Award-winning British video game developerhas announced a new joint development agreement with NetEase, Inc., a leading Chinese internet and online game services provider. Through this partnership, the companies aim to develop and release a new game for the global market.
As per the agreement’s terms, NetEase will provide an internal mobile development team for the game, managing all operational and publishing activities globally.
Chief Executive of Codemasters Frank Sagnier identified this arrangement as a main asset of the partnership, commenting “Global mobile expansion is a key part of our strategy. We believe that a partnership with a world leading developer and publisher such as NetEase will accelerate our growth, particularly in China's world leading mobile game market."
According to Newzoo.com, China’s expansive mobile game market generated $23 billion in 2018-- which accounted for over 62% of the total games market revenue. The industry is thriving; as revenues continue to rise year on year, experts in the field expect the number to reach $42 billion by 2022.
Codemasters has agreed to support game development with its proprietary technology, resources, and existing game assets.
Over the next three years, Codemasters is to receive a minimum of $8 million in game revenue, beginning with an expected $4 million in the current financial year, ending March 31st 2019. Once NetEase has recouped these $8 million, any profit generated by the game, its lifetime revenue, will be shared between the partners.
Following the news, Codemasters’ Board of Directors now believes its Adjusted EBITDA for this financial year will be “ahead of expectations”.
For more news and updates on Codemasters:
Kodal Minerals said it is on track to complete a Mineral Resource estimate update to include all drilling results to date. The project is attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium.
SP Angel morning look at commodities and miners, featuring: Bushveld Minerals* (BMN LN) BUY – Target Price 87p – China to better enforce vanadium compliance Cornish Lithium (Private Company) – Completion of further funding round Ironveld (IRON LN) – Vanadium ore bulk sample delivered to potential off-taker Kodal Minerals* (KOD LN) – Bougouni drilling results LSC Lithium (LSC CN) – LSC Lithium enters definitive arrangement agreement to be acquired by Pluspetrol Rio Tinto (RIO LN) – Q4 and 2018 production results highlight copper Shanta Gold (SHG LN) – $325k worth of convertibles bought back Vast Resources (VAST LN) – $5.5m Mercuria Tranche B update
The Irish based oil and gas exploration company has holds 40% of this license in the southern Porcupine Basin offshore Ireland, containing the undrilled Paleocene “Avalon” exploration prospect.
Five financial stories, trending today in a 70 second podcast, including: A shopping centre has been put up for auction with a starting price of £1 in a move underlining the crisis facing retail landlords. Columbia Threadneedle Investments, the large City fund manager, is selling the Postings Centre in Kirkcaldy, Fife, on behalf of a pension fund.