After spending years trying to transcend its origins and become an entertainment giant, Riot Games is scaling back its ambitions this year, with a focus on its core gaming products.
Initially, at least, the mindset was encouraged by scale: Riot Games’ user base expanded considerably in 2020, boosted by a COVID-19-fueled rise in worldwide gaming activity, as well as the release of the popular first-person shooter title “Valorant,” Riot’s second major esport after the fan-favorite “League of Legends.”
Brimming with confidence from this growth, Riot’s leaders embarked on a mission to transform it from a gaming company into a Disney-esque culture and entertainment giant, using Riot intellectual properties as a launchpad. But gaming activity returned to earth by the end of 2022, with global gaming revenue shrinking by nearly $10 billion year-over-year, according to Newzoo’s annual report for the year. As a result, these dreams faltered, making it imperative for Riot to refocus on game publishing to achieve its long-term goals as a company.
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