Publicly listed video game developer PlaySide Studios (ASX:PLY) reports it has signed a game development agreement with American multinational technology conglomerate Meta Platforms Technologies (Meta).
The newly signed agreement with Meta will see PlaySide Studios designing, developing and creating a mixed reality interactive software product that will be playable on Meta’s Quest suite of virtual reality (VR) devices.
It is reported that the company will receive payments for the development of the game, as well as a share of net revenues from the game in perpetuity.
The payments are expected to be received at agreed milestones which are consistent with industry benchmark requirements for progressing the game to launch.
This agreement with Meta is reported to be effective immediately, with work on the game scheduled to commence in the current financial year.
“This deal marks the next evolution of our work in the studio, as we leverage our abilities to conceptualise and develop exciting games in a revenue-share arrangement with a leading global technology company”
Commenting on the game development agreement, PlaySide Studios CEO, Gerry Sakkas says: “This deal marks the next evolution of our work in the studio, as we leverage our abilities to conceptualise and develop exciting games in a revenue-share arrangement with a leading global technology company.
Meta is bringing virtual reality and mixed reality into the mainstream with its Quest suite of products, and we are excited about the opportunity to demonstrate our domain expertise with this game.”
PlaySide Studios is a video game developing company and pioneer in mobile gaming which is focused on high quality development, monetisation and user acquisition. The company is headquartered in Melbourne, Australia and comprises 4 key divisions which span the games industry, providing both stability and predictability in forecasts whilst maintaining strong growth potential. To date the company has launched over 20 original games, which combined have received over 35 million downloads and 10 #1 chart positions. Five of these titles have been sold to large Chinese publishers.
As of 12pm (AWST) PlaySide Studios’ share price has increased by 14.28%.
Images: iStock
