Netflix, the world’s biggest streaming company, is buying Finnish mobile games developer Next Games in a €65 million ($72.14m) deal that will expand the company’s reach and diversify its business beyond its core activity of streaming.
Under the terms of the agreement, it will commence a tender offer to acquire all of the issued and outstanding shares of Next Games, Netflix said on Tuesday.
“We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities,” Michael Verdu, vice president of games at Netflix, said.
“While we’re just getting started in games, I am confident that together with Next Games we will be able to build a portfolio of world-class games.”
This is a unique opportunity to level up the studio on all fronts and continue on our mission together
Teemu Huuhtanen,
chief executive, Next Games
Next Games, the publicly listed developer of The Walking Dead games, specialises in games based on entertainment franchises, such as movies, TV series or books.
Gaming is booming as the threat from Covid-19 recedes.
The global mobile gaming market is expected to grow at a compound annual rate of 11 per cent, to $272 billion by 2030, according to ResearchAndMarkets. The category is already bigger than the PC and console gaming markets combined, contributing about 57 per cent to the $173bn in global video games revenue last year.
Next Games shareholders will receive €2.10 per share of the gaming company, for a total equity value of approximately €65m, the statement said. The offer has been recommended by the mobile game company’s board of directors.
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions.
“Joining forces with the world’s largest streaming service, Netflix, presents an opportunity for a logical and exciting continuation of our strategy to craft interactive experiences for the world to enjoy,” Teemu Huuhtanen, chief executive of Next Games, said.
“Our close collaboration with Netflix on Stranger Things: Puzzle Tales has already proven that together we create a strong partnership. This is a unique opportunity to level up the studio on all fronts and continue on our mission together.”
“Next Games has a seasoned management team, strong track record with mobile games based on entertainment franchises and solid operational capabilities,” Mr Verdu said.
Netflix made its first foray into gaming after it acquired Night School Studio last September. The company’s push into the sector comes as its own subscriber growth slows amid increased competition.
Netflix added 18.2 million customers in 2021, down about 50 per cent from the record number it had garnered in 2020 when lockdowns around the world caused membership to soar.
The company forecasts that the slowdown will continue for another quarter or longer.
It said it has 222 million paying members in more than 190 countries.
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
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'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
Armies of Sand
By Kenneth Pollack (Oxford University Press)
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
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Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Results
5pm: Maiden (PA) Dh 80,000 (Turf) 1,400m. Winner: Al Ajeeb W’Rsan, Pat Dobbs (jockey), Jaci Wickham (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m racing. Winner: Mujeeb, Fabrice Veron, Eric Lemartinel.
6pm: Handicap (PA) Dh 90,000 (T) 2,200m. Winner: Onward, Connor Beasley, Abdallah Al Hammadi.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown Prep Rated Conditions (PA) Dh 125,000 (T) 2,200m. Winner: Somoud, Richard Mullen, Jean de Roualle.
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,600m. Winner: AF Arrab, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (TB) Dh 90,000 (T) 1,400m. Winner: Irish Freedom, Richard Mullen, Satish Seemar.
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
