Deconstructor of Fun

Mattel owns Barbie, Hot Wheels, UNO, Masters of the Universe and Street Sharks. Marcus Liassides runs its digital business, which now Roblox, Fortnite, and a licensing program that puts Mattel IP in creators' hands without approving what they build with it. This episode is about how a studio actually gets an IP deal with Mattel, and what you get beyond the logo.00:00 - Why Mattel is at a games summit01:13 - The Roblox bet04:18 - Why studios stay skeptical06:22 - AI and why IP matters more10:46 - What Mattel actually wants pitched13:57 - Where pitches go wrong17:40 - Beyond the license19:15 - MGs, rev share and dev funding23:57 - The approvals question26:44 - Barbie's UA guardrails29:29 - Exclusivity

Rockstar is fighting a leak it cannot plug, and the leaker has turned the whole thing into a token economy.Episode 398 covers a week where the data says growth and the job market says something else. Newzoo puts 2026 at 214 billion, Makers Fund closes another 250 million that looks nothing like venture capital, Google Play turns RAM into a store requirement, and Gamescom hands us Nodusfall, Palworld on mobile via Garena, and one more round of the HD on mobile argument that never ends.Topics Covered:• CyberLeek posts 16 GTA 6 clips and runs crypto-paid polls on what leaks next• Take-Two subpoenas Microsoft, Discord and Google to unmask whoever is behind it• Newzoo's 2026 forecast hits 214 billion with North America growing slowest• Why layoffs keep coming in a market still growing 6 percent• Makers Fund raises 250 million and shifts into project and UA financing• Google Play makes memory optimization a store requirement in February 2027• Opening Night Live and the endless pile of tactics spin-offs• HoYoverse reveals Nodusfall while its mobile portfolio drops 24 percent• Garena picks up Palworld for mobile and Roco Kingdom goes global• Localization and UI as the real barrier for Eastern games in the West• The HD on mobile fight nobody at the table is winningCHAPTERS:01:12 Today’s Topics Rundown02:19 Gamescom Pics and Shoutouts03:01 Sponsor Updates05:57 GTA6 Leeks16:11 Layoffs and Market Maturity20:10 Makers Fund Raises $250M28:18 Google Play RAM PSA29:29 Gamescom Opening Night Live36:16 Western Appeal Debate37:04 Roco Kingdom Goes Global37:47 Palworld Mobile Licensing38:52 Cozy Combat Audience Shift41:35 Portfolio Decline And Cannibalization51:33 Localization And UI Barriers01:01:18 Wrapping Up And Next Week

Everyone's telling you cohort financing is free money to scale. It's not, and the contract fine print is where that story falls apart.Josh Chandley (President & COO, Wildcard Games) sits down with Phil Mohr (CEO & Co-founder, Metica) and Martin Macmillan (Founder, Pollen Capital) to break down what cohort financing actually costs, who really takes the risk, and how founders keep getting burned by deals they don't fully understand. Martin lent almost $1B through Pollen VC with zero credit defaults over a decade. Phil looked at 40-50 games before Metica stopped writing new cohort deals altogether. Between them, they unpack the math the sales guys don't want you to run.Topics Covered:• UA financing vs cohort financing• Why receivables lending scaled down• The 80/20 mechanics of a cohort deal• Who actually takes the risk on a cohort• Cross-collateralization and disguised liens• What makes a good candidate for financing• Breakeven windows and LTV curve shape• The real annualized cost of cohort financing• How financing cost raises your effective CPI• Why finance and UA teams don't align• Getting free debt from your ad networks• Red flags in cohort financing contracts• What happens when a cohort underperforms• Debt plus equity hybrid dealsCHAPTERS: 00:00 Cohort Financing Hype00:36 Meet the Experts02:20 UA Financing Explained03:45 Receivables vs Cohorts05:20 How Cohort Deals Work09:04 Hidden Risks and Recourse11:06 Contract Traps to Watch15:39 Who Qualifies for Funding17:49 Payback Windows Sweet Spot18:54 LTV Curve and Game Types22:45 True Cost and IRR Math29:19 Financing Cost in UA Bids32:15 Data Truth and Real-Time Stops36:09 Cohort Risk And Timing37:01 Free Credit From Ad Networks38:40 Why Credit Lines Aren’t Enough43:42 VC Versus Lender Mindset47:05 Questions For Cohort Lenders53:10 Bad Terms And Red Flags56:40 Evolving Financing Stack59:25 Exit Clauses And Flexibility01:02:42 Modeling Downside Scenarios01:07:54 Debt Plus Equity Strategy01:10:18 Final Advice And Wrap Up

In March 2025, Jon Bellamy became CEO of Jagex and Alexis Bonte became CEO of Stillfront. Both inherited companies with legacy, scale, and a long list of things that needed to go. This episode is about what actually happens in a games industry CEO's first 100 days.Timestamps00:00 - The first 100 days05:24 - Knowing the company09:15 - Cultural shift15:16 - Choosing focus19:33 - Public versus private24:52 - Board communication30:44 - Evaluating leaders36:15 - Head coach mode39:17 - Three success markers

Crew breaks down another packed week in games. Roblox faces mounting pressure over child safety as Congress launches an investigation, Apple rewrites its EU App Store economics while Germany forces changes to ATT, and Netflix Games keeps shrinking with two more studio closures. Meanwhile, Webtoon makes a $100 million bet on gaming, Devolver Digital heads for the exits after a brutal public-market run, and Mishka goes deep on Voodoo’s latest hybrid-casual hit. Topics Covered:• Roblox’s congressional investigation and growing child-safety pressure• Roblox’s Discord problem • What higher opt-in rates could mean for Meta and mobile UA • Apple’s new EU App Store fee structure• Webtoon buying up to 60% of RI Games Holdings • Netflix Games closing Night School Studio and Moonlit • Devolver Digital delisting after its stock fell roughly 97% • Castle Crushers, Voodoo’s hybrid-casual formula and its path toward a $100M run rate • What Voodoo’s evolution says about the French hyper-casual ecosystem• Kingdom Hearts’ new animated series and Kingdom Hearts IV targeting late 2027

CHAPTERS:
00:00 Welcome and Hosts
01:02 Episode Agenda Preview
02:37 Jury Duty and Snake Heroics
04:03 Seattle SLICE Conference Plug
04:48 Mishka Updates and Events
06:24 Corrections on Turkey Funding
09:21 Roblox Under Investigation
14:03 Roblox Safety Measures Debate
21:13 ATT Changes in Germany
27:18 EU App Store Fee Overhaul
36:56 Markets and Monetization
37:29 Webtoon Buys Game Studio
40:07 Funding and UA Reality
43:35 Mid Market Myth Busting
46:44 Transmedia LTV Strategy
49:36 Netflix Games Retrenchment
54:01 Devolver Delisting Lessons
56:32 Castle Crushers Deep Dive
01:01:11 Voodoo and France Squeeze
01:06:14 Wrap and Next Week