Netmarble to invest USD 130M in mobile gaming firm SGN
Launched in 2011 by MySpace co-founders Chris DeWolfe and Aber Whitcomb, SGN is the company behind popular titles such as ‘Cookie Jam’ and ‘Sugar Smash’.
According to various reports, SGN plans to use the new funds to acquire smaller game producers, increase its advertising spend and expand into Asian markets.
Netmarble, which now becomes the largest stakeholder in SGN, will work with the developer to strengthen its own presence in the Western markets.
Speaking to US business news television channel CNBC, DeWolfe said SNB could achieve revenue of $280 million this year, with the company planning to up its marketing activities in order to attract new customers.
“The App Store has millions of games; so you need a great game, but you also need to be really sophisticated [to make sure people find it],” DeWolfe said.
“You need a user acquisition team–we have 20 people who just do that. And you need money to execute.
“As it gets more and more competitive it takes a lot of resources to do all those things.”
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