'Angry Birds' Maker Rovio Posts Full Year Results

5:05 AM PST 04/28/2014 by Scott Roxborough
Rovio has launched several hit free-to-play games in its "Angry Birds" series.

A feature film based on the hit mobile game is set for release in July 2016.

Rovio Entertainment, the Finnish group behind the Angry Birds mobile game franchise, announced full-year financial results Monday. After years of explosive growth, Rovio posted more staid figures, with revenue flat and net profit nearly halved compared to 2012.

Consolidated full-year revenue for 2013 was $216 million (€156 million), compared to $200 million (€152.2 million) over the same period a year earlier. Net profit after taxes was $35 million (€26.9 million) compared to $73.5 million (€55.5 million).

"After three years of very strong growth, 2013 was a foundation-building year," said Rovio CFO Herkko Soininen, explaining the figures. "We invested in new business areas, such as animation and video distribution, ventured into new business models in games, and consolidated our strong market position in consumer products licensing. With these investments, we have been gearing up for the future growing markets."

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Those investments have included ventures into animation with the production of the Angry Birds Toons animated TV series and development of a feature film based on Angry Birds, set for a July 2016 release. The Angry Birds Toons series was released on Rovio's one mobile channel, ToonsTV.

Rovio has also been expanding spinoff businesses connected to the blockbuster Angry Birds franchise, opening Angry Bird attractions in six amusement parks last year and publishing some 100 Angry Birds titles until its Rovio Books label. "On the licensing side, we continued to push digital and physical integration," said Rovio CEO Mikael Hed.

Rovio's consumer products business continued to expand, accounting for 47 percent of total revenue in 2013, and the company expanded its line of Angry Birds plush toys and other merchandise into the Russian and Latin American markets last year.

Gaming, however, remains a core part of Rovio's business, with paid games and free-to-play virtual goods along with advertising linked to free-to-play titles serving as major sources of revenue for the group.

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