Jam City, well known mobile game developer, closed out 2021 by raising $350 million in funding and purchasing mobile game publisher, Ludia, for $165 million. Hear from Chris DeWolfe, CEO of Jam City his thoughts on 2022 and how the evolution from Pay to Play to Free to Play, and now Play to Earn will impact the future of mobile gaming.
Jam City: The Future of Gaming
Chris DeWolfe is a serial entrepreneur with a track record for building global brands at the nexus of pop culture, social networking, mobile gaming, media, and technology. He co-founded and was the CEO of MySpace, which he sold for $580M when it was the highest-trafficked site in the U.S. He then went on to create Jam City, a worldwide leader in mobile entertainment.
Founded in 2010, Jam City is a pioneer and leader in mobile gaming, a sector which accounts for a majority of revenue in the $175B fast-growing global gaming industry, with nearly three billion players worldwide. Over the past five years, Jam City has grown by 500% and has been profitable year-over-year on an adjusted EBITDA basis with increasing margins over time. Jam City currently owns and operates ten game studios in five countries, with over 1,200 employees, including Ludia. The company has raised more than $650M in funding to date from some of the industry’s largest strategic and financial investors.
Jam City is the creative power-house behind several juggernaut titles including the Cookie Jam franchise with over $850M in bookings and 160M in lifetime installs; the Panda Pop franchise with over $400M in bookings and 155M in lifetime installs; and Harry Potter: Hogwarts Mystery with over $350M in bookings and 105M in lifetime installs and ranked #1 game in over 40 countries at launch; as well as global phenomenon Disney Emoji Blitz among many other popular games which have achieved more than $3B in lifetime bookings and 1.3B cumulative installs to date, in aggregate including recently acquired studios. At any moment around the world, tens of millions of players are enjoying Jam City games.
DeWolfe is a globally recognized entrepreneur. He was named one of TIME Magazine’s 100 most influential people in the world, Barbara Walters’ 10 Most Fascinating People, Ernst & Young’s Entrepreneur of the Year in 2015, and also received the Producers Guild of America’s Vanguard award. Most recently, he was awarded the prestigious 2021 Legend Award celebrating his contributions to the mobile game industry from PocketGamer. DeWolfe studied finance at the University of Washington, recently delivering the University’s School of Business commencement address. DeWolfe attended the Marshall School of Business at the University of Southern California, which honored him in 2006 with its Alumni Entrepreneur of the Year award. He also serves as an advisor at USC’s Center for Entrepreneurial Studies. DeWolfe resides in Los Angeles with his family.