Savvy Games Group’s strategy to become a force in gaming | Brian Ward interview
09.09.2023 - 16:05
/ venturebeat.com
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Brian Ward, CEO of Savvy Games Group, has taken the lead in helping Saudi Arabia’s attempt to move beyond its reputation for human rights abuses and being an oil nation to being a visionary technology leader bankrolling the game industry.
This tension between the past and the future is ever-present in Saudi Arabia, where companies like Savvy Games Group — owned by the Public Investment Fund of Saudi Arabia — are trying to change perceptions through games while remaining cognizant of the kingdom’s appetite for measured change. Ward believes people have to see the change happening in society on the ground in Saudi Arabia in order to understand how quickly things can happen under the new regime that is mostly supportive of the game industry. There is perhaps no other country where the clash between tradition and modernity — something my world history talked about so long ago — is so stark.
The change and the deals have been happening at a dizzying rate. It’s like a big game of Monopoly, and the playing board of the game industry is set up on a global scale.
Savvy Games Group acquired Los Angeles-based mobile game publisher Scopely for $4.9 billion in April, and it bought a $1 billion stake in Sweden-based game publisher Embracer Group. It also acquired ESL Gaming and FaceIt in esports to create ESL FaceIt Group. And the Saudis have also bought stakes in Capcom, Nexon and Nintendo this year, building on stakes it acquired previously in Activision Blizzard, Take-Two Interactive and Electronic Arts. That has made the gaming world take notice.
Savvy’s big stakeholder, the Public Investment Fund (run by the Saudi Arabian government) is flush with cash from the oil boom and it has set aside $37.8 billion to build up Saudi Arabia’s presence in the global games industry – with $13.3 billion of that earmarked for acquiring a major publisher. That’s more money than anyone around the world is earmarking for gaming investments and acquisitions.
It’s a sign that the government is serious about weaning the country from oil. The Saudi Vision 2030 is a government program launched by the Kingdom of Saudi Arabia to diversify economically, socially and culturally, in line with the vision of bin Salman. The Saudis announced it in 2016, but the country remained about 74% dependent on oil exports as of 2021. The country understands that the oil economy could dry up in the next 27 years, and it has to