
companys licensing and
franchising
efforts
particularly in their
development of the Kim
Kardashian Hollywood
game, which brought in $74.3 million in revenue in 2014. Deer Hunter 2014 was also able to bring
in $52 million in 2014. Glu was able to turn a profit in 2014 of $8.1 million, which is a major
improvement from the $19.9 million lost in 2013 and the $20.4 million in 2012. Glus Gross margin
in 2014 was 62%, which is a decrease from 64.9% in 2013, and 69.1% in 2013 and 2012
respectively. The gross margin in 2015 should go up especially in Q2 due to the release of a Kylie
and Kendall Jenner as well as the Katy Perry game that will run on the same engine as Kim
Kardashian: Hollywood thus decreasing the cost of goods from those titles and generating revenue
from a younger user base. Below is a further breakdown of revenue by title:

Strong Balance Sheet

13

With a current ratio of 1.6

and a debt to equity ratio
of .47, Glu is well
positioned to weather the
storms especially in a
volatile
macro
environment. Glu also has
no Debt and plenty of cash
and
cash
equivalents
totaling $70.9 million. An
interesting data point in
Glus balance sheet is the
exponential increase in
Goodwill from 2013 to
2014 for $19.4 million to
$87.9 million. This is a
clear indication of Glus
strong management and
brand
recognition
in
association
with
the
Kardashian name. This is
an important statistic
should
we
see
consolidation
in
this
industry
where
Glu
becomes an acquisition
target for a larger player in
the space.
Free Cash
Glu mobile generated
$27.3 million in free cash
flow in 2014. This is due
to a relatively small
increase
in
capital
expenditures yet a major
spike in total cash from
operating activities from
a loss of $9.5 million to a
gain of $30.5 million.

Valuation
Technique
14

Since Glu mobile is a mobile media company, we decided to use the Enterprise value/ EBITDA
valuation technique to set a price target. The current enterprise value of Glu Mobile according to
Yahoo Finance is $476.71 million with an EBITDA (ttm) of $14.73 million giving us a multiple of
32.36. We then took the average multiple of the mobile gaming industry and included Glus main
competitors and came up with a normal multiple of 16.94. Furthermore, Glu expects an EBITDA
of $30-$35 million in Fiscal 2015 which is a conservative estimate considering the expected future
catalysts (Katy Perry game, TBA sports game). We expect an EBITDA of $38 million which
equates to about $.3525/share. When we multiply the projected EBITDA per share of $.3525 times
the normal multiple of 16.94, we get an enterprise value target of $5.97 per share. We then
computed the target price of the stock by adding the EV and cash ($.66/share) and subtracting the
debt($0) to get a target price of 6.62 per share. This price target is still nearly a dollar under the 52
week high of $7.60 that was reached during the early stages of the Kim Kardashian game. In the
following pages, we have outlined reasons why we expect Glu to surpass its EBITDA estimates and
reach its $6.62 per share price target. In addition, the average 1 year price target by analysts that
have covered Glu Mobiles stock is $6.99.

Valuation Assumptions and Justification

15

Strong Management
Glu CEO Niccolo De Masi is only 33 years old yet his
fingerprints are already all over the mobile media industry.
After graduating from Cambridge University, De Masi
worked for JP Morgan in the mergers and acquisitions
department. He later moved to the mobile media industry and
was the CEO for Monstermob Inc. and in 2008 he became the
CEO of Hands-On Mobile, a mobile gaming company. In
January of 2010, De Masi became the CEO of Glu Mobile
and the company was able to set new records under his
tutelage. The stock price when he took over was at
approximately $1.44. He was able to inspire innovation and
establish a clear growth strategy that took advantage of Glus
unique set of competencies. This shined through when the
stock price reached $7.60 in the summer of 2014 as Niccolo
signed Kim Kardashian to a 5 year deal, tapping into her
network of 70 million social followers. He now has signed
Katy Perry, who has more than double the social followers of
Kim and it remains to be seen how high the stock price will
go once he fills out his roster of stars.

of

Positive Catalysts Emerging

Katy Perrys Super bowl half time show was viewed by over a
111.5 million people around the globe. Astonishingly, this is still
less than the amount of people that follow her on all social media
platforms. Katy Perry signed a 5-year deal and her game is due to
launch in the mid to late summer. Considering the fact that Katy
Perry has more than twice the amount of social followers than Kim
Kardashian has, it is safe to say that there is a good chance the stock
price will sky pending download and revenue results from the
Katy Perry game. Other catalysts include updates to new titles, as
well as a soon to be announced star during 2015 Q1 Earnings. At the time of this
report, the consensus is that the new star will be in the sports space with rumors
swirling that it could be a Nascar driver, taking advantage of the recent acquisition
CIE games and their racing game platforms.

Products have recurring income/ Staying Power

16

In the mobile gaming industry, when a title has staying power it means it has been able to
consistently preform well enough to remain in the Top x amount of grossing games. In Glus case,
they have 3 titles that have remained the top 30 grossing games, which generates recurring income
for the company. It also shows the companys ability to create titles that dont get old quick. They
continue to peek the interest of their audiences with frequent updates and additions to the game. In
the Kim Kardashian: Hollywood game for example, anytime Kim was in a new city, Glu would
launch an update for the game that would allow their audience to accompany Kim in her travels.
When Kim was in London, the players of the game also were able to go to London and join Kim in
this virtual world. This is not only good for Glus bottom line, but it offers a unique value
proposition to perspective stars in that they can appease their fans and build a closer bond with their
followers via this virtual world. Racing Rivals also has had strong staying power in that anytime
new cars hit the market, Glu is able to add them to the game and keep users interested. Players
continuously play the game in an effort to buy new cars whether its by earning them slowly
through the completion of challenged in the game, or purchasing them through micro-transactions
in the game with their credit card.

Investment Risks
17

Of course, with any investment, there remains a certain level of risks that could potential drive the
stock price and the company as a whole downward. Below is a list of possible risks that could hurt
Glus growth.
1. As with any tech company, growth is dependent on consistent innovation. Once a company
can no longer innovate, they find themselves in deep waters because customers have found
new solutions and applications that fit their needs. In Glus case, there are dozens of mobile
gaming companies and in order to do well, Glu must consistently put out titles that interest
the global market because there are many alternatives to their products. Zynga has suffered
as a result of their free to play title Farm Ville quickly falling out of favor with the mass
market and its stock price has suffered as a result.

2. Although the mobile gaming sector is growing at an exponential rate and has even surpassed
console gaming, it remains to be seen if this trend is sustainable. Many tech analysts believe
we have reached a level where cell phones processing and graphics capabilities are as good
as they will ever be, possibly limiting future innovation in the gaming space until new
technologies are developed by Apple and Samsung. Thus, Glu is dependent on Apple and
Samsung to create new technologies with in mobile devices to allow Glu to continuously
innovate.

3. Glu Mobile has placed a large emphasis on celebrity titles in their business model. As we
have seen over time, celebrities tend to get into legal trouble and become public enemies in a
matter of days. In our field research speaking with a member of the product management
team, we asked about whether there was as screening process for these stars and how
selective Glu really is. They mentioned that they are very selective and know how unique
their value proposition is and explained that they try to limit the risk of a celebrity having a
legal misstep. Although this is a good indication that the company is aware of this inherent
risk in signing celebrities, there are still no guarantees that they wont get in trouble and as a
result hurt Glus revenue.

References/Works Cited
18

http://phx.corporate-ir.net/phoenix.zhtml?c=207033&p=irol-presentations
http://finance.yahoo.com/q?s=gluu
http://finance.yahoo.com/q/ks?s=KING+Key+Statistics
http://www.bloomberg.com/research/stocks/people/person.asp?
personId=20592423&ticker=GLUU
https://itunes.apple.com/us/genre/ios/id36?mt=8
https://www.appannie.com
http://fortune.com/2015/01/15/mobile-console-game-revenues-2015/
http://www.glu.com/games/genre/all
http://www.statista.com/topics/1906/mobile-gaming/
http://www.3g.co.uk/PR/May2005/1459.htm
http://www.forbes.com/sites/insertcoin/2015/02/05/katy-perry-getting-mobile-game-from-kimkardashian-hollywood-studio/
http://www.businessinsider.com/kendall-and-kylie-jenner-mobile-game-2015-3
http://www.ea.com/mobile
https://web.archive.org/web/20120902110156/http://company.zynga.com/about/press/fact-sheet
http://www.businessinsider.com/king-digital-stock-analysts-candy-crush-saga-2015-2
http://recode.net/2014/08/14/activision-blizzard-is-warming-up-to-mobile-games/
http://www.nielsen.com/content/dam/corporate/us/en/newswire/uploads/2011/06/mobilegaming-chart-1.gif
http://time.com/3748920/nintendo-mobile-games/
http://expandedramblings.com/wp-content/uploads/2014/07/Kim-Kardashian-HollywoodApp.jpeg
http://www.forbes.com/sites/maseenaziegler/2014/07/16/why-kim-kardashian-hollywood-is-a200-million-hit-app/

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