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本文接上篇（20210425期）内容，
【上期思考题答案公布】
1. First, is esports actually flourishing during the pandemic?
3. Second, is the hype warranted and driven by the financial success of esports, or more by their increasing visibility?
3.Third, investors are drawn to gaming properties focuses on the allure of SPACs around esports. 【出现在本期】
The first two reasons — increased visibility during the pandemic in replacing shuttered traditional sports on TV networks like ESPN and the increasing media coverage of esports — are important because they provide a kind of shiny veneer that obscures the answer to two fundamental questions.
前两个原因——疫情期间电子竞技在娱乐体育节目电视网等电视网络上取代了停滞的传统体育运动，知名度不断提高，加上媒体对电子竞技的报道不断增多——非常关键，因为它们为电子竞技披上了一层光鲜的外衣，从而模糊了两个基本问题的答案。
注意这段话的first two reasons和 two fundamental questions是不一样的哈
1.visibility: the situation of being noticed by people in general
2.shutter: to close a business, office etc for a short time or permanently
3.veneer: an outer appearance of a particular quality that hides the true nature of sb/sth
4.obscure: to make something difficult to know or understand
疫情下，人们居家娱乐更为活跃，电子游戏成为投资者十分看好的领域，这一趋势背后的原因及未来面对的投资风险又是怎样的呢？
Activision Blizzard intended 2020 to be the year the Overwatch and Call of Duty leagues would
capitalize on
the company’s vision of creating an esports setup that mirrored traditional sports.
Teams would host events before live audiences, traveling from one host site to another.
翻译划线句，长按文末小程序码打卡，答案下期公布~
在2020年，动视暴雪计划2020让《守望先锋》和《使命召唤》两大联盟，利用该公司的愿景，打造一个对标传统体育的电子竞技架构。参赛队伍将在现场观众面前比赛，队伍将在各个线下主办地之间转场参赛。
Covid derailed those plans just as they were beginning, and while both leagues held online competitions from remote locations, a
linchpin
of their economic model — one in which esports teams have access to local market revenue through ticket and merchandise sales, as well as regional corporate sponsorships — completely fell apart. Ahead of the 2021 season for both leagues, Activision Blizzard laid off its esports events team.
这些计划刚开始就被新冠病毒打乱了，虽然这两个联盟都在远程举办线上比赛，但其经济模式的一个关键——电竞团队通过销售门票和商品以及当地企业赞在当地市场获得收入——完全破灭了。动视暴雪在这两个联盟的2021年赛季之前解雇了其电竞活动团队。
Newzoo, an oft-sited market analysis site that has long been bullish on esports’ revenue potential, revised down its projections for the esports industry in 2020 from $1.1 billion to about $950 million. These downward adjustments reflect the risk assessed by investors in the market.
“新动物园”是一个热门的市场分析网站，长期以来一直看好电子竞技的收入潜力。该网站将其对2020年电子竞技行业的预测从11亿美元下调至约9.5亿美元。这些下行调整反映了市场投资者对其风险的评估结果。
Chapman’s third reason investors are drawn to gaming properties focuses on the
allure
of SPACs around esports. A SPAC is a Special Purpose Acquisition Company created for the
sole
purpose of
going public
. Also known as ‘blank-check’ companies, SPACs are solely formed to raise funds in an initial public offering (IPO). It then uses the funds to acquire a private company (in this case, an esports company), effectively bringing it to the stock market more quickly and with fewer regulatory
filings
.
查普曼认为，投资者被游戏产业吸引的第三个原因是围绕电子竞技成立的空壳公司的吸引力。空壳公司是指专门为上市而设立的收购公司。它也被称为“空白支票”公司，它的成立仅仅是为了在首次公开募股中筹集资金。然后用筹集到的资金收购一家私营公司(在本案例中是一家电子竞技公司)，从而有效地加快了私营公司的上市速度，减少了监管备案文件。
“SPACs tend to take companies before they have truly proven themselves, and in essence, they are competing against traditional investment firms that were waiting for these companies to mature through traditional funding rounds,” Branagan said. “With SPACs, this process is skipped, and the company goes public at an often-inflated valuation.”
布拉纳根表示，“空壳公司倾向于在被并购方公司真正证明自己的价值之前就出手收购它们，本质上，空壳公司是在与传统投资公司竞争，后者通过传统多轮融资等待这些公司成熟。”“有了空壳公司，多轮融资的过程就被跳过了，公司上市时的估值往往被夸大了。”
本文节选自：The Washington Post（华盛顿邮报）
发布时间：2021.04.13
作者：Ellen Zavian
