Flying to a stock exchange near you: ‘Angry Birds the IPO’.
Rovio Entertainment Oy, the company behind the viral mobile games, has set its sights on a major liquidity event. The company’s chief marketing officer – Peter Vesterbacka, AKA ‘Mighty Eagle’ – tells BusinessWeek, ‘We’re not ready to file for an IPO tomorrow,’ but adds, ‘Maybe a year from now.’
Apparently, the company is making money hand over fist and claims it could be worth more than $1 bn. It helps, of course, that the company is ‘insanely profitable’. According to Vesterbacka: ‘We’re not a publicly traded company yet but we can fund our own growth.’
The company has multiple revenue streams, including merchandise, which accounts for 10 per cent to 20 per cent of its business, and it’s exploring new ones, such as movie delivery. Rovio has made some big hires, as well, including David Maisel, the former chairman of Marvel Studios.
And, it’s looking to the future – the distant future.
Rovio is developing a 20-year plan for Angry Birds. BusinessWeek reports:
‘Disney started as a black and white cartoon about this little mouse,’ he said. ‘Nintendo has been working on Mario for 26 years. Angry Birds is less than two years old.’