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Funko to Enter Multi-Billion Dollar Video Game Market in Collaboration With 10:10 Games
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Funko (Nasdaq: FNKO) is set to enter the lucrative video game market through a collaboration with 10:10 Games, announced during the San Diego Comic-Con. The first project is an AAA Action Platformer, expected to launch in 2023. This partnership aims to leverage industry talent, including BAFTA award winner Jon Burton, to create games reflecting the Funko brand’s unique identity. The game will cater to current and next-gen consoles and is anticipated to receive a 'T' rating for teens, featuring major third-party studio integration.
Positive
Entry into the lucrative video game market, potentially increasing revenue streams.
Partnership with 10:10 Games is led by experienced creators, including BAFTA award winner Jon Burton.
Focus on AAA content for current and next-gen consoles, appealing to a broad gamer demographic.
Negative
None.
Premier Title Slated For 2023
SAN DIEGO & EVERETT, Wash.--(BUSINESS WIRE)--
Funko, Inc. (Nasdaq: FNKO), a leading pop culture and lifestyle brand, announced its plans to enter the multi-billion dollar video game market during the company’s Hall H-Pop! Talk panel on the final day of San Diego Comic-Con. Through Funko’s collaboration with developer 10:10 Games, the companies’ first co-production will be a AAA Action Platformer in 2023. Led by video game developer and five-time BAFTA award winner Jon Burton, 10:10 Games has gathered some of the industry’s best creators to develop it.
“Creating iconic products that emotionally connect fans to their favorite fandoms is critical to each product portfolio decision,” said Andrew Perlmutter, CEO of Funko. “By partnering with 10:10 Games and utilizing the best creators in the business, we will have the talent to deliver games that reflect Funko’s unique look and feel across its lines and varied products.”
“Funko is an iconic brand that truly understands the ingredients it takes to develop a world class video game,” said Arthur Parsons, Design Director for 10:10 Games. “10:10 Games is thrilled to bring to life a new experience for their fans and video gamers alike.”
Funko and 10:10 Games will focus on developing AAA content for current and next gen consoles and PC with the still untitled release. At the panel, the executive team shared that this first game, in addition to being an action platformer, will have major third-party studio integration and is expected to have a “T” for teen rating.
ABOUT 10:10 GAMES
Founded in the summer of 2021 by industry veterans, 10:10 Games was formed with a vision to create a studio that is inclusive, collaborative and welcoming for everyone, a studio where the team is empowered to do their best work every day, and a studio that creates amazing games that engage and exhilarate gamers everywhere.
ABOUT FUNKO Headquartered in Everett, Washington, Funko is a leading pop culture lifestyle brand. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, board games, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the anticipated release date of any video game titles. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Funko's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: risks related to the ongoing level of popularity of Funko's products with consumers; the impact of COVID-19 on our business, financial results and financial condition; its ability to maintain and realize the full value of its license agreements; economic downturns and changes in the retail industry and markets for its consumer products; Funko's ability to maintain relationships with retail customers and distributors; Funko's ability to compete effectively and manage its growth; fluctuations in gross margin; dependence on content development and creation by third parties; Funko's use of third-party manufacturing; risks associated with Funko's international operations and geographic concentration of operations; and the possibility or existence of global and regional economic downturns. These and other important factors discussed under the caption "Risk Factors" in Funko's quarterly report on Form 10-Q for the quarter ended March 31, 2022 and its other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While Funko may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Funko's views as of any date subsequent to the date of this press release.
