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By Zaheer Kachwala (Reuters) -Electronic Arts' record $55 billion leveraged buyout by Saudi Arabia's sovereign wealth fund and two other firms marks a turning point in the videogame industry, as companies look to capitalize on intellectual property through media crossovers. Despite being the largest entertainment industry in the world, the videogame market is undergoing a post-pandemic downturn as consumers rein in spending in response to higher prices, forcing companies and executives to think of other ways to leverage successful IP. One way they're doing that is through other types of media – like film and television. Acquiring EA means the company's incoming owners, Silver Lake, Saudi Arabia's Public Investment Fund (PIF) and Jared Kushner's Affinity Partners, get their hands on properties including "Battlefield", "Apex Legends" and "The Sims." Other companies of late have found success in translating wildly popular video games into film and television franchises, whereas in decades past, such adaptations – such as 2005's "Doom" or 2009's "Street Fighter: The Legend of Chun-Li" – often received poor reviews and stumbled at the box office. The global success of Sony's "The Last of Us" television series in 2023 spurred Hollywood studios and gaming publishers to greenlight the film and TV adaptations of popular videogame intellectual properties. Those include Amazon Prime's "Fallout" series, a new season of Riot Games' "Arcane", Warner Bros' "A Minecraft Movie", and sequels to Nintendo's "Super Mario Bros" film and the "Mortal Kombat" movie. "Call of Duty" is also expected to be adapted for the big screen in a Paramount Skydance production. EA, which is gearing up to launch the highly anticipated "Battlefield 6", already announced plans last year to partner with Amazon's MGM Studios to produce a film based on its simulation role-playing game, "The Sims". "The direction of travel is clear in the longer term, and the value of high-end video gaming IP is only increasing as players continue to concentrate engagement among fewer, more popular franchises and games," Raymond James analysts said.  PIF's gaming arm, Savvy Games Group, has bought or made major investments in other video game companies such as Take-Two Interactive and Nintendo and has also bet big on growing other entertainment sectors, having signed deals to expand cinemas in the kingdom and taking a stake in Japanese animation firm Toei Co.  "The PIF has shown heightened interest in entertainment assets with prominent positions in popular culture. I would expect them to be more focused on digital media and less on print media, or traditional film and TV delivery models like linear television and movie theaters," said Jon Wakelin, Partner at tech strategy consulting firm Altman Solon. Experts say that while paying hefty amounts to own large IP could benefit in the long run, high production and development costs could pose a financial risk if it is not deployed appropriately. For example, Swedish videogame group Embracer went on an acquisition spree over the last three to four years, buying up dozens of smaller studios and beefing up its portfolio of games. However, poor critical reviews for big titles and canceled projects hit the firm, leading to a three-way split of the company last year. "Consolidating IP during a down market has its short-term benefits, but more often than not, ends up running into inefficiencies and a devaluation," said Joost van Dreunen, games professor at NYU Stern School of Business. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Zaheer Kachwala (Reuters) -Electronic Arts' record $55-billion leveraged buyout by Saudi Arabia's sovereign wealth fund and two other firms marks a turning point in the videogame industry, as companies look to capitalize on intellectual property through media crossovers. Despite being the largest entertainment industry in the world, the videogame market is undergoing a post-pandemic downturn as consumers rein in spending in response to higher prices, forcing companies and executives to think of other ways to leverage successful IP. One way they're doing that is through other types of media – like film and television. Acquiring EA means the company's incoming owners, Silver Lake, Saudi Arabia's Public Investment Fund (PIF) and Jared Kushner's Affinity Partners, get their hands on properties including "Battlefield", "Apex Legends" and "The Sims." Other companies of late have found success in translating wildly popular video games into film and television franchises, whereas in decades past, such adaptations – such as 2005's "Doom" or 2009's "Street Fighter: The Legend of Chun-Li" – often received poor reviews and stumbled at the box office. The global success of Sony's "The Last of Us" television series in 2023 spurred Hollywood studios and gaming publishers to greenlight the film and TV adaptations of popular videogame intellectual properties. Those include Amazon Prime's "Fallout" series, a new season of Riot Games' "Arcane", Warner Bros' "A Minecraft Movie", and sequels to Nintendo's "Super Mario Bros" film and the "Mortal Kombat" movie. "Call of Duty" is also expected to be adapted for the big screen in a Paramount Skydance production. EA already announced plans last year to partner with Amazon's MGM Studios to produce a film based on its simulation role-playing game, "The Sims". "The direction of travel is clear in the longer term, and the value of high-end video gaming IP is only increasing as players continue to concentrate engagement among fewer, more popular franchises and games," Raymond James analysts said.  PIF's gaming arm, Savvy Games Group, has bought or made major investments in other video game companies such as Take-Two Interactive and Nintendo and has also bet big on growing other entertainment sectors, having signed deals to expand cinemas in the kingdom and taking a stake in Japanese animation firm Toei Co.  "The PIF has shown heightened interest in entertainment assets with prominent positions in popular culture. I would expect them to be more focused on digital media and less on print media, or traditional film and TV delivery models like linear television and movie theaters," said Jon Wakelin, Partner at tech strategy consulting firm Altman Solon. Experts say that while paying hefty amounts to own large IP could benefit in the long run, high production and development costs could pose a financial risk if it is not deployed appropriately. For example, Swedish videogame group Embracer went on an acquisition spree over the last three to four years, buying up dozens of smaller studios and beefing up its portfolio of games. However, poor critical reviews for big titles and canceled projects hit the firm, leading to a three-way split of the company last year. "Consolidating IP during a down market has its short-term benefits, but more often than not, ends up running into inefficiencies and a devaluation," said Joost van Dreunen, games professor at NYU Stern School of Business. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Zaheer Kachwala (Reuters) -Electronic Arts' record $55-billion leveraged buyout by Saudi Arabia's sovereign wealth fund and two other firms marks a turning point in the videogame industry, as companies look to capitalize on intellectual property through media crossovers. Despite being the largest entertainment industry in the world, the videogame market is undergoing a post-pandemic downturn as consumers rein in spending in response to higher prices, forcing companies and executives to think of other ways to leverage successful IP. One way they're doing that is through other types of media – like film and television. Acquiring EA means the company's incoming owners, Silver Lake, Saudi Arabia's Public Investment Fund (PIF) and Jared Kushner's Affinity Partners, get their hands on properties including "Battlefield", "Apex Legends" and "The Sims." Other companies of late have found success in translating wildly popular video games into film and television franchises, whereas in decades past, such adaptations – such as 2005's "Doom" or 2009's "Street Fighter: The Legend of Chun-Li" – often received poor reviews and stumbled at the box office. The global success of Sony's "The Last of Us" television series in 2023 spurred Hollywood studios and gaming publishers to greenlight the film and TV adaptations of popular videogame intellectual properties. Those include Amazon Prime's "Fallout" series, a new season of Riot Games' "Arcane", Warner Bros' "A Minecraft Movie", and sequels to Nintendo's "Super Mario Bros" film and the "Mortal Kombat" movie. "Call of Duty" is also expected to be adapted for the big screen in a Paramount Skydance production. EA already announced plans last year to partner with Amazon's MGM Studios to produce a film based on its simulation role-playing game, "The Sims". "The direction of travel is clear in the longer term, and the value of high-end video gaming IP is only increasing as players continue to concentrate engagement among fewer, more popular franchises and games," Raymond James analysts said.  PIF's gaming arm, Savvy Games Group, has bought or made major investments in other video game companies such as Take-Two Interactive and Nintendo and has also bet big on growing other entertainment sectors, having signed deals to expand cinemas in the kingdom and taking a stake in Japanese animation firm Toei Co.  "The PIF has shown heightened interest in entertainment assets with prominent positions in popular culture. I would expect them to be more focused on digital media and less on print media, or traditional film and TV delivery models like linear television and movie theaters," said Jon Wakelin, Partner at tech strategy consulting firm Altman Solon. Experts say that while paying hefty amounts to own large IP could benefit in the long run, high production and development costs could pose a financial risk if it is not deployed appropriately. For example, Swedish videogame group Embracer went on an acquisition spree over the last three to four years, buying up dozens of smaller studios and beefing up its portfolio of games. However, poor critical reviews for big titles and canceled projects hit the firm, leading to a three-way split of the company last year. "Consolidating IP during a down market has its short-term benefits, but more often than not, ends up running into inefficiencies and a devaluation," said Joost van Dreunen, games professor at NYU Stern School of Business. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Danielle Broadway LOS ANGELES (Reuters) -While the lead vocalists in animated film "KPop Demon Hunters" are largely inspired by the work of other K-Pop artists, EJAE, Rei Ami and Audrey Nuna said they also admire Black American hip-hop stars like Kendrick Lamar, Missy Elliott and Doechii. “I think I discovered West Coast rap in high school, and I learned a lot about storytelling, lyricism and rhythm,” Korean American rapper and singer Rei Ami said. All three vocalists told Reuters that rapper and record producer Lamar’s music had particularly impacted their musical styles. “His (Lamar’s) flow is insane, cadence, his way of writing, his way of vocal producing, I learned a lot from that,” Korean American singer and songwriter EJAE said. "KPop Demon Hunters," directed by Maggie Kang and Chris Appelhans and available on Netflix, is trending around the world. Its soundtrack has dominated the charts this summer, boasting more than 3 billion global streams to date, and breakout hit “Golden” reached No. 1 on the Billboard Hot 100 chart, Netflix reported in August. The streaming platform reported on Tuesday that the movie was currently its most popular English-language film. A sing-along version of "KPop Demon Hunters" topped the domestic box office during its opening weekend on August 23 and 24, in what appeared to be a historic first for Netflix.  The action-packed movie received 2.1 billion on-demand audio and video streams in the U.S. across all platforms and earned a total of 5.4 billion minutes watched on Netflix in the U.S. by late September, according to Luminate. Luminate added it was the most-consumed soundtrack in the U.S. so far this year when looking at album sales and streaming equivalents.  FIRST LIVE PERFORMANCE WILL BE ON 'THE TONIGHT SHOW' On October 7, the singers will perform "Golden" on "The Tonight Show," marking their first-ever live performance together. "It's official," the singers said in unison, confirming their upcoming live performance debut. "These girls, it's an honor being on stage with them," Rei Ami said, noting that for her, this history-making moment is "overdue." The movie, which came out on June 20, follows a K-pop girl group called HUNTR/X, comprised of Rumi, Mira, and Zoey, who are also a trio of demon hunters that perform K-pop music to impress fans and combat demons. EJAE, who co-wrote and performs "Golden", provides the singing voice of the group's lead Rumi, while Rei Ami sings as Zoey and Audrey Nuna is the vocalist for Mira. The film was produced by Sony Pictures Animation. With the musical movie continuing to trend, directors Kang and Appelhans said they are considering what the future may hold. Both said they are thinking about a potential sequel, but right now, they are just trying to take their busy schedules day by day. They are also appreciative of the Oscar and Grammy awards buzz they have received. “It’s an honor to be even recognized, to be potential nominees,” Kang said. (Reporting by Danielle Broadway and Jane Ross; Editing by Mary Milliken and Jamie Freed)

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(Reuters) -Universal Music and Warner Music are nearing landmark artificial intelligence licensing deals, the Financial Times reported on Thursday, citing people familiar with the matter.  Universal and Warner could each strike deals with AI companies within weeks, the newspaper said. Reuters could not immediately confirm the report. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Janane Venkatraman)

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(Reuters) -Universal Music and Warner Music are nearing landmark artificial intelligence licensing deals, the Financial Times reported on Thursday, citing people familiar with the matter. Universal and Warner could each strike deals with AI companies within weeks, the newspaper said. Talks involved start-ups such as ElevenLabs, Stability AI, Suno, Udio and Klay Vision, the report said, adding that the music companies are also in talks with large technology groups, including Alphabet's Google and Spotify. Reuters could not immediately confirm the report. Universal, Warner, Google and Spotify did not immediately respond to Reuters request for comment. The growing use of generative AI in creative industries has triggered a wave of lawsuits, with artists, authors and rights holders accusing AI firms of using copyrighted material without consent or compensation to train their models. The deal talks have centred on how the labels license their songs for creating AI-generated tracks and for training large language models, the report said. The music companies are seeking a payment structure similar to that for streaming, whereby playing a song triggers a micropayment, the report added. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Janane Venkatraman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Universal Music and Warner Music are nearing landmark artificial intelligence licensing deals, the Financial Times reported on Thursday, citing people familiar with the matter. Universal and Warner could each strike deals with AI companies within weeks, the newspaper said. Talks involved start-ups such as ElevenLabs, Stability AI, Suno, Udio and Klay Vision, the report said, adding that the music companies are also in talks with large technology groups, including Alphabet's Google and Spotify. Reuters could not immediately confirm the report. Universal, Warner, Google and Spotify did not immediately respond to Reuters request for comment. The growing use of generative AI in creative industries has triggered a wave of lawsuits, with artists, authors and rights holders accusing AI firms of using copyrighted material without consent or compensation to train their models. The deal talks have centred on how the labels license their songs for creating AI-generated tracks and for training large language models, the report said. The music companies are seeking a payment structure similar to that for streaming, whereby playing a song triggers a micropayment, the report added. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Janane Venkatraman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Universal Music and Warner Music are nearing landmark artificial intelligence licensing deals, the Financial Times reported on Thursday, citing people familiar with the matter.  Universal and Warner could each strike deals with AI companies within weeks, the newspaper said. Reuters could not immediately confirm the report. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Janane Venkatraman)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Blake Brittain (Reuters) -A federal judge again threw out a lawsuit by a man who accused iconic grunge rock band Nirvana of distributing child pornography by using a photograph of him as a naked, swimming baby on the cover of its breakthrough 1991 album "Nevermind."  U.S. District Judge Fernando Olguin tossed out the lawsuit filed by plaintiff Spencer Elden for a second time after finding that no reasonable jury would consider the picture pornographic. "Other than the fact that plaintiff was nude on the album cover," nothing "comes close to bringing the image within the ambit of the child pornography statute," Olguin said. Attorneys for Elden did not immediately respond to a request for comment on Wednesday. Nirvana's attorney Bert Deixler said they were "delighted that the court has ended this meritless case and freed our creative clients of the stigma of false allegations." The defendants included surviving Nirvana members Dave Grohl and Krist Novoselic, late lead singer Kurt Cobain's widow Courtney Love and photographer Kirk Weddle. The lawsuit stemmed from Nirvana's use of a photo taken by Weddle at the Pasadena Aquatic Center in California that depicted Elden swimming naked toward a dollar bill on a fishhook. Elden, now 34, first sued the band and its label Universal Music Group in 2021, accusing them of sexually exploiting him through his depiction on the cover and causing him continuing personal harm. Olguin dismissed the case in 2022 after finding Elden's claims were time-barred without addressing the substance of his allegations. The 9th Circuit reversed that decision in 2023. Olguin determined on Tuesday that the image could not be considered child pornography, comparing it instead to a "family photo of a nude child bathing." (Reporting by Blake Brittain in Washington; Editing by David Bario and Sergio Non)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Blake Brittain (Reuters) -A federal judge again threw out a lawsuit by a man who accused iconic grunge rock band Nirvana of distributing child pornography by using a photograph of him as a naked, swimming baby on the cover of its breakthrough 1991 album "Nevermind."  U.S. District Judge Fernando Olguin tossed out the lawsuit filed by plaintiff Spencer Elden for a second time after finding that no reasonable jury would consider the picture pornographic. "Other than the fact that plaintiff was nude on the album cover," nothing "comes close to bringing the image within the ambit of the child pornography statute," Olguin said. Attorneys for Elden did not immediately respond to a request for comment on Wednesday. Nirvana's attorney Bert Deixler said they were "delighted that the court has ended this meritless case and freed our creative clients of the stigma of false allegations." The defendants included surviving Nirvana members Dave Grohl and Krist Novoselic, late lead singer Kurt Cobain's widow Courtney Love and photographer Kirk Weddle. The lawsuit stemmed from Nirvana's use of a photo taken by Weddle at the Pasadena Aquatic Center in California that depicted Elden swimming naked toward a dollar bill on a fishhook. Elden, now 34, first sued the band and its label Universal Music Group in 2021, accusing them of sexually exploiting him through his depiction on the cover and causing him continuing personal harm. Olguin dismissed the case in 2022 after finding Elden's claims were time-barred without addressing the substance of his allegations. The 9th Circuit reversed that decision in 2023. Olguin determined on Tuesday that the image could not be considered child pornography, comparing it instead to a "family photo of a nude child bathing." (Reporting by Blake Brittain in Washington; Editing by David Bario and Sergio Non)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)