Square Enix Says Embracer Sale Will Help Fund Its Blockchain Investment
Square Enix has shed more light on its decision to sell its Western game development studios and IPs to Embracer Group, as the Japanese company says the deal will further help it invest in the blockchain and other technologies.
The deal--which is valued at $300 million--will see Crystal Dynamics, Eidos-Montreal, and Square Enix Montreal join Embracer Group's portfolio of studios, as well. IPs in the sale include Tomb Raider, Deux Ex, and Legacy of Kain, among others.
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«The transaction will assist the company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the company’s core businesses in the digital entertainment domain,» Square Enix said in an official statement via Business Wire.
Aside from investing in the blockchain, Square Enix also plans to explore the fields of AI and the cloud, a move it says is meant to optimize its business structure as part of a medium-term business strategy that was unveiled last year.
Square Enix president Yosuke Matsuda expressed an interest last month in the company creating more blockchain games with play-to-earn elements, as he explained that the traditional video game business model would not be enough to secure the future of the company. In a letter, Matsuda wrote of his belief that blockchain games «hold the potential to enable self-sustaining game growth» by
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