Latest news with #EdWu
Euronews
13-03-2025
- Business
- Euronews
Saudi Arabia's sovereign wealth fund to buy Pokémon Go
Saudi Arabia's sovereign wealth fund will purchase Pokémon Go as part of a major mobile game company acquisition. ADVERTISEMENT The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, is set to pay $3.5 billion (€3.2 billion) to buy the gaming division of Niantic. The San Francisco-based software development company is best known for its mobile games Pokémon Go and Monster Hunter Now. Pokémon Go is one of the world's most popular mobile games. Launched in 2016, the augmented reality game was developed in collaboration with The Pokémon Company and Nintendo. Its usership peaked at 232 million active monthly players in 2016 and is currently at around 30 million monthly players. 'I won't say that Pokémon Go will remain the same, because it has always been a work in progress,' said Ed Wu, who leads the Pokémon Go team. 'But how we create and evolve it will remain unchanged, and I hope that we can make the experience even better.' PIF is the one of the largest sovereign wealth funds in the world with assets estimated to be worth nearly $1 trillion. Established by King Faisal bin Abdulaziz Al Saud in 1971, the PIF is used by Saudi Arabia to finance companies in the country, as well as invest in foreign ventures. Major recent investments by the PIF include Premier League football club Newcastle United as well as the creation of LIV Golf, intended to compete with the PGA Tour. With the purchase of Niantic, the PIF continues its expansion into the esports industry. PIF already owns Scopely through its Savvy Games Group company. After the $4.9 billion (€4.5 billion) acquisition in 2023, Scopely – which is known for Monopoly Go – will add Niantic to its portfolio. 'I firmly believe this partnership is great for our players and is the best way to ensure that our games have the long-term support and investment needed to be 'forever games' that will endure for future generations,' said Niantic CEO John Hanke. Financially, PIF also has interests in multiple games companies, including Nintendo, Electronic Arts, and Take-Two Interactive. Last summer, Riyadh played host to the 2024 Esports World Cup. It replaced Saudi Esports Federation's Gamers8 esports festival and included the largest prize pool in esports history at $60 million (€55.2 million). Around the same time, Saudi Arabia was announced as the host of the inaugural Olympic Esports Games in 2027, run by the International Olympic Committee. Alongside its successful bid to host the 2034 Men's FIFA World Cup and the 2035 Women's FIFA World Cup, Saudi Arabia has made its interest in international sports and esports clear. This tactic has been criticised as sportswashing. Sportswashing is when companies, countries or individuals use sports as a propaganda tool to distract from negative narratives. In Saudi Arabia's case, the PIF's investments into sports companies and hosting international events has been accused as a means of diverting attention from accusations of human rights abuses. A report by the Human Rights Watch accused Saudi Arabia of using these tournaments to avoid criticisms – which they deny. The criticisms range from human rights abuses to the treatment of the LGBTQ+ community and 'mass killings of migrants along the Saudi border with Yemen.'
Los Angeles Times
12-03-2025
- Business
- Los Angeles Times
‘Pokémon Go' sells to Culver City-based Scopely in $3.5 billion deal
Scopely, a Culver City-based mobile game developer and publisher, will acquire the games portfolio of developer Niantic, including 'Pokémon Go,' 'Pikmin Bloom' and 'Monster Hunter Now,' in a deal valued at $3.5 billion, the companies said Wednesday. Niantic's games generated $1 billion in revenue in 2024, and 'Pokémon Go' has remained a top 10 mobile game since its launch in 2016, according to Scopely. Players — also called trainers, who capture and battle monsters by walking around in the real world with a digital overlay, called augmented reality — have logged 30 billion miles in the app. The game, a sensation when it debuted, counts 20 million weekly active players. Last month, over 253,000 people in Los Angeles and Orange counties attended a virtual 'Pokémon Go' event, nearly ten years after its release. People playing mobile games spent $82 billion on in-app purchases globally in 2024, according to a report from Sensor Tower, an increase of 4% from 2023. While less people are downloading gaming apps, the report said, they're spending more time and money on them. 'We look forward to further accelerating the team's creativity through our partnership,' Scopely chief revenue officer Tim O'Brien said in a statement. 'Few games in the world have delivered the scale and longevity of 'Pokémon GO.'' The development team working on 'Pokémon Go,' led by Ed Wu, is staying together under Scopely, according to a Wednesday blog post. Wu said the new ownership would be a positive step for the game, which he called his 'life's work.' Other games acquired by Scopely include 'Campfire' and 'Wayfarer.' Scopely already has 'Monopoly Go,' 'Marvel Strike Force' and others in its portfolio. 'Niantic games have always been a bridge to connect people and inspire exploration, and I am confident they will continue to do both as part of Scopely,' John Hanke, founder and chief executive of Niantic, said in the Wednesday release. San Francisco-based Niantic will retain its technology and spin it into a new company called Niantic Spatial Inc., according to a release on its website, which will help machines learn to interact with the real world using artificial intelligence. The company will keep its other games that use the augmented reality tech, 'Ingress Prime' and 'Peridot.'
