This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries,

and the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

Today we're talking about e-sports and the remarkable growth of professional video gaming and the ecosystem

around it.

We're joined by Ryan Nolan, Global Head of Digital Gaming in Goldman's Investment Bank, as well as

his colleague, Moritz-Bayer, who's here because he has an interesting

personal connection to e-sports and also works in the field. We'll hear more on that later.

Ryan and Moritz, welcome to the program. Thank you. Thank you.

Thank you. Let's start with a quick overview of the landscape the whole digital gaming sector Ryan you've said it's experiencing a renaissance

What are the key growth drivers and where do e-sports fit into the landscape?

It's interesting right now because we're seen as much interest in the landscape as we've seen in the last five years.

I think there's a couple reasons.

First off, we really are at a point of convergence between media and technology where everyone is essentially a media company,

fighting for eyeballs, fighting for time spent, and interactive media or gaming is a very

compelling and engaging component of our time spent on mobile at home etc.

The second category is really the content itself has become even more engaging.

That's because of processing capabilities, that's the bandwidth of the

network, and I think that publishers in general have really been able to tweak the recipe to

deeper, engage their end users. And as you think about the third level of that, it turns into something that is very exciting to just watch as a spectator, which leads us to the topic that we're here to talk about, which is e-sports and having for the first time really people just enjoying watching digital

gaming as a past time.

e-sports has greater viewership than many traditional sports. I still think a lot of

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