Decided to make another post as the "leaker" allegedly had another AMA on 4chan (taken down again) where he clarified a few things that were misinterpreted and also decided to reveal more things about the game. I decided to clarify a few things about my last post as well as some people seem confused about a few details that I mentioned.
Credits to u/Elena_xoxo for bringing the second AMA to light in a post in the GTA6 subreddit and also u/roughpreference991 for the screenshots of the AMA. The archived version of the first AMA can be found here. Again, take it with a huge grain of salt because of it being a 4chan leak and no way to know if both the AMAs are done by the same person.
This time around the leaker comes with a bolder claim about the credibility that they have been working at R* since 2004 and is primarily a developer. The leaker claims that they know the staff in every area of the dev team. The leaker mentions multiple times to capture the thread and 99% of it will be confirmed "sooner than you think"(Of course, this does not prove shit but could be interesting in retrospect).
Now to jump into the details of the second AMA:

• Same engine as RDR2 and GTAV but definitely improved upon. Ray tracing is in use but limited to reflections and shadows. Leaker mentions not to expect ray-traced light until the PC release.
• They also mention that what they said about the map size of the game in the previous AMA was misunderstood. What they meant was that the fastest transportation in RDR2 takes roughly 15-20 minutes to travel the longest possible route whereas GTA VI is around 13-15 minutes. They mention that the map is bigger than RDR2's in landmass. (The inconsistency of their details of the map from the previous thread is a big red flag imo)
• Complete freedom regarding exploration, you aren't forced to play through the main story and can go exploring anytime you want.
• They also mention that one of the confirmed songs is "Always on my Mind" by the Pet Shop Boys. (Mentioned in the previous AMA as well but they mention the song name this time.)
• Large number of building enterable and they all have textures unique to them but not every building is enterable as it is just too hard to implement.
• Better physics than GTAV as RDR2 was taken as the base for it and then built upon for the modern world. Driving feels less arcadey than GTAV but not as weighted as GTA IV's.
• The gap between consoles and PC release estimated to be 12 months by the leaker.
• The leaker again refuses to leak the MC's name but does mention that he has a mother and a sister. The MC calls the sister Frankie and also the father is dead. (Maybe you play as the father in the 1970s part of the game as I mentioned in the last post who dies when the MC is a kid and then maybe you play as the MC in the modern-day counterpart).
• The game has "deceptive" amount of content already according to the leaker.
• There's a famous 80s singer hosting one of the radio stations.
• Monetization at the launch of Online will be a lot lighter than GTA Vs due to the company being concerned about bad press.
• More hair and facial types that can be mixed and matched and also supposed to be period-specific for the online counterpart. Also, there will be a choice of body type but nothing specific like Fat, average, fit, muscular, etc,
• There will be a morality meter for the first time similar but not identical to RDR2's system. This will affect certain missions and outcomes.
• 2 limited maps within the game. Liberty City (pretty much on rails) and a "Cuban" island.
• Supposed to be a satirical representation of America in the 1980s.
• There's one side mission that's pretty much just one giant easter egg for the Goonies. It is not given to the player by an NPC but started by finding a map (Like one eyed willies).
• There is one interesting detail, the leaker first states that the protagonist is older than Tommy Vercetti but then, later on, admits that he made a mistake and that the protagonist is actually 2 years younger than Tommy. (This is the most interesting detail as it can actually be an honest mistake on their part or it could be a clever and subtle way to fake their credibility by acting as if it was an honest mistake.)
• The North Point Mall looks really good now and it's way bigger.
• There's a scarface style montage that holds a lot of meme potential. (This was an answer to someone asking the leaker if there are any memeable moments)
• Main forms of transport stated to be cars, motorcycles, boats, helicopters, and seabirds.
• Controls are just a refined version of what you've seen in previous titles. Gunplay is essentially a modified version of RDR2 mechanics. No parkour-style traversal mechanics in the game.
• Full body nudity in strip clubs and even during some cutscenes. Also, if you build up a good enough affinity with certain women, you can "make love".
• Fidelity and Performance mode similar to something like Miles Morales.
• You can work out but transformation won't be as dramatic as GTA SA. You have to also make sure that you're eating or you won't grow. Some more side activities mentioned by the leaker are gambling, dancing, and roller derby which they also previously mentioned in the last AMA.
• NPCs are like RDR2 but in a GTA setting. The police don't just shoot you to death for small crimes anymore. If you get the option to bribe the officers for petty crimes.
• Using fists have better development than the previous GTA. You can grab people and punch them in a clinch. There are unique animations for stealthy kills.
• One example of better car detailing that the leaker gives is of Ferrari Enzo (not called that) and it looks as if it could be in a GT7.
• The leaker states that there are a lot of 80s references in GTA Online recently. Also, the song choice for casino update was 80s related.
• When someone asked if there is a protagonist replacement point like in RDR2, the leaker declined to say as it might spoil some of the story. The prologue and 1st chapter are set in the 1970s all the way till 1987.

Again I can't stress enough to take all of this with a huge grain of salt as a lot of details could easily be educated guesses, there is no way to even know if both the AMAs were done by the same person and the credibility itself but had to compile it for my Reddit peeps.
I also wanted to clarify a few things from my last post as well:

• I did mention that the first 2 chapters are set in the late 1970s, to be more specific the prologue and 1st chapter are set in that time period, and it goes from the late 1970s till 1987.
• The Ricardo codename mentioned for the protagonist in the last game was indeed based on the Ricardo Milos meme. (The leaker stated that the protagonist has "sun-kissed" tan so maybe that's why the codename.)
• RDR1 is technically being "remastered" as the map was already made in the newer engine so it's not a remake. The leaker also did state in the last AMA that it looks like a next-gen game.
• A lot of people mentioned that Ken Rosenberg and Tommy Vercetti cannot exist in the HD universe as R* has stated that the HD universe is different than the previous games. While I don't deny that but at the end of the day, it's R*'s intellectual property so it wouldn't be surprising if they did it. The other possibility could be an alternate version of the same characters that exist in the HD universe.

Decided to make another post as the "leaker" allegedly had another AMA on 4chan (taken down again) where he clarified a few things that were misinterpreted and also decided to reveal more things about the game. I decided to clarify a few things about my last post as well as some people seem confused about a few details that I mentioned.
Credits to u/Elena_xoxo for bringing the second AMA to light in a post in this subreddit and also u/roughpreference991 for the screenshots of the AMA. The archived version of the first AMA can be found here. Again, take it with a huge grain of salt because of it being a 4chan leak and no way to know if both the AMAs are done by the same person.
This time around the leaker comes with a bolder claim about the credibility that they have been working at R* since 2004 and is primarily a developer. The leaker claims that they know the staff in every area of the dev team. The leaker mentions multiple times to capture the thread and 99% of it will be confirmed "sooner than you think"(Of course, this does not prove shit but could be interesting in retrospect).
Now to jump into the details of the second AMA:

• Same engine as RDR2 and GTAV but definitely improved upon. Ray tracing is in use but limited to reflections and shadows. Leaker mentions not to expect ray-traced light until the PC release.
• They also mention that what they said about the map size of the game in the previous AMA was misunderstood. What they meant was that the fastest transportation in RDR2 takes roughly 15-20 minutes to travel the longest possible route whereas GTA VI is around 13-15 minutes. They mention that the map is bigger than RDR2's in landmass. (The inconsistency of their details of the map from the previous thread is a big red flag imo)
• Complete freedom regarding exploration, you aren't forced to play through the main story and can go exploring anytime you want.
• They also mention that one of the confirmed songs is "Always on my Mind" by the Pet Shop Boys. (Mentioned in the previous AMA as well but they mention the song name this time.)
• Large number of building enterable and they all have textures unique to them but not every building is enterable as it is just too hard to implement.
• Better physics than GTAV as RDR2 was taken as the base for it and then built upon for the modern world. Driving feels less arcadey than GTAV but not as weighted as GTA IV's.
• The gap between consoles and PC release estimated to be 12 months by the leaker.
• The leaker again refuses to leak the MC's name but does mention that he has a mother and a sister. The MC calls the sister Frankie and also the father is dead. (Maybe you play as the father in the 1970s part of the game as I mentioned in the last post who dies when the MC is a kid and then maybe you play as the MC in the modern-day counterpart).
• The game has "deceptive" amount of content already according to the leaker.
• There's a famous 80s singer hosting one of the radio stations.
• Monetization at the launch of Online will be a lot lighter than GTA Vs due to the company being concerned about bad press.
• More hair and facial types that can be mixed and matched and also supposed to be period-specific for the online counterpart. Also, there will be a choice of body type but nothing specific like Fat, average, fit, muscular, etc,
• There will be a morality meter for the first time similar but not identical to RDR2's system. This will affect certain missions and outcomes.
• 2 limited maps within the game. Liberty City (pretty much on rails) and a "Cuban" island.
• Supposed to be a satirical representation of America in the 1980s.
• There's one side mission that's pretty much just one giant easter egg for the Goonies. It is not given to the player by an NPC but started by finding a map (Like one eyed willies).
• There is one interesting detail, the leaker first states that the protagonist is older than Tommy Vercetti but then, later on, admits that he made a mistake and that the protagonist is actually 2 years younger than Tommy. (This is the most interesting detail as it can actually be an honest mistake on their part or it could be a clever and subtle way to fake their credibility by acting as if it was an honest mistake.)
• The North Point Mall looks really good now and it's way bigger.
• There's a scarface style montage that holds a lot of meme potential. (This was an answer to someone asking the leaker if there are any memeable moments)
• Main forms of transport stated to be cars, motorcycles, boats, helicopters, and seabirds.
• Controls are just a refined version of what you've seen in previous titles. Gunplay is essentially a modified version of RDR2 mechanics. No parkour-style traversal mechanics in the game.
• Full body nudity in strip clubs and even during some cutscenes. Also, if you build up a good enough affinity with certain women, you can "make love".
• Fidelity and Performance mode similar to something like Miles Morales.
• You can work out but transformation won't be as dramatic as GTA SA. You have to also make sure that you're eating or you won't grow. Some more side activities mentioned by the leaker are gambling, dancing, and roller derby which they also previously mentioned in the last AMA.
• NPCs are like RDR2 but in a GTA setting. The police don't just shoot you to death for small crimes anymore. If you get the option to bribe the officers for petty crimes.
• Using fists have better development than the previous GTA. You can grab people and punch them in a clinch. There are unique animations for stealthy kills.
• One example of better car detailing that the leaker gives is of Ferrari Enzo (not called that) and it looks as if it could be in a GT7.
• The leaker states that there are a lot of 80s references in GTA Online recently. Also, the song choice for casino update was 80s related.
• When someone asked if there is a protagonist replacement point like in RDR2, the leaker declined to say as it might spoil some of the story. The prologue and 1st chapter are set in the 1970s all the way till 1987.

Again I can't stress enough to take all of this with a huge grain of salt as a lot of details could easily be educated guesses, there is no way to even know if both the AMAs were done by the same person and the credibility itself but had to compile it for my Reddit peeps.
I also wanted to clarify a few things from my last post as well:

• I did mention that the first 2 chapters are set in the late 1970s, to be more specific the prologue and 1st chapter are set in that time period, and it goes from the late 1970s till 1987.
• The Ricardo codename mentioned for the protagonist in the last game was indeed based on the Ricardo Milos meme. (The leaker stated that the protagonist has "sun-kissed" tan so maybe that's why the codename.)
• RDR1 is technically being "remastered" as the map was already made in the newer engine so it's not a remake. The leaker also did state in the last AMA that it looks like a next-gen game.
• A lot of people mentioned that Ken Rosenberg and Tommy Vercetti cannot exist in the HD universe as R* has stated that the HD universe is different than the previous games. While I don't deny that but at the end of the day, it's R*'s intellectual property so it wouldn't be surprising if they did it. The other possibility could be an alternate version of the same characters that exist in the HD universe.

The promise of Grand Theft Auto: Online is an intoxicating one. GTAV’s world remains one of, if not the most remarkable in gaming history, and the idea that you and a group of friends can team up and wreak havoc upon that world seems too good to be true.
To some extent, it is too good to be true. GTAO suffers from a myriad of technical issues and limitations, including ridiculous loading times, crashes, game-breaking glitches, and terrible anti-cheat. It’s like a complicated, unwieldy machine with hundreds of unseen components. If it fails, your only two options are to start from scratch, or give up.
But when it all comes together, when you finally find your friends after five minutes of loading screens and ten minutes of yelling at each other on Discord to “go here”, the experience is unparalleled. The first few hours we spent roaming the world were violent co-op magic, like a depraved, extravagant Scorcese montage with a body count that would turn eyes at the ICJ. We did missions, did drugs, blew things up, got haircuts, bought clothes, bought cars, stole cars, shot police, shot pedestrians, and of course, shot each other. Being homebound due to Covid, our at-first daily, then weekly GTA sessions kept us connected, the first time a game had done so since our short-lived Minecraft phase in March of last year.
But yesterday, as we failed the same section of the Diamond Casino Heist for about the twentieth time, one of my friends broke the silence. “Is anyone having fun?”
Several months ago, I posted a rant on this subreddit about the singleplayer, bemoaning its weak story, poor gunplay, unnoticeable progression, and surprisingly empty open-world. I stand by what I wrote, perhaps even more so now that I see how much more compelling GTAV could have been if it had included online’s heists, vehicles, and properties as DLC.
That said, online is not without fault. While there’s a massive catalogue of things to buy, the grinding necessary to purchase these things is awful, making even Cookie Clicker feel productive. GamesRadar says the Heists, which themselves require expensive properties and a substantial initial investment to initiate, net you about 400k an hour, which isn’t all that much considering how much vehicles and properties cost.
We realized early on that the disparity between GTAO’s prices and its payouts was a manufactured pain point, the remedy being the game’s overpriced Shark Cards. Rather than dig out our wallets, we abided by GTA’s longstanding moral tradition and hacked ourselves enough money to buy every car, every property, and every weapon in the game. But even without the grind to worry about, GTAO had no qualms with wasting our time. The loading screens are the most obvious example of this, but these are, I believe, unavoidable given the scope of what you’re loading into. Where it’s less forgivable is in the tedious minutiae and the absence of systems that should be present.
The more we played, the more frustrated I became. Why can I only fast travel to my properties as a CEO? Why can’t I claim all destroyed vehicles at once? Why can’t I skip these stupidly long cutscenes? Why do I have to wait to spawn in a vehicle? In a way, it makes the same mistake as its singleplayer counterpart. Though it has incredible setpieces that you won’t find in any other game, the vast majority of your time is spent preparing for them.
I don’t believe games should have infinite longevity, so I don’t fault GTAO for losing its sheen after eighty-some hours. Overall, I had a good time. Tearing through hordes of cops in a pink Insurgent. The terrific Pacific Standard Heist. Getting picked up by my friend in a disgusting anime car that he claimed wasn’t his. Being repeatedly stalked and kidnapped over the course of several weeks by a hacker named “JOE BIDEN” who’d drive me around the map at light speed and drop boats on my head as I’d try to flee. And above all, having the opportunity to hang out with my friends during a pandemic. These are all experiences I’ll remember.
The hours I spent in loading screens, driving from one side of the map to the other for the hundredth time, and listening to Lester talk about skinny dipping? I’ll remember those too, though nowhere near as fondly.

Hello everyone! I have only been on Reddit for a few months but I learned so much from it that I figured I should try and give back to the community. English is my second language and this is the first time I ever write a full-length article, I hope you will enjoy reading it and I would be very thankful if you could provide some feedback about my writing, about the topic, or about anything else really… So here goes!
Why you should learn poker and game theory:
My story is similar to that of many: I learned about the game 10 years ago (during the golden age of online poker) when some friends of mine invited me to play a home game. Although I initially thought of poker as just another game of chance akin to playing slots or roulette in a casino, I quickly came to realize that there is a lot more to it as my more experienced friends would repeatedly get the best of me during these home games, which led me to start watching videos and reading strategy books to improve my skill… Little did I know it’d be the start of a journey that would impact many different aspects of my life way beyond the game itself, as most of the fundamental principles learned through poker can be applied to your decision-making outside of the game, especially when it comes to money management and investing. Now, let’s dive into a few of these principles:
​
- Risk management (i.e. Bankroll management)
When learning about how to be successful playing poker, the first big piece of advice most people come across is bankroll management or BRM. To understand BRM, you must first realize that poker has a lot of variance: you might be vastly ahead in a given hand but there is almost always a slim chance that you will lose in the end if one specific card hits. This implies that you will sometimes lose even though you were a 99% favorite, and that you will sometimes get unlucky and lose 2, 5 or maybe even 20 such encounters in a row. THIS is variance. It doesn’t mean that you played bad or that you made bad decisions, but rather that you got unlucky. Over time you will have lucky streaks and unlucky streaks, and these will average out in the long term… It’s just the way the game goes.
Now that we understand variance, let’s get back to BRM. What is it exactly? Let’s say you are the best poker player in the world but you only have 1000$ that you can EVER use to play with. Taking your whole 1000$ on one table and multiplying your stack at an exponential rate might seem like a good idea. Surely nothing can go wrong since you’re the best player in the world right? But variance can be a bitch ;) Even if you’re the best you will lose regularly and you will sometimes get unlucky, it’s just part of the game. The correct move here is to apply BRM, which means only using a small % of your available capital for each game you play in order to reduce the risk of going broke. Using only 100$ per game would already be a lot safer, but you still run the risk of going under on a streak of bad luck. If you only allocate 10$ per game you play, then it becomes virtually impossible for you to ever go broke, even on a huge streak of bad luck. Sure it’s not as exciting and you won’t be making money quite as fast as you could, but this is the way to go to make sure you don’t go broke…
This approach to risk management translates very well to investing:
- Only invest what you can afford to lose. Once the money is on the table it’s as good as gone, which is why you should only use your “spare” cash and never invest with your living expenses or worse, borrow money to invest.
- Diversify your investments. There is always a chance, however slim it might be, that you will lose most of your investment. This is why going all-in on a specific investment is generally a bad idea (this applies particularly well in the crypto space).
Proper BRM allows you to make sure that you will come out ahead in the long run if you play well, which basically comes down to making more good decisions than bad ones. But that’s assuming you don’t let emotions come in the way of your decision-making, which brings us to our next point…
​
- Emotional management (i.e. Handling tilt/Positive mindset)
Nobody likes losing… In the same way we enjoy winning because of the dopamine rush, we feel bad when we lose which is totally natural. Overcoming this and avoiding tilt (irrational decisions made out of angefrustration) is an essential skill for any successful poker player. You might play a sound game of poker and apply good BRM, but you will still lose if you let your emotions get the best of you.
After a loss, rather than being angry and frustrated, you should evaluate your decision-making. If your decision-making was good, you just got unlucky and you shouldn’t worry about it since you are playing for the long run (remember that variance teaches us that anything can happen in the short-term). If your decision-making was bad, you need to learn from your mistakes and move on. The key here is to always have a positive mindset: making mistakes is part of the learning process and should be seen as an occasion to improve. Being angry and ranting, on the other hand, rarely result in anything positive.
Again, this translates very well to investing:
- Don’t be impulsive, don’t let your emotions cloud your judgment. You should not FOMO because the price is pumping, nor should you sell because of FUD or price corrections. If you believe in a project, short-term price changes (did I hear someone say “variance”?) shouldn’t bother you.
- Don’t get stuck up on losses. You bought the top and it crashed immediately after? You sold the bottom right before a huge rally? Don’t let this bother you: what’s done is done and you just need to move on and make the best of your current situation.
- Have a positive mindset. Anger and frustration lead to nothing. Yes you could have bought in 2009 when you first heard about it, hindsight is always 20/20. Stay positive and keep learning/improving yourself.
The good thing about all this is that it goes way beyond poker or investing. Being aware of your emotions and how they affect you, learning how to handle losing even when you were “supposed” to win, etc… All this can tremendously help you in all aspects of life by making you less impulsive and more rational in your decision-making. Now, this leaves us with our last fundamental principle of a sound poker strategy:
​
- Basic stats and probabilities (i.e. Expected value/Odds)
To become an accomplished player, you will inevitably have to learn about these simple mathematical tools that poker players use all the time in their decision-making process, such as odds and expected value. To make it very simple, the expected value (EV) of any bet is (REWARD \ WinRate - RISK), meaning that if you can bet 1000$ with a chance to win 10k$ half of the time, your EV is *(10000\0.5)-1000 = +4000$**. Obviously these are great odds to take as long as you have enough capital to overcome variance. But things would be very different if the odds of winning were only 5% as your EV would then be negative *(10000\0.05)-1000 = -500$.*** Now this is clearly a bet you should not take…
Now that you know probabilities, statistics and game theory are useful decision-making tools in poker, guess what? They are also extremely useful in investing! Even better, the study of game theory with problems such as the “Byzantine generals” or the “Three prisoners” has been, along with cryptography, the foundation on which blockchain technology was built, enabling the trustless and decentralized services that are about to revolutionize our world…
Assuming this was enough to pique your interest and make you want to dig deeper, I’ll just add that just like the other topics we discussed and as you might have guessed, this translates very well to investing and also to pretty much anything in your life:
- Learn how to break down complex situations. Logical thinking paired with a statistical approach will help you break down any complex problem into several easier problems, making the whole thing a lot easier to approach/comprehend.
- Base your decisions on a methodical and rational approach. List every possible outcome along with its associated upside/downside, estimate the probability of each outcome to occur and make the best decision based on the information available.
My point here is that risk management, emotional management and statistics/game theory are all awesome tools that you should definitely add to your arsenal. Not only will it improve your money-management and investing, it will also be beneficial to your decision-making and to your life in general. Of course poker is not the only way to learn about these, but I personally found it to be the best practice ground to refine and improve them, which is why I strongly encourage you all to try it out and study the game.
I hope you enjoyed the article, and I wish you all a happy 2021 bull run! May we all come closer to retirement and financial independence!
​
TL;DR: more than a game, poker is a school of thought. It teaches you to be reasonable, to assess the risk of every single choice you make, to overcome you emotions, to play the long game rather than the short game, to make informed decisions, etc… This has made me a lot wiser in every aspect of my life, which is why I strongly encourage to try it out and read about poker strategy.

I decided to sign up for online self-exclusion in my home state of Indiana. I opted for the 1 year self exclusion while my fiance and I save up for our wedding. I thought, hey I'll do this and it will limit any temptations to bet on sports online. I also chose the online route because it stated broadly that it was only for online gaming, but the fine print said otherwise and that it allowed other entities to ban you from their properties as they see fit.
Fast forward to March and I am supposed to spend one night of my bachelor party staying at Caesars Southern Indiana's hotel and casino, but the problem is that I opened an old letter from Caesars stating that "we received your request to self-exclude from Indiana gaming, and have cone ahead and banned you from all of our properties." This of course was not limited to only the casino and includes hotels and restaurants.
While the self-exclusion is probably very beneficial for some people, know what you are signing up for and hopefully others can learn from my painful lesson.

2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below:
​
Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
Retail exclusives can grow the potential universe of licenses and increase retailer buy-in
· For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores)
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
Previous DD: Herman Miller

TL;DR
I created a laundry list of high-level tenets that drive the game design of specific genre I coined the World game based on Brad's famous quote. These aim to be applicable to any game that would scratch my old school MMO itch.
What tenets would you choose?
Preamble
The MMO community is, to some degree, divided by the different expectations and desires of its player base. Even an MMORPG can mean so many things to so many different people. I wanted to get to the root of what a good MMO is to me, and in the process, I found that the ambiguous label of MMO is likely getting in the way.
Passionate players across the board seem to complain about the same issues. Ease of difficulty. Cash shops. Single-player focus. Theme park design. Players of these games either leave the genre, ultimately disenchanted with the thin veil over Skinner box design, or they continue to search for something better, because they know it is possible. Maybe this is intentional. Developers piggy back on the MMO genre to hook the player-base before extracting as much as they can from the whales in their glorified casino.
So, here, I present the tenets of a specific game genre: the World genre. The focus on world over game is not a new idea. Brad McQuad famously said, “I want to make worlds, not games.” That focus can be seen right there in the name of Visionary Realms. And without the right language to describe what we are after, the community is continually bit by games that fit the abstract label but disappoint in the details.
The goal with these tenets isn’t to create a template so much as it is to create rough guidelines. In fact, these guidelines probably wouldn’t do a game designer much good in creating a solid design. But they should help in evaluating different options and validating an existing design. Certainly, none of the tenets get as specific as the theme or even the existence of combat. They should apply equally well to a game set in feudal Japan, The Sims Online, or the next zombie apocalypse.
Some tenets are broad, while others more specific. Some tenets are rigid, others more malleable. Some tenets are critical pillars of the genre, while others are less important. Tenets frequently conflict, creating tension.
A note on intuition
The tenets below are driven by the principle that they should be intuitive. The World genre is trying to capture something deeply human, buried in our brains because of the way we have interacted with ourselves, each other, society, and our planet over millennia of evolution. There is no right or wrong answer. When in doubt, we err on the side of realism.
A note on ownership
Establishing reasonably prescriptive tenets on the World and gameplay highlights the necessity of strong ownership and vision for this style of game. This is particularly true given that many of these tenets go explicitly against what makes a great game in general. For example, how many games would actually benefit from less player matchmaking? This also does not lend itself well to player-generated content, where those tenets can be easily violated.
The tenets of immersion
TENET 1 The player should be directly represented in the World
The World genre requires the player to form a direct relationship with the World, not with the character. This is a key difference between Eastern of Western RPGs (both of which I love) and so this may be controversial. The player should be able to insert themselves into their avatar. On the flip-side, it precludes certain mechanics, such as squad-based designs.
TENET 2 The World should be realistic in both form and function
That is, the World should minimize the need for suspension of disbelief. It should pull the player in naturally. I have always felt conflicted by WoW’s appearance. I absolutely loved the cell-shaded look of Wind Waker, but instinctually disliked the cartoon-like nature of WoW. This goes back to immersion. That doesn't mean the visuals have to be photorealistic. They just have to pull you in. It may be possible to get around this through the setting. For example, if the setting is a digital afterlife, you may be able to get away with a more abstract appearance.
TENET 3 The player and World should interface only through the player character
The player should only be able to influence the World through their character. And the World should only be able to influence the player through the character. This means, respectively, no cash shops and a first-person camera. It also means no GPS — unless, of course, the setting supports it. Taken to an extreme, this precludes voice chat, at least without something like racial voice filters.
TENET 4 The player should directly engage with the World around them
The key here is “direct”. No minimaps, no waypoints, no fast travel. Of course, these are not absolute deal-breakers. The key is that the player is able to establish a connection with the World around them. The player should, over the course of the game, develop a strong mental model of the World and its relation to their character.
The tenets of freedom
TENET 5 The player should not be assigned a story
The World itself can (and should!) have a story to tell. But the player character’s story should be their own. The player must have the freedom to make their own place within the World, eschewing the rails that a story provides. Side quests are lesser evils, but still evils. The more choice the better.
TENET 6 The player should be able to pursue multiple forms of progression
The choice should not just be in how to progress. It should be in which ways to progress. The most obvious example is crafting, but this can also include loot, skills, the economy, faction, or even — maybe most importantly — growing in strategy and skill.
TENET 7 The World should be demanding, but not prescriptive
This is an extension of the idea of a lack of story. If the game is too prescriptive, it becomes a job. A chore. To combat this phenomenon, the player needs significant choice at all times. This may, in fact, be the primary draw of the World genre: to provide an environment where players are purely driven by their own will. It is equally important to avoid visibly and overtly influencing the player’s decisions. The player’s incentives and motivating factors should be an organic part of the World. No daily XP boosts, for example. Alternate forms of progression can help here, because even once a player is motivated to progress, they have the choice of which dimension of progress to pursue.
TENET 8 The World should encourage downtime
The player should not feel compelled to move forward at all times. There should be joy simply in existing in the World, experience it moment to moment. Even better, progression itself can require downtime; this is related to the notion that players should be encouraged to play any game in the most fun way possible. This can be accomplished with world design, such as guard-protected cities or social taverns, or mechanics, such as fishing, firework shows, and waiting in queue for a boat. This is effectively the white space of gameplay. And it is all but lost in modern MMOs.
TENET 9 The World should be dangerous
Choice is meaningless without consequence. With real, negative consequence, comes danger. This not only gives weight to the player’s decisions, but also helps to establish the intricate give-and-take relationship between the World and the player. Looking at you, death penalty. If a World game is about finding your place within that world, then danger and risk makes this a meaningful pursuit. If that tension between risk and reward does not exist, even at the start of the journey, it undermines those goals. Note that this is different than challenge — and challenge itself is not enough.
TENET 10 Players should be encouraged to explore the World
This doesn't mean that players are constantly seeking some never-before-seen point of interest, but it does mean that players get out and move. In other words, the world provides resources across its footprint, and you must seek those out. Most forms of progression should require you to get out and explore. This also does not necessitate baubles scattered around the landscape to find.
The tenets of impact
TENET 11 The player’s actions should be worn like a badge
You should be a product of your choices. Your reputation, gear, and skills should tell a story about where you have been and what you have accomplished. Your spoken languages can tell a story of what cities you have spent the most time in. As you spend time in different climates, you may develop a natural acclimation to those environments. Imagine you walk into town and one of the NPC gnomes recognizes the scent of the nearby crystal caverns you have been exploring. This is interesting because it relates to life; the player’s accomplishments should come with artifacts. This also means that auction houses should be limited, as they create an artificial divide between adventure and outcome.
TENET 12 Players should have something unique to offer
The ways that a player can help others in their progression should be relatively unique to that player. As much as possible, they should tell a story about adventures undertaken; e.g., a proc from an item dropped by a famous mob. Of course, classes and class-specific skills are one way to accomplish this, but the more ways the better. For example, if one form of progression is fishing, then fish should be useful to others in many ways. A cooking skill is obvious. More creatively, certain kinds of fish could be used as powerful but low-level weapons. A butcher could extract gills or eyes to, in turn, be used as reagents for spells.
TENET 13 There should be no end game
Even the name “end game” is problematic for several reasons. It suggests a hard limit to progression. It suggests a hard divide in the way the World is experienced once the player reaches this limit. It also suggests that the focus is no longer on the World, but on the game — which is to say, the core promise of the genre is lost. This doesn’t mean to eliminate raids or AA points. It just means that those things should be included in the game proper. This tenet also implies that progression should be relatively limitless. Skyrim is an interesting example of this. One way to accomplish this is to create exponential progress; for example, having each level take 10% more experience than the last. Granted, this is a much harder problem than the simple discussion here suggests.
TENET 14 The player should leave a mark on the World itself
Can a World be meaningful if there is no way to make an impact on it? Of course, their character is one such mark. It is easy to imagine statues erected in town, or NPCs chatting about the first character to hit max level. But there should be a means for all characters to leave some lasting impact. Given that players can already say whatever they want in chat, breaking immersion, a simple example is the ability to leave a journal. These could even be curated. Other possibilities include geocaching, naming items, plaques that can be erected in various places throughout the world. Player-owned housing is perhaps the most obvious.
TENET 15 Power, fame, and fortune must be possible
A world game should be able to provide all three of these drivers. As with reality, these should not be the only reason to play. Fame is largely supported by communication; fortune by economy and loot. Power can be found even outside the game, in the player’s mind, as they grow in skill and strategy.
TENET 16 The player should have a home
Can you have a world without a home? Some place in the world should feel like your own. Where even the NPCs tend to be supportive of you: merchants give discounts and trainers more assistance. This could simply be your birthplace, your hometown.
The tenets of socialization
TENET 17 There must be no explicit matchmaking
Players must find each other. In fact, a World game should ideally employ the opposite of matchmaking: some players should have barriers preventing that connection. This makes it all the more meaningful when these seemingly unlikely relationships form. There are many ways to accomplish this, including separating players by distance or climate or language. Allowing certain players to engage in PvP is another.
TENET 18 There should be risk in trusting others
Trust can only exist when that trust can be violated. Otherwise there is no trust — just a cold, lack of consequence. By allowing negative consequences through socialization, we enable trust, and so enable more meaningful relationships. For example, a player might grief the group, log out at the wrong time, or simply lack the skill to effectively play their character. They might steal your loot.
TENET 19 Players must be able to communicate with language
The purpose of having a World is to allow the player to tell their own story within it. And what story is worth telling that doesn’t involve real connection with others? Connection with others requires communication. And not just any form of communication, but with language. This communication should extend throughout the game, as much as possible. That is, it should be limited to the tavern, but should naturally extend out to the dungeon as well.
TENET 20 Players should be able to help each other organically
Those that have the means to help should find themselves naturally in proximity to those that might need it. For example, have high-level dungeon entrances in low-level areas. Have new characters start out near big cities.
TENET 21 Cooperation should generally benefit progression
For example, a blacksmith could gather all of her own materials or rely on other players. In some cases, a blacksmith might actually require an enchanter to lend a hand in creating the best equipment. This is not a difficult tenet to design towards; it is more a warning against designing forms of progression that specifically do not lend themselves to cooperation. In many MMOs, solo combat is so fast-paced and rewarding that there is little incentive to try to find a group.
The tenets of the World itself
TENET 22 The World should be persistent
Things can change, but not so frequently that it harms the connection the player has with the World. This is one reason why Minecraft may not work as a World game, and perhaps one reason why the focus on player-generated content in EverQuest Next did not lend itself well to a fun experience.
TENET 23 The World should be shared
There should be no instancing. If you need to come up with elaborate lore and mechanics to facilitate this, then so be it. For example, say all of the top tier raid bosses are spirits that can only be summoned by rare relics. And the spirits can only be hurt by those that share a clan sash with the one who summoned them. Obviously this is terribly contrived. But it demonstrates that it is possible to work backwards from the need of a shared world.
TENET 24 The World should be big
You should move slowly compared to the size of the world. It should always feel as though there is somewhere new to explore.
TENET 25 The World should be open
Big by itself is not enough. Theoretically, you could create a massive, linear world — imagine Ant Hill: The MMO. But that is not sufficient for a World game. Exploration is critical, and so the specific layout of the space is important. For another example, imagine Destiny but with hundreds of expansions. The game would be large by any standard, but it would not be a World.
TENET 26 The World should be alive
To some degree, the World should be the main character. Day and night cycles are a simple start. Other possibilities include transient events or even changes to the landscape over time. The World should be full of surprises, unpredictable. You should come across enemies not normally found in the local climate. You should discover loot normally reserved for much tougher mobs. Emergent gameplay can help here as well. The more mechanics and attributes that can be projected naturally to some underlying physics, the greater the chance for interesting and unique interactions. In the same breath, the World should have history. The best example of this is Hollow Knight, a game that tells the history of the World through visual storytelling, environments, enemy design, dialog, secrets, and journals.
TENET 27 The World should be consistent
The World should carry an underlying consistency through it. The World should feel congruent. Variety, also important, must be tempered.
TENET 28 The World should be varied
Different places within the World should have an identity of their own, through climate or culture or environment. Different environments should encourage different play styles and behavior, even downtime.
TENET 29 The World should have landmarks
The World should be defined by the interesting places within it. More than that, the World should have locations that pull players together. Breath of the Wild does an amazing job with this, whereas it is one of the weaknesses of The Witcher III. In EverQuest, the camps themselves often serve this role — think Treants — showing how landmarks can emerge from gameplay rather than, say, visual interest.

Hi all,
To celebrate the return of Undervalued to the Reddit community, I decided to put together a quick DD and post it on a stock that I have had my eye on for a little while. It's still a "work-in-progress" and I may potentially update it later on Reddit with more information or detail if I have time at some point in the future.
If you have any opinions, thoughts, or additional information, please share it. Positive. Negative. Neutral. All information is helpful and informative to the community. (I thought the feedback received from my first DD posted to this sub was quite helpful and I look forward to what you have to say.)
Thank you to u/BuyLowSellNever for turning the sub back on; allowing us to share and discuss ideas with the broader community in a thoughtful and respectful manner. Best wishes. - LA

Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.

2/9/21 Update: Additional info posted here

We're all familiar with the Hotline Miami's, Hollow Knight's, and Celeste's of the world. These are some of the indie games that hit the big time. Of course, for every one of these games, there's 100 other indie games that have been glossed over, relegated to a spot in a digital store few people will ever find themselves in. I wanted to bring attention to some of these lesser known indie games.
I'm going to order them according to Metacritic Critic Ratings. Some of the games at the bottom have pretty low critic ratings. I personally disagree with the low scores of these games, but it's only fair that you hear from more than just me. Keep in mind that games with only one or two User Ratings on Metacritic will not show the score. A game needs at least three User Ratings on Metacritic before the score will be shown. This is not the case for Critic Reviews.
Price will contain the U.S. PlayStation Store link to the game.
1. Hayfever

• Price: $14.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 2D Precision Platformer
  
• Metacritic: 90% from 1 Critic Review, N/A from 0 User Ratings
  
• Description: Hayfever is a precision platformer that revolves around a mailman propelling himself using a number of different allergens that act as power-ups. A lot of the platforming is aerial and typically has you catching allergens mid-air to perform maneuvers in quick succession. It's not an easy game by any means, but it has oddly relaxing music to accompany the rather intense platforming. There are also letters to collect in each level to steepen the challenge and some secrets to discover too. It takes an hour or so to get used to the aerial platforming, and this is one of the few 2D platformers played better with the analog stick rather than the D-Pad. But letters that seemed unattainable to me at the beginning of the game became much simpler by the end, as I had mastered the controls and physics of the game. I don't expect everyone to love this game, but I have to agree with the one other guy who played it that gave it a 9/10. After putting 25+ hours into it, I am still eager to replay it soon.
  
• Completion Time: ~8 Hours
  
• Extra Content: It'll take another 8 hours or so to collect all the letters and probably about 6 hours or so to beat the Hard World, which features an additional 28 remixed levels. There are also secrets to uncover, but they don't net any in game progress and only work towards your trophy completion. Finding these secrets will probably vary more in time because they are hidden, but expect them to take a few hours to find. Just to clarify, letters are an expanded test of your platforming skills and are all in clear view of the screen, while secrets are a test of your observation skills and take a little more digging to find. The platinum trophy is a fair and rewarding challenge that took me about 25-30 hours to get.
  

2. Valfaris

• Price: $24.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Run & Gun
  
• Metacritic: 80% from 9 Critic Reviews, 63% from 25 User Ratings
  
• Description: Valfaris is one of the best run & gun games I've ever played. You play as Prince Therion who returns to his home planet of Valfaris on a quest to kill his father. It's themed around a fictional planet and has a gross alien vibe coupled with heavy metal music. The music doesn't override the other audio in the game, and it does a nice job of upping the ante when you're fighting a boss – of which there are many. You're equipped with a primary gun, a more powerful mana-based gun, a sword, and a shield that can block with mana or parry. There are a number of weapons to acquire throughout the game, and the guns in particular do a great job of feeling different. You’re able to upgrade your weapons with Blood Metals. Some Blood Metals are found in plain sight, others are rewarded for defeating a tough enemy, and some are given for going off the beaten path. These upgrades typically just up the firepower but will sometimes introduce a secondary move to your weapon. There are checkpoints every two minutes or so, and most bosses will have a checkpoint just before them (only the weaker bosses come after a gauntlet of enemies). The game is a little hard at points, but overall it strikes a nice balance of feeling accomplished for overcoming the challenges without getting overly frustrating.
  
• Completion Time: ~8 Hours
  
• Extra Content: There are a few secrets to find throughout the game that are off the beaten path, though I was able to find 2/3 of them on my first playthrough. I found all but one weapon as well. The replayability comes from New Game+, which allows you to take all your upgraded weapons into a harder version of the game. Since the weapons all function a bit differently, this can be lots of fun. Getting the platinum trophy is somewhat difficult.
  

3. Four Sided Fantasy

• Price: $9.99
  
• Picture: Link
  
• Trailer: Trailer
  
• Genre: 2D Puzzle Platformer
  
• Metacritic: 80% from 3 Critic Reviews, N/A from 1 User Rating
  
• Description: The premise of the game is a fusion of side scrollers and oldschool fixed screens that teleport you to the opposite side of the screen when you pass through one side - think Pac-Man, arcade Mario Bros., or Balloon Fight. You will find obstacles in your path that are impenetrable in a typical side scroller, but can be overcome by holding a button to turn the screen into a fixed screen that allows you to pass through one side and out through the other end. This is a totally unique take on a puzzle platformer I haven't seen before, and all five worlds bring something new to the table. For example, World 2 will flip you upside down when you pass through a screen, allowing new types of challenges as a result. There's more emphasis on the puzzle elements than the platforming.
  
• Completion Time: ~2 Hours
  
• Extra Content: There is a New Game+, but from what I could tell from the beginning it wasn't a whole lot different. Still, there's a trophy for completing New Game+ and some other fun trophies. Unfortunately, like many early generation indie games, this one has no platinum trophy.
  

4. Bleep Bloop

• Price: $3.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 2D Puzzle Adventure
  
• Metacritic: 80% from 1 Critic Review, N/A from 0 User Ratings
  
• Description: This game revolves around using two square characters who fling themselves from one end of the room to the other to reach an exit. You must position yourself in such a way that you use each character's body to get around the level. Each world introduces a new mechanic to keep things fresh. The whole game is played only using the two analog sticks (the d-pad and face buttons work, but the two analog sticks are best, in my opinion). It can also be played in local co-op, however with how often you have to fling yourself around, coordinating the correct movements to the other player would be exhausting, and it is easier to experiment yourself.
  
• Completion Time: ~3.5 Hours
  
• Extra Content: There's really no extra content, but $4 for what's almost a 4 hour game isn't bad. There is an easy platinum trophy however.
  

5. Horizon Shift ‘81

• Price: $8.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 1980s Arcade-like Fixed Screen Shoot ‘em Up
  
• Metacritic: 80% from 1 Critic Review, N/A from 0 User Ratings
  
• Description: This is actually a sequel to the Steam exclusive Horizon Shift, which sports a different aesthetic and isn’t quite as good from what I’ve read. Horizon Shift ’81 mimics the look of a fixed screen shoot ‘em up from the early 1980s but comes with a few twists of its own. Your ship is positioned in the middle of the screen on a horizontal line rather than the bottom, and you have to flip between sides to deal with enemies coming from both the top and the bottom. The line can be broken in different places – leaving a gap where you can fall to your death – by asteroids and certain projectiles. This is where the expanded moveset comes into play: you can jump between gaps and also over enemies who attach themselves to the line. Enemies on the line can also be taken out with a horizontal shield bash that regenerates after a few seconds. There is a boss after every five stages, some of which will actually bring the line down to the bottom of the screen, while others retain it in the middle. Horizon Shift ’81 has a number of customizable settings that change everything from the aesthetics, to the difficulty, to the checkpoint/lives system, to the speed of the game, and more. The two main modes are a choice between three lives with a checkpoint before and after every boss, or a checkpoint at the beginning of every level but only one life.
  
• Completion Time: ~3.5 Hours (Normal Mode on Arcade Style)
  
• Extra Content: There are a number of ways to customize your future playthroughs, and there’s an unlockable boss rush mode after finishing the game. The few trophies are relatively easy to obtain. There is no platinum trophy for this game.
  

6. Daggerhood

• Price: $4.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 2D Platformer
  
• Metacritic: 77% from 2 Critic Reviews, N/A from 2 User Ratings
  
• Description: Daggerhood's main hook is the use of its sword teleportation mechanic. You throw your sword with a button, and you press the same button again to teleport to where the sword is. While this is a mechanic that has been seen in some Metroidvanias, I haven't seen a tight, linear 2D platformer make use of this mechanic before. Each level has a number of collectibles and some small side sections as well, but for the most part the path to the finish is clear - it's just the execution that's the tricky part. Add in teleportation portals to make things even trickier.
  
• Completion Time: ~2.5 Hours
  
• Extra Content: As this is a Ratalaika Games published game, the platinum trophy only takes about 1-1.5 hours to achieve. You can get it well before you even finish the game, which is a shame because the game had all the makings for a fun platinum trophy. There are tons of collectibles in each level, and each level records your time. So there is a lot here to extend to the playtime.
  

7. Momodora: Reverie Under the Moonlight

• Price: $9.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Metroidvania
  
• Metacritic: 76% from 22 Critic Reviews, 73% from 39 User Ratings
  
• Description: Usually with Metroidvanias, I expect a long, difficult game that's difficult to navigate. Momodora: Reverie Under the Moonlight is a counter to those ideas while still maintaining the exploratory nature of the sub-genre. The plot is pretty simple and doesn't feature a ton of story, but there are a few NPCs you talk to throughout your quest. The combat is also fairly simple, but the boss fights you engage in are all great. Without much weapon customization, it's stripped to the basics of dodging enemy attacks while trying to get a hit in. It makes for a game that's easy to get into and instantly start enjoying. All of the areas are visually appealing, some more than others, and each of them lasts shorter than you'd expect. The game is only around 3-5 hours, but it feels like you've played so much more in that time. Some games only really start to take off by the time this game finishes.
  
• Completion Time: ~4 Hours
  
• Extra Content: Getting 100% map completion should only take an hour or two of cleanup. I did miss an optional boss on my first playthrough. There are also items to discover, and the trophies give fun challenges to extend the life of the game. Unfortunately there is no platinum trophy for this game. One cool thing I liked was that beating a boss without getting hit at all gives you a useful item. It also features New Game+, allowing you to carry over most of your items, making the game more difficult, and changing up enemy placement.
  

8. Ultra Hat Dimension

• Price: $4.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 2D Level-based Puzzle Game
  
• Metacritic: 76% from 2 Critic Reviews, 80% from 2 User Ratings
  
• Description: Ultra Hat Dimension follows Bea through a series of rooms in a palace on a quest to undo the magical spell that has made the mythical Spluff creatures want to attack one another. There is a little bit of backstory via one sentence thoughts from Bea in between levels, but nothing major here. The gameplay revolves equipping four different types of hats and using them to evade or push Spluffs around to retrieve the key and reach the door. Each Spluff dons one of four different hats which effects their behavior towards other Spluffs and you. You will be punched one tile back by every Spluff unless you’re wearing the same hat as the Spluff. Spluffs interact with one another differently depending on what hat they’re wearing in a rock, paper, scissors kind of way – they may punch a Spluff back one space, get into a scuffle that allows you to get close to them without wearing a hat, or they may temporarily disable them in a way that allows you to access the space the Spluff consumes within eight moves. There are undo and reset buttons included that allow you to quickly rewind mistakes. There are some clever puzzles accompanied by catchy tunes and a charming pixel art aesthetic. The difficulty is about average.
  
• Completion Time: ~3 Hours
  
• Extra Content: Since this is published by Ratalaika Games, getting the platinum trophy can be obtained after only clearing 2/3 of the levels. There are a few custom maps on the PC version of the game but no additional content on consoles.
  

9. Remothered: Tormented Fathers

• Price: $29.99
  
• Picture: Link
  
• Trailer: (Slightly Graphic) Link
  
• Genre: Survival Horror
  
• Metacritic: 75% from 13 Critic Reviews, 77% from 53 Ratings
  
• Description: Remothered: Tormented Fathers feels very old school in its design philosophy - no weapons outside a few self defense items and distraction items. You go back and forth in the mansion and have to learn the layout and where things are to proceed. You have to manually select the key item from your inventory to use on triggers (but a key icon is still shown to guide you a little). The sounds in this game do a great job of evoking tension, and I appreciate that the stalkers don’t seem to teleport, so if you can get away from them, you’ve earned your freedom for awhile. This is the first game in a loosely connected trilogy, with the second one due later this year.
  
• Completion Time: ~6 Hours
  
• Extra Content: There are some collectibles you can go back for, but not a whole beyond that. Unfortunately there is no platinum trophy for this game, and you'll probably get most of the trophies - if not all, except the collectibles one - on your first playthrough.
  

10. Reverie

• Price: $12.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Zelda-like Top Down Action Adventure
  
• Metacritic: 75% from 1 Critic Review, 55% from 11 User Rating
  
• Description: Reverie is a mix between Zelda’s gameplay, Earthbound’s aesthetic and humor, and a New Zealand folktale – the legend of Maui and the Giant Fish. Instead of the more traditional sword and shield style fantasy, Reverie instead opts for items and tools a modern boy is more likely to find in his possession, like a cricket bat, a yoyo, and a nerf gun. Similarly, the first dungeon is grandpa’s basement, where you’ll square off against a giant hedgehog and a tumble dryer. That said, the game does get more fantastical with the last two locations, particularly the last one. It’s a relatively easy game overall, though the fourth and especially fifth dungeon offer up a moderate challenge. The indie scene has produced a lot of Zelda-like games in recent years, but this is the only one I know of that isn’t your standard medieval fantasy.
  
• Completion Time: ~5 Hours
  
• Extra Content: There are feathers to collect, mini games to play, and a combat focused bonus dungeon to beat. That said, a lot of this stuff is easy to stumble upon in the main quest, so you’re probably looking at about two or three hours’ worth of content after beating the game to complete everything and get the platinum trophy.
  

11. Inertial Drift

• Price: $19.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Racing
  
• Metacritic: 74% from 6 Critic Reviews, 50% from 1 User Ratings
  
• Description: Inertial Drift's distinguishing characteristic is its employment of the right analog stick for drifting. This takes a little getting used to, but it feels great once you get the hang of it, creating some exhilarating moments when perfecting corner turns. The game has 10 unique tracks + 10 reversed tracks, 16 vehicles, and four separate story arcs. Each story arc is only a couple of hours long and features a different protagonist with a different vehicle. Since you’ll be racing on the same track a few times, there are a few gameplay variations that differ from just reaching the finish line at the end, such as racking up a certain number of points that are acquired through longer drift times and other means. There's quite a bit of dialogue between races, and in the races themselves characters will frequently dish out positive commentary on your performance in the form of text in the top left hand corner of the screen. The game's aesthetics are a fusion of anime and synthwave. I've heard many fans liken the game to the manga Initial D, though I'm unfamiliar with that series myself.
  
• Completion Time: ~3 Hours (for 1/4 Story Arcs)
  
• Extra Content: There are a number of different modes including a Story Mode, Challenge Mode, Grand Prix Mode, Arcade Mode, two player Split-Screen, and Online, as well as a Tutorial. Completion of challenges in Challenge Mode allows you to unlock new vehicles for the other non-Story Modes. Grand Prix Mode allows you to race using different characters/vehicles through a connected set of challenges, while Arcade Mode is for one-off races. I wouldn't recommend this game for online play as the user-base is pretty small (hence it being overlooked) and you're unlikely to find a match. Getting the platinum trophy is fairly difficult.
  

12. Cursed Castilla (Maldita Castilla EX)

• Price: $11.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 2D Action Platformer
  
• Metacritic: 73% from 6 Critic Reviews, 72% from 13 User Ratings
  
• Description: This is an action platformer that emulates arcade games from the latter half of the 1980s, but it is probably most reminiscent of Super Ghouls 'n Ghosts. The creator, Locomalito, states that the soundtrack uses the true arcade sound of the YM2203 chip. The game is hard, but the checkpoints are never more than a minute or two apart, and the lives' system/continue system has no penalties outside of locking you out of trophies. This is a very boss dense game - in the ~4 hour run-time it takes to complete the game, you fight 19 bosses. The handful of weapons and items you pick up helps lend variety to the combat, and no two boss fights feel the same.
  
• Completion Time: ~4 Hours
  
• Extra Content: The game has two endings. Most players will get the bad ending the first time around and be locked out of the final stage (which is the longest stage in the game). You do have to play through the game again to get the good ending, but you'll likely do it in half the time. If you want to see all the major content on your first go around, I recommend looking up how to get the good ending before you play the game. As far as trophies are concerned, the platinum trophy is very difficult to obtain. If you like an extreme challenge, this one's for you.
  

13. Pato Box

• Price: $14.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Punch-Out-like 3D Action Adventure
  
• Metacritic: 71% from 4 Critic Reviews, N/A from 1 User Ratings
  
• Description: Pato Box follows an anthropomorphic duck boxer on an adventure through a stylistic noir comic book world. “Pato” is a Spanish word that translates to “Duck” in English (the game was developed by a Mexican studio). The boss fights are heavily inspired by Punch-Out’s gameplay, but there are levels outside of these fights to help differentiate it. Most of the levels can be selected in any order you choose and typically serve as a leadup to the boss fight. Bosses are usually introduced by a cutscene followed by some dialogue taunting Pato Box. The levels play entirely differently from the fights, but the themes of the level match those of the bosses. The levels will employ various elements of evasion, stealth, exploration, and a few time-based mini-games. The casino level, for example, will have you walk around the casino looking for chips and punching the slot machines to earn enough to pay entrance to the fight, while the food factory has you evading stompers, sawblades, and butcher knives as you work your way through the level. There are variety of things to find throughout the levels: tokens for decorations in Pato Box’s room, backstory on the boss of the level and the world, and tips on how to win the upcoming fight. The fights themselves lock Pato Box in the middle of the screen, allowing you to block, juke left or right, and perform a low or high jab to the left or right. The game foregoes a HUD in favor of a visual representation of your health via scars on your body, which I thought was a nice touch. While the levels and bosses play pretty differently from each other, they’re weaved together by a dark and intriguing story that follows Pato Box’s quest for retribution against an evil corporation.
  
• Completion Time: ~7 Hours
  
• Extra Content: There’s an Arcade Mode that lets you replay boss fights and some collectibles to find in the main campaign. The trophies are very difficult, and many ask you to beat a boss without taking a single hit.
  

14. The Count Lucanor

• Price: $14.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Top Down Adventure/Horror
  
• Metacritic: 70% from 2 Critic Reviews, 66% from 10 User Ratings
  
• Description: The Count Lucanor’s story is very fairy tale-esque – more like a classic fairy tale as it can be pretty dark and grotesque at times. On his 10th birthday, Hans chooses to leave his mother in a quest for wealth. After some walking and conversation with NPCs you find along the way, you stumble upon a large mansion and find that the count of this mansion is looking to pass his wealth onto an heir who can prove himself worthy – “worthy” in this case being the one who can figure out the count’s name. From here, you are tasked with adventuring through the mansion and solving environmental puzzles in a nonlinear way to acquire the letters that spell the count’s name. There is a survival horror element to the game, as you are unable to attack the enemies in the mansion and instead must crawl under tables and find other ways around them. You can place candles around the mansion to light it up to help you better evade enemies, but your usage is limited (though you can find more).
  
• Completion Time: ~4 Hours
  
• Extra Content: There are five different endings and some puzzles/rooms you don’t even have to do. This could double your playtime – maybe even more if you don’t use a guide. The platinum trophy requires every ending and a few other things but is pretty easy to get if you use a guide.
  

15. The Bunker

• Price: $19.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: FMV Point & Click Adventure/Horror
  
• Metacritic: 69% from 14 Critic Reviews, 59% from 39 User Ratings
  
• Description: The Bunker is an FMV point & click adventure, meaning it features real actors and environments just like a live action movie. Many of the actors involved have been in high profile movies/TV shows as well, including The Hobbit, Game of Thrones, Star Wars, and Penny Dreadful. The game takes place in a fallout shelter and follows the last survivor as he tries to find a way outside following the death of his mother, after living 30+ years in the bunker. The gameplay has you solving puzzles and finding ways to proceed to the next area. The story is the focal point of the game though, and it frequently switches between the past and the present to tell its story. There’s a good juxtaposition between the lively past and the lonely present that makes you question how the protagonist ended up as the last survivor. There’s only one narrative choice to make in the game, and it comes at the very end. The game also works in handheld mode with touchscreen functionality if you'd prefer to play it that way.
  
• Completion Time: ~2. Hour Completion Time*
  
• Extra Content: You can replay the game and try to find all the collectibles. Most of them give more background on the story. You can trigger the ending you did not choose the first time around by simply reloading the last checkpoint, so there is no need to play through the whole game again to unlock it. Getting the platinum trophy is fairly easy.
  

16. A Tale of Paper

• Price: $14.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 3D Platformer
  
• Metacritic: 60% from 4 Critic Reviews, 70% from 3 User Ratings
  
• Description: A Tale of Paper takes direct inspiration from Little Nightmares, sporting the same sideview camera angle and minimalist narrative. It’s a little less creepy and has the interesting twist of transforming into a variety of different origamis on the fly: from a little alien creature, to a frog, to a ball, to a paper airplane, etc., all with the push of a button. You’ll use a combination of different origami shapes to overcome the obstacles in the area, and you’ll be accompanied by some gorgeous sceneries in the process. The gameplay is pretty easy in both its platforming and puzzles, making it an easygoing, movie-esque kind of game. While the story is minimalist, it results in a satisfying conclusion, and it really feels like you’ve been through quite a journey even with the short runtime. The game evokes the feeling of being a tiny specimen in a larger-than-life world – Toy Story 2 is probably the most apt comparison I can make. Outside of Little Nightmares, I haven’t played another game quite like this.
  
• Completion Time: ~1.5 Hours
  
• Extra Content: I got seven of the eight origami collectibles in my first run-through. The trophies also only offer a few extra things to do, but I’d recommend reading the list of trophies before you play the game if you want to get the relatively easy platinum trophy.
  

17. Late Shift

• Price: $12.49
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Interactive Film
  
• Metacritic: 59% from 15 Critic Reviews, 68% from 52 User Ratings
  
• Description: If you liked Detroit: Become Human or Until Dawn, Late Shift will be right up your alley. This game is a bit different from both those titles in that it's an FMV, with the gameplay solely consisting of the choices you make. You receive prompts at key moments in the story on what you want your character to do next, and this effects the outcome of the game. It plays more like Black Mirror's Bandersnatch, though this game came before it. The story follows an everyman who gets tangled up in London's criminal underground just as a result of being in the wrong place at the wrong time.
  
• Completion Time: ~1.5 Hour Completion Time*
  
• Extra Content: There are 180 choice points and 7 different endings. There is a platinum trophy, and I only got 4 out of 21 of the trophies on my first playthrough. There are a number of different routes to take with the game.
  

18. SINNER: Sacrifice for Redemption

• Price: $18.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Soulslike Action Adventure
  
• Metacritic: 57% from 8 Critic reviews, 38% from 15 User Ratings
  
• Description: SINNER: Sacrifice for Redemption is a Soulslike boss rush - there are no levels and only small area before each boss to practice your moves. There are eight bosses, the first seven allowing you to fight in any order, each representing the seven deadly sins. You are equipped with everything the game has to offer from the beginning (except for the New Game+ weapon they give you), and instead of becoming more powerful, you gradually lose things with each boss you defeat, hence the “sacrifice” in the title. It’s like a reverse RPG. Each boss has a different sacrifice associated to it – one may deplete your throwing items’ usage, while another will deplete your health and stamina. Picking the best order to fight them in adds a little strategic thinking to the game, as you may be more dependent on your large health and stamina bar more than your throwing items’ usage, for example. The game is fairly difficult, so your victories over each boss feel very gratifying when they do come.
  
• Completion Time: ~5 Hours
  
• Extra Content: There is New Game+ that offers you an additional weapon. The trophies task you with a few things you have to pull off in battles, and the platinum trophy is pretty easy to obtain.
  

19. Verlet Swing

• Price: $14.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: 3D Platformer
  
• Metacritic: N/A from 0 Critic Review, 80% from 2 User Ratings
  
• Description: Verlet Swing’s aesthetic is as intriguing as its gameplay: you are tasked with grappling and swinging yourself across these vaporwave styled levels without hitting anything. The levels are all very short, but you’re likely to play many levels dozens of times before even finishing it… just to get a 1/4 rank. The ranking system is actually very cool, in that it encourages you to find alternative paths or sometimes just building up more momentum to get to the end faster. Most levels do seem to have a set path, but at the same time, with the proper grappling of the mechanics, you can forge your own, which is a game in itself.
  
• Completion Time: ~7 Hours
  
• Extra Content: There’s an in game challenge menu that mostly recycles a lot of the base game content – though there’s a particularly funny one that switches the perspective to third person to play as a knockoff Spiderman. You can also go back and try to get the best possible time for each level. Getting the platinum trophy is extremely hard and I believe is at 0.1% completion.
  

20. Neon Drive

• Price: $9.99
  
• Picture: Link
  
• Trailer: Link
  
• Genre: Rhythm
  
• Metacritic: N/A from 0 Critic Reviews, 70% from 7 User Ratings
  
• Description: Neon Drive is a challenging rhythm game with a synthwave aesthetic and appropriately matching music. The objective of the game is to evade the obstacles coming at you by transitioning between four lanes at the right moment using either two of the face buttons, D-Pad, or shoulder buttons. Personally I found the shoulder buttons worked best. The game will occasionally transform you into other vehicles that mix the gameplay up a bit - one notable example is when you turn into a plane and transition between eight lanes in a 360 degree orientation. There are only eight levels that are all about three minutes in length if you were to beat them with no deaths, with two checkpoints and two health points that regenerate between checkpoints. While this all sounds very generous, most of these levels will still take you dozens of tries, though the life reset is almost immediate so you can get back into the action right away.
  
• Completion Time: ~3 Hours
  
• Extra Content: There are two harder difficulties, an endurance mode that sees how long you can go without dying, a free run mode that allows you to play through the game without reset (only unlocked after beating each level), and online leaderboards. The trophies are very hard to get, and there is no platinum trophy.
  

Conclusion
My top 5 on the list in order would be the following: (1.) Hayfever, (2.) Valfaris, (3.) Cursed Castilla: (Maldita Castilla EX), (4.) Momodora: Reverie Under the Moonlight, and (5.) Bleep Bloop.
Have you played any of these games? What are some other overlooked single player indie games?
If you’re looking for more indie games to play, see my post here:

• 225 Local Multiplayer Games from 45 Different Genres to Play on PlayStation 5
  
• 10 Upcoming Indie/AA Games