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CASES
CASE
4
ZYNGA: IS THE GAME OVER?*
In 2019, Zynga was optimistic. In an interview, CEO Frank
Gibeau, said, “We’re set up for a really strong 2019. We
have a good lineup of games to create the base for us, and
then we have more than nine games being built right now
that will come out over the next couple of years, with a
bunch coming in soft launch.”1
While battling some rough tides, the company had garnered its reputation as one with inconsistent leadership. In
2013, founder Mark Pincus stepped down and handed the
charge to Don Mattrick, a 15-year employee of Electronic
Arts expecting to turn the company around. In April 2015,
Don Mattrick left the position, and Pincus returned as
CEO for the second time. Just a year later in March 2016,
Zynga announced the replacement of Pincus by the new
CEO Frank Gibeau, another 20-year employee of Electronic Arts, again expecting to turn around the company.
Zynga’s lack of consistent leadership had been critical to
not formulating an effective turnaround strategy that might
have led to progress. Throughout the revolving door of
CEO replacements, Zynga had not developed a substantially successful new game. Consequently, its revenues have
been falling over the past years accompanied by consistent
net losses.
The company eventually made a comeback under
Gibeau’s leadership with strong acquisitions. In less than
two years, Zynga acquired Peak Games’ casual card game
studio, Gram Games and 80 percent of Small Giant Games,
maker of Empires and Puzzles, for $560 million. Though
Zynga’s revenue rose by 5 percent to $670 million by the
end of 2018, it still posted a net loss of $15 million for the
year (see Exhibits 1 and 2). In 2018, their top three online
game revenue-generating games were Zynga Poker, CSR
Racing 2, and Hit It Rich! Slots.
In another attempt at innovation, Zynga launched
Wonka’s World of Candy in 2018. After years of struggling
to introduce new hit games and failing to combat the decline
of formerly blockbuster properties like FarmVille, the company has been focusing on getting the most out of evergreen
franchises like Zynga Poker, Words with Friends, and CSR
Racing 2 by keeping them alive with updates.2 The fight to
build new games that catch the audiences’ attention might
be hard, but Zynga’s announcement of a multi-year agreement with Disney to develop a new Free-To-Play mobile Star
Wars™ game brings an existing fandom as their audience.
* This case was developed by graduate students Eric S. Engelson, Professor
Alan B. Eisner, Pace University and Professor Naga Lakshmi Damaraju,
Sonoma State University. Material has been drawn from published sources
to be used for class discussion. Copyright © 2019 Alan B. Eisner.
Zynga’s Background
At the time it incorporated in October 2007, Zynga had become a dominant player in the online gaming field, almost
entirely through the use of social media platforms. Located
in San Francisco, the company was named by CEO Mark
Pincus to pay tribute to his deceased beloved pet bulldog
Zynga. Although this might have seemed whimsical, Zynga
was actually a quite powerful company. Exemplifying
Zynga’s prominence, Facebook was reported to have
earned roughly 12 percent of its revenue from the operations of Zynga’s virtual merchandise sales.3
Zynga’s collection of games continued to expand, with
more and more success stories emerging. A relative newcomer to the market, its quick success was astonishing.
However, Zynga’s impressive financials were possibly at risk
because of what some considered questionable decision
making. Many of Zynga’s competitors, and even some partners, were displeased with the company’s actions and began
to show it in the form of litigation. Agincourt, a plaintiff in
a lawsuit brought against Zynga, stated, “Zynga’s remarkable growth has not been driven by its own ingenuity.
Rather it has been widely reported that Zynga’s business
model is to copy creative ideas and game designs from
other game developers and then use its market power to
bulldoze the games’ originators.”4 If lawsuits and ethical issues continued to arise for Zynga, its powerful bulldog
could start looking more like a poodle. In January 2019,
Zynga received $12 million related to the settlement of the
derivative litigation case for insider trading against the directors of the online gaming company.
The Products
With an abundance of software developers, the ability to
create and distribute online games increases by the day, and
the demand to play them is equally high. However, while
many people find these online games fun and, better yet,
therapeutic, others cannot understand the hype. The best
way to understand the sudden infatuation is to view online
gaming as simply a means of relaxation.
In the movies, at least, large executive offices are often
shown with putting greens, dartboards, or even a bar full of
alcoholic beverages. These amenities are all meant to serve
the same purpose: to relieve stress during a hard day’s work.
We have all been there and looked for a way to cope. However, few of us have the opportunity to use such things as
putting greens to unwind at the workplace. And even if we
did, how long could we afford to engage in such an activity
before being pulled back to our desks?
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EXHIBIT 1 Zynga Consolidated Income Statements ($ thousands, except per-share data)
Year Ended December 31
2018
2017
2016
Online game
670,877
665,593
547,291
Advertising and other
236,331
195,797
194,129
Total revenue
907,208
861,390
741,420
Cost of revenue
304,658
258,971
238,546
Research and development
270,323
256,012
320,300
Sales and marketing
226,524
212,030
183,637
General and administrative
98,941
108,653
92,509
—
—
20,677
900,446
835,666
855,669
Income (loss) from operations
6,762
25,724
114,249
Interest income
6,549
5,309
3,057
Other income (expense), net
13,152
6,550
6,461
Income (loss) before income taxes
26,463
37,583
104,731
Provision for (benefit from) income taxes
11,006
10,944
3,442
Net income (loss)
15,457
26,639
108,173
Basic
0.02
0.03
0.12
Diluted
0.02
0.03
0.12
Basic
862,460
869,067
878,827
Diluted
889,584
897,165
878,827
Revenue:
Costs and expenses:
Impairment of intangible assets
Total costs and expenses
Net income (loss) per share attributable to common stockholders
Weighted average common shares used to compute net income
(loss) per share attributable to common stockholders:
Source: Zynga.
Stress reduction at work is one of the many purposes that
virtual games fulfill—no need to leave our desks; no need to
make others around us aware of our relaxation periods; and,
better yet, no need to separate the task of relaxation from sitting at our computers while we work. The ability to play these
games on office computers and relax now and then during the
day makes online gaming enticing. This, of course, is just one
of many uses for the games. Some people play them after work
or at the end of a long day. With the onset of smartphones,
people of all ages play these games on the go throughout the
day sitting on the bus, in the waiting room of a doctor’s office,
or at the Department of Motor Vehicles. Diverting game play
is readily available with the click of a button.
Market Size
Compared to other game developers with games present on
the Facebook platform, Zynga had once been a dominant
force, but by 2019, it ranked third after Miniclip’s 8 Ball pool
and King’s Candy Crush Saga (see Exhibits 3 and 4). Miniclip, with its wildly popular 8 Ball Pool game, appeared to rule,
making a reported $400 million with just in-app puchases.5
Zynga’s virtual games provided the opportunity for
constant buildup and improvements, offering users virtual goods and services to increase their gaming experience. These items could be purchased using a credit card
and were often needed to accomplish fast progressions in
the games. These goods were advertised throughout the
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EXHIBIT 2
Zynga Balance Sheets
($ thousands, except
par value)
December 31, December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
544,990
372,870
Marketable securities
36,232
308,506
Accounts receivable
91,630
103,677
Income tax receivable
35,006
12,807
Restricted cash
26,914
24,253
Other current assets
12,505
8,837
Total current assets
747,277
830,950
Goodwill
934,187
730,464
Other intangible assets, net
118,600
64,258
Property and equipment, net
266,557
266,589
Restricted cash
20,000
Prepaid expenses
30,774
23,821
Other long-term assets
49,308
43,251
2,146,703
1,979,333
Accounts payable
26,811
18,938
Income tax payable
4,895
6,677
Other current liabilities
156,829
123,089
Debt
100,000
—
Deferred revenue
191,299
134,007
Total current liabilities
479,834
282,711
Deferred revenue
1,586
568
Deferred tax liabilities
16,087
5,902
Total assets
Liabilities and stockholders’ equity
Current liabilities:
Other non-current liabilities
52,586
48,912
Total liabilities
550,093
338,093
3,504,713
3,426,505
(118,439)
(93,4977)
Accumulated deficit
(1,789,664)
(1,691,768)
Total stockholders’ equity
1,596,610
1,641,240
Total liabilities and stockholders’ equity
2,146,703
1,979,333
Stockholders’ equity:
Common stock,
$0.00000625 par value, and additional paid in capital – authorized shares:
2,020,517; shares outstanding: 886,850 shares (Class A, 770,269, Class B,
96,064, Class C, 20,517) as of December 31, 2016 and 903,617 (Class A,
769,533, Class B, 113,567, Class C, 20,517) as of December 31, 2015
Accumulated other comprehensive income (loss)
Source: Zynga.
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EXHIBIT 3 Most Popular Facebook Games as of April 2019, Based on Number of Daily Active Users (in millions)
Facebook Games
Number of Daily Active Users
8 Ball Pool
10
Candy Crush Saga
10
Texas HoldEm Poker
1
Farm Heroes Saga
1
Subway Surfers
1
Clash of Clans
1
Dragon City
1
Hay Day
1
Trivia Crack
1
Word with Friends
1
Source: GameHunters.Club. (n.d.). Most popular Facebook games as of April 2019, based on number of daily active users (in millions). Statista. https://www.
statista.com/statistics/267003/most-popular-social-games-on-facebook-based-on-daily-active-users/.
EXHIBIT 4 Top 5 Virtual-Gaming Developers of 2018
Rank
Company
2018 Revenue
($ millions)
1
Epic Games
Estimated $1,000
Fortnite
2
Tencent (mobile
gaming division)
Estimated $11,960
Arena of Valor, QQ Speed Mobile, Clash Royale
3
NetEase
$1,793
Knives Out, Identity V, Onmyoji, Rules of Survival,
Fantasy Westward Journey
4
King
$1,000
Candy Crush Saga, Candy Crush Soda Saga, Bubble
Witch 3 Saga, Royal Charm Slots, Legend of Solgard
5
Netmarble
$1,780
Lineage 2: Revolution, Marvel Contest of Champions,
Marvel Future Fight
Key Games
Source: www.pocketgamer.biz, 2018 top developers list and author estimates.
games and the user was enticed by price cuts for larger
purchases.
Zynga’s virtual games could be played both remotely
and through social media platforms, most commonly Facebook. Five of Zynga’s games—FarmVille, CityVille, Empire
and Allies, CastleVille, and Texas HoldEm Poker—were
among the most popular games on Facebook.6
Of course, Zynga was not the only virtual-gaming company striving for this degree of success. In the past 10 years,
many other gaming companies have grabbed the spotlight.
The capability to create online games is widespread. Creativity and innovation are accepted to be the grounds on
which competing companies challenge each other. With all
competitors after the same audience, the industry is prone
to a significant amount of head-butting rivalry.
Background of Competitors
Activision Blizzard is an interactive entertainment company that is based in Santa Monica, California. After acquiring King Digital for $5.9 Billion in 2016, Activision
Blizzard had five business units including Activision
Publishing, Blizzard Entertainment, Major League Gaming, Activision Blizzard Studios, and King. It is credited
for some of the top games in history including Candy
Crush Saga, World of Warcraft, and Call of Duty. In
2018, the company made a revenue of $7.5 billion, ranking fourth in video games after Sony, Microsoft, and
Nintendo. In June 2017, alongside Electronic Arts and
Atari, Activision Blizzard earned a spot on the Fortune
500 list.7
CASE 4 :: ZYNGA: IS THE GAME OVER? C17
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Activision has invested in careful strategic partnerships
to enhance global growth. In 2019, Blizzard Entertainment
and NetEase extended their China partnership until 2023.
This partnership will enable Activision franchises to be
available to Chinese users for the coming years. While
Chinese revenues constitute only 5.2 percent of ATVI’s top
line, the market growth potential in China is astounding
with Niko Partners projecting one billion Chinese gamers
by 2019.8
NetEase, headquartered in Guangzhou, China, was
founded in 2001 by Ding Lei. Some of NetEase’s games include Knives Out, Identity V, Onmyoji, Rules of Survival,
and Fantasy Westward Journey. In 2014, the company expanded into the west launching their U.S. headquarters.
NetEase’s revenue was $9.768 billion in 2018.9 NetEase invested $100 million in the American video game developer
Bungie for a minority stake in the company and a seat on
the company’s board of directors, Exploiting the demand
for shooting games such as PUBG and Fortnite, NetEase
announced the launch of its new shooter game Disorder.
The company maintained its game Knives Out’s position
as China’s top grossing mobile game in overseas markets
for five consecutive months since August 2018.10 Although
NetEase is performing well with games, firm management
is looking beyond video games for NetEase’s future successes. CEO William Ding said it will focus on the promising e-commerce, music, and online education segments; the
company intends to make substantial investments in those
areas as part of its broader business strategy for 2019.11
Epic Games is the creator of Fortnite, Unreal, Gears of
War, Shadow Complex, and the Infinity Blade series of games.
Epic’s Unreal Engine technology brings high-fidelity, interactive experiences to PC, console, mobile, AR, VR, and the
Web. According to the Bloomberg Billionaires Index,
Fortnight alone is on track to generate $2 billion this year,
making Epic Games worth $5 billion to $8 billion.12 Epic
Games announced that it will launch its own digital storefront with “hand-curated” set of games, with the first wave
rolling out on Mac and Windows before broadening to
Android and other platforms later in 2019.13
With an estimated revenue of $1 billion in the previous
year, Epic acquired 3Lateral in January 2019.14 Known for
its “digital human” creations, 3Lateral uses a combination
of digital technology, motion capture, and other tools to
create photo-realistic human subjects in real time.
Background of the Founder
Mark Jonathan Pincus was the entrepreneur behind Zynga.
He was also the founder of Freeloader, Inc., Tribe Networks, and Support.com.15 In prior years, Mark was named
CEO of the Year in the Crunchies awards.16 Prior to his
entrepreneurial endeavors, Pincus worked in venture capital
and financial services for several years. After graduating
from Wharton, he went on to obtain his master’s degree
from Harvard Business School. Soon after graduating,
Pincus launched his first start-up, Freeloader, Inc., a web-
based push technology service. Individual, Inc., acquired
the company only seven months later for $38 million.17
Pincus later founded his third start-up, Tribe.net, one of the
first social networks. Tribe.net focused on partnerships
with major, yet local, newspapers and was supported by The
Washington Post, Knight Ridder Digital, and Mayfield
Fund.18 Unfortunately for him, Pincus’s resume did not impress his competitors, irritated by what they viewed as his
questionable business tactics, nor did it dissuade them from
making their feelings known via a lengthening laundry list
of threats and lawsuits.
Intellectual Property and Ethical Issues
Nissan has claimed that its trademarks were used without
consent in Zynga’s game Street Racing. Zynga consequently
changed the thumbnail images and renamed all the cars
that were branded Nissan and Infiniti to “Sindats” and
“Fujis.”19 Zynga was criticized on Hacker News as well as
other social media sites for filing a patent application involving the ability to obtain virtual currency for cash on
gambling and other gaming websites. Many said that the
concept was not new and that, in fact, significant prior art
for the concept already existed. The unveiling of the game
Mafia Wars generated a lawsuit from the creators of Mob
Wars. An attorney of the parent company of Mob Wars said
that by making Mafia Wars, Zynga “copied virtually every
important aspect of the game.”20 The lawsuit was later
settled out of court for an amount between $7 million and
$9 million.21
California-based web developer SocialApps brought
Zynga to court seeking damages for alleged “copyright infringement, violation of trade secrets, breach of written
contract, breach of implied-in-fact contract, and breach of
confidence.” SocialApps claimed to have entered into an
agreement with Zynga, allowing Zynga access to the source
code for SocialApps’ Facebook game MyFarm in exchange
for an undisclosed compensation. According to the suit,
Zynga was given the code, but failed to pay SocialApps.
SocialApps claimed that MyFarm’s source code was the
foundation of Farmville, as well as many of Zynga’ s similar
games.22 Following Zynga’ s release of the game Hidden
Chronicles, Forbes’ Paul Tassi wrote that Zynga “refuses to
innovate in any way, and is merely a follower when it comes
to ideas and game design.”23
Ethical issues, though less tangible and definable than
intellectual property, were equally troubling in assessments
of Zynga’ s operations. A former employee of the company
revealed firsthand quotes from past CEO Mark Pincus,
such as: “You’re not smarter than your competitor. Just
copy what they do and do it until you get their numbers.”
One contractor said he was presented with freelance work
from Zynga related to imitating a competitor’s application
and was given precise instructions to “copy that game.”24
Other past employees, even those at the senior level, spoke
out about the corrupt ways that Pincus had apparently decided to operate the business.
C18 CASE 4 :: ZYNGA: IS THE GAME OVER?
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A former high-level Zynga employee provided an insight
into the company’s culture, as regarding any emphasis on
creativity and originality. According to the employee, a
group of designers brought a new and innovative idea to the
table, only to have it turned down by Pincus because of his
wariness toward a new idea that didn’t fit the “tried-andtrue” mold of other successes.25
Zynga was accused of taking advantage of its end customers, pertaining to a lack of security and safekeeping of
consumer information. The Norwegian Consumer Council
filed a complaint against Zynga to the Data Inspectorate
concerning breaches of the Data Protection Act. According
to the Consumer Council, Zynga’s terms of use “do not offer a clear description of what is being collected in terms of
information or what this information is being used for. Nor
do they state how long the information is stored for or how
it is protected against unauthorized access.”
Zynga Going Forward
Although Zynga game users tend to be pleased with Zynga’s
games, many note there seem to be recurring obstacles that
limit that pleasure. Many Zynga users complain of lag time
while playing the games. Even more complain that when
problems arise, Zynga support staff are nowhere to be
found. The company has no customer service initiative and
forces users to resort to sending their claims through e-mail,
which many believed is ignored or never read. Further,
many believe that the company makes it too difficult for
users to make real strides in the games without spending
ridiculous sums of money. Based on their experiences,
many users believe that Zynga is all about revenue generation and that everything else comes second.
As Zynga looks to its optimistic future, where might its
next big hit come from? With all the criticism aimed at
Zynga’ s past behavior, will the company continue on the
path it has become notorious for and will the “more than
nine games” that Zynga has lined up for the next few years
get into trouble? With all eyes on the company as it recovers, it certainly will not be easy for Zynga to get away from
its earlier reputation.
ENDNOTES
1. Takahashi, Dean. 2019. Zynga’s turnaround: How one-beleaguered
game company plans for 2019 growth. February 9, VentureBeat.
https://venturebeat.com/2019/02/09/how-zynga-completed-itsturnaround-and-plans-for-39-growth-in-2019/.
2. Jordan, Jon. 2016. Top 50 mobile game developers of 2016.
PocketGamer, May 3. https://www.pocketgamer.biz/list/62773/
pocketgamerbiz-top-50-developer-of-2016/.
3. Zynga Inc, 2014. Earnings call transcripts.
4. Grigoriadis, Vanessa. 2011. Mark Pincus Farmville. June, 2011. https://
www.vanityfair.com/news/2011/06/mark-pincus-farmville-201106.
5. King, Peter. 2018. Tech review: These apps feature some less common
sports. Newsday. October 21. https://www.newsday.com/business/
technology/tech-review-apps-to-access-less-popular-sports-1.22053288.
6. AppData. 2011. CityVille Application Metrics. March 16. http://www.
appdata.com/apps/facebook/291549705119-cityville.
7. Lev-Ram, Michal. 2017. Activision Blizzard aims for the big leagues.
Fortune. June 7. http://fortune.com/2017/06/07/fortune-500-activisionblizzard/.
8. Seeking Alpha. 2019. Activision Blizzard poised for success following
2019 transition. April 3. https://seekingalpha.com/article/4252595activision-blizzard-poised-success-following-2019-transition-dcf-analysis.
9. NetEase. Fourth Quarter Results 2018.
10. Caplinger, Dan. 2019. NetEase fights rising competition. Feb 21.
https://www.fool.com/investing/2019/02/21/netease-fights-risingcompetition.aspx.
11. Epic Games. About. https://www.epicgames.com/site/en-US/about.
12. Pendleton, Devon; Pameri, Christopher. 2018. Fortnite mania fuels
Epic growth to $8.5 billion. Bloomberg. July 24. https://www.
bloomberg.com/news/features/2018-07-24/fortnite-phenomenon-turnsepic-game-developer-into-billionaire.
13. Frank, Allegra. 2018. Epic Games is launching its own store, and
taking a smaller cut than Steam. Polygon. December 4. https://www.
polygon.com/2018/12/4/18125498/epic-games-store-details-revenuesplit-launch-date.
14. Takahasi, Dean. 2019. Epic Games acquires digital human 3Lateral,
cuts ad deal with Appodeal. Venturebeat. January 23. https://
venturebeat.com/2019/01/23/epic-games-acquires-digital-humans-toolmaker-3lateral-cuts-ad-deal-with-appodeal/.
15. Ha, Anthony. 2010. Congratulations to Facebook, Bing, and the other
Crunchies winners. January 11. http://venturebeat.com/2010/01/11/
crunchies-winners-facebook-bing/.
16. Rao, Leena. 2010. Congratulations Crunchies winners! Twitter takes
best startup of 2010. http://techcrunch.com/2011/01/21/
congratulations-crunchies-winners-twitter-takes-best-startup-of-2010/.
17. Merino, Faith. 2011. Zynga’s IPO: made possible by the Zynga Dream
Team. July 1. https://vator.tv/news/2011-07-01-zyngas-ipo-madepossible-by-the-zynga-dream-team.
18. Stone, Brad. 2007. Social networking’s next phase. March 3. www.
nytimes.com/2007/03/03/technology/03social.html?pagewanted51&_
r51&ei55088&en5f718f182170673a4&ex51330578000.
19. Mafia Wars Wifi. Game Information. http://mafiawars.wikia.com/
wiki/Zynga.
20. Hoge, Patrick. 2009. Game makers fight over proliferating lookalikes.
July 12. BizJournal. https://www.bizjournals.com/sanfrancisco/
stories/2009/07/13/story7.html.
21. Arrington, Michael. 2009. Zynga settles Mob Wars litigation as it
settles in to Playdom war. http://techcrunch.com/2009/09/13/zyngasettles-mob-wars-litigation-as-it-settles-in-to-playdom-war/.
22. Joystiq. 2011. Lawsuit filed against Zynga over Farmville source code.
www.joystiq.com/2011/07/18/lawsuit-filed-against-zynga-over-farmvillesource-code/.
23. Tassi Paul. 2012. Zynga stocks falls as second post-IPO game fails to
impress. Jan 6. Forbes. www.forbes.com/sites/insertcoin/2012/01/06/
zynga-stock-falls-as-second-post-ipo-game-fails-to-impress/.
24. Blog.Games. 2010. Zynga CEO to employees: I don’t f-ing want
innovation. September 8. http://blog.games.com/2010/09/08/zyngaceo-to-employees-i-dont-f-ing-want-innovation/.
25. Jamison, Peter. 2010. FarmVillains. September 8. SF Weekly. https://
archives.sfweekly.com/sanfrancisco/farmvillains/Content?oid52178582.
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