1.0 ReleaseThe transition of a game from Early Access to a full, feature-complete commercial launch version.10-KA comprehensive annual report filed by publicly traded companies with the SEC summarizing financial performance.10-KA comprehensive annual report required by the SEC that provides a summary of a company's financial performance and business operations.10-QA comprehensive report of financial performance that must be submitted quarterly by all public companies to the SEC.10-QA comprehensive report of financial performance that must be submitted quarterly by all public companies to the SEC.10-QA comprehensive report on financial performance that all public companies are required to submit to the SEC quarterly.2QThe second three-month period of a company's fiscal year.3M24The first three months of the fiscal year 2024.3M25Refers to the first three months of the year 2025, typically used in quarterly financial reporting.4QFourth quarter of a fiscal year, representing the final three-month financial reporting period.a16zA common abbreviation for the venture capital firm Andreessen Horowitz.AAAAA marketing term used to describe games with even higher production values and budgets than standard AAA projects.ABKAcronym for Activision Blizzard King, often used in context of acquisition and adjustment costs.ACCAAssociation of Chartered Certified Accountants — a global professional body issuing qualifications for accountants.Accelerated FilerA publicly traded company with a worldwide market capitalization between $75 million and $700 million.Accompanied SupportA hands-on mentorship model where experts provide continuous guidance alongside developers throughout the production cycle.Accounts Receivable-TradeMoney owed to a company by its customers for goods or services delivered or used but not yet paid for.Accrued ExpensesExpenses incurred but not yet paid, recorded as liabilities.Accrued Liabilities (Current)Current liabilities accrued under US GAAP.Acquired CompanyThe entity being absorbed in a merger, whose assets and legal existence are transferred to a successor.AcquisitionThe process of one company purchasing most or all of another company's shares to gain control of it.Activision AcquisitionThe proposed multi-billion dollar merger between Microsoft and Activision Blizzard, subject to global regulatory scrutiny.Add-on ContentAdditional content or downloadable material that extends the core gameplay experience.Additional Paid-In CapitalCapital contributed by shareholders above the par value of issued shares.Address for ServiceAn official address designated for receiving legal notices and formal communications.Adj. EBITDAEarnings before interest, taxes, depreciation, and amortization adjusted for one-time items to reflect core operational profitability.Adjusted EBITDAA metric that removes one-time, irregular, or non-recurring items from EBITDA.Adjusted EBITDA MarginProfitability metric measuring Adjusted EBITDA as a percentage of total revenue.Admission DocumentA document required for a company applying to have its shares traded on the AIM market.ADSAmerican Depositary Share — a U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange.ADSAmerican Depositary Share; a US dollar-denominated equity share of a foreign-based company available for purchase on a US exchange.Advance Pension CostsAssets recognized when the fair value of plan assets exceeds the retirement benefit obligation.AERActual Exchange Rate; a method of reporting financial results using the exchange rates prevailing at the time of the transaction.AGMAnnual General Meeting — a mandatory yearly gathering of a company's interested shareholders.AI-FirstAn organizational approach where artificial intelligence is integrated into the core strategy and workflows of every department.AIMA sub-market of the London Stock Exchange, formerly the Alternative Investment Market.AkcjeEquity shares representing partial ownership in a company.AkcjonariuszA shareholder or entity holding equity in a joint-stock company.AkcjonariuszeShareholders or entities holding shares in a joint-stock company.Akt NotarialnyA legal act performed by a notary confirming a formal agreement or transaction.AktywaThe total assets of a company, representing everything it owns that has value.Allowance for Doubtful AccountsA contra asset account that reduces the total amount of receivables to reflect only the amounts expected to be collected.ALPSAppLovin Platform Services — the suite of software solutions used by developers to monetize and market their apps.ALSPAppLovin Software Platform, providing tools for developers to market and monetize their applications.Alternative Performance MeasuresFinancial measures presented periodically that are not defined by IFRS to provide a clearer view of underlying business performance.AMFAutorité des Marchés Financiers — the stock market regulator in France responsible for safeguarding investments and maintaining orderly markets.Amicus BriefA legal document filed by non-litigants with a strong interest in the subject matter to advise the court.AmortisationThe systematic reduction of the book value of an intangible asset over its useful life.AmortizationThe systematic allocation of the cost of an intangible asset over its useful life.Amusement BusinessA business segment typically referring to arcade games, prize machines, and physical entertainment facilities.Amusement EquipmentsBusiness segment focused on the manufacturing and sale of arcade game machines and pachislot hardware.Amusement Facility EquipmentFixed assets referring to arcade machines and specialized hardware used in physical entertainment centers.Angel InvestorAn individual providing capital for a business startup, usually in exchange for convertible debt or ownership equity.Anime BusinessA segment dedicated to the production, investment, and adaptation of animated content into other media like games.Annual accountsA set of financial statements comprising a summary of a company's financial records and performance over a fiscal year.Annual AccountsFinancial reports summarizing a company's yearly business activity used for industry economic analysis.Annual Financial ReportA comprehensive document detailing a company's financial activities and performance over the preceding fiscal year.Annual Financial StatementA formal record of the financial activities and position of a company over the course of a fiscal year.Annual General MeetingA mandatory yearly gathering of a company's interested shareholders to vote on corporate issues and reports.Annual ReleasesA publishing model where new installments of a franchise are released on a yearly schedule to maintain revenue and engagement.Annual ReportA comprehensive report on a company's activities throughout the preceding year, intended for shareholders and other interested people.Annual Securities ReportA mandatory disclosure document for listed companies in Japan detailing business and financial performance.Anti-trustRegulations and monitors intended to promote competition and prevent monopolies within an industry.Antitrust RegulatorA government agency that monitors and restricts anti-competitive business practices and mergers.Antitrust RegulatorsGovernment officials or bodies that ensure companies do not engage in anti-competitive behavior or monopolies.App Development CostsCapital expenditures focused on labor and outsourcing for expanding application functionality.App PublisherA company or entity responsible for the distribution, marketing, and monetization of mobile applications.Apps BusinessThe segment of a gaming company focused on the development and publishing of owned mobile games.Arcade OperationsBusiness segment involving the management and operation of amusement facilities and game centers.Articles of AssociationA document that specifies the regulations for a company's operations and defines the company's purpose.Articles of IncorporationThe set of documents filed with a government body to legally document the creation of a corporation.Asset ImpairmentAn accounting adjustment that reduces the carrying value of an asset when its market value falls below its book value.Associated CompanyA business entity in which another company holds a significant but non-controlling equity stake.ATVI/MSFTCommon industry shorthand for the acquisition of Activision Blizzard by Microsoft.AuditAn official inspection of an organization's accounts, typically by an independent body.Audit and Supervisory CommitteeA board-level committee responsible for auditing the execution of duties by directors.Audit CommitteeA subcommittee of the board of directors responsible for oversight of financial reporting and disclosure.Audited Consolidated ResultsFinancial reports of a parent company and its subsidiaries verified by an independent auditor.Audited Financial StatementsFinancial records examined by independent auditors to ensure accuracy and compliance with accounting standards.AUMAssets Under Management; the total market value of the investments managed by a gaming venture capital firm.Authoral IPOriginal intellectual property created and owned by the developer rather than licensed or work-for-hire.Authorized CapitalThe maximum amount of share capital that a company is authorized by its constitutional documents to issue.Average Budget per GameThe mean total expenditure required to develop and launch a single title within a company's portfolio.B2BBusiness-to-Business — products or services sold to other businesses rather than consumers.B2B Business MatchingFacilitated networking sessions designed to connect game studios with potential investors, publishers, or partners.B2B ServicesBusiness-to-business offerings such as middleware, engines, and outsourcing tools for game development.B2CBusiness-to-Consumer — products or services sold directly to end consumers.BackersIndividuals who support a project financially during a crowdfunding campaign.Balance SheetA financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.Bank HolidayA public holiday in the UK and some other countries when banks and most businesses are closed.Banking PoolA group of banks that participate in a single loan or credit facility for a specific borrower.Barriers to EntryEconomic or technical obstacles that prevent new competitors from easily entering a specific market.Bearer ShareAn equity security that belongs to the person who holds the physical certificate.Bearer SharesEquity securities that are owned by whoever holds the physical or digital certificate, rather than a registered person.Bearer SharesEquity securities that are owned by the person who holds the physical certificate, not registered to a specific name.BenchmarkingComparing a game's KPIs against genre and market averages to identify performance gaps and opportunities.Best DebutAn industry award category recognizing the first released game from a new development studio.Best PracticeA set of corporate governance rules for companies listed on the GPW.Best Practice for GPW Listed CompaniesA set of corporate governance rules for companies listed on the Warsaw Stock Exchange.Best PracticesA set of corporate governance rules and standards for companies listed on the Warsaw Stock Exchange.BHAGBig Hairy Audacious Goal — a strategic business statement intended to focus an organization on a single medium-to-long-term organization-wide goal.Big BetA high-stakes investment strategy involving a large amount of capital on a single unproven venture.Binding AgreementA legally enforceable contract between parties outlining the terms of a transaction or investment.Biz DevBusiness Development — activities focused on securing partnerships, distribution deals, and strategic growth.Biz ModelShort for business model; the strategic plan for generating revenue and operating a development studio.Black BoxA system or process where the internal workings, such as specific development costs, are not transparent to the public.BlacklistingThe act of a government body prohibiting trade or interaction with a specific entity based on security or legal concerns.Block TradeA large-scale transaction of securities negotiated privately and executed outside of the open market.BlockbusterA high-budget game from a major publisher expected to achieve significant commercial success.Blockchain InvestmentsCapital allocated to companies building games or platforms on decentralized ledger technology.Board GovernanceThe framework of rules, practices, and processes by which a company's board of directors ensures accountability and transparency.Board of DirectorsA group of individuals elected to represent shareholders and oversee the management of a corporation.Book ValueThe value of an asset according to its balance sheet account balance.Book-buildingThe process by which an underwriter attempts to determine the price at which an initial public offering (IPO) will be offered.BookbuildingThe process by which an underwriter attempts to determine the price at which an initial public offering (IPO) will be offered.Bootstrapped BusinessA gaming company developed and grown using only personal finances or operating revenue without external venture capital.BPOBusiness Process Outsourcing; the contracting of specific business tasks or game services to third-party providers.Brand OwnersEntities or corporations that hold the legal rights to an intellectual property and license it to developers.Breakout HitA game that achieves unexpected and massive commercial or critical success.Bricks-and-ClicksA business model that integrates both offline (physical) and online (digital) retail presences.Bridge RoundShort-term financing intended to carry a company until its next major clinical or commercial milestone.Brokerage HouseA financial institution that facilitates the buying and selling of financial securities between a buyer and a seller.Bus FactorA measurement of the risk resulting from information and capabilities not being shared among team members or channels.Business Continuity PlanA strategic system of procedures to prevent and recover from potential threats to a company's operations.Business DevelopmentThe process of identifying and securing strategic partnerships, game publishing deals, and outsourcing contracts.Business DevelopmentActivities and strategies aimed at growing a company through new partnerships and market opportunities.Business incubationA support process that accelerates the successful development of startup companies by providing resources and services.Business LocationA geographical area's attractiveness for industry investment based on infrastructure, talent pool, and political stability.Business ModelThe plan or strategy implemented by a company to generate revenue and sustain operations.Business Model InnovationThe formulation of novel strategies to create and capture value within the industry.Business SegmentA distinct part of a company's operations that provides products or services subject to different market risks and returns.Business SegmentsDistinct portions of a business that produce specific products or services with different risks and returns.Business Support ProviderAn intermediary entity or organization that offers guidance, resources, and infrastructure to help startups succeed in the gaming sector.Business TransformationThe use of game technology and mechanics to modernize traditional industrial workflows and training.BylawsThe governing rules of a corporation established by its board of directors to manage internal operations.C-LevelExecutive-level managers (e.g., CEO, CTO, Creative Director) responsible for high-level studio strategy.C-suiteTop-ranking executive titles in a game company, such as CEO, CTO, or Creative Director.Call an AudibleTo make a last-minute change in strategy or direction based on new information.Call for EvidenceA formal process by which regulatory bodies solicit input from industry stakeholders to inform policy-making.Call Option AgreementA contract granting the right to purchase equity or assets at a specific price within a specific timeframe.Cancellation of SharesThe process of permanently retiring treasury shares to reduce the total number of shares outstanding.Candy ToysSmall toys or collectibles sold bundled with confectionery, a significant segment of the Japanese retail toy market.Cap TableA spreadsheet or table showing the equity ownership capitalization of a gaming startup, including founders and investors.Capital DeployedThe total amount of investment funds actually transferred and put to work within a specific industry or timeframe.Capital EfficiencyA ratio comparing how much a company spends to how much it grows in revenue.Capital ExpenditureFunds used by a company to acquire, upgrade, and maintain physical assets such as buildings or equipment.Capital GroupA corporate structure consisting of a parent company and its various subsidiaries.Capital GroupA parent company and its subsidiaries functioning as a single economic entity.Capital IncreaseA corporate action in which a company raises additional funds by issuing new shares to investors.Capital ProvisingThe mechanisms and accessibility of funding sources for growing companies within the creative economy.Capital SocialThe equity or social capital invested by partners to fund the initial constitution and operations of a studio.Carrying valueThe official value of an asset on a company's balance sheet.Carve-outThe partial divestiture of a business unit or subsidiary to create a new, standalone entity.Cash ContributionA form of capital contribution made in the form of liquid funds rather than assets.Cash EquivalentsShort-term, highly liquid investments that are readily convertible to known amounts of cash.Cash Flow from Operating ActivitiesAn accounting item that indicates the amount of money a company brings in from its regular business activities.Cash Flow StatementA financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company.Cash InvestmentA direct injection of liquid capital into a company in exchange for equity or strategic interests.Cash War ChestThe liquid capital or cash reserves held by a company specifically for acquisitions or aggressive expansion.Cash-Flow DynamicsThe movement of money in and out of a business, reflecting operational efficiency and liquidity.Category DiversificationThe expansion of a market or portfolio into new game genres or app classifications to drive growth.CBDOChief Business Development Officer - a high-level executive responsible for identifying and developing new business opportunities.CCOChief Communications Officer — an executive responsible for managing a company's internal and external communications and brand strategy.Cena emisyjnaThe price at which new shares are offered to investors during a capital increase.CERConstant Exchange Rate; a reporting method that removes the impact of currency fluctuations to show underlying business performance.Certificate of IncorporationA legal document filed with a state government to admit the formation of a corporation.CFAChartered Financial Analyst — a professional designation for investment and financial professionals.CFOChief Financial Officer — the senior executive responsible for managing the financial actions of a company.CGMAChartered Global Management Accountant, a worldwide standard for management accountants.CGUCash-Generating Unit - the smallest identifiable group of assets that generates cash inflows.Chain of ValueThe full range of activities including editors, developers, and marketers involved in bringing a video game to market.Change of the GuardA major transition in leadership or executive management within a corporation.Character MerchandisingA business model utilizing intellectual property characters across diverse media, products, and services to drive commercial value.Closed DealA transaction that has completed all legal and financial requirements and is finalized.ClosingThe final stage of a transaction where all legal documents are signed and funds are transferred to finalize a deal.CMACompetition and Markets Authority — the United Kingdom's primary competition regulator.Co-branded GamesGames developed through partnerships between a platform holder and an external intellectual property owner.Co-optionThe process of appointing a new member to a board by the existing members rather than by election.Co-productionA joint venture between two or more game studios to share development costs, resources, and intellectual property rights.Code of ConductA set of rules outlining the social norms, religious rules and responsibilities of, or proper practices for, an individual or organization.Collaboration BusinessBusiness model involving partnerships between game developers and external IPs or other studios.CollectiblesA retail category involving high-margin physical merchandise related to gaming franchises.Commerce BusinessA business segment focused on the buying and selling of goods or services, often via digital platforms.Commercial LongevityThe ability of a game to generate revenue and maintain a player base over an extended period.Commercial modelThe framework governing how a game is funded, published, and monetized to generate revenue.Commercial SynergiesThe added value and efficiency gained when different parts of a gaming group share resources and tools.CommissioningThe process of ordering and financing original content, often contrasted with hosting user-generated content.Common Class A MemberShareholder class A member of Roblox.Common StockA security that represents ownership in a corporation, often used as currency in acquisitions.Common StockEquity security representing ownership in a company.Common Stock MemberShares representing ownership in a company, recorded as equity.CommsShort for communications; the management of public image and messaging for companies or individuals.Community ManagementThe practice of building and maintaining healthy social interactions among players within a game's ecosystem.Company CountNumber of active companies in the sector.Company ShutdownA period during which an entire organization suspends operations, typically for seasonal rest.Company SubscriptionAn enterprise-level service model providing multiple seats or access points for a professional organization.Company-wide RestructuringA major internal reorganization of a business designed to increase efficiency and adapt to financial distress.CompedRefers to a complimentary subscription or access provided at no cost.Compensation CommitteeA board committee that assists in overseeing executive compensation and benefit plans.Competition LawRegulations designed to promote or maintain market competition by regulating anti-competitive conduct.Competitive MoatA distinct advantage that protects a company from competitors, ensuring long-term market position.ComplianceThe process of ensuring that a company and its employees follow all relevant laws, regulations, and internal ethical codes.Comprehensive Income StatementA report showing all changes in equity during a period except those resulting from investments by owners.Condensed Consolidated Income StatementA summary financial statement showing a company's revenues and expenses aggregated across all entities.Condensed Consolidated StatementA summary financial report showing the combined assets, liabilities, and equity of a parent company and its subsidiaries.Condensed Interim Financial StatementA summary financial report covering a period shorter than a full fiscal year, typically provided for shareholder review.Condition PrecedentA legal condition that must be fulfilled before a contract or a specific part of it becomes effective.Conditions PrecedentLegal conditions that must be fulfilled or waived before a transaction or contract becomes merger-effective.Conference callA formal meeting held by a publicly traded company to discuss quarterly financial results with investors and analysts.Conflict of InterestA situation where an individual's private interests interfere with the interests of the company.Console StrategyApproaches adopted by console manufacturers to drive sales, ecosystem growth, and market share.ConsolidatedFinancial results combining the data of a parent company and all its subsidiaries.Consolidated AccountsThe combined financial statements of a parent company and its subsidiaries.Consolidated Annual ReportFinancial statements that combine the assets, liabilities, and results of a parent company and its subsidiaries.Consolidated Annual ReportYearly financial statements combining the results of a parent company and its subsidiaries.Consolidated Balance SheetA financial statement showing the combined assets, liabilities, and equity of a parent company and its subsidiaries.Consolidated Balance SheetsFinancial statements that show the combined assets, liabilities, and equity of a parent company and its subsidiaries.Consolidated EarningsThe combined financial results of a parent company and its subsidiaries.Consolidated earnings forecastsProjections of financial performance for a parent company and its subsidiaries combined into a single fiscal report.Consolidated EmployeesThe total number of employees across a parent company and all its subsidiaries.Consolidated Financial ReportA financial statement that combines the assets, liabilities, and results of a parent company and its subsidiaries.Consolidated Financial ReportA financial report that includes the financial records of a parent company and all its subsidiaries as a single economic entity.Consolidated Financial ResultsThe combined financial health and performance of a parent company and all its subsidiaries.Consolidated Financial ResultsThe combined financial statements of a parent company and its subsidiaries.Consolidated Financial StatementA financial report that combines the assets, liabilities, and operating results of a parent company and its subsidiaries.Consolidated Financial StatementFinancial reports of a group of companies presented as those of a single economic entity.Consolidated Financial StatementsFinancial statements of an entity with multiple divisions or subsidiaries.Consolidated Financial StatementsFinancial reports of a parent company and its controlled subsidiaries presented as a single entity.Consolidated Financial SummaryA summary of financial statements that combines the financial results of a parent company and its subsidiaries.Consolidated Half-Yearly ReportA financial report presenting the combined financial position of a parent company and its subsidiaries for the first six months.Consolidated Income StatementA financial report showing the combined revenues and expenses of a parent company and its subsidiaries.Consolidated PerformanceThe combined financial results of a parent company and all its subsidiaries.Consolidated Performance ForecastA company's official projection of its total financial results across all subsidiaries and business units.Consolidated performance forecastsProjections of financial results for a group of companies managed as a single entity.Consolidated QuarterFinancial reporting covering the combined performance of a parent company and its subsidiaries for a three-month period.Consolidated Quarterly ReportA financial statement combining the performance of a parent company and all its subsidiaries for a three-month period.Consolidated ReportA financial report presenting the combined financial results of a parent company and its subsidiaries as a single entity.Consolidated ReportA financial statement that aggregates the financial results of a parent company and its subsidiaries.Consolidated Statement of Cash FlowsA report showing the net amount of cash and cash-equivalents moving into and out of a business.Consolidated Statement of Profit or LossA financial statement summarizing revenues, costs, and expenses incurred during a specific period.Consolidated StatementsFinancial statements that aggregate the financial results of a parent company and its subsidiaries.Consolidated Statements of IncomeA financial report that combines the revenue, expenses, and net income of a parent company and its subsidiaries.Consolidated SubsidiariesCompanies controlled by a parent entity whose financial results are combined into a single report.Consolidated SubsidiaryA company under the parent's control whose financial results are included in the parent's financial statements.ConsolidationThe trend of larger companies acquiring smaller ones to increase market share and capabilities within the industry.Consumer SegmentA business division focusing on video game software and hardware for home consoles and PCs.Content LicensingThe practice of granting rights to distribute, broadcast, or use media content to third-party platforms.Content RiderAn annex or supplementary agreement to a main production contract specifying additional work or deliverables.Content SegmentThe specific sector of the gaming ecosystem focused on the development and publishing of the titles themselves.Content StrategyA plan focusing on the development, acquisition, and management of game software for a specific ecosystem.Content-dumpA distribution strategy of releasing an entire series or collection of content simultaneously.Convertible BondsDebt instruments that can be converted into a predetermined amount of the company's equity or cash.Convertible Loan IssuanceA debt instrument that can be converted into equity or shares at a later date, often used in early-stage gaming startups.Convertible Preferred StockA type of preferred stock that can be converted into common shares under specified conditions.COOChief Operating Officer — a senior executive responsible for managing the day-to-day operations of a company.Copyright Tax RegimeA fiscal framework providing a reduced tax rate on income derived from the transfer or licensing of intellectual property.Core Game DevelopmentPrimary expenditures and activities directly related to the creation and programming of video game software.CorpoAn industry slang term for high-level corporate management or executives.Corporate DealStrategic investments or acquisitions made by established gaming companies rather than venture capital firms.Corporate GovernanceThe system of rules, practices, and processes by which a firm is directed and controlled.Corporate Governance CodeA set of recommendations on the governance and management of public limited liability companies.Corporate Governance CommitteeA board committee responsible for overseeing the company's corporate governance policies and director nominations.Corporate Income TaxA levy placed by the government on the profits of a company.Corporate ParentThe top-level entity that owns the rights to an intellectual property or its operating subsidiary.Corporate PhilosophyThe core mission and beliefs that guide a company's business operations and objectives.Corporate ResponsibilityA business model where companies integrate social and environmental concerns in their operations and stakeholder interactions.Corporate Tax RateThe percentage of a company's profit that must be paid to the government, often reduced for tech sectors in specific regions.Correction ReportAn official filing made to amend previously disclosed financial statements or annual securities reports.Cost of SalesDirect costs attributable to the production of the goods or services sold by a business.CRCorporate Responsibility — a business model where companies integrate social and environmental concerns in their operations.Creative HousesSpecialized internal organizational units at Ubisoft designed to support specific strategic pillars and game development.Creator EconomyThe ecosystem of independent creators making revenue from software, content, or community around games.Creator NetworkAn organization or talent agency that manages and represents multiple content creators and streamers.Credit FacilityA pre-approved loan or revolving line of credit that a studio or publisher can draw upon for operations.Cross-border HitA game title that achieves significant commercial success in international markets outside its territory of origin.Cross-Border TransactionsM&A or investment activity occurring between gaming entities located in different countries.Cross-entertainmentThe integration of various media forms like games, film, and social features into a unified brand ecosystem.Cross-mediaStrategy of developing intellectual property across multiple media formats such as games, anime, and manga.Cross-media StrategyA business approach of leveraging intellectual property across different media formats like games, film, and TV.Cross-over ProductsGoods or media resulting from collaborations between gaming IPs and other industries like fashion or cinema.CSRCorporate Social Responsibility — a business model that helps a company be socially accountable to itself and its stakeholders.CSR ReportCorporate Social Responsibility report outlining a company's environmental, social, and governance impact.Cultural AidGovernment subsidies or grants specifically intended for the production of video games with artistic or cultural merit.Cultural CapitalThe perceived value and intellectual influence a specific culture's media and identity hold in the global market.Cultural ExportCreative products, such as games, that are sold to international markets and represent a nation's cultural output.Current AssetsAssets held by a company that are expected to be sold, consumed, or exhausted through the normal operations of a business within one year.Current Operating IncomeA measure of a company's profit from its core operations, excluding taxes and interest expenses.Current Operating MarginA profitability ratio measuring the percentage of profit a company earns from its core business operations.Current Operating ProfitA measure of a company's profitability from its core business operations, excluding non-recurring income and expenses.Current ReportA regulatory filing required by listed companies to disclose significant information to the market.Current ReportA regulatory filing required by listed companies to disclose significant events to investors and the market.Current ReportA regulatory filing used by publicly traded companies to disclose material events to investors.Current ReportAn ad hoc regulatory disclosure provided by public companies to inform investors of significant immediate events.Current ReportA regulatory filing required by listed companies to disclose specific events to the public and regulators.CVCCorporate Venture Capital — investment of corporate funds into external startups, common by large publishers and tech firms.D&IDiversity and Inclusion — organizational or product strategies intended to welcome and represent different groups of people.Data BreachA security incident in which sensitive or protected data is copied, transmitted, or viewed by an unauthorized individual.Data ControllerAn entity that determines the purposes and means of the processing of personal data.Data FellowA specialized research role focused on analyzing industry datasets to uncover market trends.Data LeakThe unauthorized transmission of confidential information from within an organization to an external recipient.Data Protection OfficerAn enterprise security leadership role required by the GDPR responsible for overseeing a company's data protection strategy.Data Protection OfficerAn officer responsible for overseeing data protection strategy and implementation to ensure compliance with GDPR.Day 1 ReleaseThe practice of launching a game on a subscription service simultaneously with its retail or digital storefront debut.Day Zero InvestorAn early-stage venture capital firm that provides funding and support at the idea or pre-product phase.DDMDigital Development Management, an agency providing representation, consulting, and data research for the video game industry.De-riskingStrategic efforts to minimize financial exposure, often through downsizing, canceled projects, or focusing on established IP.Deal CountThe total number of investment or acquisition transactions closed within a specific timeframe.Deal TeamA group of financial and legal professionals responsible for executing a transaction.Deal VolumeThe total number of individual transactions or deals recorded within a specific timeframe.Debt RefinancingThe replacement of an existing debt obligation with another debt obligation under different terms.Debt WallA large volume of corporate bonds or loans reaching their maturity dates simultaneously.Decentralized Gaming TransactionsTransactions involving gaming assets or companies utilizing blockchain or web3 technologies.Decision-making MeasuresStrategic policy interventions used by public actors to support and catalyze growth within specific creative sectors.Declining Balance MethodAn accelerated depreciation method that applies a constant rate to the asset's diminishing book value each year.Deferred taxTax liability or asset that is expected to be paid or recovered in future reporting periods.Deferred Tax AssetsAn asset on a company's balance sheet that results from overpayment or advance payment of taxes.DEIDiversity, Equity, and Inclusion — organizational practices ensuring fair representation and opportunities for all people.Demand Revolving FacilityA flexible line of credit that can be borrowed and repaid repeatedly until the lender demands repayment.DematerialisationThe transition of the game economy from physical products to digital, intangible assets and services.DematerializationThe process of converting physical share certificates into electronic form.Depreciation and AmortisationThe systematic reduction in the recorded cost of an intangible or physical asset over its useful life.Depreciation ExpensesThe allocation of the cost of a tangible asset over its useful life, reflecting how much of the asset has been used.Design PatentA form of legal protection for the unique visual ornamental characteristics of a functional item.Developer ExchangeA program that allows developers and creators to swap earned Robux for real-world currency.Developer Exchange FeesAmounts paid to creators to exchange Robux earned on the platform into fiat currency.Development AgreementA legal contract outlining the terms, responsibilities, and financing for the production of a video game.Development and Publishing AgreementA contract outlining the terms for the creation and commercial distribution of a video game between a studio and a publisher.Development CostsThe total expenditures associated with the creation and production of a video game title.Development SegmentThe sector of the gaming ecosystem focused on the technology, tools, and platforms used to create games.DIADiversity, Inclusion, and Accessibility — a corporate functional area focused on equitable workplace and product practices.Digital BusinessThe segment of a game company focused on digital distribution and software sales, including home video games and apps.Digital ContentsA business segment focused on developing games for mobile, PC, and console platforms.Digital DistributionThe delivery of video game content without physical media, typically via online storefronts.Digital EconomyEconomic activity resulting from online connections among people, businesses, devices, and data.Digital EconomyThe network of economic activity resulting from online connections among people, businesses, and devices.Digital EntertainmentA business segment focused on the development and operation of digital games across various platforms.Digital Entertainment (DE) SegmentA business division focused on the development and sale of digital game content.Digital NatureThe ability of game companies to operate and distribute products via digital-only channels without physical presence.Digital OwnershipThe legal right and consumer claim to permanent access of a purchased digital product.Digital TransformationThe industry shift toward digital revenue, remote workflows, and software-based distribution models.Digital VenturesA business segment typically focused on high-growth online sectors like esports, gaming, and ad-tech.Digital VerticalsSpecific industry segments or niches within the digital entertainment and media landscape.Digital-FirstCompanies or services that prioritize online platforms and mobile apps over traditional physical infrastructure.DigitalizationThe transition of the games market from physical retail to digital distribution and platform-controlled ecosystems.Diluted EPSA performance metric that calculates earnings per share including all convertible securities that could dilute the stock.Direct ListingA public offering method where a company sells shares directly to the public without traditional underwriters.Direct-to-ConsumerA strategy where developers sell content or services directly to players, bypassing intermediate platform holders or retailers.Directors' ReportA document produced by the board of directors detailing the state of the company and compliance with sets of regulations.Disclosed ValueThe publicly reported monetary amount involved in a merger, acquisition, or investment deal.Discontinued OperationsBusiness units or assets that a company has disposed of or classified as held for sale, separated from continuing operations in financial reports.Discovery PhaseThe formal process in a lawsuit where parties exchange information and gather evidence.Disposal of Treasury SharesThe act of a company selling or redistributing its own shares that it had previously repurchased from the market.DistributorAn entity responsible for the marketing, sales, and logistical delivery of games to retail or digital platforms.Diversified CompaniesEstablished gaming entities that operate across multiple platforms, such as moving from PC/Console into mobile.DivestitureThe process of selling off subsidiary business interests or investments to reorganize or raise capital.DivestmentThe process of selling off subsidiary business interests, assets, or investments to refocus on core operations.DividendA distribution of a portion of a company's earnings, decided by the board of directors, to its shareholders.Dividend DayThe date on which a shareholder must officially own shares to be entitled to receive a dividend payment.Dividend ForecastAn estimated amount of dividends a company expects to pay to shareholders for a specific fiscal period.Dividend of SurplusA distribution of a company's accumulated earnings to its shareholders.Dividends of SurplusA distribution of a company's earnings or retained profits to its shareholders.DMCA TakedownA legal process for requesting the removal of infringing content from a website or platform under U.S. copyright law.DogfoodingThe practice of a company using its own products to test and experience them as a consumer would.Dokument StrategiiA strategic document outlining corporate data and future development plans for a company.Domestic TitlesVideo game software developed and released primarily for the publisher's home country market.Double listingThe practice of a company listing its shares on two or more different stock exchanges to increase liquidity and reach.Down PaymentAn initial upfront payment or signing bonus paid to a professional player upon joining a team or organization.Down RoundA funding round where a studio or company is valued at a lower price per share than in previous rounds.DPSNBest Practice for GPW Listed Companies 2021 — a set of corporate governance rules for the Warsaw Stock Exchange.Draft ResolutionsProposed decisions or actions submitted for voting by shareholders during a general meeting.DrawdownThe act of withdrawing funds from a pre-arranged credit facility or loan, often subject to banking conditions.Drawdown NoticeA formal notice sent by a borrower to a lender to access funds under a pre-arranged loan facility.Dry PowderMarketable securities or cash reserves held by private equity firms earmarked for future investment or acquisitions.Dry PowderMarketable securities and cash reserves available for investment or acquisitions.Due DiligenceThe comprehensive appraisal of a business undertaken by a prospective buyer or investor to establish its assets and liabilities.Due DiligenceThe comprehensive appraisal of a business undertaken by a prospective buyer to establish its assets and liabilities.DXDigital Transformation — the integration of digital technology into all areas of a business, fundamentally changing how it operates.DX BusinessDigital Transformation business segment focusing on digitizing traditional corporate processes and services.E-commerceThe buying and selling of goods or services using the internet and the transfer of money and data to execute these transactions.Early AccessA funding model in the video game industry by which consumers can purchase and play a game in the various intermediate development stages.Early Access GraduateA game that has completed its Early Access development phase and transitioned to a version 1.0 full release.Early Access TransitionThe phase where a game moves from a public development state to a full 1.0 release.Early-stageInitial investment rounds for startups, typically including Pre-seed, Seed, and Series A, aimed at product development.Early-Stage Capital DistributionThe allocation of venture funding specifically among seed and series A gaming startups.Early-Stage FundingThe initial rounds of venture capital provided to startups to support product development and initial marketing.Early-stage VCInitial funding rounds including Pre-Seed, Seed, and Series A led by venture capital funds.Earn-outA contractual provision whereby the seller of a business is to obtain additional future compensation based on performance.Earnings BriefingA meeting or call where company management discusses financial results with analysts and investors.Earnings CallA conference call or webcast during which a public company discusses its financial results for a specific period.Earnings CycleThe recurring period during which publicly traded companies release their quarterly financial results.Earnings EstimatesA forecast of a company's expected quarterly or annual earnings per share by financial analysts.Earnings ForecastsProjections made by a company regarding its expected future financial performance and profitability.Earnings ReleaseA public statement providing financial and operational results for a specific fiscal period.Earnings ReportA public document issued by a company to disclose its financial performance for a specific period.EarnoutA contractual provision where the seller of a business obtains additional future compensation based on performance.Eating Your Own Dog FoodThe practice of an organization using its own product to test and experience it as a user would.EBIElectronic Information Base — a reporting system used by companies listed on the Warsaw Stock Exchange.Economic HeadwindsExternal macroeconomic factors that may slow down growth or decrease spending within the gaming market.Economic HeadwindsMacroeconomic factors that slow down growth or create difficult operating conditions for businesses.Economic RightsThe investor's entitlement to a share of the financial proceeds or dividends generated by the game.EGMExtraordinary General Meeting — a meeting of shareholders to discuss urgent company business occurring outside the scheduled annual meeting.Electronic ProvisionA system for providing shareholder meeting materials via the internet instead of paper.Electronic Provision MeasuresDigital accessibility standards for shareholders to view meeting materials online.Elevator PitchA short, persuasive summary used to quickly define a game's unique concept and appeal.Emerging Growth CompanyA category of issuer created under the JOBS Act with certain relieved reporting requirements.EmisjaProces wprowadzania nowych papierów wartościowych do obrotu giełdowego.Emisja akcjiProces wprowadzania nowych akcji spółki do obrotu w celu pozyskania kapitału.eNPSEmployee Net Promoter Score — a metric used to measure employee loyalty and likelihood to recommend their workplace.ENREarnings News Release, a document summarizing the financial performance of a company for a specific period.Entertainment BusinessThe primary corporate division responsible for game development, publishing, and service operations.EOLEnd of Life — the point at which a product or service is no longer supported or updated.EquityThe value of the shares issued by a company, representing the interest of shareholders in the assets of the business.EquityThe residual interest in the assets of the entity after deducting all its liabilities.Equity issuerA company that has issued shares of stock to the public.Equity OfferingThe sale of ownership shares by a company to the public or private investors to raise capital.Equity Pledge AgreementA contract where shareholders pledge their equity interests as security for the performance of obligations.Equity RatioA financial metric measuring the proportion of total assets financed by stockholders' equity.Equity SaleThe process of selling a percentage of ownership in a company in exchange for capital.Escape VelocityThe point at which a game's player base becomes self-sustaining through organic growth and word-of-mouth.Esenzione per categoriaRegulations allowing certain state aids for gaming companies without prior notification to the EU Commission.ESGEnvironmental, Social, and Governance — framework for evaluating a company's sustainability and ethical impact.ESG ManagementCorporate strategy focusing on Environmental, Social, and Governance criteria for ethical and sustainable operations.ESOPEmployee Stock Ownership Plan — a program that provides a company's workforce with an ownership interest in the company.ESPIElectronic Information Transmission System used by public companies in Poland for regulatory filings.ETFExchange-Traded Fund — a type of pooled investment security that operates much like a mutual fund but trades on an exchange.Ethical RecruitmentEmployment practices that ensure workers are recruited in a fair, transparent, and voluntary manner without debt bondage or exploitation.Ethical RiskThe potential for a situation to cause a breach of conduct or honesty within a corporate structure.EULAEnd-User License Agreement — the legal contract between a software application author and the user.Europa CreativaAn EU program providing dedicated funding and support for the cultural, creative, and audiovisual sectors.Evergreen GameA game title that maintains a steady stream of income and player interest over a long period of time.Evergreen HitsHigh-performing titles that maintain consistent sales and player interest over many years.ExclusiveA game title released only on one specific hardware platform to drive hardware sales and ecosystem loyalty.ExitAn event, such as an acquisition or IPO, that allows investors to liquidate their ownership in a games company.Exit AvenueThe method by which an investor liquidates their stake in a company, such as through an IPO or M&A.Exit PredictorA proprietary algorithm used to estimate the probability of a startup reaching an IPO, acquisition, or merger.Exit ValuationThe estimated or actual value of a company at the time it is acquired or goes public.Exit WindowA period of favorable market conditions during which companies can successfully undergo an IPO or be acquired.ExitsEvents like M&As or IPOs where early investors and founders liquidate their ownership in a gaming company.Expiring LicensesThe termination of legal rights to use third-party assets (music, brands) leading to a game's removal from sale.ExploitationThe phase of commercializing a video game after the development process is complete.Export CommodityA game product or service produced in one country and sold to customers in another market.Export ControlsRegulations that govern the export of sensitive technologies, software, and information for national security purposes.Expulsion of competenceThe loss of skilled labor due to regulatory issues, visa hurdles, or migration policies affecting foreign talent.Extension RoundAn added segment of a current funding round, often used to increase capital without starting a new series.External Content CreationThe practice of outsourcing game assets, art, or programming to third-party service providers.External FundingCapital acquired from outside sources like publishers, venture capital, or government grants to finance game development.Extraordinary General MeetingA shareholder meeting called outside of the scheduled annual meeting to deal with urgent matters.Extraordinary General MeetingA shareholder meeting called outside the scheduled annual general meeting to address urgent corporate matters.Extraordinary General MeetingA corporate meeting of shareholders called to address urgent or specific matters outside of the annual scheduled meeting.Extraordinary General Shareholders MeetingA meeting of a company's shareholders called outside the scheduled annual meeting to discuss urgent matters.Extraordinary LossAn unusual, one-time loss recorded on a financial statement that is not part of regular business operations.FASBFinancial Accounting Standards Board; a private organization that establishes accounting and financial reporting standards.FASFFinancial Accounting Standards Foundation, a Japanese organization ensuring the quality of financial reporting.Fast Money ArbitrageThe practice of profiting from short-term market inefficiencies, often seen in aggressive user acquisition scaling.FCMAFellow of the Chartered Institute of Management Accountants, a senior professional designation in management accounting.FDIForeign Direct Investment — capital investment made by a foreign entity into a domestic economy’s digital infrastructure or businesses.Financial InstrumentsAssets that can be traded, such as shares, bonds, or derivatives of a company.Financial InternetThe convergence of traditional web infrastructure with decentralized finance and blockchain-based transaction layers.Financial InvestorAn entity, such as private equity, that acquires a company primarily for financial return rather than operational synergy.Financial PromotionA communication intended to induce someone to engage in investment activity.Financial ReportingThe process of disclosing a company's financial results and activities to stakeholders over a specific period.Financial RestructuringA process of reorganizing a company's assets and liabilities to improve its financial position.Financial ResultsA formal report detailing a company's financial performance over a specific period.Financial Results BriefingA presentation provided by a company to investors and analysts detailing financial performance over a specific period.Financial StatementA formal record of the financial activities and position of a business entity.Financial StatementsFormal records of the financial activities and position of a business entity.Financial Supervision AuthorityThe national regulatory body responsible for overseeing the financial markets and capital compliance.Financial TransactionsThe exchange of capital, including investments and acquisitions, within the game development ecosystem.FIOFundusz Inwestycyjny Otwarty, a type of open-end investment fund in the Polish market.First Amendment RightsConstitutional protections in the U.S. that safeguard freedom of speech, applied to video games as a form of protected expression.First MoverA service or company that gains a competitive advantage by being the first to enter a specific market segment.First Mover AdvantageThe competitive edge gained by being the first significant stakeholder to occupy a specific market segment or niche.First-party GameA video game developed by a studio owned by the platform holder that manufactures the console it is released on.First-Party GamesVideo games developed by the same company that manufactures the console or platform they are played on.First-party IPIntellectual property owned and developed internally by the company.First-Party PublishingA model where the platform owner also acts as the publisher for games on their own hardware or storefront.First-Time ExitThe initial occurrence of a private gaming startup being acquired or going public.FiscalRelating to government revenue, especially taxes, and the management of public funds.Fiscal IncentivesFinancial advantages granted by the government to encourage specific economic behavior in the industry.Fiscal QuarterA three-month period within a company's financial year used for financial reporting and dividend payments.Fiscal Quarter LaunchThe strategic timing of a game release to align with the end or beginning of financial reporting periods.Fiscal TermThe specific twelve-month period a company uses for accounting and financial reporting purposes.Fiscal YearThe one-year period used for financial reporting, in this case ending March 31.Fiscal Year OutlookA company's forward-looking financial guidance regarding its expected performance for the fiscal year.Fiscal Year-EndThe end date of the 12-month accounting period used by a business for financial reporting.Fixed CostsBusiness expenses that do not change in proportion to the level of goods or services produced.Fixed Fee ModelA compensation structure where developers receive a set payment regardless of the game's individual sales performance.Fixed IncomeDebt-related instruments with a fixed schedule for interest payments and principal repayment.Fixed-income TransactionsDeals involving debt instruments like senior notes or bonds used to fund gaming company operations.Flat-rate AgencyA specific legal business entity type common in some regions for independent contractors and small studios.Follow-on FinancingAdditional investment made by existing investors into a company that has already reached the next stage of funding.Follow-on FundA subsequent investment vehicle raised by a firm to continue investing in existing or new opportunities within a sector.Follow-on RoundAn additional investment made by an existing investor into a company they have previously funded.Foreign Currency Exchange ProfitGain resulting from the change in exchange rates between the local currency and a foreign currency.Foreign Exchange GainAn increase in profit caused by a change in the exchange rate of currencies.Foreign Private IssuerA type of listing status for non-U.S. companies that allows them to follow certain home-country corporate governance practices.Foreign Private IssuerA non-U.S. company that meets specific criteria and must file annual reports with the U.S. SEC.Foreign-owned CompanyA domestic game studio that is owned or controlled by a parent corporation headquartered in another country.Forensic AccountingThe use of accounting skills to investigate fraud or evaluate financial damages in game industry contractual disputes.Forever FranchiseA game title designed to provide engagement and revenue over a decade or more through live operations.Form 10-QThe standard legal filing used by the United States SEC for quarterly financial reports.Form 20-FAn annual report filed by foreign private issuers with the SEC in the United States.Form 20-FAn SEC filing required for foreign private issuers to report annual financial and operational performance to U.S. investors.Form 20-FAn annual report form filed with the SEC by non-U.S. companies that have listed equity shares on U.S. exchanges.Form 20-FAn annual report form filed by foreign private issuers with the SEC to provide comprehensive financial and business updates.Form 20-FAn SEC filing required for foreign private issuers that have securities listed on US exchanges.Form 8-KA report of unscheduled material events or corporate changes that could be important to shareholders or the SEC.Format ExportThe sale of intellectual property rights and production bibles to overseas territories for local recreation.Forward-looking StatementsProjections or characterizations of future events or circumstances based on current expectations.Forward-Looking StatementsPredictions or projections about future business and financial performance based on management's current beliefs.Franchise FlywheelA business strategy where different media formats (movies, games) reinforce and accelerate each other's growth.Freemium SaaSA business model where a basic version of software is free, while advanced features require a subscription.FSMAThe Financial Services and Markets Act 2000, which regulates financial services in the United Kingdom.FTCFederal Trade Commission — the U.S. government agency focused on consumer protection and antitrust enforcement.Full Game DealA publishing or development contract covering the entirety of a game's production and distribution.Full Game DownloadsThe purchase and digital distribution of a complete game title as opposed to physical media or DLC.Full YearRefers to the complete 12-month fiscal period for a company's financial reporting.Full-Year ResultsThe financial performance data of a company compiled over a complete twelve-month fiscal period.Fund CommitmentA pledge by an investor to provide a certain amount of capital to a private equity or venture capital fund.FY25Fiscal Year 2025, the accounting period for the organization's financial reporting.FY3/26Fiscal year ending March 2026.FYEFiscal Year Ending — the completion of a one-year period used for financial reporting and budgeting.G&NSSony's Game & Network Services segment, which encompasses the PlayStation business.G&NSGaming & Network Services — Sony's specific business segment encompassing PlayStation hardware, software, and services.Game acquisitionThe process of bringing external game titles under new operational management or ownership.Game AcquisitionsThe process of a company purchasing the rights to an existing game title from another developer or publisher.Game BusinessA specific reporting segment encompassing video game development and publishing activities.Game Content DealsVenture capital transactions specifically targeting game development studios and software production.Game ExclusivityThe status of a game being available only on a specific platform or ecosystem.Game HouseA common industry term used to refer to a video game development studio or publishing company.Game IncubationA support process providing resources, funding, and mentorship to early-stage game development companies to accelerate their business growth.Game IPIntellectual property associated with a game, including characters, lore, and branding, often leveraged across multiple media formats.Game OperationThe ongoing management, live services, and maintenance of a game after its initial launch.Game Operation BusinessThe division of a company focused on the long-term management, updates, and maintenance of live titles.Game Pass-izationThe industry trend of premium single-player titles shifting toward subscription-based distribution models.Game PitchingThe process of presenting a game concept to publishers or investors to secure funding or development support.Game Publisher IPIntellectual property consisting of video game titles and franchises owned by a publishing entity.Game SubscriptionA service model where users pay a recurring fee to access a library of video game titles.Game TaxonomyHierarchical classification system (Category, Genre, Sub-genre) used by analytics firms to categorize games for analysis.Game Tech & Platform DealsInvestments focused on the underlying infrastructure, engines, and distribution tools of gaming.Games FundA dedicated venture capital vehicle specifically focused on investing in gaming companies and interactive content.GAMES FUND ONEA specific inaugural $600 million venture fund dedicated to the gaming industry by Andreessen Horowitz.Games FundingState-level financial subsidies or grants provided to developers to support the production and commercialization of software.Games IPIntellectual property associated with a video game franchise, including characters, worlds, and mechanics.Games MediaThe sector of journalism and content creation focused on covering the video games industry.Gaming DivisionA specialized unit within a larger corporation focused strictly on video game publishing, development, or services.Gaming EconomyThe financial ecosystem of the video game industry, including consumer spending, developer revenue, and market trends.Gaming IPIntellectual property originating from video games being adapted for other media formats.Gaming LitigationLegal disputes and lawsuits specifically involving gaming companies, platforms, or regulatory compliance.Gaming-as-a-PlatformA business model treating game software as a hub for social interaction and third-party content hosting.GarenaThe digital entertainment arm of Sea Limited focused on game development and publishing in Southeast Asia.GatekeeperA major platform operator that controls access to a market and dictates terms for developers.GatekeepersLarge digital platforms providing a core service that acts as a significant bottleneck between businesses and consumers.GBSGlobal Business Services — centralized service delivery models providing integrated operations like IT and HR for multinational firms.GEMGrowth Enterprise Market, a board of the Stock Exchange for emerging companies with higher investment risk.General MeetingA formal meeting of a company's shareholders to vote on corporate resolutions and appointments.Genre ShiftThe strategic decision by a development studio to move from one game genre to another for a new project.Global Co-productionA collaborative production model where domestic companies and international entities share resources and IP reinterpretation work.Global DistributionThe process of releasing and marketing games across multiple international regions simultaneously.Global LaunchWorldwide release of a mobile game following successful soft launch KPIs, with significant marketing spend.Global LaunchThe official worldwide release of a game on all intended platforms and territories.Global Package ShipmentsThe total number of physical software units distributed to retailers worldwide.Global Release DateThe specific day a video game becomes available for purchase or download across all worldwide markets.Go-to-MarketA tactical plan that outlines how a company will launch a game to reach customers and achieve competitive advantage.Going GlobalThe strategic process of a game developer or publisher expanding a title from its domestic market to international territories.Good Practices of GPW Listed CompaniesA set of corporate governance rules for companies listed on the Warsaw Stock Exchange.GoodwillAn intangible asset that arises when one company purchases another for a premium value over its net assets.Goodwill ImpairmentAn earnings charge recorded when the market value of an acquired asset drops below its book value.Governance FrameworkThe system of rules, practices, and processes by which a company is directed and controlled.Governance TokenA token that grants holders the right to vote on project development and ecosystem changes.GPWGiełda Papierów Wartościowych — the Warsaw Stock Exchange where PCF Group is listed.Graduation RateThe percentage of startups that successfully transition from one funding round (e.g., Seed) to the next (e.g., Series A).Greenfield InvestmentA form of foreign investment where a company starts a new venture or builds new facilities from the ground up.GRI IndexA framework used to list and track corporate sustainability and responsibility reporting metrics.Gross Transaction ValueThe total monetary value of all completed merger and acquisition deals within a specific period.Group Financial StatementsConsolidated financial reports representing the combined results of a parent company and its subsidiaries.Grow SolutionsBusiness tools focused on helping customers engage their user base and monetize their content via advertising.Growth FinancingCapital raised by established gaming companies to fund expansion, user acquisition, or new title development.Growth FinancingCapital provided to mature companies to expand operations, enter new markets, or finance acquisitions.Growth FundingA stage of venture capital investment intended to help established companies scale operations or expand into new markets.Growth StockA company stock that is anticipated to grow at a rate significantly above the average for the market.Growth Stock BubbleA market phenomenon where the valuations of high-growth companies expand rapidly beyond their intrinsic value.Growth-at-all-costsA business strategy prioritizing rapid expansion and market share over immediate profitability.Growth-stageA phase of a company’s lifecycle characterized by established product-market fit and a focus on scaling operations through larger funding rounds.Growth-StageThe phase of a startup that has moved past initial development and is scaling its operations and user base.GSTGoods and Services Tax — a value-added tax levied on the supply of gaming goods and services.GST RegimeThe Goods and Services Tax framework that impacts revenue margins and financial operations for gaming companies.GTMGo-to-Market — strategy defining how a company will reach and sell to its target customers.GTM StrategyGo-To-Market strategy; the comprehensive plan for launching a new game and reaching the target audience.GuidanceA company's official public estimate of its future earnings and financial performance.GunpowderDry powder or cash reserves held by a gaming company for future acquisitions and inorganic growth.H1The first half of a company's fiscal year.Half-Year ReportA financial report issued by a company covering its financial performance for the first six months of a fiscal year.Hard LaunchFull worldwide release of a game with marketing support and broad distribution.Harvesting StrategyA business approach focusing on maximizing short-term profits and cash flow from mature products rather than aggressive growth.Headcount GrowthThe net increase in the number of employees within a game studio or industry sector over a specific period.Historical Cost BasisA measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost.Hit-drivenAn industry model where financial success and growth are primarily dependent on a small number of highly successful breakout products.Hit-driven RevenueA financial model where profits are primarily generated by high-performing, successful individual titles.Hit-Experience StrategyA business approach focusing on the development and operation of high-profile, long-term successful gaming franchises.Hit-making CapabilityThe structural ability of a publisher to guarantee commercial success through funding, marketing, and distribution networks.Hometown taxA Japanese tax donation system allowing individuals to contribute to municipal governments in exchange for local goods or tax deductions.Honorary ChairmanA symbolic title often given to a former chairman or founder as a mark of respect for their contributions to the company.Hostile BidA specific type of takeover bid where an acquiring company attempts to take over a target company against its management's wishes.HR TechHuman Resources Technology — software and hardware used to manage employee-related functions and recruiting.Hybrid FinancingFinancial models that combine elements of both debt and equity, often used to bridge the gap between bank loans and venture capital.Hyper-inflation PricingValve's automated system for adjusting game prices in regions with volatile currencies like Argentina and Turkey.IAEImpuesto sobre Actividades Económicas — a Spanish tax levied on the exercise of business or professional activities.IEEPAInternational Emergency Economic Powers Act; authorizes the President to regulate commerce after declaring a national emergency.IFRSInternational Financial Reporting Standards, a common global language for business affairs and financial reporting.Impairment ChargesA reduction in the recoverable amount of an asset below its carrying amount on the balance sheet.Impairment LossA non-cash reduction in the carrying amount of an asset when it exceeds its recoverable amount.Impairment LossA write‑down of an asset’s value when its recoverable amount falls below book value.Impairment of AssetsA reduction in the recoverable amount of a fixed asset below its book value.Impairment of GoodwillAn accounting charge when the value of an acquired asset drops below its purchase price.Impairment Write-offA reduction in the carrying amount of an asset when its market value is less than its book value.Import TariffsTaxes imposed by a government on imported goods, impacting the cost of hardware and physical game distribution.Impuesto de SociedadesA corporate tax on profits that, when subject to specific deductions, acts as a primary fiscal lever for game industry investment.In-House ProductionThe development of assets or content using a company's internal staff and resources rather than outsourcing.Inbound InterestPassive reception of inquiries from external buyers or partners regarding content licensing.Incentive Program ReserveFunds set aside to cover liabilities related to employee stock options or performance-based bonuses.Incentive SchemeA corporate program, often stock or bonus-based, designed to motivate and retain employees based on performance targets.IncorporationThe legal process of forming a corporate entity that is recognized as a separate legal personality from its owners.IncubationThe process of supporting early-stage game studios or projects through mentorship, resources, and development space.Incubation PilotA preliminary, experimental version of a startup support program used to test new methodologies.Independent AuditorAn external professional who examines financial records to provide an objective opinion on their accuracy.Independent AuditorAn external professional who examines financial records to provide an objective opinion on their accuracy.Independent DeveloperA game development studio that operates without the financial backing or ownership of a major platform holder or external publisher.Indie DebutThe initial commercial release of a game from an independent development studio on a digital storefront.Indie DeveloperAn independent game developer or small studio that creates games without the financial support of a large publisher.Indie Games LabelA publishing model focused on partnering with and supporting independent developers.Indie PublisherA company that provides funding, marketing, and distribution support to independent game developers.Indie StudioAn independent game development company typically operating without a large corporate parent.Indie UpstartA newly established independent game developer or studio.Individual InvestorA non-professional investor who buys and sells securities for their personal account.Industry AssociationAn organization founded and funded by businesses that operate in a specific industry to manage shared interests.Industry ConsolidationThe trend of larger companies acquiring smaller ones to increase market share and resources.Industry FrictionsStructural or communicative barriers that impede the smooth transition of graduates into professional game roles.Industry GatekeeperEntities such as publishers or platform holders that traditionally control access to distribution and marketing.Industry HobnobberyNetworking and social interaction among professionals at industry events.Industry InvestorA funding source originating from within the gaming sector, such as established studios or gaming-focused VCs.Industry LayoffsThe temporary or permanent termination of employment by an organization, often for strategic or financial reasons.Industry OrganizationA trade body representing the collective interests of developers, publishers, and stakeholders within the game ecosystem.Industry VetA professional with extensive long-term experience in the video game industry.Information PolicyA set of guidelines governing how a company communicates data to investors and the public.InfringementThe unauthorized use, manufacture, or sale of a patented invention or design.Initial ListingThe process or valuation of a gaming company when its shares are first made available on a public stock exchange.Inorganic GrowthBusiness expansion achieved through mergers, acquisitions, or takeovers rather than internal operations.Inorganic GrowthExpansion of a company's operations, player base, or revenue through mergers, acquisitions, or takeovers.Inside InformationNon-public information of a precise nature that could significantly affect the price of a company's financial instruments.Inside InformationNon-public knowledge regarding a company that, if disclosed, would likely have a significant impact on its share price.Inside InformationPrecise information which has not been made public, relating to one or more issuers or financial instruments.Inside InformationPrecise information of a non-public nature which, if made public, would likely have a significant effect on the price of financial instruments.Insider InformationNon-public facts about a company that could influence its stock price if disclosed.Insider TrackA specific feature or section providing exclusive business insights and commercial benefits to industry subscribers.Insider TradingThe illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information.Insider Trading NotificationA formal notice regarding transactions on a company's shares by its management or supervisory board members.Insider Trading NotificationsPublic disclosures regarding transactions performed by persons discharging managerial responsibilities within a listed company.InsolvencyThe state of being unable to pay the debts, by one's available assets, as they fall due.Institutional InvestorA large organization, such as a mutual fund or insurance company, that invests capital on behalf of others.Institutional InvestorAn organization that pools money to purchase securities or other investment assets.Institutional InvestorsLarge organizations, such as banks or pension funds, that invest money on behalf of others.Institutional InvestorsLarge organizations, such as pension funds or insurance companies, that invest significant capital into gaming ventures.Instrument FinansowyA tradable asset of any kind, such as shares, bonds, or derivatives.Insurable InterestThe legal and financial stake a developer or publisher has in the success and safety of a project.Insurance ClausesSpecific provisions in event contracts that dictate coverage and liability in the event of cancellation or disruption.Intangible AssetA non-physical asset, such as a game's intellectual property or software code, that has long-term financial value.Intangible AssetsAssets that lack physical substance, such as patents, copyrights, and intellectual property.Integrated ReportA document providing a comprehensive understanding of a company's financial and non-financial value creation and management strategy.Intellectual PropertyThe legal rights to creative assets like game worlds, characters, and stories used for market deployment.Interest-bearing debtAny debt that requires the payment of interest, such as loans or bonds found on a company balance sheet.Interim CFOA temporary financial officer appointed to bridge a leadership gap or lead a company through a transition.Interim Condensed Financial StatementsFinancial reports covering a period of less than one year, containing less detail than annual statements.Interim Condensed Financial StatementsFinancial reports covering a period shorter than a full financial year.Interim Condensed StatementA shortened version of financial statements covering a period of less than one full fiscal year.Interim Financial InformationFinancial statements covering a period shorter than a full financial year, typically quarterly or semi-annually.Interim Financial ReportA financial report covering a period of less than one full financial year.Interim Financial ReportA financial report covering a period shorter than a full financial year.Interim Financial ResultsFinancial statements covering a period of less than a full fiscal year, typically provided half-yearly.Interim Financial StatementA financial report covering a period shorter than a full fiscal year, often provided quarterly or semi-annually.Interim Financial StatementsFinancial reports covering a period of less than one full financial year.Interim ManagementThe temporary provision of management resources and skills, often used during periods of transition or crisis.Interim ReportA financial report covering a period of less than one year, typically the first six months of a fiscal year.Interim ReportingFinancial reporting for periods shorter than a full fiscal year, typically on a quarterly or semi-annual basis.Interim ResultsFinancial reports covering a period of less than one full fiscal year, typically six months.Internal FundsDevelopment capital sourced directly from a studio's own cash reserves or previous profits, rather than external investors.International CompetitorsForeign entities or markets vying for global market share, talent, and investment within the gaming industry.InternationalisationThe process of adapting products or operations to reach markets outside of the domestic territory.Invest in GamesA recurring industry event focused on presenting financial statistics and trends to prospective game investors.Investee ExitThe act of selling or liquidating an investment in another company to realize capital gains.Investment AgreementA flexible financial structure used by publishers and developers to secure project-specific funding from third parties.Investment AgreementA contract governing the terms of an investment between a company, its founders, and an investor.Investment AgreementA contract that defines the terms of an investment, including rights and obligations of the parties involved.Investment and Development BusinessA corporate segment dedicated to funding external startups and real estate or internal R&D projects.Investment BusinessA business segment focused on venture capital and market investments, separate from core operations.Investment SecuritiesFinancial assets such as stocks or bonds held for the purpose of profit or strategic growth.Investment SessionA dedicated event where game developers pitch projects to venture capitalists and private equity firms for funding.Investment TerrainThe specific landscape of domestic and foreign funding options unique to developing games markets.Investment VolumeThe total monetary value of funding and capital injected into the gaming sector during a specific period.Investor RelationsA department managing communication between a company's corporate management and its investors.InvolutionA state of intense competition where companies exhaust resources for diminishing returns within a saturated market.IP Axis StrategyA business model focused on maximizing the value of intellectual property across multiple media and product formats.IP BusinessA business unit focused on the management and licensing of Intellectual Property, such as anime and manga titles.IP DevelopmentThe process of managing and expanding intellectual property across different media or sequels.IP ExtensionThe expansion of an intellectual property into new games, genres, or media formats.IP FranchiseA series of related media or products based on a specific Intellectual Property.IP Growth InitiativeA corporate strategy focused on expanding the reach and revenue of existing intellectual property portfolios.IP HolderA company or entity that owns the intellectual property rights for a specific brand, character, or media franchise.IP LicensingThe business practice of leasing the rights to a specific intellectual property to a third party.IP Licensing-outThe business practice of granting a third party the rights to develop and publish games using an owned intellectual property.IP OperatorThe specific entity or subsidiary responsible for managing and running an intellectual property.IP ProductionBusiness unit focused on the creation and management of intellectual property across visual software and music.IP SolutionsA business segment focused on the secondary monetization and management of intellectual property.IP-Based FashionClothing and accessories derived from intellectual properties like video games or digital characters.IPO RoadshowA series of presentations to potential investors held by a company's management prior to an initial public offering.IRInvestor Relations — a department managing communication between a company's corporate management and its investors.IR ChannelA dedicated platform or portal for Investor Relations to communicate financial performance to stakeholders.IR CommunicationsInvestor Relations communications used to share financial performance and strategy with shareholders.IR LibraryA digital repository of a company's investor relations documents including financial statements and securities reports.IRNRNon-Resident Income Tax — tax levied on income earned in Spain by companies or individuals not resident in the country.IROInvestor Relations Officer; a person responsible for managing communication between a company and its investors.IRPFPersonal Income Tax — tax applied to the salaries of developers and income of self-employed professionals in Spain.Irregular Distribution of HoursA flexible work arrangement allowing studios to adjust working hours based on project cycle demands.ISINInternational Securities Identification Number — a code that uniquely identifies a specific securities issue.ISIN CodeInternational Securities Identification Number, a unique code used to identify a specific securities issue.Issue PriceThe price at which new shares are offered to investors during a capital increase.IssuerA legal entity that develops, registers and sells securities to finance its operations.IssuerA legal entity that develops, registers and sells securities to finance its operations.Item AuthorizationThe legal right to publish or operate specific digital content or games within a regulated territory.IVAImpuesto sobre el Valor Añadido — value-added tax applied to the sale of video games and digital gaming services.Japan GAAPGenerally Accepted Accounting Principles in Japan, a set of accounting standards used by Japanese companies.Japanese GAAPThe set of accounting standards generally accepted in Japan for financial reporting.Japanese GAAPThe Generally Accepted Accounting Principles used by companies in Japan.Japanese GAAPThe generally accepted accounting principles used by companies in Japan for financial reporting.Jednostkowe dane finansoweFinancial data relating to a single legal entity rather than an entire corporate group.Jednostkowe sprawozdanie finansoweThe standalone financial statement of an individual legal entity, excluding subsidiaries.Jednostkowe sprawozdanie finansoweA financial report presenting the economic performance of a single company without consolidating its subsidiaries.JGAAPJapanese Generally Accepted Accounting Principles used for financial reporting by companies in Japan.Joint BookrunnerThe primary underwriter or lead manager in the issuance of new equity or debt.Joint DevelopmentA collaborative production model where two or more companies share the costs and tasks of creating a game.Joint Global CoordinatorA lead financial institution that manages and coordinates a large-scale securities offering.Joint-stock CompanyA type of business entity (S.A.) where shares can be traded publicly, common for larger game developers.Judicial ReorganisationA legal process (redressement judiciaire) aimed at allowing a company to continue its activity, maintain employment, and clear its debts.K-IFRSKorea International Financial Reporting Standards, the mandated accounting standard for publicly traded companies in South Korea.Kancelaria NotarialnaA notary office responsible for the authentication and formalization of legal documents.KDPWThe National Depository for Securities — the central institution responsible for the management of the depository of securities.KDRKorea Depositary Receipts — certificates issued in Korea representing ownership of foreign shares.Kessan TanshinA summary of financial results required by Japanese stock exchanges.Kessan TanshinA standard summary report of financial results required by the Tokyo Stock Exchange for listed companies.KickstarterA crowdfunding platform used by game developers to raise capital directly from players before a game's release.Know-howPractical knowledge, experience, and expertise used to execute production or business tasks.Knowledge WorkerA professional whose main capital is knowledge, such as an analyst, academic, or industry essayist.Komitet AudytuA sub-committee of the supervisory board focused on financial oversight and internal controls.KooptacjaThe process of appointing a new member to a board by the existing members.KOSDAQA trading board of the Korea Exchange in South Korea established as a Korean counterpart to NASDAQ.KPIKey Performance Indicator — measurable value demonstrating how effectively objectives are being achieved.KPOKnowledge Process Outsourcing — the outsourcing of information-intensive business tasks that require specialized technical or analytical expertise.KRSThe National Court Register in Poland where corporate entities and legal changes must be officially recorded.KSDKorea Securities Depository — the central securities depository for the South Korean financial market.KSHThe Commercial Companies Code (Kodeks spółek handlowych), the legal framework governing Polish companies.Land GrabA competitive strategy aimed at rapidly acquiring market share in a new or emerging sector.Late-stageFinancing rounds for established companies with proven revenue, often used for scaling before an exit.Late-stage ActivityInvestment rounds for established startups that have demonstrated significant growth and are nearing an exit or IPO.Late-stage RoundInvestment rounds for mature companies looking to scale significantly or prepare for an exit.Late-stage VCFinancing rounds (Series B, C, or later) for established companies with proven growth and revenue.Launch WindowThe specific timeframe surrounding a game's release used to evaluate initial commercial performance.Lead DealAn investment where a specific fund takes the primary role in negotiating terms and providing the largest portion of capital.Legacy Platform MakersEstablished hardware manufacturers such as Sony, Microsoft, and Nintendo with long-standing histories in the console market.Legacy PublishersEstablished game publishing companies transitioned from traditional retail models to modern digital ecosystems.LEILegal Entity Identifier - a unique 20-character code used to identify legally distinct entities that engage in financial transactions.LEI CodeLegal Entity Identifier — a unique 20-character code used to identify legal entities in financial transactions.Letter of IntentA document outlining the preliminary agreement between two parties intending to enter into a formal merger or acquisition.Letter of IntentA document outlining the preliminary commitment of one party to do business with another.Letter of IntentA preliminary agreement outlining the terms and scope of a proposed business transaction or investment.Leveraged BuyoutThe acquisition of another company using a significant amount of borrowed money to meet the cost of acquisition.License AgreementA legal contract where a property owner allows another party to use their intellectual property under specific conditions.Licensed IPThird-party intellectual property used in a game under a legal agreement between the IP owner and the developer or publisher.LicenseeThe party that receives a license to use another party's intellectual property.LicensingThe legal process of granting permission to use a game's intellectual property in other media, merchandise, or services.Licensing AgreementA legal contract where a specialized rights holder grants permission to another entity to use their intellectual property.Licensing FrameworkThe legal and operational structure governing the use, review, and merchandising rights of character intellectual property.Licensing-outThe business practice of granting another company the right to use intellectual property (IP) in exchange for royalties.LicensorThe party that grants a license to another party to use their intellectual property.Lifecycle SpeedrunA slang term for a game that reaches its end-of-service or closure very quickly after its initial launch.Lifetime GuaranteeA quality assurance promise indicating that a product will be replaced or repaired for the duration of its usable life.Line of CreditA flexible loan from a bank or financial institution that a business can draw upon as needed.Line-upThe schedule or collection of game titles slated for release by a publisher or for a specific platform over a given period.Liquidity CrunchA period of restricted capital availability making it difficult for studios to secure new funding or exit.Liquidity PositionThe amount of cash and other liquid assets available to a company to meet its short-term obligations.Liquidity PressuresFinancial conditions where a company faces difficulty meeting short-term obligations due to insufficient cash flow or assets.Listed CompanyA company whose shares are traded on a stock exchange.Listed IssuerA company that has issued securities that are listed and traded on a stock exchange.ListingThe process of admitting a company's shares for trading on a stock exchange.Listing RegulationsSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for publicly traded companies in India.Listing RulesRegulations governing the behavior and disclosure requirements of companies listed on a stock exchange.Live EntertainmentA business segment typically focused on VTubers, live streaming platforms, and virtual events.Live OpsUpdates and events within a game to keep the experience fresh and improve retention.Live Service GameA game designed to provide ongoing content updates and long-term player engagement over several years.Live Service GamesGames designed to be supported and montezied over a long period through regular content updates and in-game purchases.Lock-up AgreementA legally binding contract between the underwriters and insiders of a company that prohibits them from selling any shares for a specified period.Long-term LiabilitiesFinancial obligations of a company that are due to be paid after one year or longer.Loss of PrincipalThe risk that an investment will decrease in value below its original purchase price.LPLimited Partners; investors who provide capital to gaming-focused venture funds but have limited liability and no management role.Luxury GamingA market segment focused on high-net-worth players and premium digital asset ownership.M&AMergers and Acquisitions — the process of combining or purchasing companies.M&AMergers and Acquisitions: The consolidation of companies or assets through various types of financial transactions.M&AMergers and acquisitions, involving the consolidation of companies or assets.M&A BrokerAn intermediary that identifies acquisition targets or buyers and facilitates the sale of gaming studios or tech companies.M&A CapacityThe financial ability of a firm to execute mergers and acquisitions based on its balance sheet and liquidity.M&A PipelineA staged list of potential target companies currently being evaluated for acquisition or merger.Macroeconomic HeadwindsExternal economic factors like inflation or high interest rates that slow growth and investment within the games industry.Main BoardThe primary listing segment of the Stock Exchange for larger, established companies.Mainstay TitlesCore, high-performing games that provide a stable and significant portion of a company's revenue.Major Holding NotificationA regulatory requirement for shareholders to disclose when their ownership exceeds or falls below specific thresholds.Management BoardThe executive body responsible for managing the day-to-day operations of a joint-stock company.Management Board ReportAn official report detailing the operational and financial activities of a company during a specific period.Management BuyoutA transaction where a company's management team purchases the assets and operations of the business they manage.Management GuidelinesThe foundation of principles that support a company's corporate philosophy and operational decision-making.Management IntegrationThe structural combination of two or more corporate entities into a single unified business group.Management ReportA formal document prepared by a company's board describing its operations and financial standing.MARMarket Abuse Regulation - a European Union regulation establishing a common regulatory framework on insider dealing and market manipulation.MAR RegulationMarket Abuse Regulation (EU) No 596/2014, governing the disclosure of inside information by public companies.Margin ExploitationA business strategy focused on capturing additional profit margins within a value chain.Market CapThe total value of a company's shares of stock, often used as a metric for company size and stability.Market ShareThe portion of a market controlled by a particular company or product.Market-Tested GameA title with a proven track record of commercial success and fan engagement used to minimize financial risk for future projects.Master Services Agreement (MSA)A contract reaching an agreement on terms that will govern future transactions or agreements between parties.Mature MarketA stage of industry evolution where growth slows as maximum penetration is reached.MBAMaster of Business Administration - a postgraduate degree focused on business leadership and management.Mea Culpa CampaignA public relations strategy focused on admitting mistakes and attempting to repair brand reputation.Media & IP BusinessA business segment focused on media platforms and intellectual property monetization.Media BusinessBusiness segment focusing on linear and streaming media platforms and content distribution.Media Value ChainThe progression of content from creation and production to distribution and consumer engagement.Medium-Term Business PlanA strategic roadmap outlining a company's financial and operational goals over a multi-year period.Medium-term Management PlanA strategic business roadmap outlining a company's objectives and operational goals over a multi-year period.Medium-Term PlanA corporate strategic roadmap outlining multi-year business goals and investment strategies.Meet to MatchA standardized specialized networking and matchmaking platform used for B2B meetings at game industry events.Mega AcquisitionA large-scale corporate takeover typically valued in the billions of dollars.Mega-capRefers to companies with an extremely large market capitalization, typically $200 billion or more.Meme StockA stock that gains popularity among retail investors through social media, often leading to high volatility.Merger OfferA proposal by one company to combine its assets and operations with another company.Metaverse BusinessCorporate segment focusing on virtual spaces, social interaction, and digital avatars.Micro StudioA video game company classification typically used for entities with very small staff counts, often fewer than five employees.Micro-enterpriseA studio typically employing a very small number of people, common in emerging game ecosystems.Micro-indieA very small independent game development team, often consisting of only a handful of individuals.Mid-stage RoundVenture capital funding typically associated with Series B or C levels of company growth.Mid-term Management PlanA multi-year strategic roadmap outlining a company's business goals and resource allocation.Mid-term Management PlanA corporate strategy document outlining targets and financial goals over a multi-year period.Mid-term PlanA multi-year strategic business roadmap detailing corporate goals and operational evolution.Milestone PaymentsPartial disbursements of total project funding triggered by the successful completion of specific development stages.MilestonesSpecific project achievements used to trigger partial investment payments during the development cycle.Minimum GuaranteeAn upfront advance payment paid by a distributor to a developer to secure rights, often recoupable against future sales.Minimum GuaranteeA non-recoupable or recoupable advance payment paid to a developer in exchange for platform exclusivity.Minority InterestsThe portion of a subsidiary corporation's stock that is not owned by the parent company.Minority InvestmentAn investment where the purchaser acquires less than 50% of a company, lacking full voting control.MixerAn organized networking event for game industry professionals to connect and share ideas.Mobile Industrial ComplexThe ecosystem of platform holders and intermediaries that control distribution and monetization in the mobile market.Mobile TransformationThe process of industries shifting their primary business operations and consumer interactions to mobile platforms.Modern SlaveryThe exploitation of people through forced labor, debt bondage, or human trafficking within the supply chain.Modern Slavery ActUK legislation requiring businesses to disclose efforts to eliminate human trafficking and slavery from supply chains.Monetary PolicyActions taken by a central bank to manage money supply and interest rates to influence the economy.MoonshotAn ambitious, exploratory, and ground-breaking project undertaken without any expectation of near-term profitability.MoRMerchant of Record — a legal entity held responsible for processing payments and managing tax compliance for game studios.More Personal ComputingA Microsoft business segment covering devices, gaming, search, and Windows operating systems.Motion to DismissA formal request for a court to throw out a case before it proceeds to trial.MRPMid-Range Plan — a strategic business framework outlining objectives and financial targets for a specific multi-year period.MSEKMillion Swedish Krona, a common currency unit used in Swedish financial reporting.MSPManaged Service Provider — a company that remotely manages a customer's IT infrastructure and end-user systems.MSSFInternational Financial Reporting Standards (IFRS) - international accounting standards for financial statements.MTGModern Times Group — an international entertainment group with operations in gaming and esports.MTGxThe digital accelerator arm of a media group focusing on esports, social gaming, and video networks.Multi-platform StrategyExpanding mobile-first applications to operate across multiple devices or platforms.Nasdaq First NorthA division of Nasdaq Nordic representing an alternative stock exchange for smaller companies in Europe.Nasdaq StockholmThe primary stock exchange for companies based in Sweden and Northern Europe.Native ShiftThe strategic transition of game development from mobile web-based platforms to native applications.NDANon-Disclosure Agreement — a legal contract between parties to maintain confidentiality of shared information.Net IncomeA company's total earnings or profit after all expenses, including taxes, have been deducted.Net Profit DistributionThe allocation of a company's after-tax earnings between dividends and retained earnings.Network EffectA phenomenon where a product or service gains additional value as more people use it.Network EntertainmentBusiness unit focusing on digital content, including mobile game apps and console software.New Title ReleaseThe official launch and commercial availability of a newly developed game on the market.NewConnectA financing and trading platform organized by the Warsaw Stock Exchange for smaller companies.NIPNumer Identyfikacji Podatkowej — the tax identification number used for corporate entities.NLRBNational Labor Relations Board — a US government agency that protects the rights of employees to bargain collectively.Nominal ValueThe face value of a share as established by the company's charter.Nominal ValueThe face value of a share as specified in the company’s articles of association.Nominee-RegisteredA holding where shares are registered in the name of a bank or nominee rather than the beneficial owner.Non-cash provisionAn accounting expense that reduces reported earnings but does not involve an actual cash outflow.Non-cash ProvisionsExpenses recognized in the financial statements that do not involve an immediate cash outflow.Non-core AssetsResources or business units that are not essential to the primary operations of a company.Non-current assetsLong-term investments for which the full value will not be realized within the accounting year.Non-current AssetsLong-term investments or assets that a company expects to hold for more than one fiscal year.Non-endemicCompanies or brands that do not originally belong to the gaming industry but are entering the space.Non-endemic InvestorAn investor or firm whose primary focus and expertise lie outside of the gaming and interactive media ecosystem.Non-endemic InvestorAn investor whose primary expertise or portfolio lies outside the core gaming or interactive media sector.Non-executive DirectorA member of a company's board of directors who is not part of the executive management team.Non-Financial CapitalAssets such as human resources, intellectual property, and brand value not reflected on a balance sheet.Non-Financial Performance StatementA report detailing a company's social, environmental, and societal information and its corporate social responsibility (CSR) strategy.Non-GAAPFinancial measures that do not follow Generally Accepted Accounting Principles used to provide supplemental analysis.Non-gaming techTechnology companies whose primary business is outside of the games industry, such as Netflix or Apple.Non-operating ExpenseAn expense incurred by activities outside of the daily core operations of a business.Non-Operating IncomePortion of a corporation's income which is derived from activities not related to its core business operations.Non-Plus SubscribersUsers of a tiered newsletter service who access the free version rather than the paid 'Plus' tier.Non-recoupableFunds provided to a developer that do not need to be paid back from future game earnings.Noncurrent AssetsLong-term investments or assets that a company expects to hold for more than one fiscal year.Nonprofit CorporationAn organization formed for purposes other than generating profit for owners, typically operating for public or social benefit.Notification of ShareholdingA formal legal declaration required when an investor's ownership stake in a public company crosses a specific percentage threshold.Notifying PartyAn entity required by law to disclose changes in their ownership or voting rights in a public company.NWZNadzwyczajne Walne Zgromadzenie — an Extraordinary General Meeting of shareholders in Polish corporate law.OBBBAOrganization Beneficiary and Business Benefits Act, a legislative framework providing corporate incentives.OFEOtwarty Fundusz Emerytalny — an open pension fund, a type of institutional investor in the Polish capital market.Oferta publicznaProces udostępnienia papierów wartościowych spółki szerszemu gronu inwestorów w celu pozyskania kapitału.Offer of FinancingA formal loan agreement or credit facility document provided by a financial institution.OKRObjectives and Key Results — goal-setting framework used to define and track measurable outcomes.Omnichannel ModelA retail or distribution strategy providing a seamless user experience across digital and physical sales channels.On-demand ProductionA manufacturing model where products are made only after an order is received to reduce waste and inventory.One Hit WonderA game developer that achieves massive success with a single title but fails to replicate it with subsequent releases.One-time Write-offA singular accounting action where the value of an asset is removed or reduced from the balance sheet due to loss of future value.Online SectorThe segment of a gaming company focused on internet-connected games and services.Online/Mobile GamesDigital games operated via the internet or mobile devices, often involving live services.Opcje strategiczneA formal business review process to evaluate potential paths for company growth, restructuring, or divestment.OPECOrganization of the Petroleum Exporting Countries — used here metaphorically regarding market supply control.Operate SolutionsUnity's set of services designed to help customers run and monetize their content, including data analytics and server hosting.Operating ActivitiesThe principal revenue-producing activities of an entity and other activities that are not investing or financing.Operating CostsExpenses associated with the maintenance and administration of a business on a day-to-day basis.Operating LeverageA company's ability to increase operating income by growing revenue while keeping costs low.Operating ModelThe organizational structure and internal processes a game company uses to deliver value and manage growth.Operating ModelThe functional framework of an organization that defines how it delivers value and executes strategy.Operating ProfitA measure of profit that accounts for operating expenses but excludes interest and taxes.Operating ResultsA summary of a company's financial performance, including revenue and expenses, over a specific fiscal period.Operating Results BriefingA meeting held by a public company to discuss financial performance and strategy with investors and analysts.Operational capabilitiesThe internal systems and processes used to manage, update, and maintain live games.Operational disciplineThe focused management of resources and processes to maintain efficiency and cost-effectiveness within an organization.Operational ExpenditureThe ongoing costs for running a product, business, or system.Opportunity ZonesEconomically distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatment.OrdersThe total value of new contracts or customer requests received by a business during a specific period.Ordinary General MeetingAn annual mandatory meeting of shareholders to approve financial statements and elect board members.Ordinary General MeetingAn annual mandatory gathering of a company's shareholders to vote on corporate matters.Ordinary ProfitA Japanese accounting term representing recurring profit, calculated by adding non-operating income to operating profit minus non-operating expenses.Ordinary ShareAn equity component that represents ownership in a company and entitles the holder to a share of profits.Ordinary SharesEquity shares that represent ownership in a corporation and carry voting rights.Ordinary SharesEquity securities that represent ownership in a corporation and a claim on part of the corporation's assets and earnings.Organizational GovernanceThe system of rules, practices, and processes by which a company is directed and controlled.Original IPIntellectual property created and owned by a studio as a unique franchise, rather than working on licensed properties.Original MusicBespoke audio compositions created specifically for a project to ensure unique intellectual property rights.Outbound ExportProactive selling of domestic intellectual property to international markets rather than waiting for inbound interest.Outsourced ProductionThe practice of hiring external companies to handle specific game development tasks or assets.Outsourcing BusinessA model where a company contracts third-party services to manage specific operational tasks.Overseas DistributionThe process of publishing and managing game content in markets outside of the company's home country.Own Game DevelopmentA business model focused on creating and owning original intellectual property rather than work-for-hire.Packaged Game SectorThe business division focused on physical software sales for consoles and PC.Packaged GamesPhysical retail software sales for consoles and other platforms.Paid SubsShort for paid subscribers, referring to users who pay a recurring fee for exclusive industry data and analysis.Pakiet akcjiZnacząca liczba akcji spółki posiadana przez inwestora, której nabycie lub zbycie podlega obowiązkowi raportowania.Pan-entertainmentA business strategy where intellectual property is adapted across multiple mediums like games, TV, and film.Parallel MarketA regulated trading market for companies that do not meet the requirements for the main list.Parent CompanyThe legal entity that owns a controlling interest in one or more subsidiary companies.Parent company financial statementFinancial reports specifically detailing the individual performance of the legal parent company separate from its subsidiaries.Parent Company Financial StatementsFinancial reports focusing exclusively on the legal entity of the parent company separate from its subsidiaries.Parent entityAn entity that controls one or more other entities in a group structure.Parliamentary DayAn advocacy event where industry representatives meet with government officials to discuss policy and regulation.Partner AppsThird-party applications developed by external companies to run on a specific platform.Patent InfringementThe unauthorized use, sale, or manufacture of a patented invention.PAYEPay As You Earn — a system for collecting UK income tax and national insurance from employees' salaries.Paying-user LifetimeThe estimated period over which a user is expected to remain active and make purchases on the platform.Payout RatioThe proportion of earnings paid out as dividends to shareholders.PCF Group S.A.The parent company and capital group governing the People Can Fly development studios.PCFGPCF Group S.A., the capital group representing the People Can Fly organization.PDMRPerson Discharging Managerial Responsibilities - an individual within an issuer who has regular access to inside information.PDMRPersons Discharging Managerial Responsibilities; individuals in a firm with regular access to inside information.PEPrivate Equity — an alternative investment class consisting of capital that is not listed on a public exchange.Pecuniary DamageQuantifiable financial loss resulting from delays, virus transmission, or data breaches.Performance-linked Stock RemunerationA compensation system where company shares are granted to executives based on the achievement of specific performance targets.Periodic ReportFinancial disclosures required at set intervals such as quarterly, semi-annually, or annually.Periodic ReportsFinancial and operational documents (annual, semi-annual, or quarterly) required from publicly traded companies.Permanent StaffFull-time employees within a corporate structure, excluding contract or temporary workers.Physical DistributionThe sale and logistics of video games in tangible formats, such as boxed discs or cartridges.PIFPublic Investment Fund — the sovereign wealth fund of Saudi Arabia used for strategic global investments.PIPEPrivate Investment in Public Equity, where institutional investors purchase shares in a public company at a discount.PipelineThe series of titles currently under development or scheduled for release.Pitch DeckA presentation used to provide a brief overview of a game project to potential investors or publishers.PivotingA fundamental change in a company's business strategy or product direction to reach a different market or improve performance.PKDPolish Classification of Activities, a standard used to classify economic activities in business registries.Platform BusinessA business unit focused on providing the underlying infrastructure or app environment for users and creators.Platform Business GroupThe division within Sony Interactive Entertainment responsible for hardware, technology, and system engineering.Platform EconomicsThe study of business models that create value by facilitating exchanges between two or more interdependent groups.Platform ExclusiveA video game that is released on only one specific console or platform.Platform IntermediationThe role of a middleman digital storefront in facilitating and controlling transactions between developers and users.Platform PowerThe dominant influence held by hardware or storefront owners over content distribution and revenue sharing.Plus DealA subscription or premium tier offering providing discounted access to industry data and insights.Plus Paid SubA premium subscription tier offering exclusive data and insights to members.Plus SubsPaid subscribers to a premium tier of a research or analysis service provider.Plus SubscriberA person who pays for premium access to market analysis and exclusive data charts.Plus SubscribersUsers who pay for a premium tier of a research or analysis service to access exclusive industry data.PMOProject Management Office — a group or department that defines and maintains standards for project management within an organization.POEPath of Exile — used in this context to refer to specific PC game title revenue performance.Political RightsRights reserved by investors to participate in decision-making, such as voting at meetings or board representation.Portfolio CompaniesCompanies in which a venture capital fund has invested and holds an equity stake.Portfolio CompanyA company that has received investment from a venture capital firm or holding company.Portfolio ResetA strategic recalculation or cancellation of upcoming game projects to align with new business goals.Post-1.0The phase of a game's lifecycle occurring after its full official release version.Post-Balance Sheet EventsSignificant occurrences that happen after the reporting period ends but before financial statements are authorized.Post-IPOEquity financing or market activity occurring after a company has transitioned to public ownership.Post-Money ValuationThe estimated value of a company after outside financing and injections of capital are added to its balance sheet.Post-Transaction M&A DisputesLegal conflicts arising after the completion of a merger or acquisition, often regarding purchase price adjustments or indemnification.Power of ProxyA legal instrument that allows a shareholder to appoint another person to vote on their behalf at a meeting.Powers of ProxyA legal document allowing a shareholder to appoint another person to vote on their behalf at a meeting.PPAPurchase Price Allocation — an accounting method for assigning values to assets and liabilities from an acquisition.Pre-emptive RightThe right of existing shareholders to maintain their proportional ownership by purchasing new stock before the public.Pre-emptive RightsThe right of existing shareholders to purchase new shares before they are offered to others to maintain their equity stake.Pre-IPO Share Option SchemeA program granting employees the right to purchase company shares at a set price before the initial public offering.Pre-kommersiellEntities or projects in the early development phase, typically before formal product launch or revenue generation.Pre-money Enterprise ValueThe total valuation of a company's operations and assets before a new investment or funding round is added.Pre-Money ValuationThe valuation of a company prior to an investment or latest round of funding.Pre-revenueA stage of a company that has not yet started generating income from its products or services.Pre-SeedThe earliest stage of funding for a startup, typically used to develop a product concept or prototype.Preferred Class A MemberA specific class of preferred shares with defined rights and preferences.Preliminary InjunctionA court order made early in a case which prohibits a party from doing a certain act while the case is pending.Premium Game MarketThe sector of the industry focused on games with an upfront purchase price rather than free-to-play models.Prepared RemarksA formal, scripted statement delivered by company executives before the Q&A portion of an earnings call.Price FixingAn illegal anticompetitive agreement between industry competitors to maintain specific price levels for products or services.Price PlanThe structural model and fee schedule used by engine providers to charge developers for software usage.Price PointThe retail cost at which a game is sold to consumers.Pricing StrategyThe method used by businesses to set the price for their products or services based on market conditions.Prime MarketA major stock market division for companies with high market capitalization and liquidity.Principal OfficeThe primary location where a corporation's executive management and administrative operations are based.Prior ArtEvidence that an invention is already known, used to determine the novelty of a patent application.Private EquityInvestment funds organized as limited partnerships that buy and restructure companies.Private InvestmentCapital provided to a company by private individuals or firms rather than through public markets.Private InvestmentsCapital focused on venture capital, corporate, and other private financing rounds for game companies.Private PlacementThe sale of securities to a select group of investors rather than on the open market to the general public.Private PlacementThe sale of securities to a relatively small number of select investors as a way to raise capital.Private SubscriptionA method of issuing shares directed to a specific investor or a group of investors.Private SubscriptionA method of issuing shares by making an offer to a specific, named addressee rather than the general public.Private SubscriptionA method of issuing shares to selected investors rather than the public market.Pro-competitiveActions or arguments that promote market competition and benefit consumers.Product AppendixAn executive exhibit to a development agreement specifying the production schedule and technical requirements.Product ModelA framework identifying a game's core business strategy regarding revenue generation and player retention costs.Product PillarsThe core strategic foundations or categories upon which a company's game development portfolio is built.Product PortfolioThe collection of all games and intellectual properties currently owned or managed by a developer or publisher.Product-Market FitThe degree to which a product satisfies a strong market demand in a specific category.Production BusinessA business unit focused on the management and content creation of virtual talent or intellectual property.Production CapacityThe maximum amount of game content or development work a studio can produce within a given timeframe.Production LineA dedicated organizational stream or team structure focused on the development of a specific game product.Production PipelineThe systematic workflow and series of processes used to move a game from concept to final release.Production-Publishing AgreementA formal contract between a developer and a publisher detailing the financing, creation, and distribution rights of a video game.Profit After Financial ItemsThe profit remaining after all operating expenses and financial income/expenses have been accounted for.Profit Before TaxationA measure that looks at a company's profits before the company has to pay corporate income tax.Profit-sharing BonusA compensation incentive where employees receive a portion of a company's profits, often based on annual performance.ProkurentA commercial agent in Polish law authorized to act on behalf of a company, similar to a specially authorized commercial proxy.Property, Plant and EquipmentTangible fixed assets used in the production or supply of goods and services.Proprietary GamesGames developed internally by a studio using their own intellectual property and resources.Proprietary TitleA video game IP fully owned and developed internally by a company.Proprietary TitlesVideo game projects developed internally by a studio's own development teams.Prototype Development AgreementA legal contract governing the initial creation and testing of a preliminary version of a video game.PTOPaid Time Off — policy allowing employees to take time away from work while still receiving pay.Public Limited Liability CompanyA company that has offered shares to the general public and has limited liability for its shareholders.Public ListingThe process of a company offering its shares for sale on a public stock exchange.Public Market ExitThe process of a company transitioning from a publicly traded entity to a private one.Public MarketsThe sector of the financial market where shares of publicly traded companies are bought and sold on exchanges.Public OfferingThe act of offering stock to the public to raise capital, including IPOs and follow-on offerings for listed companies.Public OfferingThe sale of equity shares or other financial instruments to the public to raise capital.Public Offering ActThe legal framework governing the public offering of securities and market conduct.Public OfferingsThe act of offering shares of a gaming company to the public to raise capital for expansion or liquidity.Public OfferingsThe offering of shares of a company to the public, typically through an IPO or direct listing.Public Stock OfferingThe sale of equity shares to the public to raise capital for the organization.Publication BarriersFinancial, technical, or regulatory obstacles that prevent independent developers from releasing games on platforms.Publisher as a ServiceA model where publishing services are provide on a modular or service basis rather than traditional full-service partnerships.Publisher as a ServiceA model where publishing tasks are offered as modular services rather than for a full revenue share.Publisher DistributionAn analysis of market share and presence across various companies within a specific game category.Publisher IPIntellectual property consisting of video game titles and franchises owned by a specific game publisher.PublishingThe business of financing, marketing, and distributing video games to various platforms and markets.Publishing AgreementA contractual arrangement between a game developer and a publisher regarding the development, distribution, and marketing of a game.Publishing BusinessA segment of operations focused on releasing and marketing games developed by external third-party studios.Publishing ContractA legal agreement between a developer and a publisher covering funding, distribution, and marketing rights.Publishing DealA contract between a developer and a publisher for the funding, distribution, and marketing of a video game.Publishing DivisionA business unit within a game company responsible for marketing and distributing titles developed by third-party studios.Publishing LabelA specific brand or subsidiary under which a parent company releases and markets video games.Publishing PipelineA scheduled lineup of upcoming games slated for release by a publisher.Publishing SegmentA business division focused on the marketing, distribution, and commercialization of games developed by external studios.Pure PlayerA company that focuses exclusively on a particular product, service, or business model.PurposeA corporate statement defining the company's reason for being and its intended impact on society.Purpose-Built OfficeCommercial real estate specifically designed to meet the high technical and power requirements of digital and tech industries.Q1First Quarter — the first three-month period of a financial year.Qualified Research ExpensesCosts incurred during R&D activities that are eligible for tax credit claims.QuarterlyPerformance metrics or reporting covering a three-month period of the fiscal year.Quarterly EarningsA company's quarterly filing of its financial performance, including revenue and net income.Quarterly ReportA formal financial document issued by a public company every three months to disclose its financial performance.Quarterly ResultsA report detailing a company's financial performance over a three-month period.Quarterly Securities ReportA mandatory financial filing for publicly traded companies in Japan detailing quarterly performance.Quintuple-AA humorous or hyperbolic term for high-budget games exceeding the scale and cost of traditional AAA titles.QuorumThe minimum number of members or shares that must be present at a meeting to make the proceedings valid.R&DResearch and Development — activities dedicated to innovation and improving products or processes.R&D Tax CreditA government incentive that provides tax offsets for companies conducting research and development.R&D Tax CreditsGovernment incentives providing tax relief for companies investing in research and development activities.Rada NadzorczaThe Supervisory Board responsible for overseeing the activities of a joint-stock company.RBRaport Bieżący (Current Report) - a mandatory regulatory filing for companies listed on the stock exchange.Reader-Supported PublicationA content model where creators are funded directly by audience subscriptions rather than traditional advertising.Real EntertainmentDivision covering physical amusement facilities and arcade game machines.Recessionary HeadwindsEconomic factors like inflation or reduced spending that slow growth within the mobile industry.Record DateThe date set by a company to determine which shareholders are eligible to receive a dividend or notice of a corporate action.RecoupThe process by which a publisher recovers their initial investment from game sales before sharing profits with the developer.Recurring Operating IncomeA measure of profit that excludes non-recurring items and expenses related to share-based payments.Regional ExchangeA stock exchange that operates outside a country's primary financial hub, often hosting smaller or mid-cap companies.Regional ExpansionThe process of launching existing game titles in new geographic markets or territories.Registered AgentA designated person or entity authorized to receive legal documents and official correspondence on behalf of a corporation.Registered AgentAn individual or entity authorized to receive legal documents on behalf of an organization.RegistrantA company or entity that has registered securities with the SEC.Registration StatementSEC document registering securities.Registration StatementDocument filed with the SEC to register securities for public offering.Registro de jornadaThe mandatory legal requirement to track and log the daily working hours of game studio employees.Regulated MarketA multilateral system which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments.Release SlateThe schedule of upcoming game launches within a specific timeframe.RemunerationThe payment or compensation received by creators for their content and efforts on a platform.Remuneration PolicyA formal document defining the principles and components of compensation for company board members.Remuneration ReportA document providing a comprehensive overview of the compensation, including all benefits, granted to members of the management and board.Repeat FounderAn entrepreneur who has previously started and potentially exited one or more companies.Repertorium AA formal designation for a notary register used in legal documentation for corporate actions and bylaws.Report on Corporate GovernanceA document describing the structures, rules, and processes by which a company is directed and controlled.Reportable SegmentA component of a business for which separate financial information is available and evaluated regularly by management.Reported ScoopsOriginal, exclusive news stories uncovered through investigative journalism and primary sources.Representation ClientA developer or entity represented by an agency to secure publishing or investment deals.Representative DirectorA director appointed to represent the company and execute its business operations.Reputation ManagementThe practice of monitoring and influencing how a game or developer is perceived by players in public forums and reviews.ReshoringThe act of bringing manufacturing and production facilities back to the country of origin.ResolutionA formal expression of opinion or intention agreed on by a legislative body or a public meeting.Resource ManagementThe practice of planning and scheduling human and technical assets to optimize development efficiency.Responsibility StatementA formal declaration by company officers confirming the accuracy and compliance of the presented financial reports.Responsible ProcurementSourcing practices that integrate social, ethical, and environmental considerations into the supply chain.Restated CertificateA consolidated version of a company's articles of incorporation including all previous amendments.RestructuringA corporate action to significantly modify a company's business model, management, or financial structure, often involving layoffs.Restructuring ChargesCosts incurred from restructuring operations, such as layoffs or facility closures.Results BriefingAn event where a company presents its financial performance and strategic updates to investors and analysts.Results Briefing MaterialsPresentation documents provided by public companies to outline financial performance and strategic progress.Retail DecimationThe rapid decline of brick-and-mortar store viability due to digital shifts and macroeconomic factors.Retail InvestorsIndividual, non-professional investors who buy and sell securities through brokerage firms.Retaliatory TariffsTaxes imposed by a country in response to tariffs placed on its own goods by another country.Revolving CreditA credit facility that allows the borrower to withdraw, repay, and redraw funds up to a set limit.Revolving Credit FacilityA flexible financing tool that allows a company to borrow, repay, and re-borrow funds as needed up to a certain limit.Right of WithdrawalThe legal right for a consumer to cancel a purchase contract and receive a refund within a specified period.Rights to SharesSecurities that represent the right to receive shares in a new issue, traded on the exchange before the actual shares are registered.Risk Mitigation ModelsStrategies used by media industries, like using celebrity talent, to reduce financial uncertainty.Risk ProfileAn assessment of the potential risks and appetite for loss associated with a specific investment or project.RMBRenminbi, the official currency of China.RODOThe Polish acronym for GDPR, the European Union's regulation on data protection and privacy.ROEReturn on Equity — a measure of financial performance calculated by dividing net income by shareholders' equity.ROFORight of First Offer — a contractual right to be the first party allowed to negotiate for an asset.ROFRRight of First Refusal — a contractual right giving a strategic investor the option to match any third-party offer for a studio.Rok ObrotowyThe fiscal year or financial year used by a company for accounting purposes.Roll-upA business strategy of acquiring multiple smaller companies in the same industry to create a larger, more efficient entity.Royalty AgreementA legal contract where a licensee pays a fee to the owner of intellectual property for the right to use it.RSRevenue Share — the distribution of profits between a platform, publisher, and developer.Rundown InventoryRemaining stock of a product as it nears the end of its primary lifecycle or replacement by a newer version.RunwayThe amount of time a company has before it runs out of cash, expressed in months.Runway PeriodThe amount of time a company has before it runs out of cash, based on its current burn rate.S-1The initial registration form required by the SEC for public companies based in the US before an IPO.S.A.Spółka Akcyjna — a joint-stock company format used by publicly traded companies in Poland.SaaSSoftware as a Service — cloud-based software delivered via subscription rather than one-time purchase.Salary BracketThe specific range of annual compensation used to categorize pay scales across different game industry roles.Sales AggregationThe process of pulling sensitive revenue and unit data from multiple storefronts into a single unified dashboard.Sales MixThe relative proportion of different products or services that make up a company's total sales.Sales' MultiplesValuation metric used to estimate a company's worth based on its annual revenue relative to historical industry transactions.SBUStrategic Business Unit — a specific business division within a larger corporate group focused on a particular product or market.ScalabilityThe ability of a game or business model to handle a growing number of users and increasing workloads efficiently.Scale-up ModelA business strategy focused on rapidly increasing a game's user base and revenue through aggressive UA investment.ScalingThe process of increasing marketing spend to grow a game's user base while maintaining profitability.Scope of ConsolidationThe group of companies included in a parent company's consolidated financial statements.ScrutineerAn independent person appointed to observe and certify the results of a vote or poll at a shareholder meeting.Scrutiny CommitteeA body responsible for supervising the voting process and determining the results during a general meeting.Scrutiny CommitteeA body appointed during a general meeting to supervise the voting process and verify results.SDGsSustainable Development Goals — a collection of 17 interlinked global goals designed to be a blueprint for a better and more sustainable future.SECThe U.S. Securities and Exchange Commission, an independent agency of the United States federal government.Secondary Equity OfferingThe sale of new or existing shares by a public gaming company following its IPO.Securities ActUS federal legislation governing the offer and sale of securities to ensure transparency and compliance.Securities CodeA unique identification number assigned to publicly traded companies on the Japanese stock exchange.Securities NoteA document describing the specific characteristics of the securities being offered to the public.Securities ReportA mandatory disclosure document filed by public companies in Japan detailing financial health.Securities ReportA mandatory periodic filing for publicly traded companies in Japan detailing financial and business performance.Seed FundingThe initial stage of venture capital financing for a startup to prove its concept and begin operations.Seed RoundThe first official equity funding stage of a startup to support initial growth and product development.Self-distributionThe process where a game developer publishes and distributes its own title directly to consumers.Self-financingA funding model where a studio uses its own internal resources or revenue to fund new projects without external debt.Self-fundingA financing model where a studio uses its own internal capital or revenue to develop new projects.Self-publishedA business model where a game developer handles all aspects of publishing a title without a third-party publisher.Self-publishingThe process where a game developer brings their title to market without the financial or marketing support of an external publisher.Sell-InThe quantity of units shipped from a manufacturer to retailers or distributors.Sell-ThroughThe quantity of units actually purchased by end consumers rather than the amount shipped to retailers.Semi-annual ReportA financial report covering the performance of a company over a six-month period.Semi-annual Securities ReportA legally mandated financial disclosure document providing an overview of a company's performance for the first six months of the fiscal year.Semiannual ReportA corporate financial document reporting on the performance of a company during the first six months of the fiscal year.Senior NotesA type of bond or debt security that takes priority over other unsecured debt for a gaming corporation.Serbian OwnershipCompanies where the majority stake is held by Serbian entities or individuals.Series A RoundThe first significant round of venture capital financing for a studio following successful seed or pre-seed stages.Series BThe second major round of venture capital funding for a startup that has reached certain milestones past the initial startup stage.Series B SharesA specific class of stock issued during a company's second round of financing or a specific stage of its public offering.Series CLate-stage venture funding used to scale a gaming company's operations, enter new markets, or acquire other startups.Series E SharesA specific class of common bearer shares issued during a subsequent round of financing.Series F SharesA specific class of equity issuance, in this case 3,343,037 ordinary bearer shares of PCF Group S.A.Series G SharesA specific class of new equity issuance used by a company to raise capital from investors.Series H SharesA specific class of company stock issued during a particular funding round or capital increase.Series SharesClasses of stock issued by a company, often designated by letters (e.g., Series D) to indicate different rounds of financing or rights.Series TitlesSequels or installments within a recognized intellectual property aimed at establishing a stable earnings base.Server CostThe technical expenses associated with maintaining the infrastructure required to host mobile users.Service AgreementA framework contract governing the terms under which one company provides professional services to another.Service ExportThe export of intangible digital services, a key metric for measuring the international economic impact of game developers.Service ProvidersExternal companies offering specialized support such as QA, localization, or marketing to game developers.SG&ASelling, General and Administrative Expenses; the sum of all direct and indirect selling expenses and all general and administrative expenses.SG&ASelling, General and Administrative Expenses; the sum of all direct and indirect selling expenses and all general and administrative expenses.SG&ASelling, General, and Administrative expenses represent the costs of running the business.SG&A ExpensesSelling, General, and Administrative expenses; costs associated with operating a business excluding cost of goods sold.SGDSingapore dollar, the lawful currency of Singapore.ShareA unit of ownership in a corporation or financial asset, representing a claim on part of its assets and earnings.Share AllocationThe distribution of shares to investors who have applied for them during an offering.Share Award SchemeA corporate incentive plan where employees are granted actual shares in the company as part of their compensation.Share BuybackThe reacquisition by a company of its own shares from the marketplace to reduce the number of outstanding shares.Share CapitalThe total value of a company's assets that it has received from shareholders in exchange for shares.Share CapitalThe total value of the assets that shareholders have provided to a company as part of their investment.Share Capital IncreaseThe process of raising a company's equity by issuing new shares to investors.Share DisposalThe act of selling or transferring ownership of shares in a company to another party.Share IssuanceThe process by which a publicly traded company creates and distributes new shares to investors or shareholders.Share OwnershipThe breakdown of an entity's equity among different types of investors.Share Repurchase ProgramA corporate strategy where a company buys back its own shares from the marketplace to reduce the number of outstanding shares.Share SaleA transaction where shareholders sell their equity in a company to another entity.Share SubscriptionThe process by which an investor agrees to purchase a specified number of shares from a company at a set price.Share WarrantA security that gives the holder the right to purchase company shares at a specific price within a certain time.Shareholder ListA register identifying entities or individuals holding significant voting blocks in a corporation.Shareholder ReturnsThe distribution of corporate profits to shareholders, typically through dividends or share buybacks.Shareholder Voting RightsThe right of a shareholder to vote on matters of corporate policy.ShareholdersIndividuals or institutions that legally own one or more shares of stock in a public or private corporation.Shareholders' AgreementAn arrangement among a company's shareholders describing how the company should be operated and the shareholders' rights and obligations.Shares IssuedThe total number of a company's shares that have been distributed to shareholders.Shares OutstandingThe total number of shares of a company that are held by all its shareholders.Short-term LiabilitiesCompany financial obligations that are expected to be paid within one fiscal year.Short-term Loans Receivable from SubsidiariesCurrent assets representing capital lent to related companies within a corporate group to be repaid within one year.ShortedThe investment practice of selling a security that is not owned by the seller, aiming for a profit from a decline in the price.Significant ShareholdingA substantial block of shares in a public company, typically triggering reporting requirements when crossing specific thresholds.Simul-shippingThe practice of releasing a video game on multiple platforms or in multiple regions on the same date.SIRENA unique nine-digit identification number assigned to French businesses and organizations.Skills GapThe disparity between the technical or creative skills required by the industry and those currently held by the workforce.Skonsolidowane wynikiConsolidated financial results combining the financial statements of a parent company and its subsidiaries.Skonsolidowany raport kwartalnyKwartalne sprawozdanie finansowe grupy kapitałowej, łączące wyniki finansowe jednostki dominującej oraz jej spółek zależnych.SKUStock Keeping Unit — a unique identifier for a specific product or version of a game.SlushA major global technology and startup event frequently attended by game industry professionals.Small-capPublic gaming companies with a relatively low total market capitalization, often under $1 billion.SMESmall and medium-sized enterprise; businesses whose personnel numbers fall below certain limits.SnipingA publishing strategy involving the identification and acquisition of high-potential games or studios from competitors.Soft LaunchLimited regional release of a game to test performance, retention, and monetization before global launch.Soft LaunchReleasing a game to a limited audience or specific territory to test performance before a global release.Soft SkillsPersonal attributes that enable someone to interact effectively and harmoniously with other people.SoftlaunchReleasing a game in specific territories to test performance and retention before a global release.SOISegment Operating Income; a measure of profitability for specific business units.SolopreneurAn entrepreneur who runs their business alone, without employees, often leveraging automation and consultancy.Sophisticated InvestorAn investor with sufficient knowledge and experience to assess the merits and risks of an investment.Sp. z o.o.Spółka z ograniczoną odpowiedzialnością — a limited liability company structure.Specialty RetailerA business focusing on specific product categories, such as physical video game hardware and software.SPECPSoftware Platform Enterprise Clients - Customers from whom AppLovin has collected greater than $125,000 of revenue in the trailing 12 months.Speculative PositioningFinancial strategy involving the holding of assets or stock in anticipation of price changes.Spin-offThe creation of an independent company through the sale or distribution of new shares of an existing business or division.Sponsor ProgramStructured participation tiers for companies to gain visibility and provide technical sessions at industry events.SportswashingThe practice of using sports or gaming investments to improve a tarnished reputation or distract from controversies.Sprawozdanie FinansoweA formal record of the financial activities and position of a business.Stabilization OperationsMarket transactions intended to support the market price of a security for a limited period.StakeThe percentage of stock or equity ownership held by an entity within a company.StakeholderIndividuals or groups with an interest in or affected by the development and success of a game project or company.Stakeholder DialogueActive communication between a corporation and parties such as investors, employees, and customers to enhance corporate value.Stakeholder ManagementThe systematic identification and engagement of individuals or groups impacted by corporate activities.StakeholdersIndividuals or groups who have an interest in the operations and performance of a company.Statement of Cash FlowsA financial report showing how changes in balance sheet accounts and income affect cash and cash equivalents.Statement of Financial PositionA snapshot of a company's assets, liabilities, and equity at a specific point in time, also known as a balance sheet.Statement of Financial PositionA financial report detailing a company's assets, liabilities, and equity at a specific point in time.Statement of WorkA document that defines project-specific activities, deliverables, and timelines for a vendor.Statement of WorkA document specifying the phases, deliverables, and timelines of a specific project within a service agreement.StatutThe founding legal document of a joint-stock company defining its structure, governance, and operating rules.StatuteA formal document outlining the internal governance rules and operational framework of a joint-stock company.Statutes of AssociationA legal document defining the constitution and internal regulations of a joint-stock company.Statutory AuditA legally required review of the accuracy of a company's financial records.Statutory AuditorAn external professional appointed to certify a company's financial records for legal compliance.Statutory AuditorAn independent professional appointed to audit the financial statements of a company to ensure accuracy and compliance.Statutory AuditorsIndependent professionals who audit financial statements to ensure accuracy and compliance.Statutory Reserve FundsCapital set aside by a company from its profits as required by law or its articles of association.Steam Key AuditThe process of reviewing and tracking the generation and redemption of Steam product keys to prevent fraud or grey market resale.Stock Acquisition RightA legal right allowing the holder to acquire shares of a company under specified conditions and timeframes.Stock Acquisition RightsRights issued by a company allowing holders to purchase shares at a predetermined price.Stock CodeA unique series of letters or numbers assigned to a security for trading on a stock exchange.Stock OptionA right granted to employees or directors to purchase company shares at a pre-determined price.Stock OptionsA benefit in the form of an option to buy stock in the company at a discount or at a fixed price.Stock SplitAn issue of new shares in a company to existing shareholders in proportion to their current holdings.Stock-based CompensationA form of non-cash employee compensation paid in company equity rather than cash.StrategicA type of corporate acquirer operating in the same or a related industry, seeking synergies with its existing business.Strategic BuyerAn entity that acquires a company for its synergy with existing operations rather than just financial return.Strategic InvestorAn entity that invests in a game company to gain synergistic benefits or long-term growth within the industry.Strategic InvestorAn entity, typically a company within the same industry, that invests in another company to support long-term business goals.Strategic InvestorsCorporations within the gaming or tech ecosystem that invest in companies to achieve long-term synergistic goals rather than just profit.Strategic MatchmakingA formal process of facilitating targeted business connections between developers, investors, and publishers.Strategic Options ReviewA formal process where a company evaluates various paths to maximize shareholder value, such as seeking investors or restructuring.Strategic ReviewA formal evaluation process by a company to assess options like seeking investors or structural changes.Strategic RoadmapA visual plan outlining the development goals and milestones for a gaming product or service over time.Strategic ShiftsSignificant changes in business models or market directions, such as transitions from hardware-focus to service-focus.Strategic TransformationThe process of changing a company's fundamental business model from traditional media to digital-first operations.StrategicsEstablished companies (like publishers) that invest in or acquire other companies for long-term synergistic goals.Structural ReorganizationMajor corporate changes in personnel and hierarchy often seen during industry volatility.Structured ContractsA series of agreements used to provide control over an operating entity as part of a Variable Interest Entity (VIE) structure.Studio AffiliateA formal partnership between a game development studio and a professional organization or academic institution.Studio ProfileA descriptive overview of a game development company's history, capabilities, and portfolio.Studio SubscriptionA b2b licensing model where multiple employees within a game development firm share access to research and data services.SubShort for subscriber, referring to a person who pays for a recurring newsletter or content service.SubcontractingThe practice of game studios providing specialized development services or work-for-hire to larger companies.SubscriptionThe process by which investors apply to purchase new shares issued by a company.SubscriptionThe offering and issuance of new shares to investors to raise capital for the company.Subscription CostsThe total expenses incurred by an issuer related to the preparation and execution of a share offering.Subscription RightA financial instrument giving existing shareholders the preferential right to subscribe for new shares in a rights issue.Subscription WarrantA security that entitles the holder to buy the underlying stock of the issuing company at a fixed price until the expiry date.Subscription WarrantA financial instrument granting the holder the right to subscribe for a specific number of shares in a company at a fixed price.SubsidiaryA company controlled by another company through ownership of more than half of its voting stock.Subskrypcja akcjiProces oferowania nowych akcji przez spółkę, w którym inwestorzy deklarują ich objęcie i wnoszą wkład pieniężny.SuccourIndustry term sometimes used to describe support or relief provided to specific niche markets or developers.Supervisory BoardA body that oversees the activities of a corporation and ensures compliance with law and statute.Supervisory Board ReportA corporate document reviewing the oversight activities and financial supervision of a company's board.Supplementary CapitalCapital created from profit to cover potential future losses, also known as capital reserve.Supplementary CapitalCapital created from profit to cover potential future losses or specific corporate purposes.Supplementary MaterialAdditional documents provided alongside formal financial statements to clarify performance metrics and operational details.SupplierA third party, vendor, or consultant providing goods, software, or services to a company.Supplier DiversityA proactive business program that encourages the use of minority, women, or veteran-owned businesses in the supply chain.Supply Chain IntegrityThe assurance that the supply chain is operating as intended, free from ethical, environmental, or operational risks.Supply Chain IssuesDisruptions in the process of producing and distributing goods, often affecting hardware availability in the games industry.Supply Chain ResponsibilityThe management of social, environmental, and economic impacts throughout the lifecycle of goods and services.Supply-chain InflationRising costs of logistics, materials, and manufacturing components impacting profit margins.Suspension of TradingThe temporary halting of a company's stock transactions on a regulated market, often pending a major announcement or court decision.SustainabilityThe practice of operating a business without negatively impacting the environment, community, or society as a whole.Sustainability InitiativesPolicies and programs implemented by a company to manage its environmental, social, and economic impact.Sustainable financeInvestment processes that take into account environmental, social, and governance (ESG) considerations.SVBSilicon Valley Bank — a major commercial bank specializing in the tech and venture capital industries.Synallagmatic ContractA reciprocal legal agreement where developers and investors owe mutual obligations to one another.SyndicateThe practice of licensing or distributing content across multiple third-party platforms or channels.Table StakesMinimum requirements or standard features necessary to compete in a specific market or channel.Take-PrivateA transaction where a public company is acquired by a private equity firm and its shares are delisted from public exchanges.Talent PoolA group of managed performers, such as VTubers, represented by a company.Target CapitalA form of authorized capital that allows the company's management board to increase share capital within a specified limit and timeframe.Target CompanyThe specific entity identified as the subject of a potential or completed acquisition or investment.TariffA tax or duty to be paid on a particular class of imports or exports.TariffsTaxes on imported goods that can impact the retail price of gaming hardware and consoles.Tax ConsolidationA process where a group of related gaming companies files a single tax return to optimize income and deductions.Tax IncentivesGovernment tax breaks or credits designed to encourage investment in specific industries like video game development.Tax ReliefGovernment policy allowing businesses to reduce their tax liability by deducting specific qualifying expenditures.TCOTotal Cost of Ownership — the comprehensive assessment of all costs associated with a platform or service over its lifecycle.TDSTax Deducted at Source — a tax mechanism where a portion of winnings is withheld by the platform for the government.Tekst JednolityA unified or consolidated text of a legal document incorporating all previous amendments.TeletrabajoRemote work practices and infrastructure specific to game development and distributed studio operations.Term Loan FacilityA loan from a bank with a specified repayment schedule and a fixed or floating interest rate.Term SheetA non-binding document outlining the basic terms and conditions under which an investment or loan will be made.Terms of ServiceLegal agreements between a service provider and a person who wants to use that service.TFIInvestment Fund Company — an entity managing and representing investment funds in the Polish legal framework.Third-Party DistributionThe practice of publishing or distributing a game developed by an external studio.Third-party IPIntellectual property owned by an external entity and licensed for use in a game.Third-Party PublisherA company that publishes games for platforms they do not own or manufacture.Tier 1 ReleaseHigh-profile, triple-A game titles expected to generate the highest volume of revenue and user engagement.TIGAThe trade association representing the UK video games industry.Time-to-MarketThe duration from the initial conception of a game until its public release.Token OfferingA method of fundraising involving the sale of digital assets or cryptocurrencies for a project.Token OfferingsMetnod of raising capital by issuing digital assets or cryptocurrency tokens to investors.Top PublishersThe leading companies in the market based on their share of total downloads or revenue.Top-line GrowthAn increase in a company's gross revenue or sales figures before expenses are deducted.Total Number of VotesThe aggregate voting power held by all shareholders in a public company.Total Number of VotesThe aggregate number of voting rights attached to all the shares in a company.Tourist InvestorNon-endemic capital allocators who enter the gaming sector during hype cycles but lack long-term commitment to the industry.Trade SanctionsLaws and regulations used by governments to restrict trade with specified foreign countries, entities, or individuals.Trade SecretConfidential business information that provides an enterprise a competitive edge and is protected by law.TrademarkA recognizable sign, design, or expression which identifies products or services of a particular source.Trading UpdateAn interim announcement by a public company regarding its financial performance and outlook.Traditional DistributionThe sale and logistics of physical game media through brick-and-mortar retail channels.Transition ReportSEC filing during a transition period.Transmedia StrategiesThe practice of extending a game's intellectual property into other media formats like film, television, or literature.Transmedia StrategyThe practice of Expanding a game IP into other entertainment forms like film, television, or literature to build a broader brand.Transparent Data SharingThe practice of developers or publishers publicly releasing internal sales and performance metrics.Treasury SharesShares of a company's own stock that it has bought back from the open market and held in its own treasury.Treasury StockShares which are kept in the company's own treasury, often resulting from a share buyback program.Triple-AHigh-budget, high-profile games typically produced and distributed by large, well-known publishers.TSETokyo Stock Exchange; the primary stock exchange in Japan.TSE PrimeThe premier market segment of the Tokyo Stock Exchange for companies with high market capitalization and liquidity.TSE Prime MarketThe top-tier listing division of the Tokyo Stock Exchange for companies with high market caps.TSE Prime MarketThe top-tier market segment of the Tokyo Stock Exchange.TSE1The First Section of the Tokyo Stock Exchange, representing large-cap companies.TTWOThe NASDAQ stock ticker symbol for Take-Two Interactive Software, Inc.TTWO Game MemberAn XBRL element indicating a game member within Take‑Two's reporting structure.TurnoverThe total amount of money received by a business from its sales of goods or services before expenses are deducted.Unallocated CapitalAvailable investment funds that have been raised by a firm but not yet committed to a specific deal.Unattributed VCVenture capital funding rounds where the specific stage or investor details have not been publicly disclosed.Unaudited Financial ResultsQuarterly financial statements reviewed by auditors but not yet subject to a full statutory audit.UnderwritingThe process where financial institutions evaluate the risks of insuring a client or investment.UnicornA privately held startup company with a current valuation of $1 billion or more.Unicorn StatusA milestone achieved when a private startup reaches a valuation of $1 billion or more.Union Authorization CardsOfficial documents signed by employees expressing their desire to be represented by a union for collective bargaining.Union ScaleThe minimum payment amount established by a labor union for a specific type of work.Unit EconomicsDirect revenues and costs of a particular business model, specifically per-user profitability.Universal Registration DocumentA corporate filing providing a comprehensive overview of a company's business, financial position, and future outlook.Universal SuccessionThe transfer of all assets and liabilities from a target company to an acquiring entity by operation of law.Unlimited Time OffA flexible leave policy where employees are not assigned a set number of vacation days per year.UoBRAct on Statutory Auditors, Audit Firms and Public Oversight (Polish: Ustawa o biegłych rewidentach).Up-front InvestmentExpenditures made at the beginning of a project or period to generate future cost savings or revenue.Upfront EVThe Enterprise Value of a company calculated at the time of acquisition, excluding future earn-outs or performance incentives.Upfront InvestmentInitial capital expenditure made to develop a title or business before it generates profit.UpsideThe potential for a business or investment to exceed expected financial performance.URDUniversal Registration Document — a legal filing providing a comprehensive overview of a company's finances and organization.US GAAPGenerally Accepted Accounting Principles used in U.S. financial reporting.US GAAPU.S. Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.US GAAP Advertising MemberThe accounting tag used to report advertising expenses under U.S. Generally Accepted Accounting Principles.US GAAP Advertising MemberAn XBRL element representing advertising expenses under US GAAP.Utility PatentA patent that protects the functional aspects of an invention, such as game mechanics or software processes.Valuation HaircutA reduction applied to the value of an asset or company's estimated worth.Value ChainThe full range of activities including development, publishing, and distribution that create value for the customer.Value CreationThe multi-stage process of converting labor and resources into a finished digital product with economic worth.Value Creation StoryA strategic framework outlining how a company's business model and resources generate value for stakeholders.Value-Based CareA healthcare delivery model where providers are paid based on patient health outcomes rather than the volume of services provided.VCVenture Capital - a form of private equity financing provided by firms or funds to startups and small businesses.Venture CapitalPrivate equity financing provided by investors to startups and small businesses with long-term growth potential.Venture Capital PortfolioA collection of start-up companies in which an organization has made strategic investments.Venture FirmAn investment organization that provides capital to startups and small businesses with high growth potential.Venture FundA pooled investment fund that manages the money of investors who seek private equity stakes in startups and small- to medium-sized enterprises.Venture GrowthA stage of financing for established startups that have moved beyond early-stage rounds and are scaling operations.Venture-backedA company that has received investment from venture capital firms.Vertical IntegrationThe combination in one company of two or more stages of production normally operated by separate companies.VGIM InsiderA supplementary paid subscription tier for a game industry newsletter service.VGIM InsidersA subscription-based community or tier for members of the Video Games Industry Memo.Video Game AuditAn examination of a game project's financial or operational records to ensure compliance with contracts or standards.VIEVariable Interest Entity - a structure often used by Chinese tech companies to list on foreign exchanges.Visual and Music ContentMedia assets including animation, video productions, and music related to entertainment IP.Visual and Music ProductsEntertainment media encompassing anime, film, and soundtracks related to gaming IPs.Visual and Music SoftwareContent encompassing animated films, video productions, and musical compositions published for consumer use.Visual ContentMedia products such as animated films, television programs, and video software.VLOPsVery Large Online Platforms, a designation under EU digital regulations for platforms with significant user reach.Votes WithheldA vote that is not a vote in law and is not counted in the calculation of the proportion of the votes for and against a resolution.Voting RightsThe right of stockholders to vote on matters of corporate policy or who will become members of the board of directors.Walne ZgromadzenieThe general meeting of shareholders of a joint-stock company.WarchestA reserve of funds set aside by a company to finance strategic acquisitions or investments.WarrantA derivative security that gives the holder the right to purchase the issuer's stock at a specific price.WFHWork for Hire — a contract model where a studio develops a project for a third-party client.White Knight AcquisitionAn acquisition of a struggling company by a friendly buyer to prevent a hostile takeover or total collapse.White Label PRIPrivate investment deals where specific details or the lead investor remains undisclosed to the public.White-LabelProduct or service rebranded and sold by another company as their own.WhitepaperAn authoritative report or guide that informs readers about complex industry issues or proprietary research.WIG40An index of the 40 largest and most liquid mid-cap companies on the Warsaw Stock Exchange.Work CultureThe collective values, beliefs, and behaviors that shape the social and psychological environment of a business.Work for HireService-based game production where a studio is contracted to develop content for a client who retains ownership.Work-for-HireA business model where a studio is contracted to develop content for another entity rather than owning the resulting IP.Workers' StatuteThe primary labor law regulation governing the relationships between developers, publishers, and their employees.Write-downAn accounting term for the reduction in the book value of an asset when its market value has fallen below the carrying amount.Write-offThe reduction in the book value of an asset when its fair market value has fallen below the carrying amount.WW LaunchWorldwide Launch — the global release of a game or product across all target regions simultaneously.Wynik FinansowyThe financial result representing profit or loss for a defined period.Wynik operacyjnyZysk lub strata wypracowana z działalności operacyjnej spółki przed uwzględnieniem kosztów finansowych i podatków.Wyniki FinansoweFinancial results typically reported by publicly traded companies on a quarterly or annual basis.WZGeneral Meeting of Shareholders — a supreme governing body of a public company where key strategic decisions are made.WZAGeneral Meeting of Shareholders — a supreme governing body of a joint-stock company.XBRL Shares ElementAn XBRL element that reports the number of shares issued or outstanding.XWARThe MIC code for the Warsaw Stock Exchange main market used in financial reporting.Year of EfficiencyA corporate strategy focused on streamlining operations, reducing headcount, and increasing profit margins.Year-end DividendA distribution of profits to shareholders paid after the close of the company's fiscal year.Yukashoken HokokushoThe official Annual Securities Report filed by public companies in Japan.Znaczny pakiet akcjiA major stake of company shares that results in a significant change in voting power, requiring official disclosure.Zwyczajne Walne ZgromadzenieCoroczne zebranie akcjonariuszy spółki kapitałowej, zwoływane w celu zatwierdzenia sprawozdań finansowych i podziału zysku.ZWZCommon Polish acronym for an Ordinary General Meeting of shareholders in a public company.ZWZAZwyczajne Walne Zgromadzenie Akcjonariuszy – the General Meeting of Shareholders where shareholders vote on company matters.