TRUE & AXION UNVEIL JOINT VENTURE, AIM TO EXPAND PRESENCE IN GLOBAL GAME MARKET
- True, through subsidiary True Incube, owns 40 percent of the joint venture, while Axion Ventures holds the remaining 60%.
- Global game market will grow to $106.7 billion in 2017 – higher than music and movie industries combined. The market value will likely reach $200 billion in 2025.
Bangkok, 23 March 2017 – True Group, Thailand’s leading integrated telecommunication and media company, today officially announced its game development arm, set to become the best game developer in Southeast Asia, in partnership with the Vancouver-based Axion Ventures. The move is aimed at increasing the presence of True and Thailand’s game industry in the global arena. True Group’s wholly owned subsidiary, True Incube, owns 40 percent shares in the newly founded joint venture, True Axion Games, while Axion Ventures holds the remaining 60% stake.
“In 2017, the video game industry will grow to $106.7 billion global revenues. The figure is bigger than the music and movie industries combined. By 2025, the video game industry will reach nearly $200 billion in annual revenue. Southeast Asia is rapidly growing as a new hub of the game industry in terms of both game production and consumption. For Thailand alone, export revenue from the game industry is estimated at about 70 billion baht per year in 2025. True Axion Games has set the goal to become the best game developer in Southeast Asia and the key driving forces of the Thai economy in the foreseeable future,” said Suphachai Chearavanont, True Group’s Chairman of the Executive Committee.
“Together, we are creating the synergy that will derive from Axion’s strength as the leading global player in the game market and True’s competitive advantages as the integrated wireless and wired networks that are ultimately efficient with the greatest nationwide coverage as well as a variety of media platforms and quality content. We are building significant business value that benefits True Group ourselves, local game industry, education sector, start-up ecosystem and eventually the overall Thai economy,” Suphachai added.
Both partners will also set up a world-class Game Academy, the first of its kind in Southeast Asia, to develop manpower to serve the demand of the rising game industry in Thailand. The academy will play an important role in increasing the national capabilities with innovation and creativity, which is in line with the government’s Thailand 4.0 regime.
“We are here to make what we call a Great Developer, a studio capable of making a $1 billion per year. This can only be done through years of dedication and investment in Thai people with the support of the Thai Government. We believe that promoting the video game industry can stimulate not only the economy, but also the imaginations of many of our young generation to pursue careers in technology,” said Todd Bonner, CEO and Chairman of Axion Ventures.
According to Mr. Bonner, Axion Venture in 2006 formed an exclusive alliance with Epic Games, a leader in video game graphics and physics technology. For 11 years Axion has trained Chinese developers in advanced video game development techniques. In 2009, Axion shipped its first original IP, Fat Princess, which became the number one global seller on PS3 and PSP.
Following the global success of Fat Princess, in 2011, Axion published our 2nd IP, QQSM which was downloaded 17 million times and has so far generated revenues in excess of 50M USD, from an initial investment of only 3.5M USD.
In 2015 Axion signed a major game publishing deal with Tencent, the largest video game company on Earth, for our newest title, Rising Fire, a massively-multiplayer role playing game. Rising Fire has already been extensively tested by Tencent for the Greater China market and is expected to be a major success with revenues potentially exceeding US $400 million per year.
“Our Joint Venture with True Corporation will press Axion’s cost advantage over Western and Japanese studios even further. Our next leap forward is Southeast Asia, Thailand in particular. Our new venture, True Axion Games, will allow us to not only help build Thai talent for the ever-growing market, but also increase our ability to reach out to the rest of the world and put the nation prominently on the global gaming map,” Mr. Bonner added.