Embracer Group Mergers and Acquisitions Presentation Deck
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I. Dark Horse Digital is a subsidiary of Dark Horse
Comics responsible for the publication of comic
books in the digital format. It was established
in 2011
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Dark Horse Comics - What is the eCommerce Strategy?
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Dark Horse Digital
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Dark Horse Digital began as an online digital comics I
store and associated iOS app, with an Android app
released in 2012
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Strong momentum in digital comic sales. Spike in
2020 due to Covid-19 brick-and-mortar closures, but I
growing sector overall
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Increase in sales from $3.4mm to an estimated
revenue of $6.7mm in 2024
$3,4 $3,4
$5,4
(0.5%)
$4,3
58.4%
$5,4
20%
2018 2019 2020 2021 2022 2023 2024
$6,2
25%
15%
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$6,8
10%
1. Includes all TFAW sales not just DHC sold through TFAW.
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Dark Horse Direct
Horse Direct sells premium items and
collectibles direct-to-consumer
Dune:
Sandworm Bookends
I The Witcher 3- Wild Hunt:
GICLÉE Print
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Dark Horse Deluxe
Dark Horse Deluxe sells products to 3rd
party stores
ELUSTOFAS PAILL
The Last of
Us:
Ellie with
Bow Statue
Umbrella
Academy:
Séance
Maquette
Witcher 3: Wild Hunt:
Geralt Grandmaster Ursine
Figure
TFAW Online
$2,3
$2,5
$2,3
▬▬
$5,0
$6,5
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$8,4
2019 2020 2021 2022 2023 2024
1.2
8.7%
100
%
30%
30%
%
$10,1
Other items sold over the internet include
collectibles, toys and games and other
miscellaneous pieces
2025
20%
Increase in comic book sales from $2.6mm to an
estimated revenue of $10mm in 2025
• Sales of collectibles are also expected to rise
over time with a '18 - '21 CAGR of 22% and a
'21'24 CAGR of 26.6%
Toys and Games also see a similar rise from
95k in 2019 to 359k in 2025; resulting in a '21
- '24 CAG
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EMBRACER+
GROUP
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