Production company Lyrical Media is launching Lyrical Games a new, privately funded game publisher with its first three titles in production. Blake Rochkind, former Head of Business Development at Take-Two's Private Division, will oversee Lyrical Games, which says it aims to support imaginative and high-caliber games that live between the extremes of smaller indies and large productions. Rochkind was previously a Video Game Agent at United Talent Agency. Backed by Lyrical Media and founder and CEO Alexander ...

Core Insights - NIP Group Inc. reported a significant increase in event production revenues, which surged by 92.6% year-over-year to US$14.6 million in the second half of 2024, contributing to a full-year increase of 147.5% to US$23.3 million [1][6][22] - The company is transitioning from a pure esports organization to a fully integrated gaming-centric digital entertainment platform, with plans to expand its core businesses and enter the hospitality market [5][6] - Despite the growth in revenues, the company reported a net loss of US$8.0 million in the second half of 2024, compared to a net loss of US$2.0 million in the same period of 2023 [6][15] Financial Highlights for the Second Half of 2024 - Total net revenues increased by 1.8% year-over-year to US$45.9 million, driven by the strong performance in event production [6][8] - Gross profit decreased to US$0.6 million, with a gross margin of 1.4%, down from 10.9% in the same period of 2023 [12] - Adjusted EBITDA was negative US$7.3 million, compared to positive US$1.0 million in the same period of 2023 [17][32] Financial Highlights for the Full Year of 2024 - Total net revenues for the full year increased by 1.9% year-over-year to US$85.3 million [18][26] - Gross profit for the full year was US$3.0 million, with a gross margin of 3.5%, down from 8.6% in 2023 [23] - The net loss for the full year was US$12.7 million, slightly improved from a net loss of US$13.3 million in 2023 [26] Business Updates - The company expanded its esports portfolio through a partnership with The9 Limited to develop "MIR M" into a competitive global esports title [6][38] - NIP Group entered the MOBA game publishing market with the launch of "Re: Aetatis" in December 2024 [6][38] - A landmark agreement with the Abu Dhabi Investment Office was secured to establish the company's global headquarters in Abu Dhabi, supported by up to US$40 million in incentives [6][38] Cost Structure - Cost of revenues for the second half of 2024 was US$45.3 million, compared to US$40.2 million in the same period of 2023 [10] - Selling and marketing expenses increased by 92.7% to US$5.3 million, primarily due to higher marketing costs for the game publishing business [13] - General and administrative expenses rose by 58.2% to US$7.1 million, largely due to increased professional service fees related to the IPO [14]