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!

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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.

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