In his email, Hood mentioned that the sale was done to help with the company’s finances, and allow them to “focus on more immediate projects”.
He confirmed that the company will “retain” the back catalog of NASCAR titles until the end of 2024 when they will then be removed from sale prior to iRacing’s console game release. Lastly, he says that the company will continue moving forward to achieve two primary objectives, one of which being that all projects moving forward be financially viable.
“Detailed commercial evaluations are already in progress for projects like INDYCAR, currently in development with our Australian team, and Traxion.GG, our UK-based media site,” he said.
You can read his email to staff, in full, below:
I have a brief message to share with you all.
I’m pleased to announce that we have successfully negotiated the sale and transfer of the NASCAR video game license to iRacing, with NTP approval.
This strategic move is aimed at rebalancing our financial resources, reducing our contractual obligations tied to the license, and enabling us to focus on more immediate projects. We will retain the back catalogue until the end of 2024, ensuring a steady revenue stream before removing products from sale in anticipation of iRacing’s new NASCAR release sometime in 2025. This decision signifies a positive step in our ongoing journey, which began upon my return earlier this year.
The sale is as an accelerator, allowing us to fulfil the potential I know to exist within MSGM. To achieve, we must collectively prioritise two key objectives:
Delivering high-quality product releases: This involves a thorough review and redefinition of our product and development strategy.
Ensuring commercial viability: All projects must have a clear path to revenue generation. Detailed commercial evaluations are already in progress for projects like INDYCAR, currently in development with our Australian team, and Traxion.GG, our UK-based media site.
I truly appreciate your continued effort towards our mission. Whilst we have more work ahead, today marks another significant step forward.
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