TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Roblox goes public at USD$38.3bn (£27.5bn) valuation; EA employee allegedly selling FUT cards; and Epic Games acquires Capturing Reality. Roblox goes public at USD$38.3bn (£27.5bn) valuation User-generated game creation platform Roblox has gone public on the New York Stock Exchange via a direct listing, garnering a closing price of USD$69.50 (£50.02) per share, representing a total valuation of USD$38.3bn (£27.5bn). This marks a notable increase from the reference [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: EG7 acquires Innova for €109.8m (£94.91m); Rivalry raises USD$20m (£14m); and Frogwares accuses Nacon of selling hacked version of The Sinking City. EG7 acquires Innova for €109.8m (£94.91m) Stockholm-based video game holding company Enad Global 7 (EG7) has announced that it is set to acquire Luxembourg-based publisher Innova Intellectual Properties for a total estimated consideration of €109.8m (£94.91m), paid wholly in newly-issued shares. Russian-owned Innova is best known [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Saudi Wealth Fund invests USD$3.3bn (£2.4bn) in gaming; Apple subpoenas Valve; and Netmarble acquires Kung Fu Factory. Saudi Wealth Fund invests USD$3.3bn (£2.4bn) in gaming The Public Investment Fund (PIF) of Saudi Arabia invested USD$3.3bn (£2.4bn) in three publicly-listed US gaming companies in the fourth quarter of last year, according to a quarterly filing with the US Securities and Exchange Commission (SEC). Specifically, the fund chaired by Crown [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Embracer Group sales up 44%; Artie raises USD$10m (£7.2m); and Epic submits EU antitrust complaint against Apple. Embracer Group sales up 44% Embracer Group has released its financial results for the third quarter of its 2020-2021 fiscal year, revealing that its net sales increased by 44% to SEK2.168bn (), with its video game operations climbing to SEK1.356bn, up 62% year-over-year. Profitability also increased sharply, with operational EBIT near-doubling [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: PS5 drift lawsuit filed against Sony; Final Level raises R$8.5m (£1.1m); and redundancies at 22cans. PS5 drift lawsuit filed against Sony United States law firm Chimicles Schwartz Kriner & Donaldson-Smith LLP (CSK&D) has filed a class action lawsuit against Sony, alleging that PlayStation 5 controllers are “defective” due to consistent drift issues, whereby movement is registered by the console despite there being no input from the user. Moreover, [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Nintendo boosts revenue forecast to JP¥1.6tn (£11.1bn); Sumo Group acquires PixelAnt Games; Riot Games again seeking arbitration in gender discrimination lawsuit. Nintendo boosts revenue forecast to JP¥1.6tn (£11.1bn) Nintendo has increased its revenue forecast for its 2020-2021 financial year to JP¥1.6tn (£11.1bn), following a quarter in which it eclipsed its previous target of JP¥1.4tn (£9.75bn). For the nine months ended 31st December 2020, the Japanese games industry mainstay [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Opera acquires YoYo Games; multiple studios fined for geoblocking; and Visionary Realms secures seven-figure investment. Opera acquires YoYo Games Internet browser developer Opera has announced that it has acquired Dundee-based YoYo Games for approximately USD$10m (£7.3m). The acquired firm, which operates 2D game engine GameMaker Studio, will be combined with gamer-oriented browser Opera GX in a new subsidiary division, termed Opera Gaming. GameMakerStudio increased its userbase by 400,000 [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: ESA to pause political donations; Capcom breach affecting up to 390,000; and Microsoft-bound Bethesda secures Indiana Jones licence. ESA to pause political donations The Entertainment Software Association (ESA) has announced that it will be suspending donations to individuals through its political action committee (PAC) vehicle, following the attempt by multiple beneficiaries of their contributions to overturn the result of the US presidential election, amid a violent siege on [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: CD Projekt under consumer protection scrutiny; Publicis launches dedicated gaming offering; and Venatus hires seven amid 38% growth. CD Projekt under consumer protection scrutiny CD Projekt has fallen under the scrutiny of the Polish Office of Competition and Consumer Protection (UOKiK) over the poor technical performance of its recently-released flagship title Cyberpunk 2077 on PlayStation 4 and Xbox One consoles. As outlined by UOKiK press officer Małgorzata Cieloch [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Epic Games acquires Rad Game Tools; Tapjoy reaches settlement with the FTC; and Juked closes crowdfunding campaign at USD$1.07m (£788,000). Epic Games acquires Rad Game Tools Epic Games has announced that it has acquired Rad Game Tools, a software development operating out of Kirkland, Washington, for an undisclosed sum. Executives have confirmed that RAD’s technology is set to be integrated within Epic’s Unreal Engine, while the acquiree will [...]