Netflix continues its expansion into video games with the acquisition of mobile game developer Next Games.
The video streaming leader will use the developer to bolster its fledgling mobile gaming efforts, with the company adding games to its service in November 2021.
Netflix offered a price of €2.1 per share – more than double Next’s closing price of €0.93 on Tuesday – for a total purchase price of €65 million.
Next Games is no stranger to Netflix and has experience developing games based on entertainment IP, such as Stranger Things: Tales of Riddles.
Michael Verdu, VP of Games at Netflix, said, “Next Games has a seasoned management team, a strong track record in entertainment franchise-based mobile games, and strong operational capabilities.
“We are thrilled to have Next Games join Netflix as a lead studio in a strategic region and key talent market, expanding our in-house game studio capabilities. While we’re just getting started in games, I’m confident that with Next Games, we’ll be able to build a world-class game portfolio that will delight our members around the world.
Teemu Huuhtanen, CEO of Next Games, said, “Joining forces with the world’s largest streaming service, Netflix, provides an opportunity for a logical and exciting continuation of our strategy to create interactive experiences for the world to enjoy. . Our close collaboration with Netflix on Stranger Things: Tales of Riddles has already proven that together we create a strong partnership. This is a unique opportunity to upgrade the studio on all fronts and continue our mission together.