Saudi Arabia's Savvy Games Group is expanding. While some companies continue to offload assets, the creators of Monopoly Go! are making substantial investments.
Scopely has not disclosed the exact amount paid for a majority stake in Loom Games. It is reported that the payments are structured over several years. If the studio achieves certain financial results and other metrics, its valuation could exceed a billion dollars.
Loom Games was founded last year and released its debut project, Pixel Flow!, a few months ago. This puzzle became the first casual game in the last 12 months to break into the top 20 highest-grossing mobile titles in the US.
Pixel Flow! combines color matching mechanics and a "sorting shooter" concept. The user sends colorful pets onto a conveyor to shoot at pixel blocks of corresponding colors. From a monetization standpoint, it is a hybrid-casual game, earning from both in-game purchases and ads.
As a reminder, since 2023, Scopely belongs to Savvy Games Group, a subsidiary of the Saudi Arabian Sovereign Wealth Fund. The studio continues to grow. Revenue from Monopoly Go! has surpassed $6 billion, and last year the company acquired Niantic's gaming division (Pokémon GO) for $3.5 billion.