He claims the acquisition of Weta Digital will help with Unity’s pursuit of building out a metaverse, referencing the buzzy and loosely defined term for a digital world where people can interact as avatars. Riccitiello has led an aggressive campaign to keep Unity at the forefront of innovation, as evidenced by its recent string of acquisitions, including the purchases of RestAR, a deep learning and computer vision company, and Pixyz, a 3D preparation and optimization software. ![]() Unity claims on its website that its software was used to make 71% of the top 1,000 mobile games and 50% of games across mobile, PC and console in 2020. It beat Wall Street expectations and reported revenue of $286 million for the third quarter ending September 30, an increase of 43% from the same period in 2020. Though still reporting large losses-the company has never been profitable and lost $282 million in 2020 on revenues of $772 million-Unity has boasted strong sales growth and soaring share prices amid growing interest in mobile gaming and virtual reality. That number more than doubled when Unity’s IPO raised $1.3 billion for the company, boosting its market value to $13.7 billion. Before it went public in September 2020, Unity had raised over $718 million, according to Crunchbase, with a valuation of $6 billion. Since he's been CEO, hits created with Unity software include viral phenomenon Pokemon Go Unity also integrated its products into content created for Facebook-owned Oculus. “I think Riccitiello’s only mistakes were his expensive acquisitions,” mused Wedbush Securities analyst Michael Pachter in 2013, “but even they yielded a solid mobile and social business and a couple of bonafide franchises.”Ī year later, Riccitiello took the helm of Unity, whose cross-platform game engine had become popular with independent studios and was, according to the company, reaching over 600,000 developers each month. In a letter to employees, Riccitiello claimed “100 percent” responsibility for the disappointing results in his final quarter, but argued EA had “never been in a better position as a company.” While his legacy was divided, experts (for the most part) seemed to agree. ![]() Shares fell almost two-thirds during Riccitiello’s six-year tenure atop EA, which ended with his resignation in March 2013. Despite numerous attempts to evolve into the mobile age, along with dramatic cost-cutting measures, EA stock didn’t recover from the plunge it took during the 2008 market crash. When he returned to EA in 2007 as CEO, Riccitiello quickly acknowledged bubbling changes in the industry stemming from the advent of digital games.
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