This was the takeaway point for me (which was depressing):
"Traditional games developers are really difficult for any investor to fund. They look like quite late-stage businesses: they may have hundreds of staff, millions in turnover and a proven track record. But fundamentally, they are always just one deal away from bankruptcy. They look like startups from a risk perspective but are like late stage investments from a reward perspective."
I'm surprised that what passes for "traditional games" even gets made at all: huge budgets (which means that the moneymen have too much power for anything decent to be produced), excellent ($$) graphics, but mediocre game design at best. It seems like they're studios for 30-second ads rather than games.
"Traditional games developers are really difficult for any investor to fund. They look like quite late-stage businesses: they may have hundreds of staff, millions in turnover and a proven track record. But fundamentally, they are always just one deal away from bankruptcy. They look like startups from a risk perspective but are like late stage investments from a reward perspective."