Niantic Labs has sold its video game division to Scopely for $3.5 billion as it pivots to geospatial technology, following difficulties in replicating the success of Pokemon Go. The deal also represents Saudi Arabia's goal of becoming a global gaming hub, aligning with its larger investment strategy to diversify its economy beyond oil. Niantic will establish a new entity, Niantic Spatial, to focus on geospatial artificial intelligence, which will be led by CEO John Hanke and funded through a combination of company assets and investment from Scopely.
Niantic Labs has sold its gaming division to Scopely for $3.5 billion, refocusing on geospatial technology after struggling post-Pokemon Go's success.
The deal not only signifies Niantic's shift but also advances Saudi Arabia’s ambition to become a key global player in the gaming industry.
Niantic will create a new firm called Niantic Spatial to focus on geospatial AI, funded with $250 million from its resources and Scopely.
Saudi Arabia aims to diversify its economy through significant investments in gaming, with this acquisition aligning with its $38 billion initiative in the industry.
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