TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: GameStop posts USD$165m (£130m) loss; Playrix acquires Cateia Games; and Nintendo confirms 300,000 accounts may have been compromised. GameStop posts USD$165m (£130m) loss Retailer GameStop has recorded a net loss of USD$165.7m (£130.4m) for the first quarter of its 2020-2021 financial year, compared to a profit of USD$6.8m (£5.4m) from the equivalent period last year, as the majority of its stores were limited to roadside collection-only orders in [...]

Esports tournament and broadcasting platform Boom.tv, best known for organising the Code Red competitive gaming series, has raised USD$10m (£8.1m) in an oversubscribed Series A funding round led by BITKRAFT Esports Ventures. Alongside the tournament series, the San Mateo-based platform offers esports content hosting and broadcasting. Speaking exclusively to TheGamingEconomy, Sumit Gupta, CEO of Boom.tv revealed that the funding will be used to support design updates “that will improve user experience, simplify sharing across networks and improve broadcast stability”, while introducing [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Gen.G partners with Puma; organisational changes at Arc System Works; and Brøndby IF expands hummel partnership to esports. Gen.G partners with Puma German sports clothing brand Puma has announced that it has entered into a partnership with esports organisation Gen.G Esports, which will see the firm supply the Los Angeles-based team’s players and content creators with merchandise. Though financial terms and duration of the collaboration have not been [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: DCMS calls for more loot box evidence; Sony fined AUD$3.5m (£1.9m); and Sandsoft Games launches. DCMS calls for more loot box evidence The UK Department for Digital, Culture, Media and Sport (DCMS) is to call for further evidence on loot boxes as it considers whether to classify the controversial in-game mechanic as a gambling product, according to a report published in The Guardian. Despite the committee stating in [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Activision Blizzard shareholders file CEO pay complaint; Cloud9 partners with Guinevere Capital; and NetEase establishes first console studio. Activision Blizzard shareholders file CEO pay complaint Voting advisory bodies Institutional Shareholder Services (ISS) and Glass Lewis & Co., backed by activist shareholder CtW Investment Group, have filed a document with the Securities and Exchange Commission (SEC) recommending that Activision Blizzard stakeholders vote against an upcoming proposal to remunerate long-standing [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Paradox Interactive signs collective bargaining agreement with unions; Konami establishes Western publishing unit; and Big Fish Games settles lawsuit for USD$155m (£123.2m). Paradox Interactive signs collective bargaining agreement with unions Paradox Interactive has signed a collective bargaining agreement with two unions representing its employees, Unionen and SACO, offering its staff a formal means of negotiating payment terms, benefits packages, and dispute mediation across Sweden. The agreement is set [...]

On Monday (1st June 2020), Zynga announced that it would acquire Istanbul-based Peak for a total consideration of USD$1.8bn (£1.4bn), marking its largest acquisition, and the largest exit by Turkish start-up, to-date. With the deal expected to close within the next quarter, TheGamingEconomy examines the implications of the deal for the San Francisco gaming giant, and how it will shape its future growth. Doubling down on match-three Ostensibly, the acquisition is in line with Zynga’s overriding business strategy in mobile gaming since [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: DoubleDown Interactive in USD$100m (£79.8m) IPO; Nexon to invest USD$1.5bn (£1.2bn) in global entertainment companies; and Giants Gaming acquires x6tence. DoubleDown Interactive in USD$100m (£79.8m) IPO Social and casino developer-publisher DoubleDown Interactive has submitted filings with the SEC for an initial public offering (IPO) on the Nasdaq stock exchange, with its shares to be traded under the symbol DDI. The Seattle, Washington-based firm intends to raise up to [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Homa Games partners with IRL Team; LootLocker raises SEK2.4m (£201,000); and Paradox Interactive opens new Barcelona studio. Homa Games partners with IRL Team Homa Games has joined forces with indie idle game studio IRL Team, with the aim of expanding its capabilities across mobile development and publishing. The three-strong staff at IRL Team have been hired by Homa Games but will continue to operate IRL Team out of [...]

TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Zynga in talks to acquire Peak; NetEase to raise up to USD$3bn (£2.4bn); and Avalanche Studios Group to open new UK studio. Zynga in talks to acquire Peak Social game developer and services company Zynga is in advanced talks to acquire mobile games company Peak Games in a cash and shares deal which would value the latter at approximately USD$1.8bn (£1.5bn), according to a reports from Turkish media. [...]