Netflix is planning to acquire its second video game studio in less than six months.
The streamer said this week that it intends to acquire Next Games, the Helsinki, Finland-based mobile games studio that previously worked with it to develop a puzzle game based on its popular original series Stranger Things. Next Games has also developed titles based on AMC’s zombie hit The Walking Dead.
Per Variety, Netflix expects to close the acquisition in the second quarter of this year, and has proposed paying €2.10 cash (around $2.34 U.S.) per share. That’ll put the final purchase price at around €65 million ($72 million).
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Next Games was founded in 2013 and has raised $20.8 million in funding to date. It reported sales of €27.2 million ($30 million) in 2020, and said 95% of those revenues were generated by in-app purchases made by players of its games.
In a statement, Mike Verdu, Netflix’s VP of games, said the company intends to “build a library of great games for our members to enjoy.”
“Over the years, [Next Games’] team has successfully created and operated live service games with a dedicated fan base across the globe who play over long periods of time,” Verdu said.
He added that Netflix is focused on making mobile games that do not cost anything extra for subscribers to play, do not have ads, and do not have in-app purchases.
A Next Games rep told Variety that “at the moment,” there are “no plans to make changes in the Next Games leadership.”
The studio is led by CEO Teemu Huuhtanen.
Netflix began adding games to its app last August, and currently has a handful of titles available, including two based on Stranger Things, a couple sports games, racing game Asphalt Xtreme, strategy game Arcanium: Rise of Akhan, and Hextech Mayhem, based on its League of Legends original Arcane.
Netflix acquired its first game studio, Oxenfree developer Night School, in September 2021.