Why the PlaySide Studios (ASX:PLY) share price is winning today

PlaySide is teaming up with many of the most influential gamers in the world…

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The PlaySide Studios Ltd (ASX: PLY) share price has continued its positive run and is pushing higher again on Wednesday.

At the time of writing, the video game developer’s shares are up a sizeable 4.5% to 88 cents.

This latest gain means the PlaySide Studios share price has now doubled in value in 2021.

Why is the PlaySide Studios share price rising again?

Investors have been bidding the PlaySide Studios share price higher today following the announcement of yet another agreement.

According to the release, PlaySide Studios has partnered with premier US based influencer network, gaming and production organisation One True King (OTK).

OTK, which was formed by incredibly popular content creators Asmongold, Mizkif, Esfand, Rich Campbell, and Tips Out in 2020, has a combined total reach that exceeds 21 million people globally.

The release notes that the agreement with OTK is in the form of a co-development contract for a new multiplayer PC based title with a planned release date in the second quarter of FY 2023. The contract will be a fixed-price, milestone-based development with a material revenue share model post launch.

OTK will market the title to its large and rapidly growing global audience via its various social media platforms.

Management commentary

PlaySide’s CEO, Gerry Sakkas, commented: “We are excited to collaborate with reputable gaming influencer organisation OTK which consists of some of the biggest streamers in the world and has a total reach of over 21 million followers worldwide.”

“We are continually working to expand our presence within the industry via unique partnerships. This co-development opportunity with OTK – our third since listing – allows us to further leverage the PlaySide brand and reinforces our position as Australia’s leading publicly listed gaming developer.”

Should you invest $1,000 in PlaySide right now?

Before you consider PlaySide, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and PlaySide wasn't one of them.

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*Returns as of January 13th 2022

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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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