AUS
NZ
UK
CA
USA
IND
Highlights
- This contract is touted as a significant one in Mighty Kingdom’s history.
- The collaboration is expected to extend Mighty Kingdom’s tech capacities.
- However, MKL shares closed down on the ASX today.
ASX-listed game developer Mighty Kingdom Limited (ASX:MKL), announced today that it has inked a contract with Google LLC for an upcoming technology partnership. Marking an important milestone, the deal for MKL highlights its leading position in the Australian games industry.
Details of the contract
- The deal inked between Mighty Kingdom and Google LLC is for a fixed term of 6 months.
- It is a ‘work for hire’ agreement providing Mighty Kingdom an opportunity to extend payments for development of gaming experiences.
- MKL has also clarified that while the contract is itself material, the revenue of the contract term is not material in comparison to the company’s market capitalisation.
Management Commentary
Philip Mayes, MD and CEO of Mighty Kingdom, said that:
Other than the partnership work signed with Google LLC, Mighty Kingdom has designed game experiences with global entertainment sector brands like, LEGO, Disney, Mattel, Spin Master and many more. In fact, it also has its own original games developed inhouse. The company claims to be making ‘games with heart’.
MKL share performance
On the ASX, MKL share price lost 13.698% today (31 May). MKL shares last exchanged hands at AU$0.063 a share. It is quite close to the game developer’s 52-week low price of AU$0.062 apiece. MKL share price is down about 62.94% in last six months and about 70% in a year’s time. Its market capitalisation as of date is AU$13.31 million.
Road ahead for Mighty Kingdom
As announced in the March quarterly report, in the upcoming quarters Mighty Kingdom is to continue focusing on additional revenue generation. It has planned to achieve this within sometime with Work for Hire and Co-development initiatives. Also, the company wants to focus on balancing multiple revenue streams while delivering on its strategies in the quarters ahead.
More from ASX- ASX 200 edges lower; miners gain on China reopening
