As the name suggests, Riot Games is a video game developing company which is known for developing games League of Legends and Mechs vs. Minions. The company was founded by two University of Southern California students in 2011 and 2018, Tencent, a Chinese conglomerate company acquired it.
The League of Legends is one of the most played games in the world which has generated more than $15 billion in revenue. Let us have a brief look at the net worth of Riot Games in 2019.
Brandon “Ryze” Beck and Marc “Tryndamere” Merrill were roommates at the University of Southern California who became very close friends as they both loved video games. The duo had a feeling that all of the game developers were not listening to the fans and their needs and wanted to create a company to not only develop a game but also release upgrades at regular intervals as most of the developers very busy in jumping from one game to another without giving importance to upgrades.
Many Asian game developers offered games for free by charged when players needed to proceed further in the game which Ryze and Tryndamere did not like as they wanted players to proceed through skill and not through money. The duo raised $1.5 million from their families and Angel Investors and founded the Riot Games in Los Angeles. Steve “Guinsoo “ Feak was the first employee of the company who was a developer for the DotA Allstars.
They came up with the concept of the game League of Legends which attracted investors like Benchmark, First Mark Capital, and Tencent to invest in Riot Games collectively an amount of $8 million.
The company released their first game League of Legends in October 2009 as a free game and went on to add new features and released frequent updates listening to the feedback from the players. In 2010, they embarked with the distribution of the game in Europe and established an office in Dublin.
Tencent bought 93% stakes of the company in 2012 for $400 million, and Riot Games came up with the player behavior team the same year to avoid harassments between players online. They also introduced a chat that would display the banned players and the reason and the time period of their ban which frightened players from getting banned and eventually the online harassment reduced to 30% and this strategy was widely appreciated by the video game critics.
The game accumulated more than 100 million players all over the world between the years 2014 to 2016. Tencent fully acquired Riot Games in December 2015, and the company also acquired Radiant Entertainment in 2016. The company often conducts eSports series including the League of Legends Championship Series. The company has 2500 employees and 24 offices worldwide as of 2018.
Beck and Merrill won the Ernst & Young Entrepreneurs of the Year award in 2011 and the Pioneer Award at the Game Developers Choice Awards in 2014. The company recently won the Sports Emmy Award for Outstanding Live Graphic Design from the National Academy of Television Arts and Sciences.
Net Worth and Earnings
The company earned more than $900 million in 2014 which increased to $1.6 billion in 2015 and became 1.8 billion in 2016. League of Legends generated them the revenue of $2.1 billion in 2017 and the net worth of the game League of Legends alone is said to be $15 billion. The net worth of the company is estimated to be around $21 billion.
The constant updates made to their games listening to the feedbacks of their players has helped the company to achieve great success and the love for the company to satisfy its players will further lift Riot Games to greater heights in the future.