Rovio Profits Down by 52 Percent in FY13

Angry Birds maker Rovio may have spent too much time focusing on its number one hit game franchise. According to this Gamasutra report, Rovio's profits were cut by more than 50 percent during the 2013 fiscal year. Rovio describes the last twelve months as "foundation-building." That foundation building includes the company's efforts to expand its Angry Birds business ventures including animation and video distribution, alongside its core video game business.

The company noted that it had formed a movie animation production team that is currently working on the first Angry Birds film, and a separate animation studio that is putting together 42 Angry Birds TV show episodes. During the fiscal year the company launched Rovio Stars, its own publishing program, and its free-to-play transition with Angry Birds Go!.

The company also said that the Angry Birds series of games has seen more than 2 billion downloads in total. For the 2013 fiscal year, Rovio recorded revenues of $216.3 million, up slightly from $211.0 million year-over-year, and profits of $37.3 million, down 51.5 percent from  $77.0 million year-over-year. Rovio's CFO Herkko Soininen said that if this year's various investments perform as they should, Rovio's 2014 fiscal year should be far better. We'll see.

Source: Gamasutra

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