My.Games have today announced a massive restructuring effort and their intent to divest entirely from the Russian market. My.Games was previously owned by Russian social-media giant VK. However after the outbreak of conflict in Ukraine, the company, which has a foothold in multiple platforms including mobile, was sold to the managing partner of Leta Capital, Alexander Chachava.
Their first move was in making new key hires. The firm now intends to break entirely from Russia and sell off any related games to Astrum Entertainment, a local company, in order to refocus My.Games towards the international market.
My.Games notes that their workforce has already been widely distributed across the globe and that moving forward their aim will be directed towards supporting them. Their press release reads: “Since 2020, more than 90% of My.Games employees have been working remotely. In addition to its headquarters in Amsterdam, office in Cyprus, and representative offices in Korea, Spain, China, and Finland, My.Games has also begun opening co-working spaces in the teams' key regions of presence, including Turkey and Armenia. In 2023, the company intends to open several more co-working spaces in EMEA”
Big moves but not surprising
It’s certainly not surprising that My.Games is divesting from the Russian market. The entire purpose behind its original sale was to free the company from the potential stumbling blocks it would face as Russia’s economy is hit by sanctions due to the Ukraine conflict. Now, by breaking entirely from the market, My.Games can cast off their old associations and move forward without any potential issues to hold them back.
My.Games are also in an excellent position moving forward, as they have a widely distributed workforce which means that they will not have to go through a similar situation as Azur Games did in transferring their workforce out of Russia. It also means that they have an existing foothold in other markets, so they won’t need to ‘start fresh’.
We covered My.Games right at the tail-end of 2021. The report makes for an informative read, describing where the company was going before the abrupt change in direction that the Ukraine conflict caused, acting as a stark reminder of just how vulnerable any industry can be to the shocks of geopolitical events.