Updated Enterprise Values of 15 Public Mobile Entertainment Companies

What a difference a week makes. I'm already updating this spreadsheet with some new data. Here are some notable changes:

• Buongiorno posted Q1 2010 earnings
• Velti filed updated earnings with the SEC as part of their bid to go public on the NASDAQ (they're currently listed on LSE)... their numbers are pretty impressive (more on that soon)
• Mandalay Media, parent of Twistbox & AMV, changed its name to NeuMedia, Inc. & announced a notice of default related to a cash balance provision from a key creditor
• ROK Entertainment's stock is down over 50% today (guessing they'll be more news to follow). Btw - did y'all know the biggest shareholder in ROK is the DeJoria family, which controls the Paul Mitchell salon product empire? Always thought the guy in the ads was Paul Mitchell... but that's actually John Paul DeJoria (Mitchell was his founding partner). Anyhoo, probably hasn't been a great investment no matter how you cut & color it

Latest Enterprise Values of 15 Public Mobile Entertainment Companies

• Data for Velti & ROK Entertainment should be taken with a grain of salt, since they haven't released financials in recent quarters
• It looks like a couple of these companies should consider giving their cash back to the investors, and calling it a day. Some of them shouldn't be public at all (and are barely going concerns)
• I think the shining stars of this lot are the mobile games publishers Gameloft, GAMEVIL & Com2uS
• I look forward to adding Motricity into the mix, once (if?) they go public
• Let me know your thoughts on this and if there are any other public mobile entertainment companies I should be tracking

Linktone Revenues & Net Q3 08 to Q3 09

Chinese value-added services (VAS) company Linktone (LTON) reported earnings after the US markets closed on Monday. You may notice that there's some discrepancy between the comparable Q2 2009 and Q3 2008 revenue numbers in their release and my numbers above, which are based on what most financial sites have on record. I'll reconcile these if I determine the financial sites are incorrect. Either way, China Wireless News summed it up nicely by calling the Q3 numbers "dismal". Indeed the company seems stuck in a bit of rut and it's clearly not yet seeing meaningful results from diversification into services beyond the SMS & IVR vending of graphics, tones and fortunes or their international expansion initiatives beyond China. Investors are definitely not impressed and have been punishing the stock all morning... it's been down over 20% for most of the early trading session. I think that in order for Linktone to get back in the market's good graces and provide meaningful competition to China's #1 mobile content player, KongZhong (KONG), they're really going to have to step it up in the mobile games space, broaden their offering of 3G oriented services (like their recently announced MLB video deal) and quickly prove that they can be a relevant player in new markets they're pursuing in South East Asia.

Enterprise Values of 15 Public Mobile Entertainment Companies

Linktone Hits A Stock Market Homerun With MLB Mobile Video Deal For China

Beijing based mobile entertainment content publisher (and Cabana Mobile Stock Index component) Linktone (LTON) announced a deal with China National Radio Mobile Media that will allow it to distribute video highlights from Major League Baseball games to mobile phones throughout China. This comes on the heels of a company announcement late last month that it had entered multi-year deal with Major League Baseball Advanced Media (MLBAM).

"This partnership is an early example of the many possible product applications arising from Linktone's recently announced exclusive license for Major League Baseball related interactive media rights. Baseball will be coming to the portable screen in China via 3G technology, enabling baseball fans to follow their favorite teams and players anywhere and anytime," said Hary Tanoesoedibjo, Chairman and CEO of Linktone.

The chain of events indicates to me that despite having secured the rights from MLBAM, the company needed to get approval from (and partner with) the national broadcaster before moving forward. As those who have done business in China know well, "partnerships" with the appropriate government agencies or appointees, and staying in their good graces, is critical to success/survival in that market (just ask MonsterMob). Linktone, which has been around since 1999, definitely knows the ropes and has a long and impressive track record of bringing Western content to Chinese mobile users.

Investors clearly love this news and Linktone's stock is up over 20% in late trading. Let's hope, for all the parties involved, that the country's nascent 3G networks are capable of delivering a compelling user experience and that Chinese fans get addicted to baseball on the very small screen.

Enterprise Values of 12 Public Mobile Entertainment Companies

Cabana Mobile Entertainment Top 20 by Revenue

All numbers are in US$ based on annual reports or last 4 quarters.

As usual, please comment with any suggested changes.

Updated Cabana Mobile Entertainment Top 20 by Revenue

Cabana Mobile Entertainment Top 20 by Revenue

Revenues are in US$ and are based on latest annual reports or industry estimates. The range of revenue on this list goes from a low of ~$50mil to a high of ~$550mil. Total revenue for the Top 20 is ~$4bil.

Please let me know if you think I'm missing a company or if you think I might have the order wrong.

Are These The Top 20 Mobile Entertainment Companies By Revenue?

I think so...but I could be wrong. Who am I missing? Anyone on this list who shouldn't be there? Any issues with the order? I'll adjust and re-post based on feedback.

btw -- this list obviously includes mobile entertainment divisions of companies that are not exclusively involved in mobile or mobile entertainment. Also it does not include the mobile operators or divisions of traditional entertainment companies, such as the studios, networks & music companies.