Wednesday, February 28, 2024

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    Earnings wrap-up: The gaming business is booming — but not necessarily for gaming companies

    It’s earnings season, and gaming has once again taken center stage. But as tech and media giants take advantage of gaming’s pandemic-fueled rise, they are shaking up the traditional economic pillars of the industry — and leaving the game developers themselves scrambling to keep up with the times.

    Disney opened its Feb. 7 Q1 2024 earnings call with a splash, with CEO Bob Iger appearing on CNBC moments before it began to announce the company’s $1.5 billion investment in Epic Games. Disney intellectual properties such as “Star Wars” have already appeared inside Epic titles like “Fortnite,” but Disney’s official statement on the investment made it clear that the presence of Disney characters inside Epic’s digital worlds will increase drastically as a result of the deal, transforming “Fortnite” into something resembling a virtual Disney World.

    “This marks Disney’s biggest entry ever into the world of video games, and offers significant opportunities for growth and expansion,” Iger said during the earnings call.

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