Niantic, the corporate behind the runaway hit Pokémon Go, said Wednesday that it has agreed to promote its online game enterprise for $3.5 billion to Scopely, an organization owned by the Saudi sovereign wealth fund.
Pokémon Go, an augmented actuality cellular recreation, turned a cultural sensation when it was launched in 2016. Tens of hundreds of thousands of individuals around the globe headed to streets, parks, seashores and even to the middle of the ocean to seize monsters from the Japanese cartoon franchise.
The deal is the most recent acquisition by Saudi Arabia’s Public Funding Fund in a multibillion-dollar push into the online game business. Pokémon Go nonetheless rakes in hundreds of thousands of {dollars} and has legions of devoted followers.
Scopely, which relies in Culver Metropolis, Calif. and which owns video games together with the favored Monopoly Go, stated Wednesday in a separate assertion that it’s going to take up all of the workers of Niantic’s gaming groups. Pokémon Go has greater than 20 million energetic weekly gamers, Scopely said.
Scopely was acquired for $4.9 billion in 2023 by the Savvy Video games Group, which was launched a year earlier by the Saudi sovereign wealth fund to steer its push into video video games, together with e-sports. The Saudi authorities has stated it’ll make investments $38 billion in video video games by 2030 by way of the Public Funding Fund.
The fund manages almost a trillion dollars in property, and invests in a variety of industries, from actual property and synthetic intelligence to sports activities and leisure, with a declared mission to diversify Saudi Arabia’s economic system past fossil fuels.
Some critics have described Saudi Arabia’s investments in sports activities and video video games as an attempt to polish the country’s reputation, particularly on human rights.
