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Mind Candy's 2016 revenues fell to $4.65 million as mobile sales dropped by 90%

Mind Candy's 2016 revenues fell to $4.65 million as mobile sales dropped by 90%

Mind Candy's revenues fell to £3.43 million ($4.65 million) in 2016 as it struggled to maintain its presence on mobile.

The biggest drops in revenue came from its mobile sector, which generated just £266,242 ($360,000) for the year. This fell from £3.03 million ($4.11 million) in mobile revenues generated in 2015.

The company's overall loss for 2016 came to £6.16 million ($8.35 million), an improvement on its loss of £10.4 million ($14.1 million) in 2015. This is largely due to huge staff cuts, which saw three-quarters of the team made redundant in 2016. Mind Candy currently employs 22 people.

A monster climb

It is important to note that these figures are from 2016. 2017 has seen Mind Candy continue efforts on its mobile game Moshi Monsters Egg Hunt, its customisable Petlandia series, and the launch of a new app called Moshi Twilight Sleep Stories.

The company raised $1.5 million in investment and negotiated an extension on an $8.1 million loan in April 2017. It then secured an additional $1 million in November 2017.

CEO Ian Chambers has stated in an interview with PocketGamer.biz that the company has more investment already lined up for 2018. When asked if these smaller investments were stopgaps to keep the company afloat, Chambers replied, "who would invest money in a company that's failing?"


Editor

Ric is the Editor of PocketGamer.biz, having started out as a Staff Writer on the site back in 2015. He received an honourable mention in both the MCV and Develop 30 Under 30 lists in 2016 and refuses to let anyone forget about it.

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