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What is the platform worth?

Move three levers. Each step shows the closest real comparison from games and entertainment, and the starting points are marked. The model turns audience and average monthly spend into recurring revenue, derives operating profit from the report’s cost build and carries it through the valuation bridge.

Starting point

01 · Audience

112.5m

Closest gaming comparison6 of 9

Activision (Call of Duty) 107m

Activision reported 107m monthly active users in Q4 2022, around a strong Call of Duty release. Includes the whole Activision portfolio.

02 · Monetisation

$14.33

Closest gaming comparison8 of 13

Xbox Game Pass Premium $14.99

Microsoft’s middle Game Pass tier.

Audience112.5m
Monthly spend$14.33
Annual revenue$19.35bn

03 · Valuation

25×

Closest gaming comparison6 of 10

Microsoft (Xbox, Minecraft) 24.2×

Software, subscription and gaming platform. EV / EBIT observed 16 September 2026.

How the margin is derived

Programming
6.25% of revenue
Royalties
6% of revenue
Platform operations
$12 per MAU a year
Rockstar studio
$1.06bn a year

Illustrative scenario analysis based on The Category Reveal. Retained spend is after storefront, payment, creator and partner participation. Comparison prices are US consumer prices (November 2026) before those fees, so a subscription price overstates what its operator keeps. The live valuation scales the report’s interim-cash bridge with mature operating profit; it is not a complete company forecast or personal investment advice. Read the full model in the report.