Riot Games Restructures Leadership, Expands TV and Film Studios
Riot Games has , appointing John Needham as president of publishing and esports, tasked with blending the company’s efforts across esports, music, and creative publishing. The restructuring also includes the creation of two new studios for TV and film, with Christian Linke, the creator of Arcane, heading an animation studio, and former Netflix executive Brian Wright leading a live-action division. Riot’s CEO, Dylan Jadeja, described the move as part of an ongoing effort to better align the organization with player expectations and create new experiences across its entertainment platforms.
Gaming Industry Investment Surges Amid Slump in M&As and IPOs
The gaming industry is showing signs of recovery from last year’s turmoil, . Investments in 2024 have surged, with the first half reaching $8.1 billion, nearly double the $4.5 billion total for all of 2023. Despite this resurgence, mergers and acquisitions (M&A) remain low, with Q2 2024 seeing $845 million across 40 transactions, a 59% drop in value compared to Q1. Initial public offerings (IPOs) also stalled, with no public debuts in Q2, breaking a five-year streak. DDM’s Mitchell Reavis sees these trends as a positive signal for the industry’s near future.
Epic Games Store Debuts on Mobile, Bringing Fortnite and Fall Guys with Exclusive Rewards
Epic Games has , offering hits like Fortnite, Fall Guys, and Rocket League Sideswipe. The move marks a significant shift, especially for Fortnite players, who had been blocked from accessing the game on mobile platforms following Epic’s standoff with Apple and Google over platform fees. The store also brings Fall Guys to mobile for the first time, alongside crossplay and progression features. Epic is sweetening the deal with in-game rewards for players who download from the store, signaling a new era in mobile game distribution.
GameSquare Reports $28.6M Revenue in Q2 2024, Despite Increased Losses and Key Developments
GameSquare Holding $28.6 million in revenue for Q2 2024, similar to the previous year’s $23.1 million on a proforma basis. Despite the revenue increase, GameSquare’s net loss widened to $12 million, compared to $4.1 million in Q2 2023. The company’s gross profit was $4.2 million, with operating expenses reduced to $10 million. GameSquare’s Q2 developments included the sale of a 25.5% stake in FaZe Media for $9.5 million, new partnerships, and growing demand for Unreal Editor for Fortnite (UEFN) services. FaZe Media’s reboot and expanded creator roster, with 1.2 billion views, also contributed to growth.
