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Varun's avatar

this is one of the best researches on SEA i have seen.. thank you so much for enlightening us.. one question.. how did you get the split of Sales and Marketing and other income for just Garena? There is 1,016,793 of operating income i can see for Digital entertainment in their 10-K for end 2020.. but i cant find the split for the operating expenses for Digital entertainment between S&M and other expense. Any suggestion would help. Thanks!

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Atharva Prabhune's avatar

Thanks a lot for writing this detailed blog. Most of the analysis I have read on Sea just mentions the Free Fire concentration risk and stop. They don't elaborate on how superhit games evolve, risk profile of other game developers, how Free Fire has already extended its longevity, etc.

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