Saudi Funding Fund pays $3.5bn to seize Pokémon Go

Saudi Arabia’s Public Funding Fund (PIF) pays $3.5bn (£2.7bn) to purchase the gaming division of developer Niantic, whose titles embody the hit cellular recreation Pokémon Go.

The sport includes gamers strolling round in the true world to hunt the collectable creatures, which seem on their telephone screens utilizing augmented actuality.

Regardless of launching nearly a decade in the past, Pokémon Go continues to be amongst the highest-grossing cellular video games on the planet, with 30 million month-to-month gamers.

The deal marks the newest step by Saudi Arabia to develop its gaming business, which it has spent billions of kilos on in recent times.

Niantic’s different video games, reminiscent of Monster Hunter Now and Pikmin Bloom, are additionally included within the acquisition, together with the folks employed to make them.

They are going to develop into a part of Scopely Inc – which itself was purchased by PIF subsidiary Savvy Video games Group for $4.9bn in 2023.

Scopely is without doubt one of the greatest names in cellular gaming, with its most profitable title, Monopoly Go, being downloaded greater than 50 million occasions and producing greater than $3bn in income.

Pokémon itself is collectively owned by Nintendo, Recreation Freak and Creatures, which licensed the model to Niantic so it might develop the sport.

Ed Wu, who leads the Pokémon Go group at Niantic, mentioned in a weblog put up he believed the transfer was “a optimistic step” for the sport’s future.

“Pokémon Go is greater than only a recreation to me, it is my life’s work,” he mentioned.

“I will not say that Pokémon Go will stay the identical, as a result of it has at all times been a piece in progress.

“However how we create and evolve it’s going to stay unchanged, and I hope that we are able to make the expertise even higher.”

Saudi Arabia is changing into an more and more highly effective participant in gaming.

Its PIF has stakes in among the greatest publishers within the business, reminiscent of Nintendo, Digital Arts and Take-Two Interactive.

It has additionally made waves within the eSports business, with Saudi Arabia internet hosting main tournaments together with final 12 months’s eSports World Cup, which had a prize pool of over $60m.

Riyadh may even host 2027’s deliberate Olympic eSports Video games.

Saudi Arabia’s PIF has lots of of billions in property attributable to its oil wealth, which it has been investing closely in sports activities reminiscent of golf, boxing and soccer, together with a purchase order of Newcastle United in a £300m deal in 2021.

It’s managed by the nation’s prince Mohammed bin Salman, whose authorities has been accused of human rights violations.

A 2019 UN report said that “the state of the Kingdom of Saudi Arabia is accountable” for the loss of life of Jamal Khashoggi, a journalist who was crucial of the nation’s authorities.

Saudi Arabia has at all times denied this.

Saudi Arabia’s Public Funding Fund (PIF) pays $3.5bn (£2.7bn) to purchase the gaming division of developer Niantic, whose titles embody the hit cellular recreation Pokémon Go.

The sport includes gamers strolling round in the true world to hunt the collectable creatures, which seem on their telephone screens utilizing augmented actuality.

Regardless of launching nearly a decade in the past, Pokémon Go continues to be amongst the highest-grossing cellular video games on the planet, with 30 million month-to-month gamers.

The deal marks the newest step by Saudi Arabia to develop its gaming business, which it has spent billions of kilos on in recent times.

Niantic’s different video games, reminiscent of Monster Hunter Now and Pikmin Bloom, are additionally included within the acquisition, together with the folks employed to make them.

They are going to develop into a part of Scopely Inc – which itself was purchased by PIF subsidiary Savvy Video games Group for $4.9bn in 2023.

Scopely is without doubt one of the greatest names in cellular gaming, with its most profitable title, Monopoly Go, being downloaded greater than 50 million occasions and producing greater than $3bn in income.

Pokémon itself is collectively owned by Nintendo, Recreation Freak and Creatures, which licensed the model to Niantic so it might develop the sport.

Ed Wu, who leads the Pokémon Go group at Niantic, mentioned in a weblog put up he believed the transfer was “a optimistic step” for the sport’s future.

“Pokémon Go is greater than only a recreation to me, it is my life’s work,” he mentioned.

“I will not say that Pokémon Go will stay the identical, as a result of it has at all times been a piece in progress.

“However how we create and evolve it’s going to stay unchanged, and I hope that we are able to make the expertise even higher.”

Saudi Arabia is changing into an more and more highly effective participant in gaming.

Its PIF has stakes in among the greatest publishers within the business, reminiscent of Nintendo, Digital Arts and Take-Two Interactive.

It has additionally made waves within the eSports business, with Saudi Arabia internet hosting main tournaments together with final 12 months’s eSports World Cup, which had a prize pool of over $60m.

Riyadh may even host 2027’s deliberate Olympic eSports Video games.

Saudi Arabia’s PIF has lots of of billions in property attributable to its oil wealth, which it has been investing closely in sports activities reminiscent of golf, boxing and soccer, together with a purchase order of Newcastle United in a £300m deal in 2021.

It’s managed by the nation’s prince Mohammed bin Salman, whose authorities has been accused of human rights violations.

A 2019 UN report said that “the state of the Kingdom of Saudi Arabia is accountable” for the loss of life of Jamal Khashoggi, a journalist who was crucial of the nation’s authorities.

Saudi Arabia has at all times denied this.