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News article courtesy of GMANews.tv
GMA New Media Inc., the digital media arm of GMA Network Inc. and IP E-Game Ventures Inc. have entered into a partnership creating a joint venture company, which will design, operate, and maintain casual online gaming and casual online gaming-related portals.
IP E-Games is the online gaming subsidiary of listed firm IPVG Corp. IP E-Games, the biggest advocate of the Free to Play model in the country, currently has two online casual games in its roster – Audition Dance Battle and O2Jam.
“We’ve had online gaming in our agenda for quite some time but because we wanted to be in it for the long haul, we had to make sure that we come in when the market was ready, we had the right business model, and we found a partner that shared our vision,” said Judd Gallares, GMA-NMI president, during the contract signing for the partnership on Tuesday.
The new firm, which will be incorporated under the name I-Play Inc., is equally owned by IP E-Games and GMA-NMI, with each party having a 50-percent stake in the company. I-Play is set to commence operations in the first quarter of 2008.
I-Play has an authorized capital stock of P800 million, with an initial paid-in capitalization of P200 million.
IPVG CEO Enrique Y. Gonzalez expressed excitement about the joint venture partnership.
“With this collaboration, we have clearly established ourselves as a market leader in the casual gaming segment and are now positioned to be the partner and publisher of choice for all the top-tier game developers around the world that would like to introduce their products into the Philippines,” Gonzalez said.
GMA-NMI’s unique position of being both a media company and a technology company will certainly be played to the hilt in this partnership, said Gallares. “In combining the creativity and speed of digital with the broad reach and appeal of traditional, we’ll be breaking new paths in gaming.”
Both GMA-NMI and IP E-Games agree that the future of online gaming in the Philippines lies in the casual gaming segment because it appeals to a much broader audience base.
“Our partnership with GMA-NMI will allow us to take casual gaming and online gaming mainstream,” Gonzalez said.
“This partnership symbolizes the convergence of traditional media with new media and highlights the role online gaming plays as a unique environment and medium for Internet users across the Philippines. Expect great things to come from I-Play,” he added.
