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We love the video games industry. However, we do not plan to take a position in Rovio Entertainment (ROVVF) anytime soon. The Angry Birds 2 movie was a flop. Released worldwide last August, Angry Birds 2’s total global cinema ticket sales were only $119.07 million. Sony (SNE) spent $65 million producing Angry Birds 2 and probably spent another $20 to $30 million promoting it.
(Source: Box Office Mojo)
The poor box office performance of Angry Birds 2 convinced us that Rovio’s most-cherished asset (Angry Birds) has lost significant commercial appeal. This