The game developer Zynga Inc. (ZNGA) rose 2.33 percent on Friday to close the trading session at $8.35. The stock remained gaining 2.71 percent over the past 5 sessions.
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A new studio will be developed by Zynga to produce entertainment within the Star Wars franchise. The popular franchise would possibly help the business reach a new stage of growth.
The new Zynga Studio, which will create a Star Wars-themed game, will be based in Texas. Initially, 25 workers who will work on new projects are expected to be recruited. Games are expected to appear on the market in the near future. With the release of a new trilogy, as well as the Mandalorian series, the Star Wars franchise is successful once again. That is why Zynga expects that franchise games will be a significant growth factor. The company revealed in early November that it had developed two games based on the Star Wars universe, and they would be released shortly. The firm unveiled that it is working within the franchise on another game.
Release of new games and limits on social interaction because of the COVID-19 pandemic were the factors which drove the Zynga’s growth in recent quarters. When cinemas, concerts, and sporting events were removed from the market for consumers, the situation resulted in a vacuum in the entertainment segment which eventually came rising the audience for games.
The next 6-18 months will be a consolidation phase in the market for mobile games. As the organization has funds to acquire smaller developers, Zynga will be one of the recipients of this operation. In addition, according to Wall Street, the San Francisco, California-headquartered company has the potential to lead this consolidation.
Zynga Inc. (ZNGA) is up 36.44 percent since start of the year and its market capitalization has now reached to $8.80 billion.