Savvy expects SAR 5.9 bln revenues in 2023: CEO

The Public Investment Fund-owned Savvy Games Group is expected to achieve revenues of SAR 5.9 billion by the end of 2023 following the acquisition of US-based games developer Scopely, Savvy's CEO Brian Ward told Argaam.

Ward said that nearly a quarter of Savvy’s capital, amounting to SAR 128.9 billion, has been invested in the esports sector and the acquisition of Scopely.

Savvy dominates a tiny percentage of the gaming market that is valued at SAR 690 billion, due to the current focus on esports and the acquisition of the Esports League (ESL), Ward explained.

The group has not started its investments in PC games and home gaming consoles. It will look during the fourth quarter and next year for partnerships, investments, and potential acquisitions, according to the CEO.

Ward stressed that Savvy aims to inject direct and indirect investments as well as buy minority and controlling stakes in some companies, adding that it has invested with the venture capital fund Griffin Gaming Partners, which is the largest fund focusing on games and early-stage investments.

Ward is optimistic about the esports sector's future, saying that the group seeks to develop the quality of products and aims to increase viewership in competitive games to reach record levels although numbers declined after coronavirus.

In addition, the companies that Savvy invests in or has acquired may open branches in Riyadh.

Savvy's subsidiary, Nine66, is developing an integrated system to help game developers, through providing the necessary infrastructure, as well as working directly with the Ministry of Investment and a number of other ministries to provide initiatives and incentives for foreign companies to invest directly in the Kingdom.

Furthermore, Ward attributed the Kingdom's transformation into one of the world's largest hubs for the gaming and esports sector by 2030 to its demographic composition, which includes a large number of young people. In addition, 68% of Saudis participate in esports, which is the world's second highest rate.

Last September, Crown Prince Mohammed bin Salman announced the launch of the Savvy Gaming Group's strategy.