The other day, the executive director of Fishlabs, Michael Schade, gave an interview to Pocket Gamer, in which he explained what led the company to bankruptcy, why the studio went to him.
According to Michael, the company started making good money after switching from Java to the iOS market in 2009. Thanks to the Galaxy on Fire series and the support of the Volkswagen Group, for which the studio made five projects, Fishlabs’ revenues grew.
But the market was changing, it was necessary not only to maintain a high level of graphics, but also to switch to f2p. And at a certain stage, the company was unable to cope with this on its own.
Investors have not been found this year. The reasons for this, according to Shade, are two
- If the game does not have the potential to earn $ 1 million daily, it is not very interesting to investors.
- At the first stage of financing in 2007, Fishlabs gave too many shares to investors. The 39% shares available for the second stage were not enough.
Therefore, Fishlabs, as we understood, decided to declare bankruptcy in order to restart as a new legal entity, with a “healthy capitalization” and a normal option program for employees.
The full version of the interview can be found here.
A source: pocketgamer.biz