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.
The U.S. is sending more aid to Ukraine, Tom Brady is un-retiring, and Kim Kardashian and Pete Davidson are Instagram official. Here is all the news you Need2Know for Monday, March 14, 2022.
U.S. stocks ended Thursday's session lower as new CPI data show inflation continues to rise and the Russia-Ukraine war continues. Philip Palumbo, founder, CEO, & Chief Investment Officer of Palumbo Wealth Management, joins Cheddar News' Closing Bell to discuss.
It's been an eventful past few weeks for the WNBA. One of the league's top players, Brittney Griner, remains in Russian custody after being detained at an airport last month. The league is also dealing with a scandal after fining a team for providing charter flights to their players. Emily Caron, sports business reporter for Sportico, joined Cheddar News' Closing Bell to discuss.
Auction-based advertising infrastructure startup Topsort
raised $8 million in a seed funding round. Topsort says companies like Google and Amazon have been making huge profits from auction-based advertising for decades, but that the technology is complicated, exclusive, and hard to build. The company is trying to be a solution, by offering an auction-based advertising API to smaller retailers and marketplaces. Regina Ye, CEO and co-founder of Topsort, joins Cheddar News' Closing Bell to discuss.
Former "Real Housewife of Atlanta" Kandi Burruss is back with a spinoff on Bravo. The singer-songwriter is starring in the new reality series "Kandi and the Gang" featuring the staff at her restaurant, The Old Lady Gang. Burruss joined Cheddar News Wrap to talk about opening the Atlanta eatery with her husband Todd Tucker, the series' premiere this week, and how it compares with another Real Housewife's restaurant reality show. "I think the only thing that's the same is that both Lsa Vanderpump and I are Real Housewives and we both have restaurants," she said. "The fact is, my restaurant, I have family that works in my restaurant, so that gives it a totally different spin."
With real estate being a largely male-dominated industry, Stephanie Shojaee, vice president and chief marketing officer at development company Shoma Group, joined Cheddar News to discuss how she took on the gender gap for women to achieve leadership roles, starting at her own company. “It's been very important to teach all the women that work here, especially the younger ones, that they shouldn't change themselves," she said. "You need to be happy with who you are and just keep breaking barriers."
Rachel O'Neill is a licensed therapist and vice president, clinical & quality at Talkspace. She joins Cheddar News to discuss how the spring blues impact our mental health.
