Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Tomb Raider owner says humans hold key to game evolution as AI gains ground

Published 05/23/2024, 06:59 AM
Updated 05/23/2024, 07:05 AM
© Reuters. Embracer Group founder and CEO Lars Wingefors looks on at his office in Karlstad, Sweden March 8, 2021. Picture taken March 8, 2021. REUTERS/Naina Helen Jama/File Photo

(Reuters) - AI has become a major tool in gaming, but human creativity remains crucial to developing games, the CEO of Tomb Raider franchise owner Embracer told Reuters on Thursday.

Embracer is in the midst of a strategy shift as it adapts to a rapidly evolving global gaming landscape and is preparing to split its business into three listed companies by 2025.

"AI (artificial intelligence) is important and it's here affecting the whole world in a way, but I don't see the overnight drama," said Lars Wingefors, who is also a co-founder and the biggest shareholder of the Swedish group.

"Looking at physical games, I think AI is obviously an important tool to develop. But in the end, I also believe in the humanly created product," Wingefors said in an interview.

Wingefors said he remains confident in his team's ability to attract talent, highlighting Embracer's Middle-earth division as one that can create an environment to do this.

"People love to work with exciting IPs (intellectual property) and world-class talents," he said.

Embracer's planned three-way split would be carried out through the listings of Asmodee, which recently secured a 900 million euro ($976 million) loan to help refinance the company's debt, and Coffee Stain & Friends.

The current listed group would retain the Tomb Raider franchise and be renamed Middle-earth Enterprises & Friends, to align with its in-development online multiplayer game based on The Lord of The Rings series.

Wingefors said Embracer had seen a trend of players returning to established IPs, and was creating more content for these titles in response.

By 2025, Middle-earth Enterprises & Friends is set to produce blockbuster games that are costlier to develop, but have a greater potential payoff.

© Reuters. Embracer Group founder and CEO Lars Wingefors looks on at his office in Karlstad, Sweden March 8, 2021. Picture taken March 8, 2021. REUTERS/Naina Helen Jama/File Photo

"Looking at the next five years, I see a good growth in the gaming market. We are active in all fields and we see growth across all segments," Wingefors added.

($1 = 0.9224 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.