{"id":1516,"date":"2024-11-20T07:00:00","date_gmt":"2024-11-20T06:00:00","guid":{"rendered":"https:\/\/fragbitegroup.com\/mfn_news\/funrock-prey-studios-signs-3-3-msek-game-development-contract\/"},"modified":"2024-11-20T07:00:00","modified_gmt":"2024-11-20T06:00:00","slug":"funrock-prey-studios-signs-3-3-msek-game-development-contract","status":"publish","type":"mfn_news","link":"https:\/\/fragbitegroup.com\/en\/press\/funrock-prey-studios-signs-3-3-msek-game-development-contract\/","title":{"rendered":"FunRock & Prey Studios signs 3.3 MSEK game development contract"},"content":{"rendered":"
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Fragbite Group AB\u2019s (publ) (\u201cFragbite Group\u201d) wholly-owned subsidiary FunRock & Prey Studios have signed a contract to develop a white-label game engine, generating an initial income of approximately 3.3 MSEK. In addition, negotiations for extensions to the contract are ongoing.<\/strong><\/p>\n<\/div>\n

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During the spring 2024, FunRock & Prey Studios pivoted its business to combine development of proprietary game IPs and engines with work-for-hire development. A first project was initiated during the second quarter, an assignment for a European counterpart for which the studio is building a white-label game based on the MMA Manager <\/em>game engine. This project is near completion and negotiations are underway for an extension of the project.<\/p>\n

Today the subsidiary signed another contract with the same counterpart for another white-label game engine, this one based on FunRock\u2019s game engine for inactive mobile title Capital War<\/em>. The contract generates an income of approximately 3.3 MSEK over six months, with the possibility of an extension.<\/p>\n

\u201cI\u2019m thrilled with this new deal and the opportunities it brings to our studio. It\u2019s gratifying to see that we can generate additional sources of income while staying focused on enhancing our players\u2019 experience and leveraging assets we\u2019ve already built. This contract is significant not only because it allows us to utilise work done on\u00a0Capital War, but also because it aligns with our aim to establish sustainable revenue streams through work-for-hire projects. I\u2019m excited about the possibilities ahead in 2025<\/em>,\u201d says Magdy Shehata, CEO, FunRock & Prey Studios.<\/p>\n

\u201cThe pivot in FunRock & Prey Studios\u2019 business strategy is positive and these new projects not only provide a good cash injection but also contribute to developing the studio. I am especially pleased to see an inactive IP from the Company\u2019s broad portfolio being utilised for new business \u2013 using our IPs as leverage is a key part of Fragbite Group\u2019s strategy<\/em>,\u201d says Stefan Tengvall, CEO, Fragbite Group.<\/p>\n<\/div>\n

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For questions, please contact:<\/strong><\/p>\n

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Erika Mattsson, Chief Communications Officer
em@fragbitegroup.com<\/a>
Phone: +46 8 520 277 82<\/p>\n

Redeye AB is the Company\u2019s Certified Adviser.<\/p>\n<\/div>\n

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About us<\/strong><\/p>\n

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Fragbite Group (publ) is a Swedish corporate group with a portfolio of established subsidiaries that develop, adapt and publish games and esports content within GAMING, ESPORTS and WEB3. Our products are developed for both traditional platforms \u2013 PC, mobile and console \u2013 and modern platforms built on blockchain technology. The Group is headquartered in Stockholm and listed on Nasdaq First North Growth Market.<\/p>\n<\/div>\n

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Attachments<\/strong><\/p>\n

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FunRock & Prey Studios signs 3.3 MSEK game development contract<\/a><\/p>\n<\/div>\n