Oppenheimer analyst Martin Yang notes Unity announced that Unity Industrial Collection, a collection of tools for industry customers, will be replaced by Unity Industry starting April 3, 2023. On the same day, Unity also announced Terms of Service changes for industry customers. New ToS requires industry customers making more than $1M per year to use Unity Industry to access Unity Editor. After a brief discussion with the company, the firm believes the latest announcement is consistent with management’s strategy to raise prices to premium customers as Unity invests more and incorporates more products and services into its product bundles. Oppenheimer expects recent changes to lift incremental revenue and margin by Q4 2024. The firm has a Perform rating on the shares.
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