Gaming company iCandy Interactive (ASX: ICI) is set to expand their portfolio of game titles through a new joint venture with animation company Lemon Sky Studios which will provide visual tech for the two to develop a range of new 3D mobile games.
The 50/50 joint venture will be domiciled in Malaysia and leverage iCandy’s experience in game development with Lemon Sky Studios’ expertise in animation and digital art.
Since being founded in 2005, Lemon Sky Studios employ more than 350 animation professionals and have a strong track record to have worked on some of the world’s largest gaming titles including Starcraft, Warcraft, Command & Conquer and Final Fantasy among others.
Capitalisation and funding of the joint venture will be split evenly with iCandy and Lemon Sky Studios initially investing a total of $335,000 between them.
The joint venture is the first entry into 3D gaming for iCandy whose range of game titles include Star Girl, Garfield, Doraemon and Astroboy among many others. Collectively, iCandy’s games have been played by more than 350 million mobile gamers around the world where revenue is generated by downloads and premium in-game upgrades.
Yesterday, the Company announced that their newest release Masketeers: Idle Has Fallen had generated $668,000 of revenues in its first 30 days to become iCandy’s most successful game to date.
For the quarter ending 30 September 2020, iCandy reported $475k in revenue for a $163k net loss however the Company also successfully completed a $1.25m capital raise.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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