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Kickstarter wants projects to be more transparent about their budget
Crowdfunding is great in theory, but many projects fail to meet their fundraising goals, end up asking for more money or fall apart entirely. In an attempt to help creators avoid those fates, Kickstarter is launching a new tool called Project Budget.
Facebook releases Zuckerberg’s upcoming testimony in defense of Libra
Tomorrow, Facebook CEO Mark Zuckerberg will appear before the Financial Services Committee, where he's expected to be grilled about Facebook's planned cryptocurrency Libra and digital wallet Calibra. Ahead of tomorrow's inquisition, Facebook has shared Zuckerberg's prepared statement. In it, Zuckerberg admits that Facebook is "not the ideal messenger right now" and promises that Facebook will not move forward with Libra anywhere in the world until US regulators approve.
Engadget giveaway: Win an Apple iPad (9.7-inch) courtesy of TurboTax!
This is your annual reminder: It's tax time (assuming things reach normality) so don't forget to do your taxes. One of the most convenient and affordable methods of filing is using an online service like TurboTax. By adding your information, answering some general questions and following prompts, it's easier than ever to get this task completed. Those with more complicated returns or mild paranoia about filing through an algorithmic interface can take advantage of the TurboTax Live service. It connects you to a bonafide tax expert in-person (remotely of course) to help you over any humps and settle your nerves. You can even get started on a mobile device and finish on a PC if you'd like. This week, TurboTax has provided us with an Apple iPad (9.7-inch) to help one lucky reader get the process started at home or on the go. It's also included a code for the TurboTax Live service, so you can get human affirmation and professional suggestions when filing. All you need to do is head to the Rafflecopter widget below for up to five chances at winning this timely and immensely useful prize package. Good luck! Winner: Congratulations to Steve O. of Mauston, WI!
Coinbase bug could have let anyone give themselves free ether
Cryptocurrency exchanges have had a fair share of justified criticism. They can be high-value targets for criminals, easy to hide from the IRS and easily affected by tech issues. Luckily, thanks to a bug report by financial security outfit VI Company, a nasty bug in Coinbase's cryptocurrency system has been found and fixed. The researchers found that users could add unlimited ether to their Coinbase account with some simple, easily replicated steps.
Engadget giveaway: Win an iPhone 7 courtesy of Mint!
The holidays are usually pretty tough on your wallet and there's enough distraction that bills may go unpaid past their due date. Smart money and account management apps like Intuit's Mint are essential tools in keeping you on budget and paid up on time. Mint has recently added bill management to its long list features, aggregating them so you can make payments quickly, while keeping an eye on available cash. The free app also provides bill reminders, money management tips, free credit score reports and helps you craft a budget that will work for you. This week, Mint has provided us with an Apple iPhone 7 for one lucky reader, so they can keep track of their cash flow in style during the holiday season and beyond. All you need to do is head to the Rafflecopter widget below for up to three chances at winning! Winner: Congratulations to Neil G. of Redwood City, CA!
Nintendo didn't show the NX at E3 over copycat concerns
Away from the media's prying eyes, Nintendo's investor meeting allowed some people to ask some surprisingly frank questions -- and glean a few more insights into where the company is going -- whether that's smartphones, new consoles, VR, theme parks, movies... or all the above. If you were surprised that Nintendo wasn't showing its incoming NX console (currently pegged to launch in March 2017) at E3, the world's biggest gameshow, earlier this month, there was at least a reason. According to Nintendo's Shigeru Miyamoto, the company didn't because it feared copycats if it revealed the console so far in advance of the launch.
Soon Google Wallet will send money via text messages
A forthcoming update to Google's Wallet app will drastically change how users send and receive money using it. Instead of needing the recipient's email address, the app now only requires a phone number. When sending money this way, the recipient will receive a text message with a secure link. They then simply enter their debit card number to receive the funds, which transfer to their checking account in minutes. That seems a heck of a lot easier than the current method where both parties have to have the app installed on their phones and have a bank account linked to it.
WildStar and Guild Wars 2 boost NCsoft profits
The second quarter of 2014 was a very good time indeed for NCsoft, as the publisher announced today that revenues and profits are up thanks to WildStar's launch and Guild Wars 2's move into China. In today's earnings report, NCsoft shows that sales went up 20% and operating profit increased 46% from the previous quarter. The company said that it saw a marketing expense increase due to WildStar and that Lineage "recovered meaningfully" during this period. As for sales per game, Lineage is still at the top with 32.2%. Following that is WildStar (15.9%), Guild Wars 2 (12.6%), Blade and Soul (10.8%), Aion (10.4%), and Lineage II (7.7%).
Twitter's active user growth continued to improve this quarter
One of Twitter's primary concerns is that the number of active users -- those who use the network at least once a month -- continues to grow at a healthy pace, and its latest quarterly earnings confirm that the social network has been eating its vegetables. After reporting a solid growth of 14 million active users last quarter, the service brought in 16 million this time around, reaching a grand total of 271 million. This is an increase of 6.3 percent, which is an improvement over last quarter's 5.8 percent (though not quite as good as the ten percent growth the company saw a year ago). Not bad, given that it had to admit a slowing number of new users earlier this year in its first earnings report as an IPO. Of this number, Twitter acknowledged that 78 percent of them are actively using the service on mobile devices (this is reflected in the fact that 81 percent of advertising revenue comes from smartphones and tablets).
Dustforce devs explain what they earned, what they learned
Developer Hitbox Studios has cracked open the financial books on Dustforce, revealing just how much the indie release made. After the game's launch in January of 2012 and some major sales with Steam and the Humble Bundle, Dustforce has earned a total of $668,490 in revenue.That may sound profitable, but that's before taxes, Valve's take, and other fees are removed, which brings the total down to $489,404. Removing various software and hardware costs, accounting fees, and other expenses lowers it even further to $295,000, says Hitbox. In the end, for every $10 copy of the game sold, Hitbox earned $4.41 – which the studio's (now four) developers must split.Dustforce began with a $0 budget, as a game prototype made with GameMaker. After an IndiePub competition win, Hitbox was able to budget the $100,000 prize for the game's development, which it says was enough to support the staff of three for about a year and a half.Hitbox's Terence Lee says the release was ultimately worth it. The game's success and "the pleasure of making Dustforce was worth far more than the opportunity cost of working somewhere else." He calls the process a "fantastic foundation for us as a studio," providing experience and funds for work on Hitbox's next title, an FPS called Spire.
December NPD: 2012 sales hit $13.26 billion, Black Ops 2 leads the pack
During a period that encompassed both post-Black Friday/Cyber Monday shopping and the Christmas season (November 25 through December 29), the physical retail sector of the video games industry pulled in $3.2 billion, bringing the total dollar amount spent in 2012 up to $13.26 billion, which is just a little less than half of one Scrooge McDuck money vault. Both December and the year as a whole were down 22 percent from their respective 2011 counterparts, according to NPD data, with December 2011 earning $4.10 billion and all of 2011 pulling down a smooth $16.99 billion.Hardware sales specifically amount to 20 percent less in 2012 than in 2011, reporting $1.07 billion for the period and $4.04 billion for the year as a whole. Most of the decline this December, however, was seen in non-HD system sales, according to NPD analyst Liam Callahan. Hardware bundles that included software sold 37 percent more than they did last December, with sales of stand-alone hardware SKUs dropping 37 percent to balance the scales.The Xbox 360 once again held the top spot in overall hardware sales in December, with 1.4 million units sold according to Major Nelson. Meanwhile, the Wii U experienced its inaugural holiday shopping season this period. It sold fewer units that the original Wii did during its launch in December of 2006, but earned comparatively three percent more moolah than the Wii for the month. The Wii U's most expensive SKU costs $350, compared to the Wii's single $250 model.Call of Duty: Black Ops 2 topped off physical retail software sales in both December and 2012 as a whole, which totaled $1.54 billion for the month and $2.67 billion for the year, down 26 and 23 percent from 2011, respectively. Surprisingly, Far Cry 3 accomplished the second-most successful December launch NPD has recorded since it started monitoring sales in 1995, earning it the number six slot on the list of December's top 10 best-selling games. The list of 2012's 10 best-selling games can also be found after the break, in all of its "comprised entirely of sequels" glory.
38 Studios loan could impact state elections
If you've started to forget about the saga of 38 Studios' collapse, rest assured that Rhode Island politicians certainly have not. With the election coming soon, many in the state are scrambling to offset the blame for the $75 million loan decision and protect their positions. The Associated Press is reporting that it's being seen as a "liability" among candidates. One candidate, Mark Binder, addressed the continued furor over the issue: "If I don't bring it up, other people bring it up. Everyone is infuriated. There's this game going on in Rhode Island right now called 'pass the blame on 38 Studios.'" While many of those directly responsible for voting the deal through have since resigned from their positions, the search to pin the fiasco on one of the state's leaders is still underway. Another 2012 candidate, Laura Pisaturo, said that the public is demanding more answers: "People read in the paper about 38 Studios and think 'we elect these people and expect they will lead and ask tough questions.'"
The Secret World sales at 200,000; Funcom focused on the future
Funcom's latest entry into the MMO field, The Secret World, has been receiving some less-than-stellar publicity lately with a bit of news involving poor Metacritic scores and layoffs (albeit temporary) at Funcom. It doesn't look like things are changing much yet, unfortunately. TSWSociety.com reports that, in a financial document released today, Funcom is claiming sales of "over 200,000" for the horror-themed title. These sales are reported as being "below expectations" and resulted in an impairment charge of $35,000 US. In the report, Funcom also cites Guild Wars 2's launch date announcement, followed immediately by that of World of Warcraft: Mists of Pandaria, as reasons for The Secret World's subpar performance. But regardless of these setbacks, Funcom is looking ahead according to the company's Director of Communications, Erling Ellingsen, who says that "[Funcom's] focus is now to readjust, roll up our sleeves and focus on the future." Hopefully dark days are not, in fact, coming. [Thanks to Gostik for the tip!]
Rhode Island possesses 38 Studios' games, looks to sell
While 38 Studios is finished, its employees laid off, and its projects canceled, there's really only one thing left to be done: figure out what to do with the leftovers. The court granted the state of Rhode Island all of 38 Studios' assets, including rights to its single-player RPG and the unfinished Project Copernicus. The Rhode Island Economic Development Corp said that it will attempt to sell these assets to recoup as much of the loan made to the studio as possible. This may be a slight blessing in disguise for fans of the studio's projects, as the move was made to keep the intellectual property intact instead of having it be lost due to the company's dismantling. The games are being transferred to servers for safe-keeping and constitute a majority of the studio's remaining net worth.
A look at Curt Schilling's management of 38 Studios
The dust has more or less settled around the demise of 38 Studios, but much of the information about what happened to lead the company so deep into the hole is fragmented. Some fans admonish the Rhode Island governor, some admonish Curt Schilling, and some admonish the management team that led to several poor decisions. A new piece in Boston Magazine goes into depth about where Schilling's management caused problems and how the culture at the studio slowly deteriorated. The article paints Schilling as being relentlessly optimistic and dedicated to his employees but at the same time unfamiliar with business and the realities of running a game company. He also wound up with a bloated staff and disregarded information from management, leading to conflicting demands and a general lack of progress on major deadlines for Project Copernicus. If you've got any interest in the game industry, it's a fascinating look at how a game company can start with high hopes and dissolve under financial realities.
38 Studios appears to be getting no new help
The bad news continues to accumulate for Rhode Island developer 38 Studios. According to Rhode Island governor Lincoln Chafee, the company has received a grand total of no outside investment. It also has not received any of the tax credits that it requested, leaving the studio still deep in the hole. Chafee has stated that he is doing everything in his power to prevent the studio's closure. Staff members are also leaving the company at an alarming rate, with CEO Jen MacLean and senior VP of product development John Blakely both confirming their departures from the company. The hiring of both individuals was trumpeted as a mark of success as recently as March of this year, and Blakely was still employed by 38 Studios as recently as Monday evening. There's even talk of the company's health insurance running out. None of this news suggests that Curt Schilling's company will make a quick turnaround -- if indeed it makes a turnaround at all.
Layoffs confirmed for 38 Studios, Rhode Island takes no action
If last week's Project Copernicus flythrough had been a hopeful note, the latest news out of 38 Studios is another downturn. Following a meeting today, the Rhode Island EDC board decided to take no action to help the ailing company at this time. Governor Lincoln Chafee said following the meeting that the financial situation of the studio remains unchanged from last week, but did note that the company has seen some layoffs and underwent unspecified internal shifts. Founder Curt Schilling did not directly respond to press inquiries, stating that he would answer questions when he is able to do so. He did, however, state that he was not taking further taxpayer money. Whether or not there will be a company there to take any money in the near future is still very much in doubt, however, and while Chafee has been a bit more diplomatic about aiding the studio, he has stressed that any assistance would be far on the conservative side.
No relief in sight for 38 Studios after emergency meeting [Updated]
Generally, when your company defaults on a major loan, you might expect an emergency meeting about the loan and the company's future would produce some results. But apparently today's meeting between 38 Studios owner Curt Schilling and Rhode Island governor Lincoln Chafee resulted in... absolutely nothing. Specifically, Rhode Island's Economic Development Corporation will take no immediate action to prevent the studio from going under, with Chafee on record as asking, "How do we avoid throwing good money after bad?" It's a loaded question if you consider that the failure of 38 Studios would put the state's taxpayers on the hook for more than $112 million. Schilling has declined to elaborate on the company's state in interviews, and he has not made public how much more funding the company is seeking. It's bad news for the studio, bad news for the state, and bad news for any fans still looking forward to the possibility of Project Copernicus in the future. [Update: Joystiq reports that "it appears 38 Studios put up all present and future IP by the company as collateral," meaning that if the studio defaults, the state of Rhode Island will own all of its game assets. We've tucked some of the ensuing news coverage in the video behind the break.]
If 38 Studios goes under, Rhode Island taxpayers will be footing the bill [Updated]
Project Copernicus and Kingdoms of Amalur: Reckoning developer 38 Studios is in some hot water, but it looks like that may be the least of your worries if you're a Rhode Island resident. Rhode Island's WPRI reports that if the studio founders and can't pay back the bonds given to it by the state, then the onus of doing so will fall upon Rhode Island taxpayers. How much moolah are we talking about? Something to the tune of $112.6 million US. According to Joystiq, "If 38 Studios can't pay, the governor is required to ask the General Assembly to repay bondholders," which means that Rhode Island taxpayers will be responsible for footing the bill by 2020. For now, though, both the studio and the Rhode Island government are tight-lipped on the studio's future, and by association, the future of Project Copernicus, so we'll just have to wait and see how this plays out. [Update: Our sister site Joystiq reports that 38 Studios "missed its latest loan payment of $1.125 million to the state of Rhode Island on May 1, effectively defaulting [on] its $75 million loan." Rhode Island's Economic Development Corporation will hold an emergency meeting tomorrow morning to discuss the situation.]
Black Prophecy developer Reakktor Media on its last legs
The future is looking a bit hazy for Black Prophecy developer Reakktor Media, as reports indicate that the studio "has begun the insolvency process" and is scrambling for work in order to keep itself afloat. Speaking to GamesIndustry.biz, Reakktor Media's managing director Kirk Lenke stated that "[the studio is] in a position to accomplish basically anything [that] is played right now, even if we were focused in the recent times on multiplayer mobile gaming," which may indicate an interest in developing games outside of the MMO genre. Lenke also notes that the studio currently has a Diablo-esque sci-fi title in the early development stages. At any rate, we wish the best of luck to the folks at Reakktor Media. Even if things are looking pretty grim, here's to hoping that there's a silver lining in store for the studio.
