Deconstructor of Fun

From Roblox’s RDC bombshells to Destiny Rising’s flop, this week’s DoF crew breaks down the biggest shifts in gaming. We get into NetEase’s bets, China’s growing power, and why analytics from Newzoo’s 2025 report matter more than ever. Plus: Blizzard’s messy leadership shakeups, Roblox’s new monetization tricks, Xbox’s subscription struggles, and the hype around Hollow Knight: Silksong. Oh, and yes, Jen’s got a big personal update too. <3 Chapters 00:00 Introduction and Personal Updates 03:55 Shills and Upcoming Events 06:00 Medical Leave and Personal Challenges 10:40 Corrections and Analytics Discussion 15:13 Destiny Rising and Community Reception 18:54 Chinese Developers and Western IPs 23:56 Warframe: A Case Study in Game Development 31:56 Market Trends and Player Demographics 36:26 Blizzard's Mobile Strategy: A Shift in Focus 40:40 Silksong: Success of Indie Games 45:11 Developer Exchange Rate and Its Implications 45:39 Roblox RDC: Key Announcements and Changes 54:33 Monetization Strategies: Rewarded Ads and Developer Insights 58:34 Roblox Moments: The TikTok Integration and Its Impact 01:00:31 Concerns Over Aggregation and Control in the Gaming Industry

Jen Donahoe is joined by Joe Ferencz (GameFam) and Stephen Dypiangco (Max Power Gaming) to break down the biggest takeaways from Roblox Developer Conference (RDC) 2025. The crew digs into Roblox’s massive milestone of 112M DAUs, the 8.5% bump in the developer exchange rate to lure in more professional talent, and the new “ad flywheel” that streamlines campaigns while adding rewarded video into the mix. They also tackle the tricky business of bringing IP into Roblox, how AI is supercharging UGC, and why the company is doubling down on safety with 100+ new tools and policies. 00:18 Roblox's Growth and Platform Dominance 00:51 Overview of RDC 20250 4:39 RDC Vibes and Attendee Insights 09:48 Roblox's Monetization and Developer Payouts 18:21 Advertising and Rewarded Video Innovations 26:29 Brand Integrations and Campaigns on Roblox 28:34 Integration vs Standalone Brand Experience 30:46 Rewarded Video and Its Benefits 32:22 Challenges with Brand Hubs on Roblox 36:26 New IP Platform and Licensing 42:53 AI Tools for Developers and Players 46:11 Roblox Moments: TikTok Meets Roblox 50:38 Safety Measures and Brand Concerns 53:31 Roblox's Growing Influence

Mishka Katkoff sits down with Pranav Singhvi (General Catalyst, Customer Value Fund) and Joe Wadakethalakal (PVX Partners) to unpack the rise of UA financing, a new capital instrument that lets gaming and app companies scale user acquisition without giving up massive chunks of equity. We break down: 1. Why traditional VC or debt financing is often a poor fit for customer acquisition. 2. The origins of UA financing and why treating cohorts as “assets” changes the game. 3. The differences between PVX Partners’ gaming-first model and General Catalyst’s broader CVF. 4. Success stories like Superplay’s $2B exit, powered by UA financing. 5. How founders should think about timing, risk, and capital allocation. 6. Why CAC is the new CAPEX, and how EBITCAC could replace EBITDA as the real profitability metric for gaming and app businesses. 00:00 – Guest Intros (Pranav Singhvi & Joe Wadakethalakal) 01:00 – What is UA Financing 05:30 – PVX Partners vs. Customer Value Fund 15:00 – Equity vs. UA Financing: Which Capital Fits Which Stage? 19:15 – Founders as Capital Allocators: Balancing Risk, Growth & Dilution 22:30 – What Returns Look Like in UA Financing (Real Economics) 24:30 – Scaling Beyond Balance Sheet Limits 28:00 – When Is the Right Time to Use UA Financing? 32:00 – LTV Curves, Incremental ROAS & Product Readiness 35:30 – Case Study: How Superplay Used UA Financing to Reach a $2B Exit 38:50 – PVX Success Stories 41:40 – Managing Risk: Oversight & Skin in the Game 48:00 – What Counts as CAC? Influencers, Celebs, and Brand Marketing 49:40 – The Future of UA Financing & Cohorts as a New Asset Class 52:40 – CAC is the New CAPEX: Rethinking EBITDA as EBITCAC 57:30 – Why Tech Companies Look Unprofitable but Aren’t 59:00 – Advice for Founders Considering UA Financing 01:04:00 – Capturing Market Share Before Competitors Catch Up 01:07:00 – Final Takeaways & Closing Thoughts

This week, we cover Google’s latest courtroom headaches, the evolution of KPIs in gaming analytics, and the incoming Call of Duty live-action movie. We unpack Rec Room’s layoffs, compare Roblox vs Rec Room head-to-head, and dig into Microsoft’s IP bets from Perfect Dark to Halo. Plus, we debate Star Wars: The Old Republic, break down Roblox’s latest monetization trends, and ask what the rise of real-money gaming in India means for the global market. 00:00 Introduction and Hosts’ Banter 02:38 Upcoming Gaming News Highlights 03:35 Cress’s Personal Update 05:39 Phil’s Podcast Review 07:16 Debate on Star Wars: The Old Republic 10:32 Google’s Legal News and Impact 12:58 New KPIs in Gaming Analytics 20:19 Call of Duty Live Action Movie Discussion 29:15 Google Play’s New Public Profiles 31:15 Rec Room Layoffs and Analysis 34:05 Capital Deployment and Venture Capital Concerns 34:47 Roblox vs. Rec Room: A Comparison 38:12 Perfect Dark and Microsoft’s IP Strategy 39:11 Halo and Hell Divers Collaboration 44:29 Destiny Rising and the Mobile Shooter Market 55:26 Roblox’s Monetization and UGC Trends 01:03:57 Real Money Gaming in India 01:07:00 Conclusion and Final Thoughts

Phillip Black and Michail Katkoff break down why they left the Nordics, trading modesty-maxxing for Mediterranean chaos and a bit more sun. The two dive into the quiet conservatism baked into Scandinavian life, the erosion of hunger that comes with too much comfort, and the calculus behind moving to Cyprus and Greece. 00:00 The Conservative Psyop of Scandinavia 04:31 Cultural Reflections and Personal Experiences in Sweden 09:07 Transitioning to Cyprus: Opportunities and Challenges 13:37 Understanding the Swedish Welfare State 18:03 Career Reflections and the Consulting Path 24:30 Navigating the Gaming Industry's Landscape 26:54 The Challenges of Client Management 29:51 Decisiveness in Consulting 32:41 The Emotional Rollercoaster of Consulting 34:36 Building a Sustainable Deal Flow 37:26 Establishing Expertise vs. Personality 41:39 Life Choices and Career Reflections 42:34 Balancing Work and Personal Life 46:13 Relocation and Family Decisions 48:58 Cultural Differences and Education Challenges 55:28 Economic Growth and Finland's Future 61:04 Reflections and Future Aspirations