Gamers get ready to battle the new games launched by iCandy

iCandy ramps-up its publishing initiatives to expand the footprints of recently launched new games titled ‘Thor: War of Tapnarok’ and ‘Void Troopers: Sci-fi Tapper’. This comes under the deal signed by the maker of the game that requires iCandy to actively market and publish their new titles.

In today’s market update, the mobile games developer iCandy Interactive Limited (ASX:ICI) told that it has launched a new publishing initiative under which Void Troopers was featured on Google Play’s “Early Access Collection”. The initiative got such a hit that it was downloaded more than 415,000 times and has generated over $115,000 revenue to Void Troopers, to date.

The promising performance of the Group did not stop here as it unboxed the first major game from its recently acquired Animoca’s game portfolio. It's Thor: War of Tapnarok’!

iCandy released ‘Thor’ in selected geographical markets in January 2019 following an extensive six months of beta-testing and refinement. At this early stage, the game has already achieved approximately 145,000 unique installs, generating more than A$50,000 in revenue within a short span of approximately one month.

Moreover, under the acquisition of Animoca Brands, iCandy has fully taken control of Animoca’s entire gaming portfolio including the ownership of all 318 games from Animoca. The total amount of revenue derived from these games to date is reported to ~$700,000. However, as per the latest update, there has been a notable delay in the operational handover and settlement of the remaining cash consideration, but it does not have any material impact on the financial position of the company, told iCandy.

Tracking down the recent business activities, the acquisition of an interest in UK-based Xcademy comes under the highlight. In the first week of March 2019, iCandy entered into a binding term sheet to acquire a 20% strategic stake in Xcademy Ltd. This investment underscores iCandy’s venture into the video influencer marketing market that will provide multi-faceted operation synergy with its game publishing activities.

iCandy confirmed that it intends to fund the total investment cost of US$300,000 through internally generated funds. This amount includes US$200,000 investment plus US$100,000 in digital advertising within its game network.

With respect to the investment agreement with eSports.com, iCandy told that 3,084,909 shares, with a value of approximately $246,803 remain outstanding under the third tranche. It reflects the deal between iCandy and eSports.com Group under which eSports has agreed to subscribe for 16,500,000 new shares in iCandy at an issue price of $0.08 per share for a total value of $1,320,000, with the payment of subscription monies by eSports and issuance of shares to eSports over five tranches. The Fourth and fifth tranches have also been delayed and remain outstanding for the receipt of subscription money by iCandy.

The Group is currently focused on taking new publishing initiatives with the aims to better monetise its marketing expertise and expansive network of mobile gamers.

The market participants favoured the iCandy’s business update, as the stock price surged up by 18.644% to last trade at $0.070 on 8 March 2019. However, in the past 12 months, the stock has fallen by 43.81% including a dip of 1.67% in the past three months.

Also Read: iCandy launched its first ever Blockchain Game

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