Industry Keyword: Video games

Chat platform Discord has raised $500 million in a new funding round led by investment firm Dragoneer Investment Group, a company spokesperson said on Wednesday. The deal values the company at about $15 billion, Bloomberg News had reported earlier. Discord declined to comment on the valuation. Baillie Gifford & Co, Coatue Management, Fidelity Management & Research Co and Franklin Templeton also participated in the financing, alongside existing investors, the Discord spokesperson said. Discord grew at a lightning pace during the COVID-19 pandemic...

China has forbidden under-18s from playing video games for more than three hours a week, a stringent social intervention that it said was needed to pull the plug on a growing addiction to what it once described as "spiritual opium". The new rules, published yesterday by the Communist government, are part of a major shift by unelected bureaucrats in Beijing to strengthen control over its society and key sectors of its economy, including tech, education and property, after years of...

In a reversal of the previously held consensus, a new research study from Vermont University in the United States has come to the conclusion that playing video games may improve kids intelligence. According to the British tabloid newspaper Daily Mail, the researchers doing the study found that children averaging over three hours per day on videogames were noticeably better at memory and cognitive tests than their those not playing games. Dr Nora Volkow, who is currently the director of the National...

GameStop's Chairman Ryan Cohen made a point of doing away with corporate excess such as a company plane and used the allure of rebuilding the videogame retailer to recruit Amazon.com Inc's Australia chief Matt Furlong as CEO, according to people familiar with the process. Cohen wanted the message to be stern, said the sources, who were close to the discussions. The transformation of the ailing brick-and-mortar retailer into an e-commerce powerhouse would require laser-like focus and determination, Cohen told Furlong. The...

Industry Overview The gaming industry is a booming business that has experienced tremendous growth in recent years. From the early days of video game arcades to today's highly advanced gaming consoles, gaming has become increasingly popular and lucrative. The global gaming industry is estimated to reach $180.1 billion in 2020, with much of the growth driven by mobile gaming. Mobile gaming now accounts for over 50% of total global gaming revenue, with console gaming and PC gaming following close behind. In addition to mobile...

Roblox Corp has said it aims to go public via a direct record, rather than an initial public offering (IPO) as originally intended, and has raised new funding at a deal that values the US gambling platform at nearly $30 billion. In a statement, Roblox stated it had raised around $520 million in a brand new Series H private fundraising round led by Altimeter Capital and Dragoneer Investment Group. The financing round valued Roblox at $29.5 billion, over seven times the...

As US election results started trickling in late Tuesday evening, hedge fund manager Eric Jackson stress-ate a lot of his kids' Halloween candy that he felt compelled to buy a blood sugar monitor the next day. Jackson, of EMJ Capital, said the treats were a salve for his nerves as he watched MSNBC's Steve Kornacki buzz around the television screen and stock market futures "melt up all night." Over the next few days, Jackson and other fund managers would find ways...

Profanities and other offensive content that basic word-filtering tools are made to catch can be discovered in certain game titles and user profiles on children's gaming system Roblox, searches of the website show, regardless of the company's "no tolerance" policy and assurances it has safeguards to enforce it. Powered by user-created games, Roblox filed Thursday for a multibillion-dollar stock market introduction, riding the lockdown entertainment boom with its appeal for a location for safe interactions and fun for the youngest...

Take-Two Interactive Software Inc on Monday increased its financial year adjusted sales prediction after beating quarterly estimates on demand because of its video game franchises"Grand Theft Auto" and "NBA 2K" from individuals stuck at home due to lockdowns. The company's shares rose about 7 percent in after-market trading, place to improve their 37% gains for the year. Spending on video games for June surged 26% to $1.2 billion in the US market, the highest for the month within ten years, according...