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- PlaySide Studios (ASX:PLY) achieves record quarterly revenue of $20.7 million
- Original IP revenue surged to $11.1 million
- PLY secured a multi-game license deal with Warner Bros
- The company has now updated its revenue guidance for FY24 to $60-65 million
- PLY last traded at 72 cents
PlaySide Studios (ASX:PLY) shares were up more than 20 per cent today as it reported record quarterly revenue of $20.7 million, to go along with positive EBITDA of $8 million.
The record revenue marks a 106 per cent rise on the prior corresponding period and as a result, the company has now upgraded its outlook for FY24.
PlaySide’s revenue guidance has been upped to $60-65 million on the previous guidance of $55-60 million. FY24 EBITDA has also been lifted to between $11-13 million.
The company’s quarter was highlighted by signing a multi-game licence deal with Warner Bros Interactive.
The agreement involves the development of two PC/Console game titles, with the first title already in progress.
“This deal marks the next phase of our growth plans, and we are committed to delivering high-quality gaming experiences to our audience.” PlaySide Studios Non-Executive Director Sophie Karzis said.
PlaySide also inked further agreements with 2K and Meta Platforms during the quarter, while also unveiling its second Port Melbourne studio.
The company’s Original IP revenue reached $11.1 million, representing an increase of 245 per cent pcp, with the popular Dumb Ways to Die mobile titles contributing significantly.
PLY last traded at 72 cents.
