Content creation is a hit making business. Video games, movies, tv shows, music, literature, etc. People are passionate and work in the industry because it’s a

Content creation is a hit making business. Video games, movies, tv shows, music, literature, etc. People are passionate and work in the industry because it’s a creative effort and you can make a lot of money. But as an investor you should value content businesses with low multipliers because it is difficult to repeat the success. This is also why sequels, formulaic stories, downloadable content, subscriptions, and all manner of solutions to derisking content is applied because of the inherently risky nature of hit making businesses.