IPVG beats PLDT's Level Up! in gaming revenues -- exec

By Erwin Oliva INQUIRER.net PUBLICLY listed firm IPVG Corp. said it has beaten the Philippine Long Distance Telephone Co.'s (PLDT) gaming company Level Up! in gaming revenues during the first quarter of 2008, its top executive stated Thursday. IPVG Corp. CEO Enrique Gonzalez reported that the company's gaming business generated P124.60 million in gross revenues and profits of P57.13 million during the first quarter of 2008. PLDT reported earlier that it has earned about P77 million in net revenues during the first quarter of 2008 from online games through subsidiary Level Up! Philippines. It also reported that the online gaming service revenues of Level Up! Philippines grew by 27 percent to P77 million. Level Up! Philippines CEO Jane Walker said that gross revenues of Level Up! Philippines, however, have reached more than P100 million, despite the closure of several online games in 2007 and this year. Gonzalez said that IPVG gaming subsidiary IP E-Games has generated P92.92 million in net revenues during the first quarter, surpassing Level Up!'s figures. He said gaming, which covers online and mobile gaming and some overseas licensing support services, has remained IPVG's steady money earner because of the high margins it generates from online and mobile games. The IPVG executive said "advergaming" or advertising generated from games has produced about P21 million in 2007. Gaming subsidiary IP E-Games produced the biggest share of gaming revenues at P111.55 million, while recently acquired mobile content developer firm MegaMobile added P 1.39 million during the first quarter of this year. IPVG Corp. also reported P11.66 million in "overseas" gaming revenues generated from "relicensing" gaming titles to Vietnam, added Gonzalez in an interview with reporters. Gonzalez remained confident that IPVG would retain its leadership in the local market, which he expects to become more competitive this year with the entry of newer titles and players. IPVG Corp. has already announced two new online games, Cabal Online and Pandora Saga, with two more titles coming this year, Gonzalez added. All games of IP e-Games are free-to-play, meaning players can play games for free, but can opt to buy items to upgrade or arm characters. Free-to-play online games will continue to dominate the local gaming market because "people still want to play for free," the executive added.