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Hedge fund manager Samantha Greenberg said the video game industry could evolve into a subscription-based model like Netflix or Hulu as consolidation between the largest developers pools more and more content.
"We're in the early stages of trying to figure out how a subscription model would work," Greenberg said in an exclusive interview with CNBC Pro at the Delivering Alpha Conference in New York last month. "You need enough content to keep users paying for each month for a subscription. It argues even more for future consolidation in the industry so that you create enough of a library of content and a released slate of content in one company that you could really launch a viable, compelling subscription product."
The manager also revealed Take-Two Interactive — a New York-based video game software developer — as her best stock pick during the conference. Greenberg explained that developers like Take-Two are evolving to a more predictable and steady revenue model, another positive trend for investors.
"It used to be a very hit-driven business tied to new game releases," she told CNBC's Jeff Cox. "Today the industry, because gaming consoles are connect to the internet, you're starting to see more and more of a recurring revenue base build up because game developers, after the initial purchase of a game, can offer extra content whether it is expansion packs, content refreshes, special events and tournaments."
Greenberg is the founder and chief investment officer of Margate Capital Management. Margate pursues a thematic, catalyst-driven fundamental long-short equity strategy focused on investments across the technology, internet and consumer sectors. The firm oversees $216 million in asset under management, according to its latest investment advisor filing.