Evaluation forum
Evaluation forum
当前位置: Website homepage > News Center > Evaluation forumThroughout the development process of the game industry, China's online game industry was formed at the end of the 20th century. Although it started late, it developed rapidly. According to Gamma data report, in 2000, the sales revenue of China's game market was about 30 million yuan; In 2022, the market scale will reach 265.9 billion yuan. In more than 20 years, the size of China's game market has increased by nearly 10000 times from tens of millions to hundreds of billions.
With the rapid development of the industry, the scale of game users has grown rapidly, from 15 million in 2000 to 664 million in 2022, and has shown a steady growth trend. It is reported that the game industry, a rising star, has surpassed the market scale of traditional entertainment industries such as domestic film, television entertainment, audio-visual products and online literature, and has become the number one pillar of today's Internet entertainment industry.
As a business intangible asset, the value of the copyright of game works often depends on the ability to create excess profits in the future. In the intangible assets evaluation, the income method is a common method. The intangible assets are evaluated by the income method, and the determined asset value refers to the total amount of money paid to obtain the intangible assets and the right to obtain the expected income.
There are many uncertainties in the process of design, development, online public beta and commercialization of game works, and it is difficult to predict the future cash flow; The income method of simply discounting the predicted income is based on the rigid assumption in the investment decision of intangible assets, that is, enterprises either choose to invest or give up investment. Once the decision is made, it must be implemented according to the predetermined plan, while ignoring the opportunity cost of investment and the value of flexible timing of intangible assets investment. In addition, the intangible assets of the copyright of game works have obvious phased characteristics in the whole life cycle, and the value creation ability and risks faced at each stage are quite different.
In short, the conventional income method based on the assumption that the enterprise's business decisions are highly rigid, the future income can be reasonably predicted and the discount rate remains unchanged is a deterministic evaluation method. It is relatively feasible to evaluate and determine the value of highly mature intangible assets under the environment. However, the valuation of intangible assets of game works copyright under the uncertain environment often results in too high or too low evaluation results, which need to be improved under this traditional evaluation path to better adapt to the development of intangible assets evaluation business of game works copyright.