Paradox Interactive
Paradox Interactive cancels the release of Life by You which impacts the second quarter with MSEK 208 in a write-down
Paradox Interactive (Paradox) has today decided to cancel the release of the game Life by You. This means that the second quarter of 2024 will be impacted negatively by MSEK 208 from the write-down of the game's total capitalized development costs.
For a long time, we've held hopes for Life by You and the potential we saw in it, but it is now clear that the game will not be able to meet our expectations. A version that we'd be satisfied with is too far away, and therefore we are taking the difficult decision to cancel the release. Moving forward, we should perform at a much higher level, and it's obvious that we have work ahead of us, said Fredrik Wester, CEO of Paradox Interactive.
We've performed poorly in recent releases, continued Wester. Even though we now start new projects in a different manner, it is clear that we must make further changes so that quality is more consistent and the promises we make to our players are met. We have to evaluate how we manage projects and how we organize, for we will and must get better. We have a very solid financial position and a strong core game portfolio, which keeps us confident about our future.
This disclosure contains information that Paradox Interactive AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 17-06-2024 21:45 CET.
| Datum | 2024-06-17, kl 21:45 |
| Källa | Cision |
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