MELBOURNE, AU / ACCESSWIRE / May 23, 2019 / iCandy Interactive Limited (ASX: ICI) ('iCandy' or the 'Company'), developer and publisher of mobile games and digital entertainment for a global audience, is pleased to announce that it has entered into a Game Cooperation Agreement (the 'Agreement') with Animoca Brands Limited, a subsidiary of Animoca Brands Corporation Limited ('Animoca Brands') and Guangzhou Aijuyou Information Technology Co. Ltd. ('9Games'), a unit of Alibaba digital media and entertainment business group.

The Agreement provides for the publishing, localization and marketing in Mainland China of iCandy's mobile game 'Groove Planet' (the 'Game'), which was acquired earlier from Animoca Brands, a substantial shareholder of iCandy. iCandy currently owns the exclusive global rights to the Game while Animoca Brands is the record holder of the ownership rights.

iCandy and Animoca Brands are set to reap the benefits of 9Games' strong Chinese market presence, knowledge of Chinese consumer behaviour and established distribution channels. 9Games will localise and publish the Game for Android , while iCandy and Animoca Brands will provide the license and relevant technical support. 9Games and iCandy will share the revenue generated by the Game in the Chinese market on commercial terms that are in line with industry practice. Animoca Brands is entitled to a proportion of the revenue received by iCandy.

9Games' Gaming Ventures

9Games has operated a mobile game distribution business based on its strong distribution capability in the Chinese game market and has set itself the mission to bring quality games from international markets into mainland China. The game distribution business is part of 9Games' interest in expanding its mobile gaming business.

China possesses the largest gaming market in the world, with mobile games accounting for revenue of USD$ 20 billion in 2018 (Source: Statista). With this figure set to grow further in coming years, the country represents a lucrative market for mobile game developers.

Through this collaboration with 9Games, iCandy and Animoca Brands will benefit from access to Chinese game market through 9Games' strong regional presence and established distribution channels.

Groove Planet is a unique music game

Groove Planet: a Unique Music Game

Groove Planet is a unique, critically acclaimed game that can be summarized as an alien world-building rhythm game that plays one's music, analyzes each track using chord recognition technology, and uses the characteristics of each song to provide a unique music-based entertainment experience.

In Groove Planet, gamers build a highly stylized alien planetoid that they develop by skilfully tapping to the beat of music tracks in their own music library or from the Game's rich soundtrack. Successful play generates musical notes that are used to upgrade the in-game virtual planetoid. Groove Planet gives everyone - regardless of musical ability - greater insight into the music they love while delivering a unique gaming experience.

Outlook

iCandy's Chairman Mr. Kin W. Lau said, 'iCandy is developing strong collaboration in the international gaming market. Groove Planet is an exciting and innovative music game, and we are very pleased with 9Games' involvement in bringing the game into Mainland China. We also look forward to having more collaboration with 9Games, a unit of Alibaba digital media and entertainment business group.'

For further inquiries contact: ir@icandy.io

About iCandy Interactive

iCandy Interactive Limited (ASX: ICI) is an Australian publicly traded company that has its core business in the development and publishing of mobile games and digital entertainment for a global audience. iCandy Interactive runs a portfolio of mobile games that have been played by over 350 million mobile gamers worldwide and has won multiple awards in various coveted international events. For more info visit www.icandy.io

SOURCE: iCandy Interactive Ltd