Gamigo’s parent company is continuing to buy up companies while laying off workers on Gamigo’s MMORPGs: Media and Games Invest announced yesterday that it’s bought mobile games company AxesInMotion, “further strengthening its Ad-Software-Platform with premium first party data from more than 700 million users,” which is just as creepy as it sounds. MGI paid €55M (around $58M US), plus as much as €110M in potential earnouts through the end of 2024. AxesInMotion is based in Spain, and most of its games are F2P driving and racing titles that make their revenue from in-app advertising, although it does have a bus parking sim game too. Variety.
Readers will recall that MGI’s Q4 2021 financial report saw a massive 65% revenue increase quarter-over-over and 80% revenue growth year-over-year, which it attributed to its pivot to being a first-party advertising platform. Just a few weeks later, Gamigo underwent a large wave of layoffs affecting at least six of its MMOs, though not Fractured, and not the KingsIsle MMOs. (MGI also bought out KingsIsle back in 2021.)