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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "Includes two charts: a stacked bar chart showing the shift in sales mix over time and a grouped bar chart comparing profit per unit for first-party vs third-party games.",
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      "kind": "chart",
      "text": "PlayStation game sales, % of Total",
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      "kind": "chart",
      "text": "Sony gross profit dollars per game unit sold",
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      "text": "Today the majority (~60%) of console games are still purchased in physical disc format; however consumers are rapidly shifting their game purchases toward digital download due to greater convenience and improving broadband speeds. Each year the penetration of digital downloads rises by ~5-8 percentage points and we expect this trend to continue going forward. This shift provides a powerful tailwind to Sony's profit growth, as Sony captures ~60-100% more gross profit dollars per unit in a download transaction. Digital download transactions are more profitable because unlike in a physical disc sale, digital downloads do not require Sony to share any economics with a physical retailer or a disc manufacturer",
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      "text": "Source: Deutsche Bank",
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      "text": "Source: Company reports",
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      "text": "The ongoing shift from disc to download provides a tailwind to Sony's profit growth",
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