British games outfit Mind Candy has reported falling revenues and a loss of £2.2 million in 2013.
A dip in popularity of the company’s stalwart Moshi Monsters website, which has been described as a kind of Facebook for kids where users adopt their own monster and socialise with others, was the major driver behind the slumping figures.
Moshi Monsters was first launched in 2008, but website gaming just isn’t as popular as it used to be, with the firm noting in its financial filing: “Touchscreen devices are now a much more popular way for children to consume entertainment than websites.”
The Guardian reported Mind Candy’s latest fiscal results, with revenue falling by 35 per cent to £30.6 million over the course of 2013 (compared to £46.9 million the previous year). The profit was worse news – going from a healthy £8.1 million take to a loss of £2.2 million as mentioned.
However, Mind Candy has plans to plough forward with mobile apps to get out of the red, with two big properties, PopJam and World of Warriors, aiming to turn things around.
PopJam was launched this summer – it’s described as an “Instagram for kids,” allowing children to create and share art, stories, photos and games. Mind Candy is also promising to police the network strictly, and discourage children from doing things such as sharing selfies.
World of Warriors is a combat strategy game with a historical bent and Pokemon-like appearance, and has just launched for iOS. With over two million downloads being recorded thus far, it’s off to a very good start.
Divinia Knowles, president and CFO of Mind Candy, said “the numbers are incredibly good” when talking about how well the game was doing (it’s free-to-play, but with in-app purchases).
Mind Candy has unfortunately had to lay off half its staff since last year, but with any luck, the new titles will help to propel the company back into an onwards and upwards trajectory.