Turkey’s economy is going through hard times, but this does not prevent the gaming segment from flourishing. Over the past five years, Turkish startups related to mobile games have received investments of $2.4 billion.
The increased interest in Turkish casual games is reported by Bloomberg.
- From 2015 to 2020, game developers in Turkey received money from Tencent, Netmarble, Zynga, Teknasyon, App Samurai and Makers Fund;
- The biggest deal took place in June 2020, when Zynga acquired Istanbul-based Peak Games for $1.8 billion.;
- Two weeks ago, Zynga invested in a Turkish company again and this time paid $168 million for an 80% stake in Rollic Games.
Analysts identify several reasons for the success of the gaming segment. One of them is the record fall of the lira against the dollar. The fact is that Turkish studios are focused on the Western market, and a large difference in currency increases profitability for foreign partners.
“The combination of low development costs and more developers in Eastern Europe and the Middle East compared to Western Europe and North America makes shopping in countries like Turkey attractive to Western companies,” Bloomberg notes.
State support also plays a significant role: the government compensates developers for the App Store and Google Play Store commission, which reduces the costs of companies.
According to Serkan Unsal, founder of the Turkish analytical company Startups.Watch, interest in local game manufacturers will continue. According to the agency, over the past five years alone, 172 gaming startups have opened in the country and the trend is increasing.
Roland Manger, co-founder of Earlybird Venture Capital, also expresses optimistic views on the future of Turkish gaming startups.
“The development of this ecosystem attracts capital, creates well-paid jobs and, ultimately, brings tax-paying profits,” Munger notes. “In five years, Turkey may become an even more significant place for game development.”
Also on the topic:
- Bloomberg: Zynga announced the purchase of Turkish Peak Games for $ 1.8 billionZynga bought the Turkish studio Rollic for $168 million.
- This is the company’s second major deal this yearZynga shares fell after a record rise.
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