Netflix joins forces with Dumb Ways to Die

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PlaySide Studios Limited (ASX: PLY) (“PlaySide”) is pleased to announce the signing of a game development agreement with Meta Platforms Technologies, LLC (“Meta”).

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PLAYSIDE DELIVERS RECORD YEAR OF STRONG GROWTH WITH REVENUE OF $29.24M AND EBITDA OF $5.90M

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PLAYSIDE LAUNCHES THIRD PARTY PUBLISHING DIVISION ‘PLAYSIDE PUBLISHING’

HIGHLIGHTS

PlaySide launches third-party publishing division ‘PlaySide Publishing’ to support independent PC and Console game developers globally.

The new division offers a full suite of publishing services including marketing and communications, game localisation, quality assurance, and project funding support.

Enables PlaySide to facilitate and participate in the success of third-party titles and “incubate” a deeper portfolio of titles in the key PC and console segment

PlaySide has hired senior leaders from global publishing companies such as Team 17, Bethesda, and Activision Blizzard to execute the strategy for the new division.

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PLAYSIDE AND META EXTEND AND EXPAND WORK-FOR-HIRE DEVELOPMENT AGREEMENT

HIGHLIGHTS

PlaySide and Meta Platforms, Inc. (formerly “Facebook, Inc.”) successfully extend and significantly expand the existing work-for-hire development agreement for a further 16 months

The agreement and contract represents the strong relationship between the two companies and reflects Meta’s trust in PlaySide’s development capability

Additionally, the Company has signed a significant separate six-month contract to provide an important new VR initiative for Meta to be delivered in October 2022. 

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HALF YEAR RESULTS

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HIGHLIGHTS

PlaySide signs material fixed price work-for-hire co-development services agreement with Activision Blizzard (NASDAQ: ATVI), one of the world's most successful interactive entertainment companies.

Playside will be providing fixed-price co-development services for Activision Blizzard.

The co-development services term of the agreement will be 10 months. 

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PlaySide Studios Limited (ASX: PLY) (“PlaySide”), Australia’s largest publicly listed video games developer, is pleased to announce the successful launch of its first Web 3.0 project via an NFT launch, titled BEANS, as part of the Company’s overall Web 3.0 and Metaverse strategy. 

HIGHLIGHTS

PlaySide launches its first Web 3.0 project titled BEANS by Dumb Ways to Die (“DWTD”) on February 4th, 2022 via a BEANS NFT launch achieving $8.38m in net revenue after all third-party fees.

The Company announces its strategic Metaverse and Web 3.0 roadmap with key initiative launches over the next 12 to 18 months.

After being an integral part of the DWTD development activities for the last 5 years, PlaySide acquired the brand from Metro Trains on September 30th, 2021 for $2.25m.

PlaySide leveraged its deep expertise in art and engineering to design the concepts, create the artwork, and develop key technology infrastructure for the BEANS launch.

The Company launched its free member-based BEANS Discord community on January 6th 2022 and has amassed more than 80,000 followers. 

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QUARTERLY HIGHLIGHTS

Record quarterly unaudited commercial revenue of $5.36 million, a strong increase of 71% on previous corresponding period (“pcp”) and 33% quarter-on-quarter (“QoQ”).

First-time milestone development revenue for Age of Darkness: Final Stand and games revenue from the recently acquired Dumb Ways to Die portfolio.

Signed the largest work-for-hire development agreement since listing with 2K Games, a label of leading global publisher Take-Two Interactive Software.

Signed a strategic, fixed price, milestone-based work-for-hire contract with Shiba Inu Games.

Raised a total of $28 million through a $25 million Placement and a Share Purchase Plan of $3 million.

Generated $5.5 million cash from customers during the quarter, a strong increase of 74% on pcp and 60% QoQ, with a strong cash position of $33.01 million as of 31 December 2021.

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PLAYSIDE SUCCESFULLY COMPLETE SHARE PURCHASE PLAN

PlaySide received an overwhelming response and the SPP was heavily oversubscribed, with total subscriptions received of $12.97 million. 

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PLAYSIDE AND SHIBA INU GAMES SIGN A STRATEGIC WORK-FOR-HIRE CONTRACT

HIGHLIGHTS

PlaySide signs a material work-for-hire contract with Shiba Inu Games, a derivative entity formed from the globally recognised Ethereum-based token and decentralised cryptocurrency Shiba Inu ($SHIB)

The strategic agreement with Shiba is a fixed-price, milestone-based agreement to develop a multiplayer Collectable Card Game which is planned to be released on multiple platforms.

The development term will be 8 months

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PLAYSIDE PARTNERS WITH PREMIER GAMING INFLUENCERS (“ONE TRUE KING”)

HIGHLIGHTS

Playside Studios has partnered with premier US based influencer network, gaming and production organisation One True King (OTK) who have a combined total reach that exceeds 21 million globally.

The strategic partnership agreement with OTK is in the form of a co-development contract for a new multiplayer PC based title with a planned release date in Q2 FY23.

The contract with OTK will be a fixed-price, milestone-based development with a material revenue share model post launch. OTK will market the title to its large and rapidly growing global audience via its various social platforms

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PLAYSIDE REPORTS RECORD QUARTERLY REVENUE OF $4.04M

Highlights

• Record quarterly unaudited commercial revenue of $4.04 million, a very strong increase of 114% on pcp and 29% quarter-on-quarter. This comprised: o Original IP: $2.7 million, up 227% on pcp and 22% quarter-on quarter o Work for Hire: $1.34m, up 25% on pcp and 46% quarter-on-quarter

• Strategic long-term publishing agreement signed with Team17 for Age of Darkness: Final Stand PC title and positive Early Access launch on the Steam platform

• Successful acquisition of the Dumb Ways to Die franchise completed for $2.25 million

• Extended current work-for-hire agreement with Facebook for an additional six months, increasing contract value by 90% and validating PlaySide’s development capability

• Cash position of $9.33 million as of 30 September 2021

PLAYSIDE ACQUIRES DUMB WAYS TO DIE FRANCHISE FOR 2.25M IN CASH.

I really like this purchase and seems not a bad deal on a multiple of 1.5x FY21 revenue with potential to grow the brand.

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