Mighty Kingdom (ASX:MKL) share price runs into a ditch with Peter Rabbit

The Mighty Kingdom Ltd (ASX:MKL) share price is flopping today after the company released its newest game, Peter Rabbit Run!

| More on:
gaming asx share price fall represented by child looking frustrated while playing digital gaming device

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Mighty Kingdom Ltd (ASX: MKL) share price is flopping today as the company released its newest game, Peter Rabbit Run!

At the time of writing, Mighty Kingdom shares are down 4%, trading at 24 cents apiece.

Mighty Kingdom is a game developer that works with companies including Disney, LEGO, Australian Red Cross, Funcom, Rogue, and Snapchat. Some of its games include Sugar Slam, Ava's Manor, Wild Life, Heart Lake Rush, Danger Days, and Shopkins.

Its latest is a venture with Sony Pictures, based on the upcoming film Peter Rabbit 2: The Runaway. The first film was a bust among the critics, but a boom at the box office. The second movie, although currently in delayed release due to COVID-19, is potentially set for similar results. 

Peter Rabbit Run! can be played on iOS and Android smartphones and tablets.

Peter Rabbit running for cover

It appears the mobile game will be a simple endless running format, somewhat in the spirit of the traditional Mario franchises. The developer is hyping the cuteness, calling it "cheeky", "fun" and "adorable". 

It's unclear whether the game will be a freemium model or ad-supported. But it appears likely that Sony Pictures will have provided much of the funding as a way of building additional excitement around a potential third film and additional merchandising opportunities.

Mighty Kingdom managing director Phillip Mayes said the game release was another feather in Mighty's bow:

We are extremely excited to have worked with Sony in seeing their vision for Peter Rabbit come to life at the cinema and via Peter Rabbit Run! It's a strong validation of the Mighty Kingdom teams' skills in developing this game for a global franchise.

Mighty Kingdom share price snapshot

Mighty Kingdom is a new face on the ASX after listing roughly three months ago. It debuted at 28 cents but fell immediately and, excluding a small recovery at the beginning of this month, has steadily lost value since.

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Two smiling work colleagues discuss an investment or business plan at their office.
Broker Notes

Which beaten down ASX 200 share did Goldman Sachs just upgrade to a buy rating?

The broker has become more bullish on this stock following last week's update.

Read more »

Hand holding Australian dollar (AUD) bills, symbolising ex dividend day. Passive income.
Best Shares

The best ASX shares to invest $1,000 in right now

Analysts think that putting your money into these stocks could be a smart move.

Read more »

green etf represented by letters E,T and F sitting on green grass
Share Market News

4 ASX ETFs to buy for FY25 and beyond

Could these ETFs be top options for investors looking for long term picks?

Read more »

A smiling woman sips coffee at a cafe ready to learn about ASX investing concepts.

How I'd invest $10,000 in ASX shares right now

I’m bullish about the prospects of these stocks.

Read more »

A fortune teller looks into a crystal ball in an office surrounded by business people.
Share Market News

What's the outlook for shares vs. property in FY25?

Generally speaking, there is optimism among the experts for both shares and property in FY25.

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Best Shares

Top ASX shares to buy before earnings season

It's almost time to take a look at the books!

Read more »

sad party goer sitting alone after celebration
Share Market News

Here are the top 10 ASX 200 shares today

The ASX 200 had a horrible end to its trading week this Friday.

Read more »

A young female investor sits in her home office looking at her ipad and smiling as she sees the QBE share price rising
Broker Notes

3 ASX shares brokers tip for significant outperformance in FY 2025

Leading brokers expect some significant outperformance from these three ASX shares.

Read more »