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Riot Games Files Motion to End Deal with FTX

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Riot Games, the company behind such titles as League of Legends and Valorant, has filed a motion to end its deal with cryptocurrency company FTX following the epic collapse of the market, and FTX folding.

According to researcher Molly White via Twitter, the company attributed the decision to FTX’s filing for bankruptcy.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse,” Riot Games said, reportedly.

The two sides initially partnered up via an advertising deal in 2021 which would see Riot Games promote FTX’s brand in connection with its esports circuit, the League of Legends Championship series.

FTX owed Riot $12.5 million but so far has only covered $6.2 million of that balance during 2022, and in 2023 FTX would need to pay $12,875,000, with payments continuing to grow until the year 2028.

Riot Games also noted their criticism of the fall of FTX and arrest of FTX founder Sam Bankman-Fried as among the reasons that they decided to end the deal.

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Patreon Hires Twitch’s Adiya Taylor as New Corporate Communications Lead

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Content creation platform Patreon has officially tabbed Adiya Taylor as their new corporate communications lead, effective in February, according to an official announcement.

Taylor worked for Amazon’s video game streaming platform Twitch for three years in a variety of roles, most recently serving as the company’s senior monetization communications manager prior to her departure.

Taylor’s hiring comes after Patreon brought on Brielle Villablanca as Vice President of communications and creator advocacy back in November 2023.

“I’m thrilled to begin crafting and implementing a communications strategy around policy, trust and safety, product and more,” Taylor said during an official post on the networking platform LinkedIn, adding that she believes Patreon is a “true advocate” for creators.

“I’m looking forward to more storytelling around how we’re fostering fandom so that creators own long-lasting businesses built around their artistry,” Taylor added.

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Microsoft Bringing Four Games to Rival Consoles

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Microsoft has responded to recent reports that there will be changes to it’s first-party strategy and has confirmed that four game titles will be released on rival consoles.

More specifically, Xbox head Phil Spencer said that ‘Starfield’ and ‘Indiana Jones’ will not be among the four titles heading to other platforms. Both games had a number of candidate platforms, per reports, adding that this is “not a change to our fundamental exclusive strategy.”

“We don’t damage Xbox and we can grow our business using what other platforms have to help us with that,” Spencer said, according to GamesIndustry.biz.  “Looking forward, I think there is an interesting story for us of introducing Xbox franchises to players on other platforms to get them more interested in Xbox. We think there’s a good brand value for Xbox there.”

Xbox president Sarah Bond announced that Activision Blizzard games would begin to be added into Game Pass offerings, starting with Diablo 4, which will be added on March 28th.

Additionally, Bond said that Microsoft is still working on hardware for the future and that their focus regarding the future is “delivering the largest technical leap you will ever have seen in a hardware generation.”

 

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Sega’s Revenue See Rise to $27 Billion

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Sega Sammy has released its financial report for the nine-month period that officially concluded on December 31st, 2023, and that report that demonstrated a rise in overall sales and profit despite a decrease in sales for Sega’s new titles.

That decline was offset by growth in pachislot and pachinko machines, however Sega had lowered its sales forecasts for the full financial year.

Here is a breakdown, courtesy of GamesIndustry.biz.

  • Net sales: ¥349.9 billion ($2.3 billion, up 28.7% year-on-year)
  • Operating income: ¥54.4 billion ($364 million, up 42.4% year-on-year)
  • Ordinary income: ¥57.2 billion ($383 million, up 42.7% year-on-year)
  • Net sales were up 130.3% to ¥120.2 billion ($805 million) in this segment
  • Ordinary income increased by 521.3% at ¥45.7 billion ($306 million).
  • Entertainment Contents segment, which includes video games, net sales were up 4.2% at ¥219.3 billion
  • Profit decreased by 52.5% to ¥19.7 billion ($131.8 million) as a result of weak game sales

You can read a breakdown of the entire report at GamesIndustry.biz here.

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