IP E-Games and GMA New Media Enter Joint Venture
IP E-Game Ventures, Inc. , and GMA New Media, Inc., entered into a Shareholders’ Agreement for the purpose of creating and operating a joint venture company to be named I-Play, Inc.
The investment in I-Play, Inc. will be in the form of an authorized capital stock worth PhP 800M, with an initial paid-in capitalization of PhP 200M. I-Play, Inc. will be equally owned by IP E-Games and GMA-NMI, with each party having a 50% stake in the company. I-Play is set to commence operations in the first quarter of 2008.
“We’ve had online gaming in our agenda for quite some time but because we wanted to be in it for the long haul, we had to make sure that we come in when the market was ready, we had the right business model, and we found a partner that shared our vision,” says Judd Gallares, President of GMA-NMI.
“Some gaming businesses were built around one title and have had short-lived success. Others were built around core gaming despite the fact that casual gaming appeals to a broader user base and represents a greater majority of the market. Although we are keenly looking at both casual and core, I believe that starting off with casual gaming aligns ideally to the strategic strengths of GMA with its merchandising assets and its already wide audience base. In this regard, we looked for a strategic partner that had the same vision and core values as GMA-NMI’s. We found these in E-games.”
IPVG CEO Enrique Y. Gonzalez expressed excitement about the joint venture partnership. “With this collaboration, we have clearly established ourselves as a market leader in the casual gaming segment and are now positioned to be the partner and publisher of choice for all the top-tier game developers around the world that would like to introduce their products into the Philippines,”
GMA-NMI's unique position of being both a media company and a technology company will certainly be played to the hilt in this partnership, says Gallares. “In combining the creativity and speed of digital with the broad reach and appeal of traditional, we’ll be breaking new paths in gaming.”
“The synergies between E-Games and GMA-NMI go beyond just marketing and game publishing. I think together, we can look at unique opportunities in creating purely localized casual games based on local IP assets and locally produced story lines,” Gonzalez remarks.
Both GMA-NMI and IP E-Games agree that the future of online gaming in the Philippines lies in the casual gaming segment because it appeals to a much broader audience base. “Our partnership with GMA-NMI will allow us to take casual gaming and online gaming mainstream,”
“This partnership symbolizes the convergence of traditional media with new media and highlights the role online gaming plays as a unique environment and medium for Internet users across the Philippines. Expect great things to come from I-Play,” closes Gonzalez.
I-Play is just one of many initiatives in GMA-NMI’s Grand Digital Plan. This partnership follows the unprecedented success of GMA’s own news website, GMANews.tv, as well as that of Pep.ph, the Philippines’
IP E-Games, the biggest advocate of the Free to Play model in the country, currently has 2 online casual games in its roster – Audition Dance Battle and O2Jam.
One of the gaming distributor’
About GMA New Media, Inc.
GMA New Media, Inc. (GMA-NMI) is the digital media arm of GMA Network, Inc. Since its inception in 2000, it has launched category-breaking projects in multiple platforms, including mobile, Internet, and digital TV. It owns the leading celebrity mobile phone portal, Fanatxt, and powers all the SMS-TV campaigns of GMA. It was the first to introduce interactive chat and gaming in Philippine television. Among its most recognized innovations are the first landline telegaming segment called PLDT Playtym and the first made-for-TV interactive game show, Txters V. It has a major stake in some of the Philippines’
About IP E-Games
IP E-Game Ventures, Inc. (IP E-Games), is a subsidiary of IPVG Corp. that operates the online gaming business unit of the company. IP E-Games has the exclusive distribution rights to the #1 MMORPG RAN Online, #1 Casual Games O2Jam and Audition, Supreme Destiny and Presidential Award recipient Korean game Granado Espada. IP E-Games is ranked #1 online games publisher in the Philippines and holds the top three titles in the Philippines namely - RAN Online, #1 MMORPG plus O2Jam and Audition #1 rhythm and dance casual games, respectively. IP E-GAMES strategic minority investors include the Philippine Star Group, and E-Store Exchange (an affiliate of GMA7). For more information log on to: www.e-games.com.ph