PlaySide Studios Limited

ASX:PLY

PlaySide Studios Limited

ASX:PLY
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$0.245 (-5.8%)
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#235
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Forum Topics PLY PLY MOUSE PI For Hire Release

Pinned straw:
Bradbury
Added 4 weeks ago

Playside’s next big release will be out this week with MOUSE P.I For Hire coming out 17th April.

https://store.steampowered.com/app/2416450/MOUSE_PI_For_Hire/

All indications are that this release will be reasonably well received with over 1.5m wishlists and some positive previews to date.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03076840-3A690994&v=undefined

https://www.ign.com/articles/mouse-pi-for-hire-the-final-preview

The issue for Playside is that currently everything is riding on this one release. 

H1 Revenue came in at $20.4M - $5.6 Original IP and $14.8m External Projects (The old Work For Hire). The management team has been indicating that they will exceed the FY25 Revenue of $48.7m. So $28m in H2. Assuming external projects still come in at $14m that leaves $14m in revenue from OIP. This has been declining over the last 3 halves 9.9m -> 6.8m -> 5.6m so will take 4m from legacy income. So can they hit $10m in the first month of sales?

Gamalytics is forecasting ~420k sales in the first month (Which is similar to what Age of Darkness has sold in the last 15 months). At $44AUD per copy this is a healthy $18.5m. So it looks possible for FY26 to exceed FY25 in revenue.

https://gamalytic.com/game/2416450

The big assumption is that Playside is maintaining its External Projects work, but with a big chunk of work coming from the Meta team who are shutting down their Horizons project, things might not be so rosy for the H2 numbers. There hasn’t been any announcements on this to date but it is something to watch.

https://www.cnbc.com/2026/03/18/meta-horizon-worlds-metaverse-vr.html

The other thing to watch is where to go from here for future revenue growth. Playside will need to maintain a consistent release calendar with quality titles.

The current known releases are as follows:

GoT - War for Westeros - Release Target  CY2026

Dumb Ways to Party - Release Target CY2026

Dew - Release Target CY2028

GoT - Second Title - TBD

MOUSE Sequel - TBD

I am expecting Playside to get a little bit of a bump in share price from post launch excitement, but will need to have more confidence in the release pipeline before I have long term conviction in Playside. I will need to review my price target after the company releases guidance.
Wini
Added 4 weeks ago

@Bradbury one thing to keep in mind is because PLY is not the developer of Mouse (just publisher) there will be a difference between gross revenue and net revenue. I don't think they have disclosed the split but industry norm is 50/50 once development advance costs are recouped.

I suspect Mouse will do pretty well sales-wise but PLY management haven't made it easy to understand the economics of the game.

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Bradbury
Added 4 weeks ago

Thanks @Wini I did have it that MOUSE was a publishing title and tor the publishing titles I had previously assumed that Playside ended up with about a third after they pay platform and developer fees. However its a good point on the gross vs net revenue as based on how they have worded the announcements in the past I have assumed that total sales figures are counted as revenue with the other items coming out after that as expenses. I will have to go back and brush up on some accounting.

So far the publishing division have made very little contribution (FY25 - $383k) with poor performance from other titles, so there may be a little bit more to look at in the next report.

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