TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Nintendo targeting record annual sales; Team17 records 34% revenue increase; and Fomo Games raises TRY₺17m (£1.6m). Nintendo targeting record annual sales Nintendo is targeting a record year in terms of both software and hardware sales, in direct contrast with more pessimistic analyst expectations, according to unnamed internal sources speaking to Bloomberg. Executives at the Kyoto-based firm are predicting that a packed release slate ranging from first-party IP, such [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Zynga acquires Echtra Games; AppLovin files S-1 ahead of IPO; and Vungle secures GameRefinery acquisition. Zynga acquires Echtra Games Zynga has announced the acquisition of multiplatform developer publisher Echtra Games, best known for its role in the creation of the Diablo and Torchlight franchises, for an undisclosed sum. The purchase marks the latest development in Zynga’s nascent expansion outside of its traditional mobile background, following its partnership with [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Epic Games acquires Mediatonic; Maestro secures USD$15m (£11m); and All-Star Games raises USD$1.5m (£1.1m). Epic Games acquires Mediatonic Epic Games has announced that it has acquired Tonic Games Group, best known for its Mediatonic division which released the popular Fall Guys: Ultimate Knockout title. Other studios under the Tonic umbrella include Irregular Corporation and Fortitude Games, which have released titles including Murder by Numbers, Gears Pop, and Yahtzee [...]

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: Playtonic launches publishing division; Remedy reports record revenue; and Nitro Games revenue climbs by 43.5%. Playtonic launches publishing division British developer Playtonic Games, best known for Yooka-Laylee franchise, has announced that it has launched an internal publishing division for third-party indie titles, dubbed Playtonic Friends. At launch, the Burton-on-Trent-based firm has partnered with three studios, namely Awe Interactive; Fabraz; and Okidokico, to support the release of three as-yet [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Asmodee acquires Board Game Arena; Mighty Kingdom pursuing IPO; and 3D Aim Trainer secures €1m (£877,000). Asmodee acquires Board Game Arena Guyancourt-based board and card game distributor Asmodee has announced that it has acquired digital board game platform Board Game Arena (BGA) for an undisclosed sum. According to Asmodee executives, BGA has a userbase of five million players and a catalogue of 250 titles, while the platform has [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Zynga posts record revenue and loss; Tencent invests in Bohemia Interactive; and Digi Game trio secure funding from WePlay Ventures. Zynga posts record revenue and loss US mobile developer-publisher Zynga has reported company-record annual revenue of USD$1.97bn (£1.42bn) over 2020, representing a 49% increase from last year. The record takings were driven by sharp increases in user pay revenue, up 59% to USD$1.67bn (£1.21bn), and advertising revenue, which [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: tinyBuild adds three studios; SplashLearn raises USD$18m (£13m); and Nazara Technologies secures INR₹1bn (£9.92m) ahead of IPO. tinyBuild adds three studios Seattle-based publishing group tinyBuild has announced the acquisition of three studios across the United States and Russia, namely We’re Five Games; Hungry Couch; and Moon Moose. Financial terms for the transactions have not been disclosed, however it has been confirmed that each studio will continue to operate [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Embracer Group in USD$2.59bn (£1.89bn) acquisition haul; Nexters to go public via SPAC; and Anzu.io raises USD$9m (£6.6m). Embracer Group in USD$2.59bn (£1.89bn) acquisition haul Embracer Group has announced the acquisition of three companies, namely Borderlands developer Gearbox Entertainment; mobile studio Easybrain; and independent developer-publisher Aspyr Media, for a maximum total consideration of USD$2.593bn (£1.897bn). Firstly, Texas-based Gearbox Entertainment was secured for an initial purchase price of USD$363m [...]