Former Take-Two CEO's New Blockchain Game Publisher Wants the Next 'Grand Theft Auto'
*By Chloe Aiello*
Former Take-Two CEO Kelly Sumner is looking for the next big game. But rather than investing hundreds of millions, his blockchain-based video game publisher Planet Digital Partners is targeting mid-level games often ignored by big publishers.
"Electronic Arts, Take-Two, Activision ($ATVI), etc., they are spending hundreds of millions of dollars on a game, expecting to be ... getting billions. And the kind of middle, where there's sort of really good, exciting games, isn't there," Sumner told Cheddar Friday.
Planet Digital launched a Security Token Offering on Thursday with the goal of democratizing game development and funding alternative games. The company is offering 38 million "Rocket Tokens" at $1 per token to accredited investors. Sumner said he expects investors will be paid dividends as soon as the first quarter of 2020.
"This raise will allow us to actually go out and find maybe the next 'Grand Theft Auto,' maybe the next 'Guitar Hero,' because they started off ー not as billion dollar franchises ー but they became billion dollar franchises," Sumner said.
For investors, the token launch represents investment in a portfolio of games. Three games in the pipeline for distribution so far are Cabela's "The Hunt," "Cooking Mama," and Bass Pro "The Strike." Sumner admitted they aren't games he would necessarily play, but said they have a promising market.
"We're not trying to get the next soccer game or the next 'Call of Duty,' etc. We are looking at the opportunity of investing $5 million into a game, $10 million into a game ー a game that will have revenues of $50 million plus, where our competitors ... won't even get out of bed for that," he said.
Sumner also said blockchain offers opportunities for Planet Digital, not only in funding and security, but in interactive game-play. He said there's potential to introduce interactive trading features between game players and game watchers, which could unveil a whole new element to game play.
"Blockchain brings some really interesting opportunities," he said.
Director Ava Duvernay and Roberto Patino, both executive producers of the HBO series "DMZ," joined Cheddar News to talk about adapting the comic book about a future American civil war and a dystopian Manhattan. "I think it reflects a couple steps ahead of us. It really contemplates what happens if we can't kind of get our act together and be able to listen to each other and be able to be civil with folks we disagree with," said Duvernay. "It contemplates what's next if we don't kind of right our path."
Joanna Ostrem, Head of Estates, Appraisals, and Valuations at Christie's, joins Cheddar Reveals to discuss what to look for when evaluating a piece, building a collection, and the growing interest from millennial investors.
College basketball forward for the HBCU Texas Southern University, Mimi O'Neal, daughter of Hall of Famer Shaquille O'Neal, is pushing for more changes in light of gender equity scandals in NCAA college hoops brought to light on social media last year.
European prime ministers are heading into Kyiv today, a suspect has been arrested in the shootings of five homeless men in two cities, and Elon Musk challenges Russian President Vladimir Putin. Here is all the news you Need2Know for Tuesday, March 15, 2022.
Student loan payments for millions of borrowers are set to resume on May 1st. However, signals from the Department of Education show that the date may be pushed back. Once again, it's been pushed back a few times. Initially, the Biden Administration stated loan payments would resume as the economy continues to show signs of recovery. Student Loan Expert and Author of "How to Appeal for More College Financial Aid", Mark Kantrowitz, joined Cheddar to discuss more.
Mission-driven fintech company Propel raised $50 million in a Series B round led by Nyca Partners. Propel's mission is to help low-income Americans improve their financial health. The company's free app is called Providers, designed as a one-stop-shop for Americans to manage government benefits and other income side-by-side. Jimmy Chen, founder and CEO of Propel, joins Cheddar News' Closing Bell to discuss.
Russia may be asking China for help with its war in Ukraine, according to several reports citing unnamed U.S. officials. Russia is reportedly calling on its ally for military and economic assistance, in an attempt to avoid punishment from sanctions imposed by the U.S., Europe, and Asia, which have hammered Russia's economy. Chinese and Russian officials denied the reports. Meanwhile, top U.S. and Chinese officials are meeting today, with both countries confirming the conflict in Ukraine will be the meeting's main topic. Edward Wong, diplomatic correspondent for the New York Times, joins Cheddar News' Closing Bell to discuss.
Following the Texas Supreme Court's decision to end further challenges against the latest abortion restrictions, Texas saw a 60 percent decrease in abortions performed in the state — with an exodus of patients seeking care in other parts of the country. President, and CEO of Planned Parenthood Federation of America, Alexis McGill Johnson, joined Cheddar News at South by Southwest 2022 to discuss the impact of the court's ruling on reproductive health care in the Lone Star State and beyond.
