MAG Interactive acquires Primetime developer Sventertainment AB
The $2.3 million acquisition aims at integrating live broadcasts into MAG Interactive's game New QuizDuel
MAG Interactive has announced the acquisition of Sventertainment AB, the developer of mobile live quiz game Primetime.
The company acquired all shares in the studio for SEK 20 million ($2.3 million), with an additional SEK 80 million ($9.2 million) given if they hit profit targets within three years.
Stockholm-based Sventertainment AB specialises in "live-streamed entertainment" -- Primetime launched in 2018 and broadcasts quiz games live every day, seven days a week, with players able to compete in real time. And that's exactly the expertise that interested MAG Interactive, which wants to integrate live broadcasts in its trivia title New QuizDuel.
Sventertainment AB will stay independent, the announcement clarified, with its current management team remaining in place.
Primetime will also continue to exist, with MAG Interactive expecting to see good results on both sides from combining "Primetime's live-streamed trivia content with the large user base from the QuizDuel franchise."
The Primetime developer had a turnover of SEK 9 million (over $1 million) for the first half of 2020, which represented a 57% increase year-on-year. The game itself boasts 100,000 daily active players.
Daniel Hasselberg, CEO of MAG Interactive, commented: "Primetime is an excellent addition to our catalog of smart, easily accessible word and trivia games and fits in particularly well with New QuizDuel. We want to create synergy between Primetime and MAG by integrating live broadcasts into New QuizDuel, making this the next strategic step toward becoming a world leader in trivia.
"With live broadcasting we will offer something completely new and exciting and are building unique added value for our QuizDuel players long-term. Primetime's complementary business model, that is based on sponsor financing, also amounts to an opportunity to increase ARPDAU in New QuizDuel."