Rovio 2013 Profits Halved from 2012
- Monday, April 28th, 2014
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Net profit, meanwhile, stood at €26.9m, down from €55.5m the previous year.
This drop, according to Rovio, is due to the company investing in new ventures. The earnings statement mentions the host of launches from Rovio in 2013 – including ToonsTV, a distribution channel for its Angry Birds cartoon; the opening of six Angry Birds-themed activity parks; and a host of tie-in merchandise. With 47 per cent of the companys revenue coming from its consumer products business, this is of course a vital area for Rovio – the remaining question is whether the new areas it is exploring will pay off in the long term.
“After three years of very strong growth, 2013 was a foundation-building year,” said Rovio CFO Herkko Soininen. “We invested in new business areas, such as animation and video distribution, ventured into new business models in games, and consolidated our strong market position in consumer products licensing. With these investments we have been gearing up for the future growing markets.