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Sony Reports a Strong Q1 Despite a 27% Decline in PS5 Hardware Sales
Sony has unveiled its Q1 FY2024 financial results, revealing a mixed performance. Although the company's games segment has shown growth, driven by first-party sales and PlayStation Plus, hardware sales have taken a hit, declining four years into the PS5's lifecycle. For the quarter ending June 30, 2024, key figures include: sales of ¥3.01 trillion ($20.5 billion), representing a 2% year-on-year i…
Aug. 7, 2024, 9:32 a.m.
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Square Enix Sees 68% Increase in Q1 Profits to $72 Million Amid Sales Decline
Square Enix has released its financial results for the first quarter of 2024, revealing a substantial decline in net sales compared to the previous fiscal quarter. The company's Digital Entertainment segment, which includes its video game business, experienced a notable decrease in revenue due to lower sales of new titles, including SaGa: Emerald Beyond and the Steam release of the Kingdom Hearts…
Aug. 7, 2024, 9:20 a.m.
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MixRift Secures $1.6 Million in Funding for Innovative Mixed Reality Gaming Experiences
MixRift has successfully closed a pre-seed funding round, garnering $1.6 million in investments. The funding round was co-led by Outsized Ventures and Underline Ventures, with SOSV and several angel investors also contributing to the round. The newly acquired funds will be utilized to drive the development and publication of mixed reality games. The company's founding team, comprising CEO Bobb…
Aug. 7, 2024, 7 a.m.
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Social First Lands $4.2 Million in Funding
Social First has successfully secured $4.2 million in funding through a seed funding round. The investment, led by Crowberry Capital, also saw participation from Business Finland and an increased investment from Play Ventures, an original pre-seed investor. The funds raised will be allocated towards the development of the studio's upcoming cross-platform social MMO game, which is slated for an ea…
Aug. 6, 2024, 1:37 p.m.
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Hybe Interactive Media Secures $80 Million Investment for Enhanced Publishing Capabilities
Hybe Interactive Media has successfully raised $80 million through a strategic investment round, bolstering its capacity to expand and enhance its video game publishing operations. As a subsidiary of the prominent South Korean entertainment company Hybe, which is renowned for its association with the immensely popular boy band BTS and operates multiple music labels globally, Hybe Interactive Medi…
Aug. 6, 2024, 1:23 p.m.
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Animated Series Based on High on Life in Development
The popular video game High on Life is set to be adapted into an animated comedy series. According to reports, JB Smoove, known for his role in Curb Your Enthusiasm and as the voice of a sentient weapon in the game, will be producing the series through Alternate Side Productions. While it is uncertain whether Smoove will also have an acting role, it is likely. Squanch Games and Striker Entertainm…
Aug. 6, 2024, 9:52 a.m.
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Prioritizing Mental Health: Insights from the Upcoming GI HR Summit
New speakers have been announced for the forthcoming GamesIndustry.biz HR Summit, which will feature discussions on the mental health crisis and strategies for promoting team wellbeing. The event is scheduled to take place at the Royal Institution in London on September 18, with tickets available for purchase. A breakout session hosted by Emma Smith of Hestia Talent and Sarah Sorrell of Safe In…
Aug. 6, 2024, 9 a.m.
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Humble Games' Latest Title Faces Uncertainty After Loss of Critical Systems Access
The development studio behind Humble Games' newest release, Bõ: Path of the Teal Lotus, has announced that it unexpectedly lost access to critical systems, citing the sudden restructuring of Humble Games two weeks prior. This move was described as a necessary decision by Humble Games, which is a subsidiary of Ziff Davis, the parent company of Gamer Network, owner of GamesIndustry.biz. In a recent…
Aug. 5, 2024, 9:14 p.m.
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The Impact of Game Informer's Closure on the Gaming Media Landscape
A new episode of The GamesIndustry.biz Microcast is now available for download. This episode delves into the key highlights from the recent financial season, including the anticipated downturns at Nintendo and Electronic Arts, and how Activision Blizzard continues to positively impact Microsoft's financial performance. Additionally, the episode covers the recent Bungie layoffs and the latest US m…
Aug. 5, 2024, 3:02 p.m.
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Innersloth's New Initiative: Fueling Indie Game Development with Outersloth
The emergence of Outersloth, a brainchild of Innersloth, marks a significant shift in the company's approach to supporting indie game development. As the communications director, Victoria Tran, reveals, the idea behind Outersloth has been germinating since 2020, with the primary goal of providing funding to small studios. This vision is rooted in Innersloth's own experiences with publishers and t…
Aug. 5, 2024, 12:48 p.m.