The Moscow Exchange is actively preparing to attract Russian video game developers to the stock market. In my assessment, this is a logical step for the exchange, which is seeking new growth points amid the transformation of the capital market.
As part of this strategy, the exchange is already in talks with the relevant video game association. Several companies within it have expressed interest in raising financing through a public offering. Based on my data, some of them have every chance of becoming quality issuers capable of attracting the attention of both institutional and retail investors.
Betting on a high-margin sector
Russia has more than 150 companies specializing in video game development. This business is characterized by high margins, making it attractive for exchange-based financing. Global practice confirms this point: about a hundred such companies are listed on the Warsaw Stock Exchange, 50 on NASDAQ Stockholm, and roughly 30 on U.S. platforms. There is a huge field for growth for Russian studios, and the exchange intends to become a catalyst for this process.
Interestingly, the gaming segment and blockchain technologies have long ceased to be exotic. New models such as Play-to-Earn and NFT are changing the economics of games, granting gamers ownership rights to in-game assets. The entry of developers into organized trading is not just a trend, but a natural stage in the industry's evolution.
For studios, exchange-based financing is becoming an alternative to venture rounds and loans, while opening access for investors to a new class of assets with high return potential.
New council and exchange plans
The Moscow Exchange plans to create a specialized council on video games within the "Innovation and Investment Market" sector. This platform is aimed at young technology companies that find it difficult to enter the main market without additional support. The council will become a focal point for future issuers and will allow for the development of unified approaches to evaluating studios.
The initiative is only part of a large-scale modernization of the exchange infrastructure. Starting September 14, the exchange is extending the main trading session to 10 hours across four markets, giving investors an additional hour of trading. Additionally, in the summer, a system based on artificial intelligence was launched to identify transactions with signs of manipulation and insider trading.
Specific candidate names have not yet been disclosed, but the association already includes several companies that could potentially go public in the future.
My view: the initiative is timely, but success will depend on the readiness of studios for transparency and corporate governance. The gaming industry is not only about creativity, but also about the discipline required for public status. If the exchange can build a bridge between these worlds, we will see a new interesting class of issuers.