Free-to-play games specialist Playstudios expects its total revenue for 2020 to hit $269.9 million.
If its estimates are correct, that would represent a growth rate of 12.7 per cent year-over-year.
Furthermore, it is expecting to have a net income of $12.8 million for the 12 months ending December 31st, 2020.
However, for the fourth quarter, Playstudios predicts a net loss of $10.8 million.
There several reasons cited for the losses seen in Q4 2020, the first of which was the restructuring of its commercial agreement with MGM Resorts.
Secondly, Playstudios experienced significant development costs for its recently launched title myVegas and its upcoming game Kingdom Boss. The former of which places the company in the fast-growing bingo market.
Encouraging year
“We’re encouraged by the growth that is reflected in our year-end results, and the momentum we carried into the first quarter,” said Playstudios CEO Andrew Pascal.
“We expect our performance in 2021 to be bolstered by the recent launch of our newest addition to our portfolio, myVegas Bingo.
“Bingo is among the fastest-growing game categories, and we believe our combination of real-world rewards, standard-setting creative execution, and established brands will make it a stand-out product in the coming months and quarters.”
Furthermore, due to its merger with Acies Acquisition Corp, Playstudios will become a public company. Becoming the first mobile games firm that offers real-life rewards to do so.
