MAG Interactive has acquired Swedish media company Sventertainment AB, the developer of trivia app Primetime (thanks, GamesIndustry.biz).
The company will acquire all shares in Sventertainment AB, in a purchase that valued the studio at SEK 20 million, with an additional purchase sum corresponding to maximum SEK 80 million based on profit targets for the next three years.
The Stockholm-based Sventertainment is a media company that specialises in live-streamed entertainment. The company is behind the successful trivia app Primetime, which broadcasts live trivia seven days a week.
“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”, says Daniel Hasselberg, CEO of MAG Interactive.
“Primetime has built an organic user base of around 100,000 daily active players. They have also proven that their business model works and the company is now profitable. During the first half of the year, they increased their sales significantly compared to the same period last year, and we believe that this is just the beginning of their growth journey”, Daniel Hasselberg continues.
Sventertainment will continue to act as an independent company, and will retain its current management. Primetime will remain a standalone product in the Nordic markets, and the co-operation between the two companies will mostly focus around integrating live broadcasts in New QuizDuel. MAG expects to increase revenue primarily by combining Primetime’s live-streamed trivia content with the large user base from the QuizDuel franchise.