Shares in small Australian gaming studio PlaySide Studios have jumped by more than 15 per cent this morning, following a deal struck with Meta.
Under the deal, PlaySide will develop a game for Meta’s Quest virtual reality devices. The company will be paid for developing the game, plus receive “a share of net revenues from the game in perpetuity.”
“The agreement is effective immediately and work on the title is expected to commence in the current financial year,” PlaySide told investors.
“Meta is bringing virtual reality and mixed reality into the mainstream with its Quest suite of products, and we are excited about the opportunity to demonstrate our domain expertise with this game,” said majority shareholder and chief executive Gerry Sakkas.
PlaySide shares are sitting at 68 cents, as of 1:15pm AEDT.
