Game developer My.Games announced the termination of work in Russia and the restructuring of the business. The Russian division will be spun off into a separate independent company, Astrum Entertainment, which will receive licenses for game publishing in the country, including current licenses for PC games from external developers, and retain all teams working on these projects.
Astrum Entertainmenter into a joint venture with Innova, which has been specializing in the localization and support of PC games in Russia since 2006. It is planned that the restructuring will be completed within a few months.
My.Games will focus on developing international business. The company will continue to work on games for PC, consoles and mobile devices. They will be published in the US, Europe, Asia, in addition, the company intends to expand its presence in new markets, including Latin America, the countries of the Middle East and North Africa, Indonesia and India.
In September, VK sold MyGames to Alexander Chachava, managing partner of LETA Capital. The deal includes all assets of My.Games, including studios and game products owned by the company. The cost of the deal was $642 million.
My.Games develops and publishes games for PC, consoles and mobile devices. There are more than 150 games in the studio's portfolio. The company also sells games through its app store. It has 12 regional offices and representative offices in the Russian Federation, Europe, the USA and Asia. In 2021, the revenue of the VK gaming segment (namely, the segment related to My.Games) grew by 10.5% to RUB 43.8 billion, EBITDA by 63% to RUB 10.4 billion.